Nordea Bank Reports Strong First Quarter Results for 2024

Nordea Bank Abp announced a robust start to 2024 with its first-quarter earnings, evidencing continuous growth and operational efficiency. The report highlighted a 6% rise in total income and a significant 19% increase in operating profit compared to the previous year. Key financial metrics such as net interest income and earnings per share have seen notable increases of 11% and 23%, respectively.

Costs during the quarter were down by 9%, mainly due to reduced resolution fees, despite a 5% rise in expenses excluding regulatory fees attributed to inflation and ongoing investments. Nordea's strategic focus on risk management and technological advancements has supported these developments, aligning with their long-term operational plans.

The bank also reported a stable cost-to-income ratio and a robust capital position, with the CET1 ratio well above the regulatory requirement. This strong capital foundation has enabled the continuation of shareholder returns, including a substantial dividend and the completion of a share buy-back programme.

On the market front, Nordea showed resilience with stable volumes in corporate and mortgage lending despite a slow market, attributed to their diversified loan portfolio and strategic market positioning across the Nordic region.

Looking ahead, Nordea remains confident in achieving a return on equity above 15% for 2024, maintaining high profitability through strategic initiatives and capital efficiency improvements.