Here are Kasper’s preliminary comments on Nordea, which will report its results on Thursday, July 16th 
In our forecasts, operating profit is still expected to decline by about 4%, but this is primarily due to the disappearance of the positive impact from loan loss buffers. Our most important revenue line, net interest income, is still expected to decrease compared to the reference period in our forecasts, but we estimate that the quarterly bottom is already behind us and that net interest income will return to growth by Q3 at the latest. Consequently, we believe Nordea’s earnings outlook is stable, which justifies the guidance pointing to a return on equity of over 15% for the current year.