Nordea Bank Abp
Stock exchange release - Interim report (Q1 and Q3)
15 October 2026 at 7.30 EET
HELSINKI, Finland, Oct. 15, 2026 /PRNewswire/ --
Summary of the quarter
Return on equity 15.1% - earnings per share EUR 0.35. Nordea's return on equity for the quarter was 15.1%, a solid performance amid seasonally more subdued activity levels. The cost-to-income ratio2 was 45.0% and earnings per share were EUR 0.35, both broadly stable year on year.
Income growth with strong cost performance. Total income was up 2% year on year. Net interest income was up 1% both year on year and quarter on quarter, with volume growth partly offset by lower lending margins. Net fee and commission income was up 9% year on year, driven by 14% growth in savings income. Net fair value result was down 19% due to extraordinary interest rate volatility. Costs excluding regulatory fees were flat when adjusted for foreign exchange effects. Operating profit was 4% lower at EUR 1.5bn.
Continued strong lending and deposit growth; AuM at record EUR 509bn. Corporate lending and deposit growth were strong, up 8% and 7%, respectively, year on year. Mortgage lending increased by 2%, driven by continued growth in Sweden and Norway. Retail deposits increased by 4% and assets under management (AuM) were up 13% at EUR 509bn.
Strong credit quality. Nordea's credit quality is strong, with net loan losses and similar net result amounting to EUR 74m (7bp) for the quarter. Net loan losses were driven by individual provisions, mainly attributable to a small number of corporate customers, and a small increase in collective provisions. Loan losses remain well within the Group's long term expectation of 10bp.
Continued strong capital generation. The CET1 ratio was 15.8% at the end of the quarter, 1.9 percentage points above the current regulatory requirement. This reflects Nordea's strong capital position and capital generation. Nordea's capital priorities remain unchanged. Nordea continues to generate capital and seek opportunities to deploy it for profitable growth, with excess capital subject to buy-back considerations.
Outlook for 2026: return on equity of greater than 15% and a cost-to-income ratio2 of 44-45%. Nordea has a strong and resilient business model, with a very well-diversified portfolio across the Nordic region. This enables the Group to support its customers and deliver high-quality earnings, with high profitability and low volatility, through the economic cycle.
(For further viewpoints, see the CEO comment. The CET1 ratio includes interim profit net of a dividend deduction of 70% (the upper range under Nordea's dividend policy), subject to ECB approval. For further information see page 14. For definitions, see page 54 in the Q3 2026 interim report.)
Group quarterly results and key ratios1
EURm | Q3 2026 | Q3 2025 | Chg % | Q2 2026 | Chg % | Jan-Sep 2026 | Jan-Sep 2025 | Chg % |
Net interest income | 1,799 | 1,775 | 1 | 1,779 | 1 | 5,337 | 5,402 | -1 |
Net fee and commission income | 880 | 811 | 9 | 880 | 0 | 2,602 | 2,396 | 9 |
Net insurance result | 79 | 66 | 20 | 78 | 1 | 226 | 178 | 27 |
Net fair value result | 198 | 245 | -19 | 281 | -30 | 705 | 788 | -11 |
Other income | 12 | 13 | -8 | 14 | -14 | 40 | 31 | 29 |
Total operating income | 2,968 | 2,910 | 2 | 3,032 | -2 | 8,910 | 8,795 | 1 |
Total operating expenses excl. regulatory fees | -1,335 | -1,313 | 2 | -1,335 | 0 | -3,993 | -3,927 | 2 |
Total operating expenses | -1,353 | -1,332 | 2 | -1,363 | -1 | -4,091 | -4,019 | 2 |
Profit before loan losses | 1,615 | 1,578 | 2 | 1,669 | -3 | 4,819 | 4,776 | 1 |
Net loan losses and similar net result | -74 | 19 | -61 | -36 | 27 | |||
Operating profit | 1,541 | 1,597 | -4 | 1,608 | -4 | 4,783 | 4,803 | 0 |
Cost-to-income ratio2, % | 45.0 | 45.1 | 44.0 | 44.8 | 44.7 | |||
Return on equity with amortised regulatory fees, % | 15.1 | 15.8 | 15.9 | 15.5 | 15.9 | |||
Return on tangible equity, % | 17.6 | 18.3 | 18.4 | 17.8 | 18.2 | |||
Diluted earnings per share, EUR | 0.35 | 0.36 | -3 | 0.36 | -3 | 1.07 | 1.06 | 1 |
1 Excluding items affecting comparability (EUR 190m restructuring costs) booked in the first quarter of 2026. See page 5 for further details.
2 Excluding regulatory fees.
CEO comment
Nordea performed well again this quarter. We grew total income year on year, further expanded our customer base, deepened existing relationships and delivered strong growth in savings and investments in a seasonally slower quarter.
Our 2030 strategy is on track, with clear progress made during the quarter. In Life & Pension we significantly grew our assets under management. In Sweden we continued to grow business volumes across both household and corporate segments and have outpaced overall market growth over the past year. Our Nordic scale initiatives across core processes are delivering tangible results for customers: mortgage loan promises are now more automated and corporate lending has been further digitalised, enabling us to be more available for customers and fulfil their needs faster.
Geopolitical uncertainty and volatility remain high. However, the global and Nordic economies continue to show resilience, supported by substantial investment in areas such as artificial intelligence, defence, infrastructure and energy transition. We expect continued economic growth, solid export performance and gradually improving household consumption in our home markets, with growth now also picking up in Finland. At the same time, we are mindful of the recent sharp rises in forward interest rates and the potential for higher rates to affect consumer confidence in the months to come.
The resilience and growing confidence among Nordic businesses of all sizes was reflected in the strong momentum in our corporate lending and deposits during the quarter. Lending increased by 8% and deposits by 7% year on year. This growth shows the strength of our customer relationships and pan-Nordic franchise.
The Nordic housing markets kept up their gradual recovery. Mortgage volumes rose by 2% year on year, driven especially by Sweden and Norway. Retail deposits increased by 4%. Demand for our savings and investment products was strong. Customers continued to invest through our funds and pension products, and we welcomed a significant number of new private banking customers during the quarter - driving positive net flows. Assets under management (AuM) increased by 13%, to a record high of EUR 509bn, with margins stable.
Total income grew by 2% year on year, to EUR 3.0bn. Net fee and commission income increased by 9%, with savings income up 14%. Net interest income development was also positive, up 1% both year on year and quarter on quarter despite lower lending margins. Net fair value result was down 19% due to the extraordinary interest rate volatility late in the quarter, while customer activity was solid in the seasonally slower period.
Costs were flat year on year excluding foreign exchange effects. We continue to invest heavily in strategic initiatives to drive efficiency and productivity across the business. In the third quarter the cost-to-income ratio was 45.0%, operating profit was EUR 1.5bn and return on equity was 15.1%.
Credit and asset quality continue to be very strong. Net loan losses and similar net result corresponded to 7bp. Loan losses remained low, limited mainly to a small number of corporate customers and well within the Group's long term expectation of around 10bp.
In Personal Banking we continued to advance our strategic initiatives and delivered solid business growth. Mortgage and deposit volumes were up 2% and 4%, respectively, in local currencies year on year. In Sweden we continued to grow our mortgage market share, capturing 21% of the market growth in August year to date. Our strong savings advisory expertise, combined with better integration of savings and daily banking into the mortgage customer onboarding journey, drove continued strong savings inflows and deposit growth. Recurring savings inflows were up 14% year on year. We were also pleased to be named best bank and best digital bank in the Nordics in Euromoney's Awards for Excellence.
In Asset & Wealth Management we continued to drive strong income and AuM growth. In Private Banking, a strategic growth area, we made further good progress, with net flows amounting to EUR 0.9bn. Customer demand for our Private Banking offering is increasing - translating into strong growth in net fee and commission income. We also saw strong demand for our BetaPlus fund range, which is now one of Europe's largest enhanced index platforms, with over EUR 100bn in AuM. Importantly, after seeing some outflows in the previous quarter, our wholesale distribution channel returned to positive net flows in the quarter.
In Business Banking we maintained solid volume growth across our home markets: lending volumes were up 6% year on year and deposits were up 2%. We continued to enhance our digital offering, including through a faster, more automated onboarding process - advancing our ambition to become the leading digital financial hub for SMEs in the Nordics. Nordea Business won Global Finance's awards for Best Corporate Digital Bank and Best Mobile Banking App in each of our four home markets: the fourth consecutive year that we have gained this recognition.
In Large Corporates & Institutions customer engagement remained high in all markets and we drove further progress in our strategic growth areas: Sweden, Norway, cross-sales, and the infrastructure segment. Activity and client demand were solid over the seasonally quieter period, supporting year-on-year increases of 13% in both lending and deposit volumes and higher net fee and commission income. Our bond market activity remained high, and we helped customers raise capital and execute strategic transactions amid signs of improving sentiment in equity capital markets and mergers and acquisitions. Net fair value result was lower due to the extraordinary interest rate volatility late in the quarter.
Our capital position is strong, with a CET1 ratio of 15.8%, and we continue to deploy capital for profitable growth.
We enter the fourth quarter with good business momentum. Our strategy execution is progressing well across all key initiatives. Despite global uncertainty, geopolitical tensions and recent rate increases, the economies of our home markets are strong and resilient. Our customers are confident and continue to pursue growth opportunities - and with our Nordic scale, we are uniquely placed to support them with their plans.
Our strong performance is reflected in our full-year 2026 guidance. We continue to expect a return on equity of greater than 15% and a cost-to-income ratio of 44-45%.
Our ambition is to become the undisputed best-performing financial services group in the Nordics.
Frank Vang-Jensen
President and Group CEO
Outlook (unchanged)
Financial targets for 2030
Nordea targets a return on equity of greater than 15% throughout the period, and significantly higher in 2030, and a cost-to-income ratio1 of 40-42% in 2030. These targets will be supported by an annual net loan loss ratio of around 10bp and the continuation of Nordea's well-established capital and dividend policies.
Financial outlook for 20262
Nordea expects a return on equity of greater than 15% and a cost-to-income ratio1 of 44-45%.
Capital policy
A management buffer of 150bp above the regulatory CET1 requirement.
Dividend policy
Nordea's dividend policy stipulates a dividend payout ratio of 60-70%, applicable to profit for the financial year. Nordea will continuously assess the opportunity to use share buy-backs as a tool to distribute excess capital.
1 Excluding regulatory fees.
2 Excluding EUR 190m in restructuring costs booked in the first quarter of 2026, which have been treated as an item affecting comparability.
Income statement
Excluding items affecting comparability1
EURm | Q3 2026 | Q3 2025 | Chg % | Q2 2026 | Chg % | Jan-Sep 2026 | Jan-Sep 2025 | Chg % |
Net interest income | 1,799 | 1,775 | 1 | 1,779 | 1 | 5,337 | 5,402 | -1 |
Net fee and commission income | 880 | 811 | 9 | 880 | 0 | 2,602 | 2,396 | 9 |
Net insurance result | 79 | 66 | 20 | 78 | 1 | 226 | 178 | 27 |
Net result from items at fair value | 198 | 245 | -19 | 281 | -30 | 705 | 788 | -11 |
Profit from associated undertakings and joint ventures accounted for under the equity method | 3 | 1 | 2 | 6 | -3 | |||
Other operating income | 9 | 12 | -25 | 12 | -25 | 34 | 34 | 0 |
Total operating income | 2,968 | 2,910 | 2 | 3,032 | -2 | 8,910 | 8,795 | 1 |
Staff costs | -813 | -806 | 1 | -818 | -1 | -2,442 | -2,407 | 1 |
Other expenses | -357 | -353 | 1 | -356 | 0 | -1,070 | -1,066 | 0 |
Depreciation, amortisation and impairment charges of tangible and intangible assets | -165 | -154 | 7 | -161 | 2 | -481 | -454 | 6 |
Total operating expenses excl. regulatory fees | -1,335 | -1,313 | 2 | -1,335 | 0 | -3,993 | -3,927 | 2 |
Regulatory fees | -18 | -19 | -5 | -28 | -36 | -98 | -92 | 7 |
Total operating expenses | -1,353 | -1,332 | 2 | -1,363 | -1 | -4,091 | -4,019 | 2 |
Profit before loan losses | 1,615 | 1,578 | 2 | 1,669 | -3 | 4,819 | 4,776 | 1 |
Net loan losses and similar net result | -74 | 19 | -61 | 21 | -36 | 27 | ||
Operating profit | 1,541 | 1,597 | -4 | 1,608 | -4 | 4,783 | 4,803 | 0 |
Income tax expense | -360 | -369 | -2 | -376 | -4 | -1,126 | -1,120 | 1 |
Net profit for the period | 1,181 | 1,228 | -4 | 1,232 | -4 | 3,657 | 3,683 | -1 |
1 Excluding the following item affecting comparability booked in the first quarter of 2026: a EUR 190m expense related to restructuring costs (EUR 144m after tax). Of this, EUR 168m comprised staff costs, EUR 19m comprised other expenses and EUR 3m comprised depreciation, amortisation and impairment charges of tangible and intangible assets.
Ratios and key figures1
Excluding items affecting comparability2
Q3 2026 | Q3 2025 | Chg % | Q2 2026 | Chg % | Jan-Sep 2026 | Jan-Sep 2025 | Chg % | |
Diluted earnings per share (DEPS), EUR | 0.35 | 0.36 | -3 | 0.36 | -3 | 1.07 | 1.06 | 1 |
EPS, rolling 12 months up to period end, EUR | 1.42 | 1.39 | 2 | 1.43 | -1 | 1.42 | 1.39 | 2 |
Share price3, EUR | 17.48 | 13.98 | 25 | 16.60 | 5 | 17.48 | 16.60 | 5 |
Potential shares outstanding3, million | 3,403 | 3,451 | -1 | 3,403 | 0 | 3,403 | 3,451 | -1 |
Weighted average number of diluted shares, million | 3,396 | 3,451 | -2 | 3,398 | 0 | 3,402 | 3,466 | -2 |
Return on equity with amortised regulatory fees, % | 15.1 | 15.8 | 15.9 | 15.5 | 15.9 | |||
Return on equity, % | 15.2 | 15.9 | 16.0 | 15.4 | 15.8 | |||
Return on tangible equity, % | 17.6 | 18.3 | 18.4 | 17.8 | 18.2 | |||
Return on risk exposure amount, % | 2.9 | 3.1 | 3.0 | 3.0 | 3.1 | |||
Cost-to-income ratio4, % | 45.0 | 45.1 | 44.0 | 44.8 | 44.7 | |||
Loan loss ratio incl. loans held at fair value, bp | 7 | -2 | 6 | 1 | -1 | |||
Net interest margin. % | 1.53 | 1.59 | 1.54 | 1.55 | 1.64 | |||
Number of employees (FTEs)3 | 28,376 | 29,386 | -3 | 28,412 | 0 | 28,376 | 29,386 | -3 |
1 For more detailed information regarding ratios and key figures defined as alternative performance measures, see https://www.nordea.com/en/investor-relations/reports-and-presentations/group-interim-reports.
2 Excluding the following item affecting comparability booked in the first quarter of 2026: a EUR 190m expense related to restructuring costs (EUR 144m after tax). Of this, EUR 168m comprised staff costs, EUR 19m comprised other expenses and EUR 3m comprised depreciation, amortisation and impairment charges of tangible and intangible assets.
3 End of period.
4 Excluding regulatory fees.
Business volumes, key items1
EURbn | 30 Sep 2026 | 30 Sep 2025 | Chg % | 30 Jun 2026 | Chg % |
Loans to the public | 399.6 | 375.3 | 6 | 395.6 | 1 |
Loans to the public excl. repos/securities borrowing | 358.1 | 339.6 | 5 | 356.6 | 0 |
Deposits and borrowings from the public | 259.0 | 226.0 | 15 | 255.7 | 1 |
Deposits from the public excl. repos/securities lending | 232.7 | 216.0 | 8 | 231.6 | 0 |
Total assets | 704.6 | 647.6 | 9 | 712.4 | -1 |
Assets under management | 509.4 | 452.4 | 13 | 504.7 | 1 |
1 End of period.
Income statement
Including items affecting comparability
EURm | Q3 2026 | Q3 2025 | Chg % | Q2 2026 | Chg % | Jan-Sep 2026 | Jan-Sep 2025 | Chg % |
Net interest income | 1,799 | 1,775 | 1 | 1,779 | 1 | 5,337 | 5,402 | -1 |
Net fee and commission income | 880 | 811 | 9 | 880 | 0 | 2,602 | 2,396 | 9 |
Net insurance result | 79 | 66 | 20 | 78 | 1 | 226 | 178 | 27 |
Net result from items at fair value | 198 | 245 | -19 | 281 | -30 | 705 | 788 | -11 |
Profit from associated undertakings and joint ventures accounted for under the equity method | 3 | 1 | 2 | 6 | -3 | |||
Other operating income | 9 | 12 | -25 | 12 | -25 | 34 | 34 | 0 |
Total operating income | 2,968 | 2,910 | 2 | 3,032 | -2 | 8,910 | 8,795 | 1 |
Staff costs | -813 | -806 | 1 | -818 | -1 | -2,610 | -2,407 | 8 |
Other expenses | -357 | -353 | 1 | -356 | 0 | -1,089 | -1,066 | 2 |
Depreciation, amortisation and impairment charges of tangible and intangible assets | -165 | -154 | 7 | -161 | 2 | -484 | -454 | 7 |
Total operating expenses excl. regulatory fees | -1,335 | -1,313 | 2 | -1,335 | 0 | -4,183 | -3,927 | 7 |
Regulatory fees | -18 | -19 | -5 | -28 | -36 | -98 | -92 | 7 |
Total operating expenses | -1,353 | -1,332 | 2 | -1,363 | -1 | -4,281 | -4,019 | 7 |
Profit before loan losses | 1,615 | 1,578 | 2 | 1,669 | -3 | 4,629 | 4,776 | -3 |
Net loan losses and similar net result | -74 | 19 | -61 | 21 | -36 | 27 | ||
Operating profit | 1,541 | 1,597 | -4 | 1,608 | -4 | 4,593 | 4,803 | -4 |
Income tax expense | -360 | -369 | -2 | -376 | -4 | -1,080 | -1,120 | -4 |
Net profit for the period | 1,181 | 1,228 | -4 | 1,232 | -4 | 3,513 | 3,683 | -5 |
Q3 2026 | Q3 2025 | Chg % | Q2 2026 | Chg % | Jan-Sep 2026 | Jan-Sep 2025 | Chg % | |
Diluted earnings per share, EUR | 0.35 | 0.36 | -3 | 0.36 | -3 | 1.03 | 1.06 | -3 |
EPS, rolling 12 months up to period end, EUR | 1.37 | 1.39 | -1 | 1.38 | -1 | 1.37 | 1.39 | -1 |
Share price2, EUR | 17.48 | 13.98 | 25 | 16.60 | 5 | 17.48 | 13.98 | 25 |
Equity per share2, EUR | 9.21 | 9.16 | 1 | 9.17 | 0 | 9.21 | 9.16 | 1 |
Potential shares outstanding2, million | 3,403 | 3,451 | -1 | 3,403 | 0 | 3,403 | 3,451 | -1 |
Weighted average number of diluted shares, million | 3,396 | 3,451 | -2 | 3,398 | 0 | 3,402 | 3,466 | -2 |
Return on equity with amortised regulatory fees, % | 15.2 | 15.8 | 16.0 | 14.9 | 15.9 | |||
Return on equity, % | 15.3 | 15.9 | 16.0 | 14.9 | 15.8 | |||
Return on tangible equity, % | 17.7 | 18.3 | 18.5 | 17.2 | 18.2 | |||
Return on risk exposure amount, % | 2.9 | 3.1 | 3.0 | 2.9 | 3.1 | |||
Cost-to-income ratio excl. regulatory fees, % | 45.0 | 45.1 | 44.0 | 46.9 | 44.7 | |||
Cost-to-income ratio, % | 45.6 | 45.8 | 45.0 | 48.1 | 45.7 | |||
Net loan loss ratio incl. loans held at fair value, bp | 7 | -2 | 6 | 1 | -1 | |||
Common Equity Tier 1 capital ratio2,3, % | 15.8 | 15.9 | 15.7 | 15.8 | 15.9 | |||
Tier 1 capital ratio2,3, % | 17.7 | 18.5 | 17.7 | 17.7 | 18.5 | |||
Total capital ratio2,3, % | 20.3 | 21.1 | 20.9 | 20.3 | 21.1 | |||
Tier 1 capital2,3, EURbn | 29.0 | 29.4 | -1 | 28.7 | 1 | 29.0 | 29.4 | -1 |
Risk exposure amount2, EURbn | 163.9 | 158.4 | 3 | 162.5 | 1 | 163.9 | 158.4 | 3 |
Net interest margin, % | 1.53 | 1.59 | 1.54 | 1.55 | 1.64 | |||
Number of employees (FTEs)2 | 28,376 | 29,386 | -3 | 28,412 | 0 | 28,376 | 29,386 | -3 |
Equity2, EURbn | 31.3 | 31.5 | -1 | 31.1 | 0 | 31.3 | 31.5 | -1 |
1 For more detailed information regarding ratios and key figures defined as alternative performance measures, see https://www.nordea.com/en/investor-relations/reports-and-presentations/group-interim-reports.
2 End of period.
3 Capital ratios and capital amounts for the third quarter 2026 and second quarter 2026 include interim profit net of a dividend deduction of 70% (the upper range under Nordea's dividend policy), subject to ECB approval. Other quarters include interim profit net of dividend deduction and with no deductions made for future share buybacks at the relevant reporting date. The regulatory CET1 ratio was 15.7% for the third quarter of 2025. Further details on capital ratios and amounts on page 14-15.
This release is a summary of Nordea's Q3 results for 2026. The complete report is attached to this release and can also be found on our website via the link below.
Nordea Group Q3 2026 Report
A webcast will be held on 15 October at 11.00 EET (10.00 CET), during which Frank Vang-Jensen, President and Group CEO, will present the results. This will be 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.
The event will be webcast live and the recording and presentation slides will be posted on www.nordea.com/ir.
For further information:
Frank Vang-Jensen, President and Group CEO, +358 9 4245 1006
Ian Smith, Group CFO, +455 547 8372
Ilkka Ottoila, Head of Investor Relations, +358 9 5300 7058
Ulrika Romantschuk, Head of Brand, Communication and Marketing, +358 1 0416 8023
The information provided in this stock exchange release was submitted for publication, through the agency of the contacts set out above, at 07.30 EET (06.30 CET) on 15 October 2026.
Nordea is a leading Nordic financial services group and the preferred choice for millions of customers across the region. For more than 200 years, we have proudly served as a trusted financial partner for individuals, families and businesses - enabling dreams and aspirations for a greater good. Our vision is to be the best-performing financial services group in the Nordics, accelerating through our scale, people and technology. The Nordea share is listed on the Nasdaq Helsinki, Nasdaq Copenhagen and Nasdaq Stockholm exchanges.
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The following files are available for download:
https://mb.cision.com/Public/434/4409162/bcaca891ce13b532.pdf | Q3 2026 Interim Report ENG |
https://mb.cision.com/Public/434/4409162/a63e4c36f0363fff.pdf | Q3 2026 Investor presentation for Web |
SOURCE Nordea
