Latest interim results

Watch the Investor webcast held on 18 April 2024

Frank Vang-Jensen, President and Group CEO, presented the results followed by a Q&A audio session for investors and analysts with Frank Vang-Jensen, Ian Smith, Group CFO, and Ilkka Ottoila, Head of Investor Relations.

Watch the webcast

Frank Vang-Jensen, Nordea’s Group CEO on the first-quarter results

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First-quarter 2024 highlights:

Continued high-quality income growth​

  • Net interest income up 11%, net fee and commission income stable and net fair value result down 16%. Total income up 6%​

  • Operating profit up 19% to EUR 1,763m​

     

Return on equity* 18.1% and earnings per share up 23% to EUR 0.38​

 

Volumes stable in slow markets​

  • Mortgage lending stable and corporate lending up 2% y/y. Retail deposits up 1% y/y and corporate deposits down 6%. AuM up 8% y/y​

     

Stable cost-to-income ratio excluding regulatory fees: 40%

 

Strong credit quality, continued low net loan losses – overall provisioning levels and coverage maintained ​

  • Net loan losses and similar net result EUR 33m or 4bp​

  • Management judgement buffer at EUR 505m (unchanged in local currencies) ​

     

Continued strong capital position​

  • CET1 ratio 17.2% – 5.1pp above current regulatory requirement. Dividend of EUR 0.92 per share for 2023​

     

2024 outlook unchanged: return on equity above 15%

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