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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 dividend policy stipulates a dividend payout ratio of 60-70%, applicable to profit generated from 1 January 2021. Nordea will continuously assess the opportunity to use share buy-backs as a tool to distribute excess capital.