Latest interim results

Watch the Q1 Investor webcast

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.

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Frank Vang-Jensen, Nordea’s group CEO on the first-quarter results

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First-quarter highlights

Resilient performance, continued lending growth

Mortgage volumes up 7% y/y, SME lending up 6% y/y and large corporate lending up 11% y/y. Assets under management down 5% q/q

Increased income and higher operating profit​

Net interest income up 8% and net fee and commission income up 5%. Net fair value result 20% below exceptionally strong Q1 2021​

Russia exit completed as planned: final steps to liquidate subsidiaries initiated during quarter​

Cost-to-income ratio 48% – stable despite higher regulatory costs​

Continued strong credit quality – management buffer unchanged​

Net loan losses and similar net result amounting to reversals of EUR 12m or 1bp during quarter​

Return on equity 12.5% and earnings per share EUR 0.22​

2021 dividend of EUR 0.69 paid and new EUR 1bn share buy-back programme commenced​

CET1 ratio reduced to 16.3% due to capital deduction associated with share buy-back – 6.1pp above regulatory requirement​

Outlook unchanged: return on equity above 11% expected for 2022, supported by cost-to-income ratio of 49–50%

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