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Register for the Investor webcast on 16 April at 11.00 EET (10.00 CET)

Frank Vang-Jensen, President and Group CEO, will present 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.

To join the live webcast, please register via the link below.

In the Q&A session, questions to management can be presented by phone. To ask questions, join the teleconference by registering using this link. After registering you will be provided with phone numbers, a user ID and a conference ID to access the conference. To ask a question, press #5 on your telephone keypad to enter the queue. 

Register for the webcast

First-quarter 2025 highlights:

Continued growth in fees and commissions; total income resilient

  • Total income down 4%. Net interest income down 6%, net fee and commission income up 4% and net fair value result down 1%
  • Operating profit down 9% y/y, to EUR 1.6bn, up 10% q/q

Return on equity* 15.7% and earnings per share EUR 0.35

Growth in mortgage lending, deposit volumes and assets under management

  • Mortgage lending up 6% y/y, corporate lending stable. Retail deposits up 7% y/y, corporate deposits up 11%. AuM up 9% y/y

Cost-to-income ratio with amortised resolution fees 44.6%

Strong credit quality – net loan losses well below long-term expectation

  • Net loan losses and similar net result EUR 13m or 1bp
  • EUR 20m released from management judgement buffer, now at EUR 397m

Strong capital generation; share buy-backs ongoing

  • CET1 ratio 15.7% – 2.0pp above current regulatory requirement
  • Impact of share buy-backs and regulatory updates, including Basel IV, offset by strong capital generation
  • Additional EUR 250m buy-back programme launched in March

2025 outlook unchanged: return on equity of above 15%

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