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Note 15 Risks and uncertainties
Nordea is subject to various legal regimes and
requirements, including but not limited to those of the
Nordic countries, the European Union and the United
States. The supervisory and governmental authorities
administering and enforcing these regimes make regular
enquiries and conduct investigations with regard to
Nordea’s compliance. Areas subject to investigation may
include investment advice, anti-money laundering (AML),
trade regulation and sanctions adherence, tax rules,
competition law, consumer protection, governance, risk
management and control. The outcome and timing of these
enquiries and investigations are unclear and pending.
Accordingly, it cannot be ruled out that these enquiries and
investigations could lead to criticism against the bank,
reputation loss, fines, sanctions, disputes and/or litigation.
In June 2015 the Danish Financial Supervisory Authority
investigated how Nordea Bank Danmark A/S had followed
the regulations regarding AML. The outcome resulted in
criticism and, in accordance with Danish administrative
practice, the matter was handed over to the police for
further handling and possible sanctions. On 5 July 2024 the
Danish National Special Crime Unit filed a formal
indictment against Nordea in the matter. As previously
stated, Nordea has expected to be fined in Denmark for
weak AML processes and procedures in the past and has
made a provision for ongoing AML-related matters.
There is a risk that, in the event fines are issued by
authorities or by final court decisions, the related costs
could be higher (or potentially lower) than the current
provision, and this could also impact Nordea’s financial
performance. Nordea believes that the current provision is
adequate to cover these matters.
Within the framework of normal business operations,
Nordea faces a number of operational and legal risks that
could result in reputational impacts, fines, sanctions,
disputes, remediation costs, losses and/or litigation.
Specifically, Nordea faces potential claims related to the
provision of banking and investment services and other
areas in which it operates. Currently, such claims are
mainly related to lending and insolvency situations, various
investment services, and sub-custody and withholding
taxation matters. At present, none of the current claims are
considered likely to have any significant adverse effect on
Nordea or its financial position.
There are significant risks related to the macroeconomic
environment due to the ongoing geopolitical developments
and trade tensions. Reduced consumer spending and
lower activity may particularly impact small and medium-
sized enterprises in certain industries. Depending on future
developments, there may be increased credit risk in
Nordea’s portfolio. Furthermore, potential adverse impacts
on income could arise due to financial market volatility and
reduced banking activity impacting transaction volumes
and customer activity. Potential future credit risks are
addressed in Note 11 and the section “Net loan losses and
similar net result”. Depending on the duration and
magnitude of the situation, there is a possibility that Nordea
may not be able to meet its financial targets in very adverse
scenarios. In addition, Nordea recognises an increase in
the risk of hybrid warfare impacting its operations as a
consequence of the geopolitical situation.
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Glossary
Allocated equity (AE)
A framework to allocate capital held by Nordea to its
business areas. AE reflects Nordea’s anticipated equity in
line with its capital policy to ensure sustainable, long-term
capitalisation for the Nordea Group. To further align AE
with accounting equity, Common Equity Tier 1 deductions
and other equity items are included in AE.
Allowances in relation to credit-impaired loans
(stage 3)
Allowances for impaired loans (stage 3) divided by
impaired loans measured at amortised cost (stage 3)
before allowances.
Allowances in relation to loans in stages 1 and 2
Allowances for non-impaired loans (stages 1 and 2) divided
by non-impaired loans measured at amortised cost (stages
1 and 2) before allowances.
Impairment rate (stage 3), gross
Impaired loans (stage 3) before allowances divided by total
loans measured at amortised cost before allowances.
Impairment rate (stage 3), net
Impaired loans (stage 3) after allowances divided by total
loans measured at amortised cost before allowances.
Net interest margin
Net interest income for the period as a percentage of
average interest-earning assets, excluding Life & Pension
and Markets, where return on assets is reported under Net
result from items at fair value.
Net loan loss ratio, amortised cost
Net loan losses (annualised) divided by the quarterly
closing balance of loans to the public (lending) measured at
amortised cost.
Return on allocated equity (RoAE)
Operating profit after standard tax as a percentage of
average allocated equity.
Return on allocated equity with amortised
regulatory fees
Operating profit adjusted for the effect of regulatory fees on
an amortised basis after standard tax as a percentage of
average allocated equity.
Return on equity
Net profit for the period as a percentage of average equity
for the period. Additional Tier 1 (AT1) capital, accounted for
in equity, is classified as a financial liability in the
calculation. Net profit for the period excludes non-
controlling interests and interest expense on AT1 capital
(discretionary interest accrued). Average equity includes
net profit for the period and dividend until paid, and
excludes non-controlling interests and AT1 capital.
Return on equity with amortised regulatory fees
Net profit for the period as a percentage of average equity
for the period. Additional Tier 1 (AT1) capital, accounted for
in equity, is classified as a financial liability in the
calculation. Net profit for the period excludes non-
controlling interests and interest expense on AT1 capital
(discretionary interest accrued), and is adjusted for the
effect of regulatory fees on an amortised basis after tax.
Average equity includes net profit for the period and
dividend until paid, and excludes non-controlling interests
and AT1 capital.
Return on risk exposure amount
Net profit for the period as a percentage of average risk
exposure amount for the period. Net profit for the period
excludes non-controlling interests and interest expense on
Additional Tier 1 capital (discretionary interest accrued).
Return on tangible equity
Net profit for the period as a percentage of average equity
for the period. Additional Tier 1 (AT1) capital, accounted for
in equity, is classified as a financial liability in the
calculation. Net profit for the period excludes non-
controlling interests and interest expense on AT1 capital
(discretionary interest accrued). Average equity includes
net profit for the period and dividend until paid, excludes
non-controlling interests and AT1 capital, and is reduced
with intangible assets.
Tier 1 capital
The Tier 1 capital of an institution consists of the sum of its
Common Equity Tier 1 (CET1) capital and Additional Tier 1
(AT1) capital. CET1 capital consists of share capital,
invested unrestricted equity, retained earnings, other
reserves and accumulated other comprehensive income,
after considering regulatory deductions and adjustments.
AT1 capital consists of capital instruments that meet the
applicable regulatory criteria after considering regulatory
deductions.
Tier 1 capital ratio
Tier 1 capital as a percentage of the risk exposure amount.
The Common Equity Tier 1 (CET1) capital ratio is defined
as CET1 capital as a percentage of the risk exposure
amount.
Total allowance rate (stages 1, 2 and 3)
Total allowances divided by total loans measured at
amortised cost before allowances.
For a list of further alternative performance measures and business definitions, see https://www.nordea.com/en/investor-
relations/reports-and-presentations/group-interim-reports/ and the 2025 Annual Report.
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Nordea Bank Abp
Income statement
Q1 Q1 Full year
2026 2025 2025
EURm Note
Operating income
Interest income 2,871 3,276 12,257
Interest expense -1,592 -1,982 -7,105
Net interest income 1,279 1,294 5,152
Fee and commission income 639 620 2,515
Fee and commission expense -149 -155 -636
Net fee and commission income 490 465 1,879
Net result from securities at fair value through profit or loss 233 287 1,011
Net result from securities at fair value through fair value reserve 6 6 28
Income from equity investments 557 249 1,739
Other operating income 167 210 754
Total operating income 2,732 2,511 10,563
Operating expenses
Staff costs -860 -673 -2,731
Other administrative expenses -278 -281 -1,134
Other operating expenses -100 -77 -322
Depreciation, amortisation and impairment charges -144 -146 -570
Total operating expenses excl. regulatory fees -1,382 -1,177 -4,757
Regulatory fees -14 -14 -60
Total operating expenses -1,396 -1,191 -4,817
Profit before loan losses 1,336 1,320 5,746
Net loan losses 51 -36 -23
Operating profit 1,387 1,284 5,723
Income tax expense -206 -252 -989
Net profit for the period 1,181 1,032 4,734
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Nordea Bank Abp
Balance sheet
31 Mar 31 Dec 31 Mar
2026 2025 2025
EURm
Assets
Cash and balances with central banks 34,178 36,338 43,612
Debt securities eligible for refinancing with central banks 84,715 78,724 79,680
Loans to credit institutions 88,161 87,447 79,079
Loans to the public 174,478 168,469 156,028
Interest-bearing securities 11,111 10,145 8,939
Shares 18,864 18,280 19,259
Investments in group undertakings 16,160 15,981 16,041
Investments in associated undertakings and joint ventures 71 71 113
Derivatives 21,188 18,241 22,409
Fair value changes of hedged items in portfolio hedges of interest rate risk -77 -56 -62
Intangible assets 1,779 1,749 1,659
Tangible assets 1,377 1,392 1,474
Deferred tax assets 43 28 68
Current tax assets 134 256 141
Retirement benefit assets 381 328 336
Other assets 11,901 5,361 8,865
Prepaid expenses and accrued income 543 450 552
Total assets 465,007 443,204 438,193
Liabilities
Deposits by credit institutions and central banks 47,142 42,027 43,585
Deposits and borrowings from the public 249,060 250,302 247,734
Debt securities in issue 84,510 78,991 72,490
Derivatives 20,159 18,857 24,065
Fair value changes of hedged items in portfolio hedges of interest rate risk -859 -567 -523
Current tax liabilities 504 456 26
Other liabilities 29,229 14,602 16,060
Accrued expenses and prepaid income 1,024 881 1,143
Deferred tax liabilities 83 208 473
Provisions 436 337 395
Retirement benefit liabilities 252 251 243
Subordinated liabilities 7,744 8,810 7,336
Total liabilities 439,284 415,155 413,027
Equity
Share capital 4,050 4,050 4,050
Invested unrestricted equity 1,062 1,077 1,058
Other reserves -105 -137 -104
Retained earnings 19,535 18,325 19,130
Net profit for the period 1,181 4,734 1,032
Total equity 25,723 28,049 25,166
Total liabilities and equity 465,007 443,204 438,193
Off-balance sheet commitments
Commitments given to a third party on behalf of customers
Guarantees and pledges 54,268 54,325 56,563
Other 447 454 452
Irrevocable commitments in favour of customers, other 109,218 105,179 105,820
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Nordea Bank Abp
Note 1 Accounting policies
The financial statements of the parent company, Nordea Bank
Abp, are prepared in accordance with the Finnish Accounting
Act, the Finnish Act on Credit Institutions, the Decree of the
Finnish Ministry of Finance on the financial statements and
consolidated financial statements of credit institutions and
investment firms, and the regulations and guidelines of the
Finnish Financial Supervisory Authority.
Nordea Bank Abp applies IFRS Accounting Standards as
adopted by the European Union (EU) for the recognition,
measurement and presentation of financial instruments in
accordance with the Finnish Act on Credit Institutions.
The accounting policies are unchanged from the 2025
Annual Report, except for those relating to the items
presented in the section “Changed accounting policies and
presentation” below. For more information, see the
accounting policies in the 2025 Annual Report.
Changed accounting policies and presentation
New subtotal in the income statement
A new subtotal, “Total operating expenses excluding
regulatory fees”, has been added in the income statement.
Regulatory fees constitute operating expenses over which
Nordea has no control. Consequently, the new subtotal
provides a more accurate representation of Nordea’s financial
performance. Comparative figures have been restated
accordingly.
IFRS 16 Leases
On 1 January 2026 Nordea Bank Abp adopted IFRS 16
Leases, as permitted under the Finnish Accounting
Standards, to align its accounting policy and presentation of
leases with the consolidated financial statements of the
Group, which adopted IFRS 16 in 2019. Most of Nordea Bank
Abp’s leases are related to office premises contracts; the rest
are related to company cars and IT hardware.
In accordance with IFRS 16, at the commencement date each
lease should be accounted for on the balance sheet of the
lessee as a right-of-use asset at cost and as a lease liability at
the net present value of the future lease payments discounted
using the lessee’s incremental borrowing rate at the
commencement date of the lease contract. The right-of-use
assets should subsequently be depreciated on a straight-line
basis over the shorter of the asset’s useful life and the lease
term, and the lease liabilities should be measured using the
effective interest rate method and decreased by the lease
payments made. See Note G5.4 “Leases” in the 2025 Annual
Report for more information on the accounting policies.
On adopting IFRS 16, Nordea Bank Abp restated all prior
periods presented. Nordea Bank Abp recorded the cumulative
effect of initially applying IFRS 16 as an adjustment to the
opening equity of 1 January 2025. The impact can be found in
the tables below.
Restatements of the income statement
Q1 2025 Jan-Dec 2025
EURm Old policy Change New policy Old policy Change New policy
Operating income
Interest income 3,276 0 3,276 12,257 0 12,257
Interest expense -1,977 -5 -1,982 -7,086 -19 -7,105
Net interest income 1,299 -5 1,294 5,171 -19 5,152
Net result from securities at fair value through profit or loss 293 -6 287 1,018 -7 1,011
Other operating income 210 0 210 756 -2 754
Total operating income 2,522 -11 2,511 10,591 -28 10,563
Operating expenses
Other operating expenses -117 40 -77 -482 160 -322
Depreciation, amortisation and impairment charges -110 -36 -146 -428 -142 -570
Total operating expenses excl. regulatory fees -1,181 4 -1,177 -4,775 18 -4,757
Total operating expenses -1,195 4 -1,191 -4,835 18 -4,817
Profit before loan losses 1,327 -7 1,320 5,756 -10 5,746
Operating profit 1,291 -7 1,284 5,733 -10 5,723
Income tax expense -253 1 -252 -991 2 -989
Net profit for the period 1,038 -6 1,032 4,742 -8 4,734
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Restatements of the balance sheet
31 Mar 2025 31 Dec 2025 1 Jan 2025
EURm Old policy Change
New
policy Old policy Change
New
policy Old policy Change
New
policy
Assets
Loans to the public 156,026 2 156,028 168,467 2 168,469 151,977 2 151,979
Tangible assets 230 1,244 1,474 233 1,159 1,392 224 1,257 1,481
Deferred tax assets 65 3 68 25 3 28 25 2 27
Prepaid expenses and accrued income 727 -175 552 599 -149 450 987 -185 802
Total assets 437,119 1,074 438,193 442,189 1,015 443,204 422,465 1,076 423,541
Liabilities
Other liabilities 14,955 1,105 16,060 13,554 1,048 14,602 12,659 1,101 13,760
Accrued expenses and prepaid income 1,144 -1 1,143 882 -1 881 1,257 -1 1,256
Provisions 405 -10 395 346 -9 337 376 -10 366
Total liabilities 411,933 1,094 413,027 414,117 1,038 415,155 394,339 1,090 395,429
Equity
Retained earnings 19,144 -14 19,130 18,340 -15 18,325 18,121 -14 18,107
Profit or loss for the period 1,038 -6 1,032 4,742 -8 4,734 4,189 - 4,189
Total equity 25,186 -20 25,166 28,072 -23 28,049 28,126 -14 28,112
Total liabilities and equity 437,119 1,074 438,193 442,189 1,015 443,204 422,465 1,076 423,541
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For further information
• A webcast will be held on 22 April 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 at
www.nordea.com/ir.
• The Q1 2026 report, investor presentation and
factbook are available at www.nordea.com/ir.
Contacts
Frank Vang-Jensen
President and Group CEO
+358 9 4245 1006
Ian Smith
Group CFO
+45 55 47 83 72
Ilkka Ottoila
Head of Investor Relations
+358 9 5300 7058
Ulrika Romantschuk
Head of Brand, Communication and Marketing
+358 10 416 8023
Financial calendar
29 January 2026 – Fourth-quarter and full-year results 2025
Week 9 2026 – Annual Report published
24 March 2026 – Annual General Meeting
22 April 2026 – First-quarter results 2026
16 July 2026 – Half-year results 2026
15 October 2026 – Third-quarter results 2026
Helsinki 21 April 2026
Nordea Bank Abp
Board of Directors
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Nordea Bank Abp • Satamaradankatu 5 • 00020 Helsinki • www.nordea.com/ir • Tel. +358 200 70000 • Business ID 2858394-9
This report contains forward-looking statements that reflect management’s current views with respect to certain future
events and potential financial performance. Although Nordea believes that the expectations reflected in such forward-
looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct.
Results could differ materially from those set out in the forward-looking statements due to various factors. These include but
are not limited to (i) macroeconomic developments, (ii) changes in the competitive environment, (iii) changes in the
regulatory environment and other government actions, and (iv) changes in interest rates and foreign exchange rates. This
report does not imply that Nordea has undertaken to revise these forward-looking statements beyond what is required by
applicable law or applicable stock exchange regulations if and when circumstances arise that lead to changes following their
publication.
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Report on review of interim financial information of Nordea Bank Abp for the three -month-period
ended 31 March 2026
To the Board of Directors of Nordea Bank Abp
Introduction
We have reviewed the accompanying condensed interim financial information of Nordea Bank Abp, which comprises the
condensed consolidated balance sheet as of 31 March 2026, income statement, statement of comprehensive income,
statement of changes in equity and cash flow statement for the three-month-period then ended and notes, comprising
material accounting policy information and other explanatory notes, for Nordea Bank Group. The condensed interim
financial information also comprises the parent company Nordea Bank Abp’s balance sheet as of 31 March 2026, income
statement for the three-month-period then ended and note with accounting policy information. The Board of Directors and
the Managing Director are responsible for the preparation and presentation of the condensed consolidated interim financial
information in accordance with International Accounting Standard (IAS) 34, “Interim Financial Reporting”, and for the
preparation and presentation of the balance sheet and income statement and the note with accounting policy information
of the parent company in accordance with the laws and regulations governing the preparation of balance sheet and
income statement in Finland. Our responsibility is to express a conclusion on this condensed interim financial information
based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2410, “Review of
Interim Financial Information Performed by the Independent Auditor of the Entity”. A review of interim financial information
consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical
and other review procedures. A review is substantially less in scope than an audit conducted in accordance with
International Standards on Auditing and consequently does not enable us to obtain assurance that we would become
aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed
interim financial information of Nordea Bank Abp for the three months period ended on 31 March 2026 is not prepared, in
all material respects, as regards the Group consolidated financial information, in accordance with International Accounting
Standard (IAS) 34, “Interim Financial Reporting”, or that the parent company financial information, is not prepared, in all
material respects, in accordance with the laws and regulations governing the preparation of balance sheet and income
statement in Finland.
Helsinki 21 April 2026
PricewaterhouseCoopers Oy
Authorised Public Accountants
Jukka Paunonen
Authorised Public Accountant (KHT)