Frank Vang-Jensen: Strong Q2 with significant growth across the business

We entered the second quarter with confidence and optimism even as markets remained unsettled amid uncertainty caused by the conflict in the Middle East. That confidence proved well placed as the second quarter turned out to be a strong one for Nordea. 

We drove momentum across the business, attracted new customers, deepened existing relationships and achieved strong growth in savings and investments – all of which resulted in us returning to year-on-year growth in total income. 

In fact, total income exceeded EUR 3bn, which is a level of quarterly income we last reached during 2024, when policy interest rates were at their highest. This highlights not only the strength of our diversified business model but also our focused, growth-orientated 2030 strategy.

Nordic economies show their strength

Of course, the world around us remains uncertain. The conflict in the Middle East has raised risks for the global economy. However, European countries in general, and the Nordics in particular, have so far navigated higher energy costs and other challenges remarkably well.

Perhaps most encouragingly, we are seeing a greater willingness among Nordic corporates to invest. The structural changes underway in Europe's economy are creating significant opportunities, and our region’s businesses are well positioned to capture them – in technology, energy and defence, as well as industries that have long been a mainstay of the Nordic economies – like forestry, mining and steel.

Nordea itself is well placed to support our customers – using our large balance sheet, Nordic scale, sector expertise and customer offering. 

Growth momentum across the business

We did just that in the second quarter, driving strong growth in business volumes. Corporate lending and deposits both grew by 9% year on year, building on the strong start to 2026. 

Lending to households also increased as the Nordic housing markets kept up their gradual recovery, although the pace remains slow. Mortgage volumes were up 2% year on year, led by Sweden and Norway, two strategic growth markets for Nordea. Retail deposits were up 4%.

Demand for our savings and investment products was likewise robust. Customers put more money to work through our retail funds and pension products, and we welcomed a significant number of new private banking customers – leading to solid net flows. Assets under management (AuM) increased by 16%, to a record-high EUR 505bn.

Return on equity was strong at 15.9%. And with costs flat year on year excluding foreign exchange effects, we grew income faster than costs, which is always our aim.

Confident about the future

Credit quality remains very strong and our capital position gives us flexibility to support profitable growth while continuing to deliver attractive returns to shareholders. As previously communicated, we will move to paying dividends twice a year and the board of directors has decided to pay a mid-year dividend in August.

We enter the second half of 2026 with confidence. The business is performing well and our strategy execution is on course, with visible progress across all initiatives. 

Our ambition is to become the undisputed best-performing financial services group in the Nordics. The progress we made in the second quarter shows that we are moving steadily in that direction.

/ Frank