Nordea’s third quarter results 2024
We continued to perform well in the third quarter 2024. Profitability was again at a good level, and our return on equity has clearly exceeded 15% for the past eight quarters.
Read moreLatest interim results
Latest reports (Q3/2024)
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Interim report third quarter 2024 PDF, 3MB
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Presentation third quarter 2024 PDF, 3MB
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Factbook third quarter 2024 PDF, 5MB
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Factbook third quarter 2024 XLSX, 689KB
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Income statement third quarter 2024 XLSX, 213KB
Watch the Investor Webcast held on 17 October
Frank Vang-Jensen, President and Group CEO, presented the results followed by a Q&A audio session for investors and analysts with Frank Vang-Jensen, Ian Smith, Group CFO, and Ilkka Ottoila, Head of Investor Relations.
Watch the webcastFrank Vang-Jensen, Nordea’s group CEO on the third quarter results 2024
Third-quarter highlights:
Continued income growth
- Total income up 2%. Net interest income down 1%, net fee and commission income up 4% and net fair value result up 26%
- Operating profit amounted to EUR 1.6bn
Return on equity* 16.7% – 17.1% excluding US settlement – and earnings per share EUR 0.36
Deposit volumes and assets under management up, mortgage lending volumes stable
- Retail deposits up 2% and corporate deposits up 9% y/y. AuM up 15% y/y. Mortgage lending stable and corporate lending down slightly
Cost-to-income ratio with amortised resolution fees excluding US settlement: 43.4%
Solid credit quality – net loan losses mainly driven by specific provisions on smaller corporate exposures
- Net loan losses and similar net result EUR 51m or 6bp
- Management judgement buffer at EUR 435m – EUR 30m released, reflecting lower provisioning needs
Continued strong capital generation, resuming share buy-backs
- CET1 ratio 15.8% – 2.3pp above current regulatory requirement. EUR 250m buy-back programme to launch in October