Outlook & financial targets

Outlook (updated 21 July 2021)

Capital policy

A management buffer of 150-200bp above the regulatory CET1 requirement, from 1 January 2021.


New: Total costs for 2021 are expected to be around EUR 4.6bn

Previous: Total costs for 2021 are expected to be below EUR 4.6bn 


Credit quality

New: Net loan losses in 2021 are expected to be significantly below the 2020 level.

Previous: -

Financial targets 2022


Cost/income ratio in FY22


Return on equity in FY22

Dividend policy  

Nordea’s capital and dividend policy includes both dividends and buy-backs as tools for capital distribution to shareholders. Our aim is to pay out 60-70% of the profit of the financial year to shareholders. In addition, buy-backs are intended to be used for distributing excess capital to our shareholders.