Outlook and Financial targets


Capital policy

A management buffer of 150-200 bps above the regulatory CET1 requirement, from 1 January 2020. 

Credit quality 

New: For the full year 2020, our projections point to total net loan losses below EUR 1bn corresponding to a loan loss level of less than 41 bps. In the first half of 2020, Nordea has reported total net loan losses of EUR 852m.   

Previous: It is too early to give an outlook for loan losses, as the economic impact of the COVID-19 is still very uncertain.


In 2020, Nordea expects to reach a cost base of below EUR 4.7bn with planned continued net cost reductions beyond 2020.

(Last updated July 17th 2020)

Financial targets 2022


Cost / income ratio in FY22


Return on equity in FY22

Dividend policy  

Our dividend policy stipulates a dividend payout ratio of 60-70%, applicable to profit generated from 1 January 2020. Nordea will continuously assess the opportunity to use share buy-backs as a tool to distribute excess capital.