Nordea Bank (NDA-SE) Q2 2026 earnings summary

Executive summary

• Achieved strong Q2 2026 results with return on equity at 15.9% and EPS of EUR 0.36, up 3% year-on-year, reflecting robust profitability and a return to income growth.

• Total income exceeded EUR 3 billion, up 4% year-on-year, with positive momentum across business lines and record assets under management at EUR 505bn, up 16%.

• Corporate lending and deposits increased by 9% year-on-year; mortgage lending up 2%, retail deposits up 4%.

• Progress in implementing the 2030 strategy and continued investment in strategic initiatives, including AI expansion.

• Credit quality remained strong, with net loan losses at EUR 61m (6bp), well within long-term expectations.

Financial highlights

• Return on equity reached 15.9%; EPS up 3% year-on-year to EUR 0.36.

• Total income up 4% year-on-year; net fee and commission income up 11%; net fair value result up 11%.

• Assets under management rose 16% to EUR 505bn, a record high.

• Net interest income down 1% year-on-year but up 1% quarter-on-quarter; net insurance result up 34% year-on-year.

• Cost-to-income ratio improved to 44% (from 45.1%); operating profit up 1% to EUR 1.6bn.

Outlook and guidance

• Full-year 2026 guidance improved: return on equity expected to remain above 15%, cost-to-income ratio now guided at 44%-45%.

• Ambition to reach a cost-to-income ratio of 40%-42% by 2030.

• Dividend payout policy remains at 60%-70% of annual profit, with semi-annual distributions and ongoing share buy-backs.