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Watch the Investor Webcast held on 15 July

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 recording

Frank Vang-Jensen, Nordea’s group CEO on the second quarter and half-year results

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Second-quarter highlights:

Continued high-quality income growth

  • Net interest income up 4%, net fee and commission income up 6% and net fair value result down 15%. Total income up 3%
  • Operating profit remained strong, 2% lower compared to Q2 2023

Return on equity* 17.9% and earnings per share EUR 0.37

Mortgage lending volumes stable, deposit volumes and assets under management up

  • Mortgage lending stable and corporate lending down slightly. Retail deposits up 1% and corporate deposits up 5% y/y. AuM up 10% y/y

Stable cost-to-income ratio with amortised resolution fees: 42.6%

Solid credit quality – net loan losses increase mainly driven by provisions on few single corporate exposures 

  • Net loan losses and similar net result EUR 68m or 8bp
  • Management judgement buffer at EUR 464m – EUR 30m released, reflecting lower provisioning needs 

Continued strong capital position

  • CET1 ratio 17.5% – 4.4pp above current regulatory requirement. ECB approval for new capital models for retail exposures

2024 outlook unchanged: return on equity above 15%

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