Frank Vang-Jensen: Momentum and resilience in an uncertain world

Nordea’s third quarter was characterised by good business momentum in a geopolitically uncertain and volatile environment.

We grew total income year on year, with high lending and deposit activity in both corporate and household segments, and delivered strong growth in customers and across our products and services.

Our strategy execution is progressing well across all key initiatives. We significantly grew assets under management in Nordea Life & Pension, had a very high intake of new small business and Private Banking customers, and continued to outpace overall market growth in Sweden. Nordic scale initiatives across core processes are delivering tangible results for customers through greater digitalisation and automation.

Growth in income and volumes

During the quarter, the strength of our diversified business model was visible across the Group. Our total income grew by 2% year on year, to €3bn, while net fee and commission income increased by 9%. Net interest income development remained positive, up 1% year on year and quarter on quarter.

Growing confidence among Nordic corporate customers was reflected in strong momentum in both corporate lending and deposits, which rose 8% and 7% respectively year on year. 

Mortgage volumes were up 2% year on year, and retail deposits increased by 4%, with strong demand for our savings and investment products. Assets under management were up 13% year on year to a record-high €509bn.

Resilient Nordic economies

The Nordic economies continue to demonstrate resilience with significant investments in artificial intelligence, defence, infrastructure and the energy transition. These investments are helping to sustain economic activity and create opportunities for growth. 

Across our four home markets we expect economic growth to continue, exports to remain solid and household consumption to gradually strengthen.We are mindful of the potential impact of rising interest rates for consumers in the months to come.

At Nordea, our unique Nordic scale puts us in a strong position to support our customers and help them pursue ambitions for prosperity, well-being and growth. 

Firm focus on execution

We enter the fourth quarter with good momentum and strategy execution progress.

Our performance and strong position are reflected in our full-year 2026 guidance. We continue to expect a return on equity of greater than 15% and a cost-to-income ratio of 44–45%.

We remain firmly focused on our ambition to become the undisputed best-performing financial services group in the Nordics.

/ Frank