Reports

Third quarter results 2023


Nordea performed strongly in the third quarter, with high-quality earnings growth. We maintained an active customer approach and delivered solid business volumes, which led to a return on equity of 17.9%.

 

Our sustainability reporting

Nordea has reported on environmental and sustainability performance on an annual basis since 2002. In 2021, for the first time, the sustainability reporting was integrated into Nordea’s Annual Report.

In addition, sustainability indices referring to our reporting in relation to the Princi­ples for Responsible Banking, the Task Force on Climate-Related Financial Disclo­sures, and the GRI Standards you can find here.

Third-quarter highlights:

Strong operating profit, driven by high income growth
  • Net interest income up 36%, net fee and commission income down 4% and net fair value result down 5%
  • Operating profit up 34% to EUR 1,725m
Return on equity* 17.9% and earnings per share up 41% to EUR 0.38
 
Continued growth in corporate lending, stable mortgage volumes
  • Corporate lending up 2% y/y and mortgage lending stable. Retail deposits stable y/y and corporate deposits down 9%. AuM up 5% y/y
Improved cost-to-income ratio*: 42% (40% excluding regulatory fees)
 
Solid credit quality with low net loan losses – management judgement buffer EUR 577m, unchanged in local currencies
  • Net loan losses and similar net result EUR 33m or 4bp – low levels of new net provisions
Strong capital position supported by continued capital generation 
  • CET1 ratio at 16.3% – 4.3pp above current regulatory requirement
2023 outlook unchanged: return on equity above 15%