Alongside Lloyds and UBS, Nordea is the only large European bank likely to earn a double-digit return on equity in 2021. No other bank with more than €500 billion of assets will do so, according to analyst consensus compiled by Berenberg. And no other similarly large lender, including UBS and Lloyds, trades above book value.
Even in Scandinavia – a rare bright spot in European banking over the last 10 years – Nordea has been the best-performing bank stock over the last six months.
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