Latest interim results

Watch the investor webcast held on 19 October 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
 

Nordea’s group CEO Frank Vang-Jensen on the third-quarter results 2023

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Frank Vang-Jensen, Nordea’s Group CEO
 

Third-quarter highlights:

Strong operating profit, driven by high income growth

  • Net interest income up 36%, net fee and commission income down 4% and net fair value result down 5%
  • Operating profit up 34% to EUR 1,725m

Return on equity* 17.9% and earnings per share up 41% to EUR 0.38 

Continued growth in corporate lending, stable mortgage volumes

  • Corporate lending up 2% y/y and mortgage lending stable. Retail deposits stable y/y and corporate deposits down 9%. AuM up 5% y/y

Improved cost-to-income ratio*: 42% (40% excluding regulatory fees)

Solid credit quality with low net loan losses – management judgement buffer EUR 577m, unchanged in local currencies

  • Net loan losses and similar net result EUR 33m or 4bp – low levels of new net provisions

Strong capital position supported by continued capital generation 

  • CET1 ratio at 16.3% – 4.3pp above current regulatory requirement

2023 outlook unchanged: return on equity above 15%

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