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Latest interim results

Watch the investor webcast held on 17 July 2023

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 second quarter and half-year results

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Second-quarter highlights:

High income growth and strong operating profit

  • Net interest income up 40%, net fee and commission income down 6% and net fair value result up 14%
  • Operating profit up 26% to EUR 1,718m

Return on equity* 18.4% and earnings per share up 32% to EUR 0.37

Strong profitability and stable business volumes

  • Mortgage lending stable y/y and corporate lending up 4%. Retail deposits up 1% y/y and corporate deposits down 7%, AuM up 2% y/y.

Improved cost-to-income ratio*: 43% (40% excluding regulatory fees)

Solid credit quality with low net loan losses – management judgement buffer EUR 572m, unchanged in local currencies

  • Net loan losses and similar net result EUR 32m or 4bp during quarter – low individual net loan losses

Strong capital position – fourth share buy-back programme in progress

CET1 ratio increased to 16.0% – 4.0pp above current regulatory requirement

2023 outlook upgraded: return on equity above 15%

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