A strong foundation for what comes next

Trust is everything in our business. You earn it by keeping your promises and delivering on them consistently. That has been our focus ever since we began our repositioning six years ago. 

It has been a journey in two parts. The first was to change Nordea’s direction: fix the basics and make Nordea competitive by truly putting customers first.

The second part has been about taking the next step. With Nordea stronger and more resilient, we have been able to transform our performance, our profitability and how we serve our customers. 

Stronger financial performance

The change in our financial performance has been striking. The operating environment has been uncertain and often volatile, but we have kept delivering high-quality results. In 2019 we were near the bottom of the world’s 100 largest banks based on return on equity. Today, we are in the top 20 and among the best in Europe. 

That turnaround has increased our ability to invest in the business, which we have duly done. Together with our robust capital generation, it has also allowed us to return substantial value to shareholders. Total shareholder return over the past six years amounts to 292%, clearly ahead of the Nordic peer average.

Digital growth

A key part of our progress has been our digital investment. Our app and netbank are much stronger today, giving customers a much better experience and greater freedom in managing their finances. 

As a result, active digital customers have grown by more than a million in just four years. Our digital services are now recognised as being among the best in Europe.

Market share gains

Across our four business areas, we have gained market share. In Sweden, in particular, we have made great strides: we have significantly grown our mortgage market share, climbed in industry customer satisfaction surveys, and won the latest Bank of the Year title from Privata Affärer. 

Carefully chosen bolt-on acquisitions, together with solid organic growth, have also supported momentum. For example, in Norway, we now occupy a strong second place in the market. 

The Nordea franchise has meanwhile strengthened across savings and investments, life and pensions, private banking, and corporate banking. Today, we are not only the Nordics’ largest business lender but also the leading provider of corporate bonds and a recognised leader in sustainable lending.

Culture and people

There is also a cultural journey behind our progress. Culture drives performance, and change takes time. But in just a few years, Nordea already feels like a very different company.

We are closer to our customers, with a clearer sense of purpose and stronger accountability. The shift has been powered by our people – by their ownership, focus and drive to make things a little better each day. 

It is encouraging that more colleagues now say they recommend Nordea as a place to work. And in this year’s Universum survey, business students ranked Nordea as the most attractive financial industry employer in the Nordics and the second most attractive across all industries. That’s just one data point, but it suggests the next generation also wants to be part of what we are building.

Looking ahead

All this gives us a strong foundation for what comes next. 

On 5 November we will announce our new priorities for the next strategy period. These will enable us to strengthen Nordea even further and continue creating even more value for all our stakeholders.

We know there is much more to do. The operating environment can change quickly and customers’ needs are constantly evolving. What will not change are our high ambition and clear focus. We will keep listening, learning and improving, so we can continue earning the trust of our customers and shareholders every day.