Intäkter

Rörelseresultat

Nordea Bank

Finans

Income

Operating profit

Pinpoint consensus ahead of Nordea Bank’s Q4 2025 report is based on 23 estimates.

**Summary CEO's words**
The CEO outlined a strategic focus on maintaining a strong and resilient business model, leveraging a well-diversified portfolio across the Nordic region to support customer needs and drive growth. The outlook for 2026 emphasizes continued capital generation, seeking growth opportunities, and distributing excess capital to shareholders.

**Income**
Income amounted to 2,948 MEUR (2,910 MEUR), representing an increase of 1.3%. Compared with Pinpoint's consensus of 2,922.4 MEUR, the outcome is in line with expectations with a difference of 0.9%. Total income was resilient with net interest income down due to policy rate reductions, net fee and commission income up driven by solid growth, and net fair value result up due to higher customer activity and stronger market making result.

**Operating profit**
Operating profit decreased to 1,513 MEUR (1,597 MEUR), representing a decline of 5.3%. Compared with Pinpoint's consensus of 1,528.9 MEUR, the outcome is in line with expectations with a difference of -1%. Operating profit was up driven by higher net fee and commission income, higher net fair value result, and lower costs due to stable strategic investment levels and active cost management.

Pinpoint consensus ahead of Nordea Bank’s Q3 2025 report is based on 18 estimates.

**Summary CEO's words**
The CEO highlighted Nordea's strong performance in Q3 2025, with a return on equity of 15.8% and earnings per share of EUR 0.36, despite geopolitical tensions. The outlook for 2025 remains positive, with the bank on track to deliver a return on equity above 15%, supported by a resilient business model and diversified loan portfolio.

**Operating Income**
Operating income decreased by 3.5% to 2,910 MEUR (3,014 MEUR). Compared with Pinpoint's consensus of 2,918.4 MEUR, the outcome is in line with expectations with a difference of -0.3%. Total income was resilient with net interest income down by 6% and net fee and commission income up by 5%. Net insurance result grew by 10%, while net fair value result was down compared to the previous year.

**Operating Profit**
Operating profit decreased by 2.3% to 1,597 MEUR (1,634 MEUR). Compared with Pinpoint's consensus of 1,583.0 MEUR, the outcome is in line with expectations with a difference of 0.9%. Operating profit was impacted by a 6% decrease in net interest income and a 5% increase in net fee and commission income. Costs remained flat with stable levels of strategic investment. The result was also influenced by a reversal of EUR 19m in net loan losses. Cost-to-income ratio with amortised resolution fees amounted to 46.1% (44.5%).

	PREVIOUS OUTCOME	Q1-26
	Pinpoint 4 estimates	Your estimate
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Growth YoY, %
Opr. profit MEUR
Margin, %

	PREVIOUS OUTCOME	2026		2027		2028
	Pinpoint 6 estimates	Your estimate	Pinpoint 6 estimates	Your estimate	Pinpoint 1 estimates	Your estimate
Income. BEUR
Growth YoY, %
Opr. profit BEUR
Margin, %

Nordea Bank - NDA

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