Latest interim results

Watch the investor webcast held on 20 October

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 third quarter results

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Third-quarter highlights:

Corporate sector driving continued lending volume growth, despite economic slowdown​

  • Mortgage volumes up 4% y/y and corporate lending up 12% y/y. Assets under management down 4% q/q​

Increased income and operating profit​

  • Net interest income up 15%, net fee and commission income down 6% and net fair value result up 18% ​

Cost-to-income ratio improved to 48% and 45% excluding regulatory fees​

Low realised loan losses – with increased charge largely driven by model-based fair value adjustment in Danish mortgage book

  • Net loan losses and similar net result amounting to EUR 58m or 7bp during quarter​

Return on equity 12.7% and earnings per share up 8% to EUR 0.27 ​

Strong underlying capital generation​

  • CET1 ratio decreased to 15.8% due to share buy-backs – 5.0pp above regulatory requirement. Underlying CET1 ratio up by 20bp​

Outlook improved: return on equity above 11% expected for 2022, supported by cost-to-income ratio of 48–49%