Latest interim results

Watch the Q3 Investor webcast held on 21 October 2021

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
 

CEO Frank Vang-Jensen comments third-quarter results 2021

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Key highlights from third quarter:

  • Strong result with 9% y/y income growth. Mortgage volumes up 6% and SME volumes 9% y/y. Net commissions up 19% y/y and AuM up 21% y/y to an all-time high of 393bn.
     
  • Costs increased by 1% y/y due to the inclusion of Nordea Finance Equipment and exchange rate effects. Before these items, costs were down 1%, driven by good cost management. The full-year 2021 cost outlook is unchanged at around EUR 4.6bn.
     
  • Strong credit quality with 3bp net loan loss reversals. Total management judgement allowance unchanged at EUR 610m.
     
  • Nordea's cost-to-income ratio improved to 49% from 53% a year ago.
     

  • Unpaid dividends distributed to shareholders and share buy-back initiated. 
     

  • New financial targets to be announced alongside fourth-quarter 2021 results.