Nordea Bank (NDA-SE) investor relations material

Executive summary

• Q3 total income rose 2% YoY to €2.968bn; operating profit fell 4% to €1.541bn, while ROE was 15.1% and diluted EPS €0.35.

• Total AuM reached a record €509.4bn, up 13% YoY, alongside lending and deposit growth across key business areas.

• Credit quality remained solid, with net loan losses of €74m, or 7bp.

Financial highlights

• Net interest income rose 1% YoY and QoQ to €1.799bn; higher volumes and deposit margins partly offset lower lending margins and treasury-related items.

• Net fee and commission income increased 9% YoY to €880m; net fair value result fell 19% to €198m amid late-quarter rate volatility.

• Operating expenses rose 2% reported YoY to €1.353bn; excluding regulatory fees and FX effects, costs were flat.

• Net profit was €1.181bn, down 4% YoY; diluted EPS was €0.35 versus €0.36 a year earlier.

• Jan–Sep adjusted for the €190m Q1 restructuring charge, operating profit was €4.783bn versus €4.803bn and net profit was €3.657bn versus €3.683bn.

Outlook and guidance

• FY2026 guidance unchanged: ROE above 15% and cost-to-income ratio of 44–45%, excluding regulatory fees and the Q1 2026 restructuring charge.

• FY2026 net interest income is expected at the flat-to-slightly-up end of prior guidance; costs are expected to be €5.5bn.

• 2030 targets: ROE above 15% throughout the period and significantly higher in 2030; cost-to-income ratio of 40–42%, EPS ambition of ~€2.0 and loan losses of ~10bp.

• The 2030 cost programme targets €600m gross annual cost take-out through technology, data and AI.