Strong Profitability and Growth in Key Metrics
Nordea delivered a strong performance with a return on equity of 16.2% and earnings per share of EUR 0.35. Mortgage lending increased by 6% and retail deposits were up 8%. Corporate lending and deposits grew by 5% year-on-year. Assets under management grew by 9% to EUR 437 billion.
Exceptional Asset and Credit Quality
Net loan losses and similar net result amounted to a net reversal of EUR 21 million, indicating exceptionally strong credit quality. A further EUR 60 million was released from the management judgment buffer.
Strong Capital Position
CET1 ratio stood at 15.6%, which is 1.9 percentage points above the current regulatory requirement. Nordea continues to generate capital from profits to support lending growth and buyback programs.
Positive Developments in Personal and Business Banking
Mortgage lending in Personal Banking was up 6%, driven by strong growth in Sweden. Business Banking saw lending volume growth of 4%, mainly driven by Sweden and Norway, with deposits up 10% year-on-year.
Successful Integration of Norwegian Acquisition
The Norwegian acquisition has been successfully integrated, contributing to strong growth in Norway with cross-selling revenue synergies kicking in.