Nordea in Q3: Another very solid quarter

This was another very solid quarter from Nordea. We stayed close to our customers and were again proactive on all fronts. That led to higher levels of business activity, including strong growth in lending to Nordic businesses.

With plenty going on in the world, we know the operating environment can change quickly. Still, after the turbulent first few months of the year, the third quarter felt more calm and settled. 

Some of the earlier uncertainty around tariffs receded when the new EU-US trade agreement was struck. The Nordic economies also continued to benefit from lower inflation and interest rates – conditions that helped lift confidence. 

We again made the most of our broad portfolio and strong balance sheet to support our customers, and that contributed to solid business momentum. During the third quarter, Nordic corporates signalled a renewed appetite to invest, which translated into increased demand for lending – up 6% year on year. 

Household customers’ main focus was on saving and investments. This was evident in significantly higher deposits during the quarter. However, housing market activity also showed signs of picking up. Mortgage lending grew by 6%, supported by growth in Sweden and Norway. 

Once again, this was a quarter of strong profitability for Nordea. Return on equity reached 15.8%, in line with our financial target. We have now delivered a return on equity of above 15% in 10 out of the past 11 quarters. 

Costs were stable year on year. As planned, the increase in our strategic investments has levelled off and we continue to actively manage our costs according to the operating environment as part of our strong cost culture. Our credit quality meanwhile remains exceptionally strong.

All in all, this was a good performance and one that reflects the strength of our well-diversified, pan-Nordic business. We are well on track to deliver a return on equity of above 15% for the full year.

With one quarter left in 2025, we are approaching the end of our 2022–2025 strategy period. We look forward to sharing our plans for the next one at our Capital Markets Day on 5 November. At the event, we will share the concrete steps we are taking to build on our successful foundation, with continued focus on our four home markets. 

/Frank