Latest interim results

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

Fourth-quarter and full year 2022 highlights:

Strong corporate lending driving continued growth in business volumes

• Corporate lending up 9% y/y and mortgage volumes up 3% y/y. Assets under management up 5% q/q

Income and operating profit growth

• Net interest income up 31%, net fee and commission income down 12% and net fair value result up 69%
• Operating profit up 26% to EUR 1,609m

Cost-to-income ratio* improved to 45% – 42% excluding regulatory fees

Strong credit quality with low net loan losses – management judgement buffer increased by EUR 20m to EUR 585m

• Net loan losses and similar net result amounting to EUR 59m or 7bp during quarter – low realised losses

Return on equity* 15.9% and earnings per share up 31% to EUR 0.34

Dividend of EUR 0.80 per share proposed for 2022 – up 16% compared with 2021

• CET1 ratio increased to 16.4% – 5.3pp above regulatory requirement

2023 outlook: return on equity above 13%