Latest interim results

Watch the Investor Webcast held on 30 January

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 webcast (Opens in new window)

Nordea’s Group CEO Frank Vang-Jensen on the fourth quarter and full-year results 2024

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Fourth-quarter and full-year highlights:

Continued income growth

  • Total income up 1%. Net interest income down 5%, net fee and commission income up 8% and net fair value result up 31%
  • Operating profit up 4%, to EUR 1.5bn
  • RoE* 14.3% (14.1% Q423) and EPS EUR 0.32 (0.31 Q423). FY24 RoE 16.7% (16.9% FY23) and EPS EUR 1.44 (1.37 FY23)

Good growth in lending and deposit volumes and assets under management

  • Mortgage lending up 6% y/y and corporate lending up 1%. Retail deposits up 5% y/y and corporate deposits up 8%. AuM up 11% y/y
  • Cost-to-income ratio with amortised resolution fees 48.9% (50.6% Q423)

Solid credit quality – net loan losses again below long-term expectation

  • Net loan losses and similar net result EUR 54m or 6bp
  • Management judgement buffer revised, reflecting reduced need and improved outlook

Continued strong capital generation; dialogue on new share buy-back programme initiated

  • CET1 ratio 15.8% – 2.2pp above current regulatory requirement
  • Impact of Norwegian acquisition and share buy-backs offset by strong capital generation
  • Dividend of EUR 0.94 per share proposed for 2024 – increase of 2%

2025 outlook: return on equity to stay above 15% 

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