Nordea Bank (NDA-SE) Bank of America 31th Annual Financials CEO Conference summary

Nordic growth opportunities

• Nordic countries offer higher growth prospects than the rest of Europe, driven by strong export sectors, vibrant SMEs, consumer investment, and political stability.

• Growth is expected to continue due to these structural advantages.

Swedish retail banking and competitive edge

• Digital leadership and early investment in technology have enabled sustained market share gains in Swedish retail, especially mortgages.

• Speed, certainty, and service are prioritized over price competition, maintaining a premium position.

• A challenger mindset and passion for customer service are seen as key intangible advantages.

Norway strategy and growth initiatives

• Norway is a strategic priority, with focus on deposit growth and ancillary income following the acquisition of Danske's retail portfolio.

• Lending grew by 2%, deposits by 7%, and fee income by 15% year-on-year, with savings income up 24%.

• Competition from fintechs is acknowledged, but scale and product breadth are seen as advantages.