Latest interim results

Watch the investor webcast held on 5 February 2024

Frank Vang-Jensen, President and Group CEO, presented the results followed by a target update presentation together with Ian Smith, Group CFO. After the presentations a Q&A audio session was held for investors and analysts with Frank Vang-Jensen, Ian Smith and Ilkka Ottoila, Head of Investor Relations. 

Watch the webcast

Frank Vang-Jensen, Nordea’s group CEO on the fourth-quarter and full-year results 2023

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Frank Vang-Jensen, Group CEO

Fourth-quarter 2023 highlights:


Continued high-quality income growth

  • Net interest income up 19%, net fee and commission income down 3% and net fair value result down 61%. Total income up 1%

Return on equity* 15.9% excluding write-offs; earnings per share EUR 0.31

Volumes stable in slow market

  • Mortgage lending stable and corporate lending up 1% y/y. Retail deposits stable y/y and corporate deposits down 3%. AuM up 5% y/y

Cost-to-income ratio excluding regulatory fees and write-offs: 42%

Strong credit quality, continued low net loan losses – overall provisioning levels maintained 

  • Net loan losses and similar net result EUR 83m or 10bp – lower reversals at this stage of cycle
  • Management judgment buffer EUR 495m after EUR 74m transferred from structural buffer to collective provisions, as planned

Strong capital generation and dividend increase

  • CET1 ratio 17% – 4.9pp above current regulatory requirement. Dividend of EUR 0.92 per share proposed for 2023 – increase of 15%

2025 target updated: return on equity above 15%

  • 2024 outlook: return on equity above 15% 
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