Q1 2024: Off to a good start

This morning we published our first-quarter results. The main takeaway: Nordea had a strong start to the year. Despite the subdued economic environment, we maintained solid business momentum. Our competitive range of services and proactive approach continue to be valued by our customers.

During the quarter, price inflation further eased across the Nordics. This provided some relief to households and businesses. However, macroeconomic and geopolitical uncertainty remain high. Russia’s war in Ukraine and the conflict in the Middle East are constant reminders of the fragile state of the world today.

At Nordea, we have a strong business franchise, with a resilient and well-diversified business model, so we’re well equipped to navigate uncertainty and serve our customers.

Total income for the quarter increased by 6% year on year. Profitability was again at a very good level, with return on equity reaching 18.1%. 

Customers continued to take advantage of our highly rated digital services. During the quarter the number of private app users and logins both grew by 7% year on year. 

Our advisers were also highly proactive, assisting our customers in more meetings than a year ago. Being proactive meant that, despite the subdued Nordic housing markets, we maintained stable mortgage lending volumes year on year.

Many of our household customers have increased their savings and investment activity, and during the quarter we further strengthened our offering. In Sweden, for example, we introduced a new high-interest savings account that comes with a built-in fraud prevention feature to help customers safeguard their savings.

We also performed well in the corporate segment. Our focus has been on helping businesses tackle the current economic challenges. Corporate activity generally remained slow, but we increased new lending year on year. We also continued to support our customers with their climate transition plans. I was pleased to see Nordea recognised for our leadership in this area, winning awards for being best in the world for sustainability-linked bonds and best in Western Europe for sustainability-linked loans. 

For Nordea, being a strong bank means being a responsible bank. This is why you can expect us to maintain our strong focus on reducing financed emissions and supporting our customers in meeting their climate transition requirements. 

Being a strong bank also means being resilient. Building resilience is the best way to counteract uncertainty – and it's not only about having a strong financial position. It’s also about having the right business model and making the right investments in every area. That’s why you can expect us to continue to develop our technology, our cybersecurity capabilities, and strengthen protections for our customers and broader society in the fight against financial crime. 

This is how we will fulfil our ambition, which remains unchanged – to be the preferred partner for customers in need of a broad range of financial services.