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Nordea Improving Reporting: Little Spread Relevance Today

FINANCIALS

Nordea (NDA SS) headlines out which do not look spread-moving:


*NORDEA UPDATES INTERNAL ALLOCATION FRAMEWORK FOR TRANSPARENCY

*NORDEA SAYS UPDATE CHANGES INCOME, COSTS IN THE BUSINESS AREAS.


  • Text indicates that changes nothing at a group consolidated level but that more forensic reporting around tax and capital allocation will, in future, increase transparency.
  • NDA is seen as the “conglomerate” of the Nordic majors and we wonder if this is a prelude to taking a harder look at those businesses which show sub-par performances. Either way, this tends to be a positive long-term move but has little relevance now, we feel.
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