Nordea is a safe and strong partner

Frank Vang-Jensen

27-04-2023 06:30

The first quarter of the year was characterised by turbulence in the financial markets and continued high macroeconomic uncertainty. Recent developments, including problems faced by a few specific banks in other countries, have reminded us all of the importance of a safe and trusted banking sector.

Nordea is one of the most stable and profitable banks in Europe. Our resilient business model, sound financial risk position, strong balance sheet and high profitability make us a safe and strong partner for customers, employees, shareholders and broader society.

Despite the weaker economic environment, we are pleased to report yet another strong set of results in the first quarter.

We continued to drive a solid business performance and showed strong financial development. Our operating profit increased by 34%, year on year. Despite a slowdown in economic activity, our lending volumes continued to develop positively. Corporate lending grew by 5% and mortgage lending by 1%.

Our position of strength is evident in the trust and confidence our Nordic customers continue to show in us. All this is reflected in improved external customer ratings, higher market shares in prioritised segments and increased deposits in particular: this quarter, deposits grew by 5% year on year.  Our risk position is sound and our credit quality strong.

In March, our Annual General Meeting approved the dividend of EUR 2.9bn or EUR 0.80 per share for 2022, up 16% on 2021. Delivering market-leading shareholder returns is a result of the successful implementation of our strategy. It is a pleasure to see our dividend payments to our 560,000 shareholders supporting economic activity, driving growth and channelling funding towards innovation, education, healthcare and other forms of support for society.

We expect macroeconomic uncertainty, continued high inflation and higher interest rates to continue in coming quarters. However, the Nordic economies are strong and well positioned to weather the challenging conditions. Our customers are in good shape overall, with solid financial positions.

In an uncertain environment, safety and trustworthiness are highly appreciated from various businesses – not least banks. A strong and profitable bank like Nordea promotes stability and can deliver attractive services to support customers and society. In both good and challenging times.

Interim result
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