{"success":true,"data":{"pressRelease":{"id":"3988","rtpr_id":"nPn9MqYc4a","ticker":"NDAFI","exchange":"Nasdaq Helsinki","all_tickers":["NDAFI"],"title":"Nordea Bank Abp: First-quarter results 2026","author":"PR Newswire","published_at":"2026-04-22T05:40:43.369Z","article_body":"Nordea Bank Abp: First-quarter results 2026\n\nPR Newswire\n\nHELSINKI, April 22, 2026\n\nHELSINKI, April 22, 2026 /PRNewswire/ --\n\nNordea Bank Abp\nInterim report (Q1 and Q3)\n22 April 2026 at 7.30 EET\n\nSummary of the quarter\n\nReturn on equity 15.4% – earnings per share EUR 0.36. Nordea's return on\nequity for the quarter was 15.4%, compared with 15.7% a year ago, reflecting\nresilient performance and solid profitability in a quarter where markets were\nnegatively impacted by the March escalation in the Middle East conflict. The\ncost-to-income ratio(2) was 45.5% for the quarter, having been impacted by\nlower market making income. This compares with 43.7% a year ago. Earnings per\nshare were EUR 0.36, up from EUR 0.35 a year ago.\n\nTotal income resilient. As expected, net interest income was down (-4%)\nfollowing policy rate reductions. Net fee and commission income was up 6%,\ncontinuing the solid growth seen in previous quarters despite the impact of\nthe market volatility in March. Net fair value result was down 22% due to\nlower market making income, driven by the unexpected sharp increases in EUR\nand SEK interest rate expectations, which led to exceptional losses across\ncertain desks. Costs excluding items affecting comparability (EUR 190m in\nrestructuring costs) were flat when adjusted for foreign exchange effects,\nwhich drove a 2% increase. Operating profit was up 2% at EUR 1.6bn.\n\nBusiness volume growth. Mortgage lending grew by 2% year on year, driven by\ngrowth in Sweden and Norway. Corporate lending growth was strong, up 11%.\nRetail and corporate deposit volumes increased by 5% and 2%, respectively.\nAssets under management increased by 9%, to EUR 464bn.\n\nVery strong credit quality – remaining management judgement buffer now fully\ndeployed. Nordea's credit quality is very strong and risks have been assessed\nto be largely reflected in its modelled provisions without the need for\nadditional management overlays. Thus, consistent with earlier communications,\nthe remaining portion of Nordea's management judgement buffer, established\nduring the COVID-19 pandemic six years ago, has now been fully deployed. Of\nthe EUR 276m outstanding at the end of 2025, EUR 116m was reallocated to\nstrengthen modelled provisions and EUR 160m was deemed surplus and was\nreleased, reducing net loan losses and similar net result in the first\nquarter. Net loan losses and similar net result consequently amounted to a\nreversal of EUR 99m. Excluding the EUR 160m release, net loan losses and\nsimilar net result amounted to EUR 61m (6bp).\n\nContinued strong capital generation and share buy-backs. The CET1 ratio was\n15.7% at the end of the quarter, 1.9 percentage points above the current\nregulatory requirement. Nordea's strong capital position and continued robust\ncapital generation support lending growth and continued share buy-backs. The\nEUR 500m buy-back programme launched in the fourth quarter of 2025 had no\nimpact on the CET1 ratio in this quarter. Nordea plans to distribute a\nmid-year dividend for 2026, corresponding to approximately 50% of the net\nprofit for the first half of 2026.\n\nOutlook for 2026 unchanged: a return on equity of greater than 15% and a\ncost-to-income ratio(2) of around 45%. Nordea has a strong and resilient\nbusiness model, with a very well-diversified portfolio across the Nordic\nregion. This enables the Group to support its customers and deliver\nhigh-quality earnings, with high profitability and low volatility, through the\neconomic cycle. It also enables Nordea to continue to generate capital, seek\nopportunities to deploy it to drive growth, and distribute excess capital to\nshareholders in the form of share buy-backs.\n\n(For further viewpoints, see the CEO comment. For definitions, see page 54 in\nthe Q1 2026 report.)\n\nGroup quarterly results and key ratios(1)\n EURm Q1 2026 Q1 2025 Chg % Q4 2025 Chg %\n Net interest income 1,759 1,829 -4 1,765 0\n Net fee and commission income 842 793 6 853 -1\n Net insurance result 69 54 28 64 8\n Net fair value result 226 289 -22 257 -12\n Other income 14 9 56 9 56\n Total operating income 2,910 2,974 -2 2,948 -1\n Total operating expenses excluding regulatory fees -1,323 -1,300 2 -1,362 -3\n Total operating expenses -1,375 -1,354 2 -1,386 -1\n Profit before loan losses 1,535 1,620 -5 1,562 -2\n Net loan losses and similar net result 99 -13 -49\n Operating profit 1,634 1,607 2 1,513 8\n\n Cost-to-income ratio(2), % 45.5 43.7 46.2\n Return on equity with amortised resolution fees, % 15.4 15.7 14.4\n Return on tangible equity, % 17.4 17.6 16.6\n Diluted earnings per share, EUR 0.36 0.35 3 0.34 6\n\n 1. Excluding items affecting comparability. See pages 5 and 17 in the Q1 2026\nreport for further details.\n 2. Excluding regulatory fees.\nCEO comment\n\nIt has been an unsettled start to the year once again. The conflict in the\nMiddle East that escalated in March has created further geopolitical\nuncertainty, with volatility in the financial markets and implications for\nshort-term energy supply and inflation. Sustained disruption to global energy\nmarkets may dampen economic activity, including in the Nordic countries.\n\nHowever, the Nordic countries have a strong track record in navigating\nuncertainty. The stability, fiscal strength and global competitiveness of our\nhome markets make them some of the world's best places to live and do\nbusiness. In addition, our region is structurally well positioned in terms of\nenergy resilience given its substantial renewable capacity and Norway's role\nas a major energy exporter. We saw this clearly during the energy crisis in\n2022.\n\nNordea is uniquely diversified across the attractive Nordic markets. Years of\nrelentless strategy execution have made us stronger and more resilient than\never – and very well placed to support customers. That strength showed again\nin our first-quarter performance, with solid growth in business volumes and\nhigh profitability. Return on equity was 15.4%. We were especially active with\ncorporate customers: lending was up 11% year on year, supported by strong\ngrowth in all countries. Corporate deposits were up 2%.\n\nHouseholds focused mainly on strengthening their savings and investments. This\nwas demonstrated by a 5% year-on-year increase in deposits and strong net\nflows into retail funds. Mortgage lending grew by 2% and I was pleased to see\nus win further mortgage market share in Sweden.\n\nAssets under management increased by 9% year on year, to EUR 464bn. In\nturbulent markets, underlying net flows were strong.\n\nOur 2030 strategy focuses on six distinct growth areas and we are seeing good\nearly momentum in Private Banking, Life & Pension, small businesses and\ncross-sales. We are also encouraged by the steady progress we are making in\nSweden and Norway. Execution on the other two priorities of our 2030 strategy\n– strengthening our customer offering and making more effective use of our\nNordic scale – is likewise off to a good start. During the quarter we\nlaunched a unified Nordic corporate credit and lending platform and took\nfurther steps in our deployment of a more scalable and resilient payments\nplatform – all part of our drive to deliver outstanding customer experiences\nand superior efficiency.\n\nTotal income for the quarter was EUR 2.9bn. Strong growth in net fee and\ncommission income helped offset an expected decrease in net interest income in\nthe lower rate environment. Increased market volatility following developments\nin the Middle East had an exceptional impact on our net fair value result. We\ncontinue to manage costs with discipline: first-quarter operating expenses\nwere flat before foreign exchange effects. Our cost-to-income ratio was 45.5%,\nhaving been impacted by the lower net fair value result. Operating profit was\nup 2% year on year at EUR 1.6bn.\n\nCredit quality remains very strong. This quarter, we fully deployed the\nremaining portion of the management judgement buffer we created during the\nCOVID-19 pandemic. Over the past six years we have continuously assessed the\nbuffer in the light of macroeconomic conditions and in the knowledge that our\nloan portfolio performance has been consistently strong. These assessments\nhave led us to gradually reduce it. This quarter, we reallocated EUR 116m to\nfurther strengthen our modelled provisions and released the remaining balance\nof EUR 160m, which was deemed surplus provisioning. Excluding the release, net\nloan losses and similar net result for the quarter totalled EUR 61m or 6bp.\n\nIn Personal Banking we maintained solid business volume momentum and customer\nactivity. Customer savings and investment activity remained at high levels,\nwith recurring savings up 3% year on year. Deposits increased by 5% and we\ngrew our lending by 1%, with mortgage lending up 2%. We are making good early\nprogress in improving cross-sales, supported by successful product launches in\nsavings and more automated account opening and onboarding processes. Customer\nuse of our digital services again increased: app users and logins were up 4%\nand 6%, respectively, year on year and 69% of fund investments were made\nthrough digital channels.\n\nIn Asset & Wealth Management our Nordic channels delivered a resilient\nperformance in turbulent markets. Customer acquisition remained strong,\nreaching record highs in both Denmark and Finland and supporting net flows of\nEUR 1.0bn in Private Banking. Net flows in the wholesale distribution channel\nremained positive at EUR 0.1bn for the quarter.\n\nIn Business Banking we maintained good business momentum and drove strong\nvolume growth. Both lending and deposit volumes increased by 8% year on year,\nled by continued lending growth in Sweden and Norway and stronger activity in\nDenmark. Deposits were up in all countries. Customer satisfaction rose year on\nyear, particularly among small businesses and entrepreneurs. To support growth\nin the small business segment, we launched a digital onboarding platform in\nDenmark and Norway, with a wider Nordic expansion planned for the coming\nquarters. We also began the Nordic roll-out of a service to help small\nbusinesses manage liquidity and cash flows more effectively.\n\nIn Large Corporates & Institutions we grew lending volumes and net fee and\ncommission income while supporting our customers amid market volatility caused\nby the geopolitical uncertainty. Lending volumes were up 14% year on year,\nwith growth in all countries. Debt Capital Markets activity remained high: we\narranged more than 190 transactions for a broad range of issuers. While\nprimary equity market activity remained subdued, our secondary equities\nbusiness income grew by 11% year on year.\n\nOur capital position is strong, supported by robust capital generation. At the\nquarter's end our CET1 ratio was 15.7%.\n\nIn summary, this was a solid start to the year despite challenging financial\nmarkets later in the quarter. While there is uncertainty around global growth,\nconfidence among Nordic businesses has not wavered, underlining the resilience\nof our region. For Nordea, the higher business volumes in both lending and\ndeposits and growth in assets under management are encouraging. With a unique\nmarket footprint, a leading offering and a strong balance sheet, we are well\nequipped to deliver for our customers and the communities we serve, and create\nvalue for our shareholders.\n\nOur outlook for the full year 2026 is unchanged. We expect to deliver a return\non equity of greater than 15%, and expect our cost-to-income ratio to be\naround 45%.\n\nOur ambition is to become the undisputed best-performing financial services\ngroup in the Nordics.\n\nFrank Vang-Jensen\nPresident and Group CEO\n\nOutlook\nFinancial targets for 2030\nNordea targets a return on equity of greater than 15% throughout the period,\nand significantly higher in 2030, and a cost-to-income ratio(1) of 40–42% in\n2030. These targets will be supported by an annual net loan loss ratio of\naround 10bp and the continuation of Nordea's well-established capital and\ndividend policies.\n\nFinancial outlook for 2026(2\n)Nordea expects a return on equity of greater than 15% and a cost-to-income\nratio(1) of around 45%.\n\nCapital policy\nA management buffer of 150bp above the regulatory CET1 requirement.\n\nDividend policy\nNordea's dividend policy stipulates a dividend payout ratio of 60–70%,\napplicable to profit for the financial year. Nordea will continuously assess\nthe opportunity to use share buy-backs as a tool to distribute excess capital.\n\n 1. Excluding regulatory fees.\n 2. Excluding EUR 190m in restructuring costs booked in the first quarter of 2026,\nwhich have been treated as an item affecting comparability.\nIncome statement\nExcluding items affecting comparability(1)\n EURm Q1 2026 Q1 2025 Chg % Q4 2025 Chg %\n Net interest income 1,759 1,829 -4 1,765 0\n Net fee and commission income 842 793 6 853 -1\n Net insurance result 69 54 28 64 8\n Net result from items at fair value 226 289 -22 257 -12\n Profit from associated undertakings and joint ventures accounted for under the 1 -3 1\n equity method\n Other operating income 13 12 8 8 63\n Total operating income 2,910 2,974 -2 2,948 -1\n Staff costs -811 -792 2 -827 -2\n Other expenses -357 -359 -1 -375 -5\n Depreciation, amortisation and impairment charges of tangible and intangible -155 -149 4 -160 -3\n assets\n Total operating expenses excl. regulatory fees -1,323 -1,300 2 -1,362 -3\n Regulatory fees -52 -54 -4 -24 117\n Total operating expenses -1,375 -1,354 2 -1,386 -1\n Profit before loan losses 1,535 1,620 -5 1,562 -2\n Net loan losses and similar net result 99 -13 -49\n Operating profit 1,634 1,607 2 1,513 8\n Income tax expense -390 -373 5 -356 10\n Net profit for the period 1,244 1,234 1 1,157 8\n\n1. Excluding the following item affecting comparability in the first quarter\nof 2026: a EUR 190m expense related to restructuring costs (EUR 144m after\ntax).Of this, EUR 168m comprised staff costs, EUR 19m comprised other\nexpenses and EUR 3m comprised depreciation, amortisation and impairment\ncharges of tangible and intangible assets. See page 17 in the Q1 2026 report\nfor further details.\n\nRatios and key figures(1)\nExcluding items affecting comparability(2)\n Q1 2026 Q1 2025 Chg % Q4 2025 Chg %\n Diluted earnings per share (DEPS), EUR 0.36 0.35 3 0.34 6\n EPS, rolling 12 months up to period end, EUR 1.42 1.41 1 1.39 2\n Share price(3), EUR 14.68 11.77 25 16.09 -9\n Potential shares outstanding(3), million 3,412 3,491 -2 3,434 -1\n Weighted average number of diluted shares, million 3,411 3,483 -2 3,433 -1\n Return on equity with amortised resolution fees, % 15.4 15.7 14.4\n Return on equity, % 15.2 15.4 14.5\n Return on tangible equity, % 17.4 17.6 16.6\n Return on risk exposure amount, % 3.1 3.1 2.9\n Cost-to-income ratio(4), % 45.5 43.7 46.2\n Net loan loss ratio, incl. loans held at fair value, bp -10 1 5\n Net interest margin, % 1.57 1.70 1.57\n Number of employees (FTEs)(3) 28,747 30,343 -5 28,989 -1\n\n 1. For more detailed information regarding ratios and key figures defined as\nalternative performance measures,\nsee\nhttps://www.nordea.com/en/investor-relations/reports-and-presentations/group-interim-reports\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4670582-1&h=1771198356&u=https%3A%2F%2Fwww.nordea.com%2Fen%2Finvestor-relations%2Freports-and-presentations%2Fgroup-interim-reports&a=https%3A%2F%2Fwww.nordea.com%2Fen%2Finvestor-relations%2Freports-and-presentations%2Fgroup-interim-reports)\n\n.\n 2. Excluding the following item affecting comparability in the first quarter of\n2026: a EUR 190m expense related to restructuring costs (EUR 144m after tax).\nOf this, EUR 168m comprised staff costs, EUR 19m comprised other expenses and\nEUR 3m comprised depreciation, amortisation and impairment charges of tangible\nand intangible assets. See page 17 for further details.\n 3. End of period.\n 4. Excluding regulatory fees.\nBusiness volumes, key items(1)\n EURbn 31 Mar 2026 31 Mar 2025 Chg. % 31 Dec 2025 Chg. %\n Loans to the public 390.2 366.8 6 381.9 2\n Loans to the public, excl. repos/securities borrowing 353.6 335.7 5 345.7 2\n Deposits and borrowings from the public 241.2 240.0 0 242.9 -1\n Deposits from the public, excl. repos/securities lending 220.0 221.2 -1 221.7 -1\n Total assets 679.0 641.4 6 654.4 4\n Assets under management 464.3 425.9 9 473.2 -2\n\n 1. End of period.\nIncome statement\nIncluding items affecting comparability\n EURm Q1 2026 Q1 2025 Chg % Q4 2025 Chg %\n Net interest income 1,759 1,829 -4 1,765 0\n Net fee and commission income 842 793 6 853 -1\n Net insurance result 69 54 28 64 8\n Net result from items at fair value 226 289 -22 257 -12\n Profit from associated undertakings and joint ventures accounted for under the 1 -3 1\n equity method\n Other operating income 13 12 8 8 63\n Total operating income 2,910 2,974 -2 2,948 -1\n Staff costs -979 -792 24 -827 18\n Other expenses -376 -359 5 -375 0\n Depreciation, amortisation and impairment charges of tangible and intangible -158 -149 6 -160 -1\n assets\n Total operating expenses excl. regulatory fees -1,513 -1,300 16 -1,362 11\n Regulatory fees -52 -54 -4 -24\n Total operating expenses -1,565 -1,354 16 -1,386 13\n Profit before loan losses 1,345 1,620 -17 1,562 -14\n Net loan losses and similar net result 99 -13 -49\n Operating profit 1,444 1,607 -10 1,513 -5\n Income tax expense -344 -373 -8 -356 -3\n Net profit for the period 1,100 1,234 -11 1,157 -5\n\nRatios and key figures(1)\nIncluding items affecting comparability\n Q1 2026 Q1 2025 Chg % Q4 2025 Chg %\n Diluted earnings per share (DEPS), EUR 0.32 0.35 -9 0.34 -6\n EPS, rolling 12 months up to period end, EUR 1.37 1.41 -3 1.39 -1\n Share price(2), EUR 14.68 11.77 25 16.09 -9\n Equity per share(2), EUR 8.85 8.55 4 9.47 -7\n Potential shares outstanding(2), million 3,412 3,491 -2 3,434 -1\n Weighted average number of diluted shares, million 3,411 3,483 -2 3,433 -1\n Return on equity with amortised resolution fees, % 13.6 15.7 14.4\n Return on equity, % 13.4 15.4 14.5\n Return on tangible equity, % 15.4 17.6 16.6\n Return on risk exposure amount, % 2.7 3.1 2.9\n Cost-to-income ratio excluding regulatory fees, % 52.0 43.7 46.2\n Cost-to-income ratio, % 53.8 45.5 47.0\n Net loan loss ratio, incl. loans held at fair value, bp -10 1 5\n Common Equity Tier 1 capital ratio(2,3), % 15.7 15.7 15.7\n Tier 1 capital ratio(2,3), % 17.7 17.6 18.4\n Total capital ratio(2,3), % 20.4 20.2 21.2\n Tier 1 capital(2,3), EURbn 28.6 28.1 2 29.4 -3\n Risk exposure amount(2), EURbn 162.1 159.7 2 159.7 2\n Net interest margin, % 1.57 1.70 1.57\n Number of employees (FTEs)(2) 28,747 30,343 -5 28,989 -1\n Equity(2), EURbn 30.1 29.7 1 32.4 -7\n\n 1. For more detailed information regarding ratios and key figures defined as\nalternative performance measures,\nsee\nhttps://www.nordea.com/en/investor-relations/reports-and-presentations/group-interim-reports.\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4670582-1&h=2834064647&u=https%3A%2F%2Fwww.nordea.com%2Fen%2Finvestors%2Fgroup-interim-reports&a=https%3A%2F%2Fwww.nordea.com%2Fen%2Finvestor-relations%2Freports-and-presentations%2Fgroup-interim-reports.)\n 2. End of period.\n 3. The first quarter of 2026 includes net profit for the period, with a dividend\ndeduction of 70% (the upper range under Nordea's dividend policy). For\nregulatory purposes, Nordea will report CET1 capital of EUR 25,083m and a CET1\nratio of 15.5% to the competent authority, both calculated excluding net\nprofit for the period, and with a corresponding effect on the other regulatory\ncapital levels and ratios.\nThis release is a summary of Nordea's first-quarter results for 2026. The\ncomplete report is attached to this release and can also be found on our\nwebsite via the link below.\n\nNordea Group Q1 2026 Report\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4670582-1&h=3090798457&u=https%3A%2F%2Fwww.nordea.com%2Fen%2Finvestor-relations%2Freports-and-presentations%2Flatest-interim-results%2F&a=Nordea+Group+Q1+2026+Report)\n\nA webcast will be held on 22 April at 11.00 EET (10.00 CET), during which\nFrank Vang-Jensen, President and Group CEO, will present the results. This\nwill be followed by a Q&A audio session for investors and analysts with\nFrank Vang-Jensen, Ian Smith, Group CFO, and Ilkka Ottoila, Head of Investor\nRelations.\n\nThe event will be webcast live and the recording and presentation slides will\nbe posted on www.nordea.com/ir (http://www.nordea.com/ir) .\n\nFor further information:\nFrank Vang-Jensen, President and Group CEO, +358 9 4245 1006\nIan Smith, Group CFO, +455 547 8372\nIlkka Ottoila, Head of Investor Relations, +358 9 5300 7058\nUlrika Romantschuk, Head of Brand, Communication and Marketing, +358 1 0416\n8023\n\nThe information provided in this stock exchange release was submitted for\npublication, through the agency of the contacts set out above, at 07.30 EET\n(06.30 CET) on 22 April 2026.\n\nNordea is a leading Nordic financial services group and the preferred choice\nfor millions of customers across the region. For more than 200 years, we have\nproudly served as a trusted financial partner for individuals, families and\nbusinesses – enabling dreams and aspirations for a greater good. Our vision\nis to be the best-performing financial services group in the Nordics,\naccelerating through our scale, people and technology. The Nordea share is\nlisted on the Nasdaq Helsinki, Nasdaq Copenhagen and Nasdaq Stockholm\nexchanges.\n\nThis information was brought to you by Cision http://news.cision.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4670582-1&h=721943420&u=http%3A%2F%2Fnews.cision.com%2F&a=http%3A%2F%2Fnews.cision.com)\n\nhttps://news.cision.com/nordea/r/first-quarter-results-2026,c4338219\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4670582-1&h=71101905&u=https%3A%2F%2Fnews.cision.com%2Fnordea%2Fr%2Ffirst-quarter-results-2026%2Cc4338219&a=https%3A%2F%2Fnews.cision.com%2Fnordea%2Fr%2Ffirst-quarter-results-2026%2Cc4338219)\n\nThe following files are available for download:\n https://mb.cision.com/Public/434/4338219/a7bc7a2ea9487a82.pdf Q1 2026 Interim Report ENG\n (https://edge.prnewswire.com/c/link/?t=0&l=en&o=4670582-1&h=4285995046&u=https%3A%2F%2Fmb.cision.com%2FPublic%2F434%2F4338219%2Fa7bc7a2ea9487a82.pdf&a=https%3A%2F%2Fmb.cision.com%2FPublic%2F434%2F4338219%2Fa7bc7a2ea9487a82.pdf)\n https://mb.cision.com/Public/434/4338219/88fd0a281d3de5a2.pdf Q1 2026 Investor presentation for Web\n (https://edge.prnewswire.com/c/link/?t=0&l=en&o=4670582-1&h=1870749707&u=https%3A%2F%2Fmb.cision.com%2FPublic%2F434%2F4338219%2F88fd0a281d3de5a2.pdf&a=https%3A%2F%2Fmb.cision.com%2FPublic%2F434%2F4338219%2F88fd0a281d3de5a2.pdf)\n\nView original\ncontent:https://www.prnewswire.com/news-releases/nordea-bank-abp-first-quarter-results-2026-302749772.html\n(https://www.prnewswire.com/news-releases/nordea-bank-abp-first-quarter-results-2026-302749772.html)\n\nSOURCE Nordea\n\n\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPn9MqYc4a","title":"Nordea Bank Abp: First-quarter results 2026","author":"PR Newswire","ticker":"NDAFI","created":"2026-04-22T05:40:43.369Z","tickers":["NDAFI"],"exchange":"Nasdaq Helsinki","article_body":"Nordea Bank Abp: First-quarter results 2026\n\nPR Newswire\n\nHELSINKI, April 22, 2026\n\nHELSINKI, April 22, 2026 /PRNewswire/ --\n\nNordea Bank Abp\nInterim report (Q1 and Q3)\n22 April 2026 at 7.30 EET\n\nSummary of the quarter\n\nReturn on equity 15.4% – earnings per share EUR 0.36. Nordea's return on\nequity for the quarter was 15.4%, compared with 15.7% a year ago, reflecting\nresilient performance and solid profitability in a quarter where markets were\nnegatively impacted by the March escalation in the Middle East conflict. The\ncost-to-income ratio(2) was 45.5% for the quarter, having been impacted by\nlower market making income. This compares with 43.7% a year ago. Earnings per\nshare were EUR 0.36, up from EUR 0.35 a year ago.\n\nTotal income resilient. As expected, net interest income was down (-4%)\nfollowing policy rate reductions. Net fee and commission income was up 6%,\ncontinuing the solid growth seen in previous quarters despite the impact of\nthe market volatility in March. Net fair value result was down 22% due to\nlower market making income, driven by the unexpected sharp increases in EUR\nand SEK interest rate expectations, which led to exceptional losses across\ncertain desks. Costs excluding items affecting comparability (EUR 190m in\nrestructuring costs) were flat when adjusted for foreign exchange effects,\nwhich drove a 2% increase. Operating profit was up 2% at EUR 1.6bn.\n\nBusiness volume growth. Mortgage lending grew by 2% year on year, driven by\ngrowth in Sweden and Norway. Corporate lending growth was strong, up 11%.\nRetail and corporate deposit volumes increased by 5% and 2%, respectively.\nAssets under management increased by 9%, to EUR 464bn.\n\nVery strong credit quality – remaining management judgement buffer now fully\ndeployed. Nordea's credit quality is very strong and risks have been assessed\nto be largely reflected in its modelled provisions without the need for\nadditional management overlays. Thus, consistent with earlier communications,\nthe remaining portion of Nordea's management judgement buffer, established\nduring the COVID-19 pandemic six years ago, has now been fully deployed. Of\nthe EUR 276m outstanding at the end of 2025, EUR 116m was reallocated to\nstrengthen modelled provisions and EUR 160m was deemed surplus and was\nreleased, reducing net loan losses and similar net result in the first\nquarter. Net loan losses and similar net result consequently amounted to a\nreversal of EUR 99m. Excluding the EUR 160m release, net loan losses and\nsimilar net result amounted to EUR 61m (6bp).\n\nContinued strong capital generation and share buy-backs. The CET1 ratio was\n15.7% at the end of the quarter, 1.9 percentage points above the current\nregulatory requirement. Nordea's strong capital position and continued robust\ncapital generation support lending growth and continued share buy-backs. The\nEUR 500m buy-back programme launched in the fourth quarter of 2025 had no\nimpact on the CET1 ratio in this quarter. Nordea plans to distribute a\nmid-year dividend for 2026, corresponding to approximately 50% of the net\nprofit for the first half of 2026.\n\nOutlook for 2026 unchanged: a return on equity of greater than 15% and a\ncost-to-income ratio(2) of around 45%. Nordea has a strong and resilient\nbusiness model, with a very well-diversified portfolio across the Nordic\nregion. This enables the Group to support its customers and deliver\nhigh-quality earnings, with high profitability and low volatility, through the\neconomic cycle. It also enables Nordea to continue to generate capital, seek\nopportunities to deploy it to drive growth, and distribute excess capital to\nshareholders in the form of share buy-backs.\n\n(For further viewpoints, see the CEO comment. For definitions, see page 54 in\nthe Q1 2026 report.)\n\nGroup quarterly results and key ratios(1)\n EURm Q1 2026 Q1 2025 Chg % Q4 2025 Chg %\n Net interest income 1,759 1,829 -4 1,765 0\n Net fee and commission income 842 793 6 853 -1\n Net insurance result 69 54 28 64 8\n Net fair value result 226 289 -22 257 -12\n Other income 14 9 56 9 56\n Total operating income 2,910 2,974 -2 2,948 -1\n Total operating expenses excluding regulatory fees -1,323 -1,300 2 -1,362 -3\n Total operating expenses -1,375 -1,354 2 -1,386 -1\n Profit before loan losses 1,535 1,620 -5 1,562 -2\n Net loan losses and similar net result 99 -13 -49\n Operating profit 1,634 1,607 2 1,513 8\n\n Cost-to-income ratio(2), % 45.5 43.7 46.2\n Return on equity with amortised resolution fees, % 15.4 15.7 14.4\n Return on tangible equity, % 17.4 17.6 16.6\n Diluted earnings per share, EUR 0.36 0.35 3 0.34 6\n\n 1. Excluding items affecting comparability. See pages 5 and 17 in the Q1 2026\nreport for further details.\n 2. Excluding regulatory fees.\nCEO comment\n\nIt has been an unsettled start to the year once again. The conflict in the\nMiddle East that escalated in March has created further geopolitical\nuncertainty, with volatility in the financial markets and implications for\nshort-term energy supply and inflation. Sustained disruption to global energy\nmarkets may dampen economic activity, including in the Nordic countries.\n\nHowever, the Nordic countries have a strong track record in navigating\nuncertainty. The stability, fiscal strength and global competitiveness of our\nhome markets make them some of the world's best places to live and do\nbusiness. In addition, our region is structurally well positioned in terms of\nenergy resilience given its substantial renewable capacity and Norway's role\nas a major energy exporter. We saw this clearly during the energy crisis in\n2022.\n\nNordea is uniquely diversified across the attractive Nordic markets. Years of\nrelentless strategy execution have made us stronger and more resilient than\never – and very well placed to support customers. That strength showed again\nin our first-quarter performance, with solid growth in business volumes and\nhigh profitability. Return on equity was 15.4%. We were especially active with\ncorporate customers: lending was up 11% year on year, supported by strong\ngrowth in all countries. Corporate deposits were up 2%.\n\nHouseholds focused mainly on strengthening their savings and investments. This\nwas demonstrated by a 5% year-on-year increase in deposits and strong net\nflows into retail funds. Mortgage lending grew by 2% and I was pleased to see\nus win further mortgage market share in Sweden.\n\nAssets under management increased by 9% year on year, to EUR 464bn. In\nturbulent markets, underlying net flows were strong.\n\nOur 2030 strategy focuses on six distinct growth areas and we are seeing good\nearly momentum in Private Banking, Life & Pension, small businesses and\ncross-sales. We are also encouraged by the steady progress we are making in\nSweden and Norway. Execution on the other two priorities of our 2030 strategy\n– strengthening our customer offering and making more effective use of our\nNordic scale – is likewise off to a good start. During the quarter we\nlaunched a unified Nordic corporate credit and lending platform and took\nfurther steps in our deployment of a more scalable and resilient payments\nplatform – all part of our drive to deliver outstanding customer experiences\nand superior efficiency.\n\nTotal income for the quarter was EUR 2.9bn. Strong growth in net fee and\ncommission income helped offset an expected decrease in net interest income in\nthe lower rate environment. Increased market volatility following developments\nin the Middle East had an exceptional impact on our net fair value result. We\ncontinue to manage costs with discipline: first-quarter operating expenses\nwere flat before foreign exchange effects. Our cost-to-income ratio was 45.5%,\nhaving been impacted by the lower net fair value result. Operating profit was\nup 2% year on year at EUR 1.6bn.\n\nCredit quality remains very strong. This quarter, we fully deployed the\nremaining portion of the management judgement buffer we created during the\nCOVID-19 pandemic. Over the past six years we have continuously assessed the\nbuffer in the light of macroeconomic conditions and in the knowledge that our\nloan portfolio performance has been consistently strong. These assessments\nhave led us to gradually reduce it. This quarter, we reallocated EUR 116m to\nfurther strengthen our modelled provisions and released the remaining balance\nof EUR 160m, which was deemed surplus provisioning. Excluding the release, net\nloan losses and similar net result for the quarter totalled EUR 61m or 6bp.\n\nIn Personal Banking we maintained solid business volume momentum and customer\nactivity. Customer savings and investment activity remained at high levels,\nwith recurring savings up 3% year on year. Deposits increased by 5% and we\ngrew our lending by 1%, with mortgage lending up 2%. We are making good early\nprogress in improving cross-sales, supported by successful product launches in\nsavings and more automated account opening and onboarding processes. Customer\nuse of our digital services again increased: app users and logins were up 4%\nand 6%, respectively, year on year and 69% of fund investments were made\nthrough digital channels.\n\nIn Asset & Wealth Management our Nordic channels delivered a resilient\nperformance in turbulent markets. Customer acquisition remained strong,\nreaching record highs in both Denmark and Finland and supporting net flows of\nEUR 1.0bn in Private Banking. Net flows in the wholesale distribution channel\nremained positive at EUR 0.1bn for the quarter.\n\nIn Business Banking we maintained good business momentum and drove strong\nvolume growth. Both lending and deposit volumes increased by 8% year on year,\nled by continued lending growth in Sweden and Norway and stronger activity in\nDenmark. Deposits were up in all countries. Customer satisfaction rose year on\nyear, particularly among small businesses and entrepreneurs. To support growth\nin the small business segment, we launched a digital onboarding platform in\nDenmark and Norway, with a wider Nordic expansion planned for the coming\nquarters. We also began the Nordic roll-out of a service to help small\nbusinesses manage liquidity and cash flows more effectively.\n\nIn Large Corporates & Institutions we grew lending volumes and net fee and\ncommission income while supporting our customers amid market volatility caused\nby the geopolitical uncertainty. Lending volumes were up 14% year on year,\nwith growth in all countries. Debt Capital Markets activity remained high: we\narranged more than 190 transactions for a broad range of issuers. While\nprimary equity market activity remained subdued, our secondary equities\nbusiness income grew by 11% year on year.\n\nOur capital position is strong, supported by robust capital generation. At the\nquarter's end our CET1 ratio was 15.7%.\n\nIn summary, this was a solid start to the year despite challenging financial\nmarkets later in the quarter. While there is uncertainty around global growth,\nconfidence among Nordic businesses has not wavered, underlining the resilience\nof our region. For Nordea, the higher business volumes in both lending and\ndeposits and growth in assets under management are encouraging. With a unique\nmarket footprint, a leading offering and a strong balance sheet, we are well\nequipped to deliver for our customers and the communities we serve, and create\nvalue for our shareholders.\n\nOur outlook for the full year 2026 is unchanged. We expect to deliver a return\non equity of greater than 15%, and expect our cost-to-income ratio to be\naround 45%.\n\nOur ambition is to become the undisputed best-performing financial services\ngroup in the Nordics.\n\nFrank Vang-Jensen\nPresident and Group CEO\n\nOutlook\nFinancial targets for 2030\nNordea targets a return on equity of greater than 15% throughout the period,\nand significantly higher in 2030, and a cost-to-income ratio(1) of 40–42% in\n2030. These targets will be supported by an annual net loan loss ratio of\naround 10bp and the continuation of Nordea's well-established capital and\ndividend policies.\n\nFinancial outlook for 2026(2\n)Nordea expects a return on equity of greater than 15% and a cost-to-income\nratio(1) of around 45%.\n\nCapital policy\nA management buffer of 150bp above the regulatory CET1 requirement.\n\nDividend policy\nNordea's dividend policy stipulates a dividend payout ratio of 60–70%,\napplicable to profit for the financial year. Nordea will continuously assess\nthe opportunity to use share buy-backs as a tool to distribute excess capital.\n\n 1. Excluding regulatory fees.\n 2. Excluding EUR 190m in restructuring costs booked in the first quarter of 2026,\nwhich have been treated as an item affecting comparability.\nIncome statement\nExcluding items affecting comparability(1)\n EURm Q1 2026 Q1 2025 Chg % Q4 2025 Chg %\n Net interest income 1,759 1,829 -4 1,765 0\n Net fee and commission income 842 793 6 853 -1\n Net insurance result 69 54 28 64 8\n Net result from items at fair value 226 289 -22 257 -12\n Profit from associated undertakings and joint ventures accounted for under the 1 -3 1\n equity method\n Other operating income 13 12 8 8 63\n Total operating income 2,910 2,974 -2 2,948 -1\n Staff costs -811 -792 2 -827 -2\n Other expenses -357 -359 -1 -375 -5\n Depreciation, amortisation and impairment charges of tangible and intangible -155 -149 4 -160 -3\n assets\n Total operating expenses excl. regulatory fees -1,323 -1,300 2 -1,362 -3\n Regulatory fees -52 -54 -4 -24 117\n Total operating expenses -1,375 -1,354 2 -1,386 -1\n Profit before loan losses 1,535 1,620 -5 1,562 -2\n Net loan losses and similar net result 99 -13 -49\n Operating profit 1,634 1,607 2 1,513 8\n Income tax expense -390 -373 5 -356 10\n Net profit for the period 1,244 1,234 1 1,157 8\n\n1. Excluding the following item affecting comparability in the first quarter\nof 2026: a EUR 190m expense related to restructuring costs (EUR 144m after\ntax).Of this, EUR 168m comprised staff costs, EUR 19m comprised other\nexpenses and EUR 3m comprised depreciation, amortisation and impairment\ncharges of tangible and intangible assets. See page 17 in the Q1 2026 report\nfor further details.\n\nRatios and key figures(1)\nExcluding items affecting comparability(2)\n Q1 2026 Q1 2025 Chg % Q4 2025 Chg %\n Diluted earnings per share (DEPS), EUR 0.36 0.35 3 0.34 6\n EPS, rolling 12 months up to period end, EUR 1.42 1.41 1 1.39 2\n Share price(3), EUR 14.68 11.77 25 16.09 -9\n Potential shares outstanding(3), million 3,412 3,491 -2 3,434 -1\n Weighted average number of diluted shares, million 3,411 3,483 -2 3,433 -1\n Return on equity with amortised resolution fees, % 15.4 15.7 14.4\n Return on equity, % 15.2 15.4 14.5\n Return on tangible equity, % 17.4 17.6 16.6\n Return on risk exposure amount, % 3.1 3.1 2.9\n Cost-to-income ratio(4), % 45.5 43.7 46.2\n Net loan loss ratio, incl. loans held at fair value, bp -10 1 5\n Net interest margin, % 1.57 1.70 1.57\n Number of employees (FTEs)(3) 28,747 30,343 -5 28,989 -1\n\n 1. For more detailed information regarding ratios and key figures defined as\nalternative performance measures,\nsee\nhttps://www.nordea.com/en/investor-relations/reports-and-presentations/group-interim-reports\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4670582-1&h=1771198356&u=https%3A%2F%2Fwww.nordea.com%2Fen%2Finvestor-relations%2Freports-and-presentations%2Fgroup-interim-reports&a=https%3A%2F%2Fwww.nordea.com%2Fen%2Finvestor-relations%2Freports-and-presentations%2Fgroup-interim-reports)\n\n.\n 2. Excluding the following item affecting comparability in the first quarter of\n2026: a EUR 190m expense related to restructuring costs (EUR 144m after tax).\nOf this, EUR 168m comprised staff costs, EUR 19m comprised other expenses and\nEUR 3m comprised depreciation, amortisation and impairment charges of tangible\nand intangible assets. See page 17 for further details.\n 3. End of period.\n 4. Excluding regulatory fees.\nBusiness volumes, key items(1)\n EURbn 31 Mar 2026 31 Mar 2025 Chg. % 31 Dec 2025 Chg. %\n Loans to the public 390.2 366.8 6 381.9 2\n Loans to the public, excl. repos/securities borrowing 353.6 335.7 5 345.7 2\n Deposits and borrowings from the public 241.2 240.0 0 242.9 -1\n Deposits from the public, excl. repos/securities lending 220.0 221.2 -1 221.7 -1\n Total assets 679.0 641.4 6 654.4 4\n Assets under management 464.3 425.9 9 473.2 -2\n\n 1. End of period.\nIncome statement\nIncluding items affecting comparability\n EURm Q1 2026 Q1 2025 Chg % Q4 2025 Chg %\n Net interest income 1,759 1,829 -4 1,765 0\n Net fee and commission income 842 793 6 853 -1\n Net insurance result 69 54 28 64 8\n Net result from items at fair value 226 289 -22 257 -12\n Profit from associated undertakings and joint ventures accounted for under the 1 -3 1\n equity method\n Other operating income 13 12 8 8 63\n Total operating income 2,910 2,974 -2 2,948 -1\n Staff costs -979 -792 24 -827 18\n Other expenses -376 -359 5 -375 0\n Depreciation, amortisation and impairment charges of tangible and intangible -158 -149 6 -160 -1\n assets\n Total operating expenses excl. regulatory fees -1,513 -1,300 16 -1,362 11\n Regulatory fees -52 -54 -4 -24\n Total operating expenses -1,565 -1,354 16 -1,386 13\n Profit before loan losses 1,345 1,620 -17 1,562 -14\n Net loan losses and similar net result 99 -13 -49\n Operating profit 1,444 1,607 -10 1,513 -5\n Income tax expense -344 -373 -8 -356 -3\n Net profit for the period 1,100 1,234 -11 1,157 -5\n\nRatios and key figures(1)\nIncluding items affecting comparability\n Q1 2026 Q1 2025 Chg % Q4 2025 Chg %\n Diluted earnings per share (DEPS), EUR 0.32 0.35 -9 0.34 -6\n EPS, rolling 12 months up to period end, EUR 1.37 1.41 -3 1.39 -1\n Share price(2), EUR 14.68 11.77 25 16.09 -9\n Equity per share(2), EUR 8.85 8.55 4 9.47 -7\n Potential shares outstanding(2), million 3,412 3,491 -2 3,434 -1\n Weighted average number of diluted shares, million 3,411 3,483 -2 3,433 -1\n Return on equity with amortised resolution fees, % 13.6 15.7 14.4\n Return on equity, % 13.4 15.4 14.5\n Return on tangible equity, % 15.4 17.6 16.6\n Return on risk exposure amount, % 2.7 3.1 2.9\n Cost-to-income ratio excluding regulatory fees, % 52.0 43.7 46.2\n Cost-to-income ratio, % 53.8 45.5 47.0\n Net loan loss ratio, incl. loans held at fair value, bp -10 1 5\n Common Equity Tier 1 capital ratio(2,3), % 15.7 15.7 15.7\n Tier 1 capital ratio(2,3), % 17.7 17.6 18.4\n Total capital ratio(2,3), % 20.4 20.2 21.2\n Tier 1 capital(2,3), EURbn 28.6 28.1 2 29.4 -3\n Risk exposure amount(2), EURbn 162.1 159.7 2 159.7 2\n Net interest margin, % 1.57 1.70 1.57\n Number of employees (FTEs)(2) 28,747 30,343 -5 28,989 -1\n Equity(2), EURbn 30.1 29.7 1 32.4 -7\n\n 1. For more detailed information regarding ratios and key figures defined as\nalternative performance measures,\nsee\nhttps://www.nordea.com/en/investor-relations/reports-and-presentations/group-interim-reports.\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4670582-1&h=2834064647&u=https%3A%2F%2Fwww.nordea.com%2Fen%2Finvestors%2Fgroup-interim-reports&a=https%3A%2F%2Fwww.nordea.com%2Fen%2Finvestor-relations%2Freports-and-presentations%2Fgroup-interim-reports.)\n 2. End of period.\n 3. The first quarter of 2026 includes net profit for the period, with a dividend\ndeduction of 70% (the upper range under Nordea's dividend policy). For\nregulatory purposes, Nordea will report CET1 capital of EUR 25,083m and a CET1\nratio of 15.5% to the competent authority, both calculated excluding net\nprofit for the period, and with a corresponding effect on the other regulatory\ncapital levels and ratios.\nThis release is a summary of Nordea's first-quarter results for 2026. The\ncomplete report is attached to this release and can also be found on our\nwebsite via the link below.\n\nNordea Group Q1 2026 Report\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4670582-1&h=3090798457&u=https%3A%2F%2Fwww.nordea.com%2Fen%2Finvestor-relations%2Freports-and-presentations%2Flatest-interim-results%2F&a=Nordea+Group+Q1+2026+Report)\n\nA webcast will be held on 22 April at 11.00 EET (10.00 CET), during which\nFrank Vang-Jensen, President and Group CEO, will present the results. This\nwill be followed by a Q&A audio session for investors and analysts with\nFrank Vang-Jensen, Ian Smith, Group CFO, and Ilkka Ottoila, Head of Investor\nRelations.\n\nThe event will be webcast live and the recording and presentation slides will\nbe posted on www.nordea.com/ir (http://www.nordea.com/ir) .\n\nFor further information:\nFrank Vang-Jensen, President and Group CEO, +358 9 4245 1006\nIan Smith, Group CFO, +455 547 8372\nIlkka Ottoila, Head of Investor Relations, +358 9 5300 7058\nUlrika Romantschuk, Head of Brand, Communication and Marketing, +358 1 0416\n8023\n\nThe information provided in this stock exchange release was submitted for\npublication, through the agency of the contacts set out above, at 07.30 EET\n(06.30 CET) on 22 April 2026.\n\nNordea is a leading Nordic financial services group and the preferred choice\nfor millions of customers across the region. For more than 200 years, we have\nproudly served as a trusted financial partner for individuals, families and\nbusinesses – enabling dreams and aspirations for a greater good. Our vision\nis to be the best-performing financial services group in the Nordics,\naccelerating through our scale, people and technology. The Nordea share is\nlisted on the Nasdaq Helsinki, Nasdaq Copenhagen and Nasdaq Stockholm\nexchanges.\n\nThis information was brought to you by Cision http://news.cision.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4670582-1&h=721943420&u=http%3A%2F%2Fnews.cision.com%2F&a=http%3A%2F%2Fnews.cision.com)\n\nhttps://news.cision.com/nordea/r/first-quarter-results-2026,c4338219\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4670582-1&h=71101905&u=https%3A%2F%2Fnews.cision.com%2Fnordea%2Fr%2Ffirst-quarter-results-2026%2Cc4338219&a=https%3A%2F%2Fnews.cision.com%2Fnordea%2Fr%2Ffirst-quarter-results-2026%2Cc4338219)\n\nThe following files are available for download:\n https://mb.cision.com/Public/434/4338219/a7bc7a2ea9487a82.pdf Q1 2026 Interim Report ENG\n (https://edge.prnewswire.com/c/link/?t=0&l=en&o=4670582-1&h=4285995046&u=https%3A%2F%2Fmb.cision.com%2FPublic%2F434%2F4338219%2Fa7bc7a2ea9487a82.pdf&a=https%3A%2F%2Fmb.cision.com%2FPublic%2F434%2F4338219%2Fa7bc7a2ea9487a82.pdf)\n https://mb.cision.com/Public/434/4338219/88fd0a281d3de5a2.pdf Q1 2026 Investor presentation for Web\n (https://edge.prnewswire.com/c/link/?t=0&l=en&o=4670582-1&h=1870749707&u=https%3A%2F%2Fmb.cision.com%2FPublic%2F434%2F4338219%2F88fd0a281d3de5a2.pdf&a=https%3A%2F%2Fmb.cision.com%2FPublic%2F434%2F4338219%2F88fd0a281d3de5a2.pdf)\n\nView original\ncontent:https://www.prnewswire.com/news-releases/nordea-bank-abp-first-quarter-results-2026-302749772.html\n(https://www.prnewswire.com/news-releases/nordea-bank-abp-first-quarter-results-2026-302749772.html)\n\nSOURCE Nordea\n\n\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-04-22T05:40:43.439148937Z","server_sent_at_ms":1776836443439},"received_at":"2026-04-22T05:40:43.590Z","source_url":null},"analysis":null,"durationMs":null,"modelName":null}}