Bulletin: Nordea Bank Continues To Deliver On Its 2022 Business Plan In An Uncertain Environment

FRANKFURT (S&P Global Ratings) Oct. 27, 2020--S&P Global Ratings today said that third-quarter results of Nordea Bank (AA-/Negative/A-1+) demonstrate stringent execution of the 2022 business plan the bank's CEO, Frank Vang-Jensen, introduced a year ago. The bank has achieved marked improvements in various areas over the past few quarters, while maintaining a strong balance sheet with sound asset quality and robust safety buffers. The common equity tier 1 (CET1) ratio was 16.4%, and loan loss reserves shows a management judgment buffer of €650 million, in addition to 43% coverage of Stage 3 loans as of Sept. 30, 2020. The bank is also gradually closing the gap to peers in terms of customer satisfaction. Despite the challenging operating environment, Nordea has

...October 27, 2020 FRANKFURT (S&P Global Ratings) Oct. 27, 2020--S&P Global Ratings today said that third-quarter results of Nordea Bank (##-/Negative/A-1+) demonstrate stringent execution of the 2022 business plan the bank's CEO, Frank Vang-Jensen, introduced a year ago. The bank has achieved marked improvements in various areas over the past few quarters, while maintaining a strong balance sheet with sound asset quality and robust safety buffers. The common equity tier 1 (CET1) ratio was 16.4%, and loan loss reserves shows a management judgment buffer of 650 million, in addition to 43% coverage of Stage 3 loans as of Sept. 30, 2020. The bank is also gradually closing the gap to peers in terms of customer satisfaction. Despite the challenging operating environment, Nordea has managed to post a 4% increase in total income year on year on the back of 6% mortgage lending growth (in local currencies) and sound net inflow of assets under management of 4.6 billion. Furthermore, business banking...

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