Nordea Bank Abp

NDA SE: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SEK 593.00	Ppsy	Bdmbyyrf

Decent Quarter for Nordea

Niklas Kammer

Apr 29, 2022

Nordea reported a decent set of first-quarter results. Total operating income increased 3% versus the same quarter a year ago as higher net interest income and net fee and commission income more than offset weaker net fair value results. This was, however, counteracted by 5% higher operating expenses. We maintain our SEK 93 fair estimate and no-moat rating.

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