Nordea reported a better-than-expected Q1 result. However, the forecast beat was mainly explained by quarterly fluctuations in fair value, and the decline in net interest income kept the result down as expected.

Nordea’s credit losses were nearly nonexistent and overall performance remained stable, but the trade war casts a huge cloud of uncertainty. CFO Ian Smith discusses the company’s resilience in a foggy environment in an interview with inderesTV.