Latest interim results

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

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%