NOBA Bank Group (NOBA) Q2 2025 earnings summary

Executive summary

• Loan portfolio grew 9% year-over-year to SEK 127.6bn, with 11% growth in local currencies.

• Operating income increased 13% to SEK 2,701m in Q2 2025; net profit rose 53% to SEK 883m.

• Adjusted core return on tangible equity (Core ROTE) reached 26.7% in Q2, progressing toward a 30% target.

• Credit loss level declined to 2.9% in Q2, reflecting improved household finances and macroeconomic outlook.

• Customer satisfaction reached a leading position among Nordic banks.

Financial highlights

• Q2 2025 operating income: SEK 2,701m (+13% YoY); net profit: SEK 883m (+53% YoY); EPS: SEK 1.67 (+60% YoY).

• H1 2025 operating income: SEK 5,435m (+16% YoY); net profit: SEK 1,703m (+73% YoY); EPS: SEK 3.21 (+80% YoY).

• Cost-to-income ratio improved to 23.3% (Q2) and 23.2% (H1); adjusted C/I ratio at 21.8%.

• Credit loss level fell to 2.9% (Q2) and 3.1% (H1), down from 3.2% and 3.6% respectively.

• Common Equity Tier 1 capital ratio at 14.0%; total capital ratio at 18.0%.

Outlook and guidance

• Medium-term targets: organic loan growth of at least 10% annually, Core ROTE ~30%, adjusted C/I ratio below 20%, CET1 ratio 13–15%.

• Dividend policy: 40% of adjusted core profit to shareholders, with excess capital distribution intended.

• Lending growth above 10% expected for 2025 and beyond, supported by improved macro trends and product momentum.