Nordea’s Q320 figures were better than expected across-the-board as revenues and net interest income were above expectations while both total expenses and loans were below expectations. Management reiterated its guidance for FY20 regarding loan losses (in the area of €1bn) and total expenses (below €4,7bn). The CET1 ratio at 16.4% was 60 bps higher QoQ and well above the 10.2% capital requirements (management buffer of about 150bps).