Latest interim results

Watch the Q1 investor webcast held on 27 April 2023

Frank Vang-Jensen, President and Group CEO, presented the results followed by a Q&A audio session for investors and analysts with Frank Vang-Jensen, Ian Smith, Group CFO, and Matti Ahokas, Head of Investor Relations.

Watch the webcast

Frank Vang-Jensen, Nordea’s group CEO on the first-quarter results

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Frank Vang-Jensen, President & Group CEO
 

First-quarter 2023 highlights:

Strong profitability in slower market

  • Net interest income up 35%, net fee and commission income down 8% and net fair value result up 27%
  • Operating profit up 34% to EUR 1,480m

Business volume growth driven by corporate lending

  • Corporate lending up 5% y/y, mortgage volumes up 1% y/y and deposits up 5% y/y. Assets under management up 1% q/q

Improved cost-to-income ratio*: 43% (40% excluding regulatory fees)

Strong credit quality with low net loan losses – management judgement buffer unchanged at EUR 585m

  • Net loan losses and similar net result amounting to EUR 19m or 2bp during quarter – low individual net loan losses

Return on equity* 17.1% and earnings per share up 48% to EUR 0.31

2022 dividend of EUR 0.80 approved and new EUR 1bn share buy-back programme to commence

  • CET1 ratio at 15.7% – 4pp above current regulatory requirement

2023 outlook maintained: return on equity above 13%

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