The biggest surprise in Nordea’s earnings report next week would probably be anything truly surprising, right? Let’s consider whether the August dividend will be €0.33 or €0.34, whether the next share buyback program will be launched with this earnings report or the next one, how many decimal points the return on equity deviates from the magical 15 percent, and other related minutiae. Of course, the launch of the AI efficiency program, the economic outlook, the trajectory of the AUM (assets under management) growth curve, etc., are also interesting.
In its current state, Nordea’s stable and predictable earnings report might be less exciting to read next week than the EU competitiveness report for banks, which is also being published next week. Specifically, how proposed changes to bank capital requirements and regulation in general will look. There is a concern that due to strict requirements, banks will not dare to lend, investments will suffer, and their competitive position compared to US financial institutions will weaken. The European Central Bank and a few member states are cautious here, sticking to high capital requirements, among other things. Some countries want a more vigorous easing of regulation and capital requirements.
From the perspective of bank shareholders, it is also interesting that the easing of capital requirements is being opposed with the argument that “it only benefits bank owners.” See, for example, the Danish debate below. Allegedly, released capital would only be directed toward share buybacks, dividend parties, etc., instead of lending and other activities that bolster the banks’ finances 
EU countries are partially divided into two camps on this issue, the ECB is involved, and a big struggle is coming. The outcome will then be reflected in the returns of every bank stock owner.
Prediction of the outcome: a “middle-of-the-road” approach—meaning some regulatory and capital relief is coming, but clearly less than the banks themselves are hoping for. A compromise for shareholders as well, meaning some portion will slip into, for example, fatter share buyback programs, but at least some banks will also venture into bolder lending. Although, the attached Danish assessment predicts a clear victory for the banks.
If @Kasper_Mellas has the time to comment on the report once it’s released, that would be 