FULLTEXT DEL 1 AV 2
Kvartalsrapport Q3 2025
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Confidential
Third-Quarter
Financial Report
2025
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Nordea Third-Quarter Financial Report 2025
1
Q3
Third-quarter results 2025
Summary of the quarter:
• Return on equity 15.8% – earnings per share EUR
0.36. Nordea’s return on equity was strong at 15.8% in the
third quarter, reflecting another solid performance and
resilience despite muted sentiment due to ongoing
geopolitical tensions. The cost-to-income ratio with
amortised resolution fees was 46.1% for the quarter, and
earnings per share were EUR 0.36.
• Total income resilient. As expected, net interest income
was down (-6%) following further policy rate reductions.
Net fee and commission income was up 5%, rebounding
from the impact of the market volatility seen in the
previous quarter. Net insurance result grew by 10%, while
net fair value result was down compared with the
unusually high level a year ago. Costs were flat with stable
levels of strategic investment. Operating profit was EUR
1.6bn.
• Lending growth picking up; continued growth in
deposit volumes. Nordic mortgage market growth
showed early signs of picking up. Mortgage lending grew
by 6% year on year, driven by organic growth in Sweden
and the contribution from the recent acquisition in Norway.
Corporate lending growth was strong, up 6%, as Nordic
companies increasingly adjusted to the new operating
environment. Retail and corporate deposit volumes
increased by 8% and 1%, respectively. Assets under
management increased by 11%, to EUR 456bn, and
Nordic net flows continued to be strong in the quarter
(EUR 4.4bn).
• Continued strong credit quality, with net loan losses
well below Nordea’s long-term expectation. Net loan
losses and similar net result amounted to a reversal of
EUR 19m. Lower provisioning requirements, particularly in
the Business Banking portfolio, led to the release of EUR
50m from the management judgement buffer, which now
stands at EUR 291m. Excluding the release, net loan
losses and similar net result amounted to EUR 31m or
3bp.
• Continued strong capital generation; new share buy-
back programme. The CET1 ratio was 15.9% at the end
of the quarter, 2.3 percentage points above the current
regulatory requirement. Nordea’s strong capital position
and continued robust capital generation enable the Group
to support lending growth and continue its share buy-
backs. Nordea will launch a new EUR 250m share buy-
back programme on or around 20 October, and expects to
complete it before the end of the year, with a related
capital deduction of approximately 15bp in the fourth
quarter.
• Outlook for 2025: well on track to deliver a return on
equity of above 15%. Nordea has a strong and resilient
business model, with a very well-diversified loan 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. It also enables Nordea to continue to
generate capital, seek opportunities to deploy it to drive
growth, and distribute excess capital to shareholders in
the form of share buy-backs.
(For further viewpoints, see the CEO comment on page 2. For definitions,
see page 53.)
Group quarterly results and key ratios Q3 2025
Q3 2025 Q3 2024 Chg % Q2 2025 Chg %
Jan-Sep
2025
Jan-Sep
2024 Chg %
EURm
Net interest income 1,775 1,882 -6 1,798 -1 5,402 5,740 -6
Net fee and commission income 811 774 5 792 2 2,396 2,332 3
Net insurance result 66 60 10 58 14 178 184 -3
Net fair value result 245 284 -14 254 -4 788 822 -4
Other income 13 14 -7 9 44 31 51 -39
Total operating income 2,910 3,014 -3 2,911 0 8,795 9,129 -4
Total operating expenses excluding regulatory fees -1,313 -1,311 0 -1,314 0 -3,928 -3,797 3
Total operating expenses -1,332 -1,329 0 -1,333 0 -4,019 -3,896 3
Profit before loan losses 1,578 1,685 -6 1,578 0 4,776 5,233 -9
Net loan losses and similar net result 19 -51 21 27 -152
Operating profit 1,597 1,634 -2 1,599 0 4,803 5,081 -5
Cost-to-income ratio excluding regulatory fees, % 45.1 43.5 45.1 44.7 41.6
Cost-to-income ratio with amortised resolution fees, % 46.1 44.5 46.1 45.6 42.6
Return on equity with amortised resolution fees, % 15.8 16.7 16.2 15.9 17.6
Diluted earnings per share, EUR 0.36 0.36 0 0.35 3 1.06 1.11 -5
For further information:
Frank Vang-Jensen, President and Group CEO, +358 503 821 391
Ian Smith, Group CFO, +45 55 47 83 72
Ilkka Ottoila, Head of Investor Relations, +358 9 5300 7058
Ulrika Romantschuk, Head of Group Brand, Communication and Marketing,
+358 10 416 8023
We are a universal bank with a 200-year history of supporting and growing the Nordic economies – enabling dreams and aspirations for a greater good. Every
day, we work to support our customers’ financial development, delivering best -in-class omnichannel customer experiences and driving sustainable change. The
Nordea share is listed on the Nasdaq Helsinki, Nasdaq Copenhagen and Nasdaq Stockholm exchanges. Read more about us at nordea.com.
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Nordea Third-Quarter Financial Report 2025
2
Q3
CEO comment
The political shifts and rising global tensions we are seeing
today remind us that the world economy is finely balanced
and the operating environment can change quickly.
Nevertheless, after the turbulent first few months of the year,
the third quarter felt more calm and settled.
Some of the uncertainty around tariffs receded when the new
EU-US trade agreement was struck. The Nordic economies
also continued to benefit from lower inflation and interest rates
– conditions that helped lift confidence. During the quarter,
Nordic corporates signalled a renewed appetite to invest,
which translated into increased demand for lending.
Household activity also showed signs of picking up, though
was still at muted levels, with our customers’ main focus on
saving and strengthening their financial positions.
In the third quarter we delivered higher business volumes and
solid results, again demonstrating the strength and quality of
our pan-Nordic business. Profitability was high, with return on
equity reaching 15.8%, in line with our financial target. We
have now delivered a return on equity of above 15% in 10 out
of the past 11 quarters.
Mortgage lending increased by 6% year on year, driven by
Norway and Sweden. We grew retail deposits by 8%.
Corporate lending picked up further, increasing by 6%, and
deposits were up by 1%.
Total income amounted to EUR 2.9bn, a year-on-year
decrease of 3%, as expected, driven by the reductions in
policy rates over the past year. Our net interest income again
proved resilient, supported by higher lending and deposit
volumes and our deposit hedge. Net fee and commission
income recovered during the quarter, rising by 5%, supported
by higher capital markets activity after the volatile spring and
early summer.
Costs in the third quarter were stable year on year. As
planned, our strategic investments have levelled off and we
continue to actively manage our costs according to the
operating environment as part of our strong cost culture. We
expect full-year operating expenses to be around EUR 5.4bn.
The third-quarter cost-to-income ratio was 46.1%. Operating
profit was EUR 1.6bn.
Credit quality remains exceptionally strong. Net loan losses
and similar net result for the quarter amounted to a reversal of
EUR 19m. Given the continued strength of our credit portfolio,
we released a further EUR 50m from our management
judgement buffer, which now stands at EUR 291m.
In Personal Banking we delivered solid business volumes,
driven by higher levels of customer activity, especially in
savings and investments. Deposits increased by 8% year on
year and lending was up 5%. Customers continued to focus
on financial planning and actively sought our advice – and we
were well equipped to support them. Digital services activity
remained high, and we saw a further increase in demand for
loan promises. Our standout performance in digital banking
earned us the title of best digital bank in the Nordics in
Euromoney’s Awards for Excellence and multiple awards from
Global Finance, including Best Consumer Digital Bank and
Best Mobile Banking App in all the Nordic countries.
In Business Banking we drove solid volume growth, with
lending volumes up 5% year on year, primarily in Sweden and
Norway. Deposits were up 9%, with growth across all Nordic
countries. We continued to enhance our digital offering in
support of our ambition to become the leading digital bank for
small and medium-sized enterprises. For the third consecutive
year, Nordea Business and the mobile app won Global
Finance’s awards for Best Corporate Digital Bank and Best
Mobile Banking App in each of our four home markets.
In Large Corporates & Institutions we continued to use our
Nordic scale and strong balance sheet to support our
customers with their investment and growth plans. Lending
growth was strong, with volumes up 6% year on year,
reflecting increased demand among Nordic businesses. Debt
Capital Markets activity remained high. Market conditions for
Equity Capital Markets and Mergers & Acquisitions were
volatile but gradually improved, with several notable
transactions evidencing our broad financing and structuring
capabilities.
In Asset & Wealth Management business momentum
remained strong in our Nordic channels, with net inflows of
EUR 4.4bn, including EUR 1.5bn in Private Banking and EUR
1.2bn in Life & Pension. Net flows in international channels
amounted to EUR 0.6bn, with net flows in the wholesale
distribution channel continuing to stabilise at EUR 0.4bn and
net flows in International Institutions amounting to EUR 0.2bn.
We were pleased to see strong interest in our new fund that
invests in the drivers of Europe’s transformation: energy
resilience, reshoring, and defence and cybersecurity. Assets
under management increased by 11% year on year, to EUR
456bn.
Our capital position is strong, supported by robust capital
generation. Our CET1 ratio was 15.9% at the end of the third
quarter. We will soon launch another EUR 250m share buy-
back programme, reaffirming our focus on shareholder returns
and an efficient capital structure.
This was another very solid quarter for Nordea, and we
remain well on track to deliver a return on equity of above
15% for the full year. Our performance this year clearly
highlights the strength of our well-diversified business model
and structurally improved profitability. It also reflects the
advantages of operating in the strong and stable Nordic
markets, home to globally competitive businesses and a
powerful entrepreneurial spirit.
We look forward to presenting our plans for the next strategy
period at our Capital Markets Day in London on 5 November.
We will share the concrete steps we are taking to build on our
successful foundation, with continued focus on our four home
markets. These will enable us to drive above-market business
growth with improved cost efficiency through our Nordic scale,
continue delivering market-leading return on equity, and
achieve superior earnings per share growth.
Frank Vang-Jensen
President and Group CEO
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Nordea Third-Quarter Financial Report 2025
3
Q3
Outlook (unchanged)
Financial outlook for 2025
Nordea’s financial outlook for 2025 is a return on equity of
above 15%.
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.
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Nordea Third-Quarter Financial Report 2025
4
Q3
Table of contents
Income statement ........................................................................................................................….5
Macroeconomy and financial markets .......................................................................................... 6
Group results and performance
Third quarter 2025................................ ................................ ................................ ................................ ............. 7
Net interest income ................................ ................................ ................................ ........................ 7
Net fee and commission income ................................ ................................ ................................ ... 8
Net result from items at fair value ................................ ................................ ................................ . 9
Total operating income ................................ ................................ ................................ .................. 9
Total expenses ................................ ................................ ................................ ............................. 10
Net loan losses and similar net result ................................ ................................ ........................ 11
Credit portfolio ................................ ................................ ................................ ............................. 11
Profit ................................ ................................ ................................ ................................ ............. 12
Capital position and risk exposure amount ................................ ................................ ................ 13
Balance sheet ................................ ................................ ................................ ............................... 15
Funding and liquidity operations ................................ ................................ ................................ 15
Market risk ................................ ................................ ................................ ................................ .... 15
Other information................................ ................................ ................................ ................................ ............ 16
Quarterly development, Group ...................................................................................................... 17
Business areas
Financial overview by business area................................ ................................ ................................ ............. 18
Personal Banking................................ ................................ ................................ ................................ ............ 19
Business Banking ................................ ................................ ................................ ................................ ........... 22
Large Corporates & Institutions................................ ................................ ................................ ..................... 25
Asset & Wealth Management ................................ ................................ ................................ ......................... 27
Group functions ................................ ................................ ................................ ................................ .............. 30
Financial statements
Nordea Group ................................ ................................ ................................ ................................ .................. 31
Notes to the financial statements ................................ ................................ ................................ .................. 36
Nordea Bank Abp ................................ ................................ ................................ ................................ ............ 54
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Nordea Third-Quarter Financial Report 2025
5
Q3
Income statement
Q3 Q3 Local Q2 Local Jan-Sep Jan-Sep Local
2025 2024 Chg % curr. % 2025 Chg % curr. % 2025 2024 Chg % curr. %
EURm
Net interest income 1,775 1,882 -6 -7 1,798 -1 -1 5,402 5,740 -6 -7
Net fee and commission income 811 774 5 4 792 2 3 2,396 2,332 3 2
Net insurance result 66 60 10 8 58 14 14 178 184 -3 -3
Net result from items at fair value 245 284 -14 -11 254 -4 -4 788 822 -4 -4
Profit or loss from associated undertakings and joint
ventures accounted for under the equity method 1 4 -75 -75 -1 -200 0 -3 13 -123 -108
Other operating income 12 10 20 20 10 20 20 34 38 -11 -11
Total operating income 2,910 3,014 -3 -4 2,911 0 0 8,795 9,129 -4 -4
Staff costs -806 -779 3 3 -809 0 0 -2,407 -2,289 5 5
Other expenses -353 -380 -7 -8 -354 0 1 -1,066 -1,079 -1 -1
Regulatory fees -19 -18 6 0 -19 0 0 -92 -99 -7 -10
Depreciation, amortisation and impairment
charges of tangible and intangible assets -154 -152 1 1 -151 2 3 -454 -429 6 5
Total operating expenses -1,332 -1,329 0 -1 -1,333 0 1 -4,019 -3,896 3 3
Profit before loan losses 1,578 1,685 -6 -7 1,578 0 0 4,776 5,233 -9 -9
Net loan losses and similar net result 19 -51 -137 -135 21 -10 -10 27 -152 -118 -117
Operating profit 1,597 1,634 -2 -3 1,599 0 0 4,803 5,081 -5 -6
Income tax expense -369 -368 0 -1 -378 -2 -2 -1,120 -1,151 -3 -3
Net profit for the period 1,228 1,266 -3 -4 1,221 1 1 3,683 3,930 -6 -7
Business volumes, key items1
30 Sep 30 Sep Local 30 Jun Local
2025 2024 Chg % curr. % 2025 Chg % curr. %
EURbn
Loans to the public 375.3 348.9 8 7 368.0 2 1
Loans to the public, excl. repos/securities borrowing 339.6 319.3 6 5 335.2 1 1
Deposits and borrowings from the public 226.0 222.1 2 1 237.2 -5 -5
Deposits from the public, excl. repos/securities lending 216.0 206.9 4 4 218.5 -1 -2
Total assets 647.6 617.4 5 636.8 2
Assets under management 456.0 412.4 11 437.1 4
1 End of period.
Ratios and key figures1
Q3 Q3 Q2 Jan-Sep Jan-Sep
2025 2024 Chg % 2025 Chg % 2025 2024 Chg %
EURm
Diluted earnings per share (DEPS), EUR 0.36 0.36 0 0.35 3 1.06 1.11 -5 EPS, rolling 12 months up to period end, EUR 1.39 1.42 -2 1.39 0 1.39 1.42 -2
Share price2, EUR 13.98 10.59 32 12.61 11 13.98 10.59 32
Equity per share2, EUR 9.16 8.98 2 8.78 4 9.16 8.98 2
Potential shares outstanding2, million 3,451 3,506 -2 3,470 -1 3,451 3,506 -2
Weighted average number of diluted shares, million 3,451 3,503 -1 3,467 0 3,466 3,508 -1
Return on equity with amortised resolution fees, % 15.8 16.7 16.2 15.9 17.6
Return on equity, % 15.9 16.8 -5 16.3 -2 15.8 17.5 -10
Return on tangible equity, % 18.3 19.2 18.8 18.2 20.1
Return on risk exposure amount, % 3.1 3.3 3.1 3.1 3.4
Cost-to-income ratio excluding regulatory fees, % 45.1 43.5 45.1 44.7 41.6
Cost-to-income ratio with amortised resolution fees, % 46.1 44.5 46.1 45.6 42.6
Cost-to-income ratio, % 45.8 44.1 3.8 45.8 0 45.7 42.7 7
Net loan loss ratio, incl. loans held at fair value, bp -2 6 -2 -1 6
Common Equity Tier 1 capital ratio2,3, % 15.9 15.8 1 15.6 2 15.9 15.8 1
Tier 1 capital ratio2,3, % 18.5 18.4 1 17.5 6 18.5 18.4 1
Total capital ratio2,3, % 21.1 20.9 1 20.0 6 21.1 20.9 1
Tier 1 capital2,3, EURbn 29.4 28.2 4 27.7 6 29.4 28.2 4
Risk exposure amount2, EURbn 158.4 153.7 3 158.6 0 158.4 153.7 3
Net interest margin, % 1.59 1.77 1.63 1.64 1.79
Number of employees (FTEs)2 29,386 29,895 -2 29,844 -2 29,386 29,895 -2
Equity2, EURbn 31.5 31.5 0 30.4 4 31.5 31.5 0
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 Includes the year-to-date result net of a dividend deduction of 70% (the upper range under Nordea’s dividend policy). With the deduction of the
share buy-back programme of EUR 250m that was announced by Nordea on 16 October 2025, the Nordea Group’s CET1 ratio for the third
quarter of 2025 would be 15.7%.
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Nordea Third-Quarter Financial Report 2025
6
Q3
Macroeconomy and financial markets1
Global
The global economy grew by 0.7% quarter on quarter in the
second quarter of 2025 according to the World Bank.
Economic growth picked up in the US, remained stable in
China and slowed in the euro area. Activity indicators point to
slightly increasing growth prospects in the third quarter of
2025 as uncertainty has diminished amid the trade
agreements concluded between the US and a number of
countries. However, the outlook remains uncertain due to
geopolitical risks and continued global trade tensions.
Central banks continued to reduce their financial asset
holdings during the quarter. The European Central Bank kept
its three key interest rates unchanged. The deposit facility
rate stands at 2.00%. Amid a softer labour market and
uncertainty about the economic outlook, the Federal Reserve
reduced the federal funds rate by 0.25 percentage points, to
4.25%.
The third quarter was characterised by increasing risk
appetite among investors, driven by the reduced uncertainty
around international trade, solid earnings, and rate cut
expectations. The US S&P 500 index was up 7.8% over the
quarter, the STOXX Europe 600 was up 3.1%, and the
NASDAQ OMX Nordic 120 was up 0.1%. The euro ended the
quarter unchanged against the dollar, although there were
wide fluctuations throughout the quarter.
Denmark
Danish GDP increased by 1.0% quarter on quarter in the
second quarter of 2025, primarily due to a renewed expansion
in the pharmaceutical industry. In the second quarter
household consumption increased by 0.2%. This was the
seventh consecutive quarter with positive growth in household
consumption. However, consumer confidence has started to
fall again and is still markedly below the historical average.
Business sentiment remains at a solid level. Since the
beginning of 2024, the unemployment rate has remained
unchanged at 2.9%. House and apartment prices were up
4.8% and 9.8%, respectively, year on year in the second
quarter of 2025. Year-on-year consumer price inflation stood
at 2.3% in September 2025. Danmarks Nationalbank has kept
its policy rate unchanged at 1.60% since June 2025.
Finland
Finnish GDP declined by 0.4% quarter on quarter in the
second quarter of 2025, driven by weak private and public
consumption. However, exports and investments grew quarter
on quarter. New orders in manufacturing are showing robust
growth, indicating good export demand despite new tariffs.
Construction investments remain at a very low level and are
still moderately declining. Household savings rates remain
elevated as higher unemployment is keeping consumer
confidence at a moderate level. The unemployment rate was
10% in August. The housing market recovery remains slow.
Transactions have been increasing since 2024, but housing
prices were still 1.9% lower in August than in the same month
last year. Inflation remains moderate despite a VAT rate hike.
Year-on-year harmonised consumer price inflation stood at
2.2% in September.
Norway
Norwegian mainland GDP increased by 0.6% quarter on
quarter in the second quarter of 2025, supported by private
consumption. The unemployment rate remained unchanged
at 2.1% on a seasonally adjusted basis in September.
Housing prices were up 5.5% year on year in September.
Consumer price inflation has increased: headline consumer
price inflation stood at 3.6% in September and underlying
inflation, excluding energy and taxes, stood at 3.0%. Norges
Bank cut its policy rate by 0.25 percentage points in
September, to 4.00%. The Norwegian krone strengthened
against both the euro and the dollar in the third quarter.
Sweden
Swedish GDP rose by 0.5% quarter on quarter in the second
quarter of 2025. Domestic demand and exports increased.
Demand for labour continued to be modest and the
unemployment rate remained elevated at 8.8% in August.
House and apartment prices were down 0.8% and 1.6%,
respectively, year on year in September. Year-on-year
consumer price inflation (CPIF) stood at 3.1% in September.
Sveriges Riksbank lowered the policy rate by 0.25 percentage
points, to 1.75%, in September, and continued to scale back
its balance sheet. The trade-weighted Swedish krona
strengthened by 1.0% in the third quarter.
1Source: Nordea Economic Research
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Nordea Third-Quarter Financial Report 2025
7
Q3
Group results and performance
Third quarter 2025
Net interest income
Q3/Q3: Net interest income decreased by 6%, as expected,
driven by lower deposit and equity margins, due to reduced
policy rates. These were partly offset by higher deposit and
lending volumes, higher treasury income, positive exchange
rate effects of EUR 21m, and the deposit hedge contribution.
Q3/Q2: Net interest income decreased by 1%, driven by lower
deposit, lending and equity margins. These were partly offset
by higher deposit and lending volumes, the deposit hedge
contribution, higher treasury income and a higher day count.
Exchange rate effects had a negative impact of EUR 12m.
Lending volumes
Q3/Q3: Loans to the public excluding repurchase agreements
and securities borrowing were up 5% in local currencies.
Lending volumes in local currencies increased by 5% in both
Personal Banking and Business Banking, driven by Sweden
and Norway. Lending volumes in Large Corporates &
Institutions were up 6% in EUR.
Q3/Q2: Loans to the public excluding repurchase agreements
and securities borrowing were up 1% in local currencies.
Lending volumes in local currencies were stable in Personal
Banking and increased by 1% in Business Banking. Lending
volumes in Large Corporates & Institutions increased by 2%
in EUR.
Deposit volumes
Q3/Q3: Total deposits from the public excluding repurchase
agreements and securities lending were up 4% in local
currencies. Deposit volumes in local currencies increased by
8% in Personal Banking, partly driven by the Norwegian
acquisition, and 9% in Business Banking. Deposit volumes in
Large Corporates & Institutions decreased by 7% in EUR.
Q3/Q2: Total deposits from the public excluding repurchase
agreements and securities lending decreased by 2% in local
currencies. Deposit volumes in local currencies were stable in
Personal Banking and increased by 1% in Business Banking.
Deposit volumes in Large Corporates & Institutions increased
by 2% in EUR.
Net interest income per business area
Local currency
Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Q3/Q3 Q3/Q2
EURm
Personal Banking 795 827 845 832 859 -7% -4% -8% -3%
Business Banking 528 537 548 556 573 -8% -2% -9% -1%
Large Corporates & Institutions 326 318 334 349 360 -9% 3%
Asset & Wealth Management 71 74 78 77 78 -9% -4% -9% -1%
Group functions 55 42 24 40 12
Total Group 1,775 1,798 1,829 1,854 1,882 -6% -1% -7% -1%
Change in net interest income (NII)
Q3/Q2 Q3/Q3
Jan-Sep
25/24
EURm
NII beginning of period 1,798 1,882 5,740
Margin-driven NII -88 -408 -1,116
Lending margin -19 -35 -58
Deposit margin -50 -277 -803
Cost of funds -9 -13 -37
Equity margin -10 -83 -218
Volume-driven NII 20 105 266
Lending volume 14 58 125
Deposit volume 6 47 141
Day count 21 0 -21
Other1,2 24 196 533
NII end of period 1,775 1,775 5,402
1 of which foreign exchange -12 21 32
2 of which deposit hedge 21 127 374
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Nordea Third-Quarter Financial Report 2025
8
Q3
Net fee and commission income
Q3/Q3: Net fee and commission income was up 5%. Higher
average assets under management and activity levels drove
growth in savings and lending fee income, brokerage and
advisory income and payment and card fee income.
Exchange rate effects were positive at EUR 6m.
Q3/Q2: Net fee and commission income was up 2%, driven
by growth in savings and lending fee income and payment
and card fee income. The growth was partly offset by lower
income from brokerage and advisory. Exchange rate effects
were negative at EUR 5m.
Savings income
Q3/Q3: Net fee and commission income from savings
increased by 1%, driven by higher average assets under
management. These were partly offset by lower custody fee
income.
Q3/Q2: Net fee and commission income from savings was up
2%, driven by higher average assets under management.
These were partly offset by lower custody fee income due to
semi-annual fees in the second quarter.
End-of-period assets under management increased by EUR
19bn, to EUR 456bn, driven by market performance and
continued momentum in both Nordic and international
channels. Net flows in Nordic channels were EUR 4.4bn and
net flows in international channels were EUR 0.6bn.
Brokerage and advisory income
Q3/Q3: Net fee and commission income from brokerage and
advisory increased by 27%, mainly driven by higher debt
capital markets income.
Q3/Q2: Net fee and commission income from brokerage and
advisory decreased by 2%, mainly due to lower corporate
finance fee income, while business activity increased towards
the end of the quarter.
Payment and card income
Q3/Q3: Net fee and commission income from payments and
cards increased by 5%, mainly driven by higher cash
management income.
Q3/Q2: Net fee and commission income from payments and
cards increased by 4%, mainly driven by higher cash
management income.
Lending and guarantee income
Q3/Q3: Net fee and commission income from lending and
guarantees was up 10%, mainly driven by higher lending fee
income and higher trade finance income.
Q3/Q2: Net fee and commission income from lending and
guarantees was up 4%, mainly driven by mortgage
refinancing fees.
Net fee and commission income per business area
Local currency
Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Q3/Q3 Q3/Q2
EURm
Personal Banking 321 295 296 303 290 11% 9% 10% 10%
Business Banking 156 150 153 152 145 8% 4% 6% 3%
Large Corporates & Institutions 123 134 122 134 118 4% -8%
Asset & Wealth Management 227 219 234 244 225 1% 4% 0% 3%
Group functions -16 -6 -12 -8 -4
Total Group 811 792 793 825 774 5% 2% 4% 3%
Net fee and commission income per category
Local currency
Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Q3/Q3 Q3/Q2
EURm
Savings 483 475 480 509 476 1% 2% 1% 2%
Brokerage and advisory 47 48 53 56 37 27% -2% 31% 0%
Payments and cards 157 151 147 147 150 5% 4% 4% 4%
Lending and guarantees 129 124 115 121 117 10% 4% 9% 5%
Other -5 -6 -2 -8 -6
Total Group 811 792 793 825 774 5% 2% 4% 3%
Assets under management (AuM), volumes and net flow
Net flow
Q325 Q225 Q125 Q424 Q324 Q325
EURbn
Nordic Retail funds 97.0 92.0 90.3 92.1 88.6 0.7
Private Banking 143.8 139.7 133.7 131.4 132.5 1.5
Life & Pension 100.8 95.6 92.5 92.7 90.1 1.2
Nordic institutions 49.4 46.9 46.0 45.7 46.4 1.0
Total Nordic channels 391.0 374.2 362.5 361.9 357.6 4.4
Wholesale distribution 39.1 35.5 35.1 36.1 36.6 0.4
International institutions 25.9 27.4 27.6 24.0 18.2 0.2
Total international channels 65.0 62.9 62.7 60.1 54.8 0.6
Total 456.0 437.1 425.2 422.0 412.4 5.0
===== SIDA 10 =====
Nordea Third-Quarter Financial Report 2025
9
Q3
Net insurance result
Q3/Q3: Net insurance result increased by 10%, primarily
due to movements in medium-to-long-term interest rates
benefiting Norwegian insurance products in the third quarter of
2025.
Q3/Q2: Net insurance result increased by 14%, primarily due to
movements in medium-to-long-term interest rates benefiting
Norwegian insurance products in the third quarter.
Net insurance result per business area
Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2
EURm
Personal Banking 32 29 26 33 33 -3% 10%
Business Banking 7 6 8 10 12 -42% 17%
Large Corporates & Institutions 0 0 0 0 0
Asset & Wealth Management 27 23 19 26 15 80% 17%
Group functions 0 0 1 0 0
Total Group 66 58 54 69 60 10% 14%
Net result from items at fair value
Q3/Q3: Net result from items at fair value decreased by 14%
following unusually high income from revaluations a year ago.
This effect was partly offset by stable customer activity in
foreign exchange and interest rate products.
Q3/Q2: Net result from items at fair value decreased by 4%,
primarily due to lower customer activity in foreign exchange and
interest rate products. This was partly offset by higher market
making result.
Net result from items at fair value per business area
Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2
EURm
Personal Banking 15 19 16 19 21 -29% -21%
Business Banking 92 107 105 102 98 -6% -14%
Large Corporates & Institutions 131 102 164 78 116 13% 28%
Asset & Wealth Management 9 16 14 2 21 -57% -44%
Group functions -2 10 -10 0 28
Total Group 245 254 289 201 284 -14% -4%
Equity method
Q3/Q3: Income from companies accounted for under the
equity method was EUR 1m, down from EUR 4m.
Q3/Q2: Income from companies accounted for under the
equity method was EUR 1m, up from EUR -1m.
Other operating income
Q3/Q3: Other operating income was EUR 12m, up from EUR
10m.
Q3/Q2: Other operating income was EUR 12m, up from EUR
10m.
Total operating income per business area
Local currency
Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Q3/Q3 Q3/Q2
EURm
Personal Banking 1,163 1,172 1,184 1,188 1,204 -3% -1% -4% 0%
Business Banking 795 811 822 827 837 -5% -2% -6% -1%
Large Corporates & Institutions 581 554 620 561 595 -2% 5%
Asset & Wealth Management 334 331 345 347 339 -1% 1% -1% 2%
Group functions 37 43 3 32 39
Total Group 2,910 2,911 2,974 2,955 3,014 -3% 0% -4% 0%
===== SIDA 11 =====
Nordea Third-Quarter Financial Report 2025
10
Q3
Total operating expenses
Q3/Q3: Total operating expenses were stable, as expected,
due to strategic investments levelling off and continued active
cost management as part of Nordea’s strong cost culture.
Excluding foreign exchange effects and the US settlement in
the third quarter of 2024, total operating expenses were up
2%, driven by annual salary inflation and running costs
related to the recent acquisition in Norway. Exchange rate
effects had a negative impact of EUR 9m.
Q3/Q2: Total operating expenses were stable due to strategic
investments levelling off as planned and continued active cost
management as part of Nordea’s strong cost culture.
Exchange rate effects made a positive contribution of EUR
9m.
Staff costs
Q3/Q3: Staff costs were up 3% due to annual salary inflation.
Q3/Q2: Staff costs were stable.
Other expenses
Q3/Q3: Other expenses decreased by 7%, mainly due to the
settlement of a regulatory investigation in the US last year.
Q3/Q2: Other expenses were stable.
Regulatory fees
Q3/Q3: Regulatory fees amounted to EUR 19m, up from EUR
18m.
Q3/Q2: Regulatory fees were stable at EUR 19m.
Depreciation and amortisation
Q3/Q3: Depreciation and amortisation increased by EUR 2m
Q3/Q2: Depreciation and amortisation increased by EUR 3m.
FTEs
Q3/Q3: The number of employees (FTEs) decreased by 2%,
to 29,386, driven by continued active cost management as
part of Nordea’s strong cost culture.
Q3/Q2: The number of FTEs decreased by 2%.
Total operating expenses
Local currency
Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Q3/Q3 Q3/Q2
EURm
Staff costs -806 -809 -792 -817 -779 3% 0% 3% 0%
Other expenses -353 -354 -359 -451 -380 -7% 0% -8% 1%
Regulatory fees -19 -19 -54 -18 -18 6% 0% 0% 0%
Depreciation and amortisation -154 -151 -149 -148 -152 1% 2% 1% 3%
Total Group -1,332 -1,333 -1,354 -1,434 -1,329 0% 0% -1% 1%
Total operating expenses per business area
Local currency
Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Q3/Q3 Q3/Q2
EURm
Personal Banking -593 -592 -618 -625 -570 4% 0% 3% 1%
Business Banking -366 -370 -361 -353 -346 6% -1% 5% 0%
Large Corporates & Institutions -236 -237 -232 -234 -229 3% 0%
Asset & Wealth Management -147 -151 -154 -152 -138 7% -3% 7% -1%
Group functions 10 17 11 -70 -46 -41%
Total Group -1,332 -1,333 -1,354 -1,434 -1,329 0% 0% -1% 1%
Exchange rate effects
Q3/Q3 Q3/Q2
Jan-Sep
25/24
Percentage points
Income 1 -1 1
Expenses 1 -1 1
Operating profit 1 0 1
Loan and deposit volumes 1 1 1
===== SIDA 12 =====
Nordea Third-Quarter Financial Report 2025
11
Q3
Net loan losses and similar net result
Credit quality remains exceptionally strong. Provisions
declined in the third quarter due to stabilising international
trade conditions and decreasing risks related to inflation and
interest rates.
Net loan losses and similar net result in the third quarter
amounted to a reversal of EUR 19m (-2bp), compared with
net loan losses of EUR 51m (6bp) a year ago and a reversal
of EUR 21m (-2bp) in the previous quarter.
Main drivers of loan losses and similar net result
Net loan losses on individually assessed exposures
amounted to EUR 64m and were driven by low provisions and
reversals, and slightly elevated write-offs in the Personal
Banking portfolio.
Collectively calculated provisions decreased by EUR 89m,
mainly driven by a reduction in management judgement
allowances due to positive developments, including continued
lower interest rate and inflation levels, and favourable credit
portfolio developments. In the first quarter, Nordea had
responded to the potentially worsening macroeconomic
outlook by applying a 100% weighting to the adverse scenario
due to escalated trade tensions. Given the reduced
uncertainty following the EU-US trade agreement, Nordea
returned to normal scenario weightings for provisioning
purposes in the third quarter.
The revaluation of the portfolio reported at fair value, including
Nordea Kredit’s mortgage portfolio, resulted in a loss of EUR
6m.
Net loan losses and similar net result amounted to EUR 7m in
Personal Banking. There were net reversals of EUR 25m in
Business Banking and EUR 3m in Large Corporates &
Institutions.
Management judgement allowances
The management judgement allowances were increased
significantly in 2020 in connection with the COVID-19
pandemic, and have remained at substantial levels to address
risks relating to the unstable geopolitical and macroeconomic
environment. Since the pandemic, the allowances have been
reduced in line with the updated assessment of the credit risk
outlook for the corporate and retail portfolios (as in this
quarter).
In the third quarter the management judgement allowances
were reduced, driven by decreased uncertainty and lower
credit risk due to lower interest rates and inflation. Following
the release of EUR 50m, total management judgement
allowances amounted to EUR 291m at the end of the quarter.
This includes coverage for expected changes to the collective
provisioning models.
See Notes 10 and 11 for further details.
Credit portfolio
Lending to the public excluding reverse repurchase
agreements and securities borrowing amounted to EUR
340bn at the end of the quarter, up 1% in local currencies on
the previous quarter.
Loans to the public measured at fair value excluding reverse
repurchase agreements and securities borrowing amounted
to EUR 53bn, up 1% on the previous quarter. The fair value
portfolio mainly comprises Danish mortgage lending.
Lending to the public measured at amortised cost before
allowances was up EUR 4bn on the previous quarter and
amounted to EUR 288bn. Of this, 94% was classified as
stage 1 (up 1 percentage point on the previous quarter), 5%
as stage 2 (down 1 percentage point on the previous quarter)
and 1% as stage 3 (unchanged from the previous quarter).
Quarter on quarter, stage 1 loans increased by 2%. Stage 2
loans decreased by 5%, driven by the corporate portfolio, with
some concentration in the Maritime, Real Estate and
Construction portfolios. Stage 3 loans decreased by 3%.
The coverage ratio for stage 2 was 1.7%, down from 1.8% in
the previous quarter. The coverage ratio for stage 3 was 31%,
down from 32%. The fair value impairment rate was 0.55%,
down from 0.59% in the previous quarter.
Net loan loss ratio
Q325 Q225 Q125 Q424 Q324
Basis points of loans, amortised cost 1
Net loan loss ratios,
annualised, Group -3 -3 3 8 8
of which stages 1 and 2 -9 -9 -4 2 -8
of which stage 3 6 6 7 6 16
Basis points of loans, total1,2
Net loan loss ratio, including loans held at
fair value, annualised, Group -2 -2 1 6 6
Personal Banking total 2 -1 -1 1 6
PeB Denmark -1 -2 -4 0 5
PeB Finland 10 5 3 19 15
PeB Norway -5 -2 -8 -9 1
PeB Sweden 4 -3 3 -6 4
Business Banking total -11 0 10 24 13
BB Denmark -27 -21 -2 39 27
BB Finland -17 32 26 49 33
BB Norway 0 2 2 2 -4
BB Sweden -12 -3 15 15 1
Large Corporates &
Institutions total -1 -6 -1 -1 0
LC&I Denmark 10 10 13 7 -7
LC&I Finland 20 -16 -4 -43 4
LC&I Norway -42 12 -11 15 0
LC&I Sweden -9 -26 -12 32 0
1 Negative amounts are net reversals.
2 Net loan losses and net result on loans in hold portfolios mandatorily
held at fair value divided by total lending at amortised cost and
at fair value, basis points.
===== SIDA 13 =====
Nordea Third-Quarter Financial Report 2025
12
Q3
Profit
Operating profit
Q3/Q3: Operating profit decreased by 2%, to EUR 1,597m,
mainly driven by lower income. This was partly offset by lower
loan losses.
Q3/Q2: Operating profit was stable at EUR 1,597m.
Taxes
Q3/Q3: Income tax expense amounted to EUR 369m, up from
EUR 368m, corresponding to a tax rate of 23.1%, slightly up
year on year.
Q3/Q2: Income tax expense amounted to EUR 369m, down
from EUR 378m, corresponding to a tax rate of 23.1%, slightly
down quarter on quarter.
Net profit
Q3/Q3: Net profit decreased by 3%, to EUR 1,228m. Return
on equity was 15.9%, down from 16.8%. Return on equity
with amortised resolution fees was 15.8%, down from 16.7%.
Q3/Q2: Net profit increased by 1%, to EUR 1,228m. Return
on equity was 15.9%, down from 16.3%. Return on equity
with amortised resolution fees was 15.8%, down from 16.2%.
Q3/Q3: Diluted earnings per share were stable at EUR 0.36.
Q3/Q2: Diluted earnings per share were EUR 0.36, compared
with EUR 0.35.
Operating profit per business area
Local currency
Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Q3/Q3 Q3/Q2
EURm
Personal Banking 563 584 571 560 608 -7% -4% -8% -3%
Business Banking 454 441 438 421 463 -2% 3% -3% 3%
Large Corporates & Institutions 348 331 390 330 365 -5% 5%
Asset & Wealth Management 187 179 192 196 205 -9% 4% -9% 4%
Group functions 45 64 16 -40 -7
Total Group 1,597 1,599 1,607 1,467 1,634 -2% 0% -3% 0%
===== SIDA 14 =====
Nordea Third-Quarter Financial Report 2025
13
Q3
Capital position and risk exposure amount
Nordea maintained a strong CET1 capital ratio in line with its
capital policy in the third quarter of 2025 (15.9%, compared
with 15.6% in the second quarter).
The Group’s CET1 capital increased by EUR 0.4bn, mainly
due to profit generation net of dividend accrual and foreign
exchange effects. The CET1 regulatory requirement
decreased to 13.6% in the third quarter of 2025 from 13.7% in
the second quarter due to a minor decrease in the
countercyclical buffer requirement.
The risk exposure amount (REA) decreased by EUR 0.2bn as
increased lending volumes and foreign exchange effects were
countered by collateral management initiatives enabling
higher collateral value recognition for the Group’s residential
mortgage portfolios capitalised under the standardised
approach.
The Group’s Tier 1 capital ratio in the third quarter was 18.5%
(17.5%). The total capital ratio was 21.1% (20.0%).
At the end of the third quarter CET1 capital amounted to EUR
25.2bn, Tier 1 capital amounted to EUR 29.4bn, and own
funds amounted to EUR 33.4bn.
The Group’s subordinated minimum requirements for own
funds and eligible liabilities (MREL) ratio was 29.1% of the
REA and 8.1% of the leverage ratio exposure (LRE),
compared with the requirements of 27.0% of the REA
(capped) and 7.0% of the LRE.
The total MREL ratio was 35.2% of the REA and 9.8% of the
LRE, compared with the requirements of 31.9% of the REA
and 7.0% of the LRE.
The leverage ratio increased to 5.1% at the end of the third
quarter from 4.9% in the second quarter, driven by the
increase in Tier 1 capital.
Capital ratios
% Q325 Q225 Q125 Q424 Q324
CET1 capital ratio 15.9 15.6 15.7 15.8 15.8
Tier 1 capital ratio 18.5 17.5 17.6 18.4 18.4
Total capital ratio 21.1 20.0 20.2 21.0 20.9
Risk exposure amount, EURbn, quarterly
Common Equity Tier 1 capital ratio, changes in the quarter
Capital and dividend policies
Nordea maintains a strong capital position in line with its
capital policy. Nordea targets a management buffer of 150bp
above the regulatory CET1 requirement. This reflects
Nordea’s strong capital generation and enables the Group to
manage capital efficiently while maintaining a prudent buffer
above requirements. Nordea’s ambition is to distribute 60–
70% of the net profit for the year to shareholders. Excess
capital will be used for organic growth and strategic business
acquisitions, as well as being subject to buy-back
considerations.
Share buy-backs
On 19 September 2025 Nordea completed the buy-back
programme announced in June 2025. Nordea continues to
have strong capital generation. With its focus on maintaining
an efficient capital structure, the Group will launch a new
share buy-back programme of EUR 250m, approved in
October. The programme will end by 30 December 2025 at
the latest.
Regulatory developments
On 29 September 2025 the Finnish Financial Supervisory
Authority (FSA) decided to reciprocate the Norwegian risk
weight floors for residential and commercial real estate
exposures. For residential real estate, the floor will be
increased from the current 20% to 25% on 1 January 2026.
As communicated in the third quarter of 2024, this will have
no impact on Nordea’s total REA. For commercial real estate,
the current floor of 35% will be maintained.
From 1 October 2025, Nordea’s CET1 requirement will
increase by approximately 20bp as a result of the June 2025
decision by Finnish FSA to fully reciprocate the Norwegian
systemic risk buffer of 4.5%.
===== SIDA 15 =====
Nordea Third-Quarter Financial Report 2025
14
Q3
Risk exposure amount
30 Sep 30 Jun 30 Sep
2025 2025 2024
EURm
Credit risk 123,945 123,921 124,574
IRB 111,184 110,316 113,810
- sovereign
- corporate 58,678 58,291 58,156
- advanced 36,633 35,900 51,443
- foundation 22,045 22,391 6,713
- institutions 3,791 3,410 4,234
- retail 42,490 42,145 44,849
- items representing securitisation positions 3,375 3,439 3,538
- other 2,850 3,031 3,033
Standardised 12,761 13,605 10,764
- sovereign 232 237 188
- retail 5,143 6,132 3,340
- other 7,386 7,236 7,236
Credit valuation adjustment risk 591 619 379
Market risk 4,995 5,216 5,016
- trading book, internal approach 4,212 4,519 4,323
- trading book, standardised approach 783 697 693
- banking book, standardised approach
Settlement risk 0 0 0
Operational risk 21,125 21,125 17,874
Additional risk exposure amount related to Finnish RW floor due to Article 458 of the CRR
Additional risk exposure amount related to Swedish RW floor due to Article 458 of the CRR 7,244 7,022 5,848
Additional risk exposure amount due to Article 3 of the CRR 1 471 673
Total 158,371 158,576 153,691
1 Changed capital treatment, from internal ratings-based to standardised, for certain portfolios not part of the non-retail model application.
Summary of items included in own funds including result (Banking Group) 30 Sep 30 Jun 30 Sep
2025 2025 2024
EURm
Calculation of own funds
Equity in the consolidated situation 27,835 27,898 26,773
Profit for the period 3,687 2,459 3,930
Accrued dividend -2,578 -1,718 -2,751
Common Equity Tier 1 capital before regulatory adjustments 28,944 28,639 27,952
Deferred tax assets -17 -20 -26
Intangible assets -2,783 -2,740 -2,632
IRB provisions shortfall (-) -324 -320 -294
Pension assets in excess of related liabilities -262 -235 -240
Other items including buy-back deduction, net1 -404 -615 -444
Total regulatory adjustments to Common Equity Tier 1 capital -3,790 -3,930 -3,636
Common Equity Tier 1 capital (net after deduction) 25,1542 24,709 24,316
Additional Tier 1 capital before regulatory adjustments 4,213 2,983 3,934
Total regulatory adjustments to Additional Tier 1 capital -14 -14 -25
Additional Tier 1 capital 4,199 2,969 3,909
Tier 1 capital (net after deduction) 29,353 27,678 28,225
Tier 2 capital before regulatory adjustments 4,044 4,049 3,908
IRB provisions excess (+)
Deductions for investments in insurance companies
Other items, net -26 -25 -50
Total regulatory adjustments to Tier 2 capital -26 -25 -50
Tier 2 capital 4,018 4,024 3,858
Own funds (net after deduction) 33,371 31,702 32,083
1 Other items, net if reported excluding profit. -412 -615 -444
2 With the deduction of the share buy-back programme of EUR 250m that was announced by Nordea on 16 October 2025, the Nordea Group’s CET1 capital would be
EUR 24,904m, with a CET1 ratio of 15.7% accordingly. Nordea will report these figures together with other relevant metrics in its regulatory Pillar 3 report for the
third quarter of 2025, subject to European Central Bank approval.
===== SIDA 16 =====
Nordea Third-Quarter Financial Report 2025
15
Q3
Balance sheet
Balance sheet data
Q325 Q225 Q125 Q424 Q324
EURbn
Loans to credit institutions 7 6 5 3 7
Loans to the public 375 368 367 358 349
Derivatives 18 22 22 25 22
Interest-bearing securities 80 80 83 73 70
Other assets 168 161 164 164 169
Total assets 648 637 641 623 617
Deposits from credit institutions 48 30 35 29 35
Deposits from the public 226 237 240 232 222
Debt securities in issue 191 193 195 188 189
Derivatives 18 22 23 25 23
Other liabilities 133 125 118 117 117
Total equity 32 30 30 32 31
Total liabilities and equity 648 637 641 623 617
Funding and liquidity operations
Nordea issued approximately EUR 4.1bn in long-term funding
in the third quarter of 2025 (excluding Danish covered bonds
and long-dated certificates of deposit), of which approximately
EUR 1.6bn was issued as senior debt and EUR 2.5bn was
issued in the form of covered bonds. In addition, Nordea
issued EUR 1.2bn in subordinated debt. Notable transactions
during the quarter included a USD 850m Additional Tier 1
(AT1) perpetual non-call 8.2-year note, a NOK 3.5bn AT1
perpetual non-call 5.25-year note and a SEK 2.5bn AT1
perpetual non-call 5.25-year note. Furthermore, Nordea
issued a EUR 750m green 10-year senior non-preferred note,
a USD 1bn 5-year senior preferred note, a EUR 1bn 10-year
covered bond and a NOK 7bn green 5-year covered bond.
At the end of the third quarter long-term funding accounted for
approximately 77% of Nordea’s total wholesale funding.
Short-term liquidity risk is measured using several metrics,
including the liquidity coverage ratio (LCR). The Nordea
Group’s combined LCR was 147% at the end of the third
quarter. The liquidity buffer is composed of highly liquid
central bank eligible securities and cash, as defined in the
LCR regulation. At the end of the third quarter the liquidity
buffer amounted to EUR 108bn, compared with EUR 118bn at
the end of the second quarter. The net stable funding ratio
(NSFR) measures long-term liquidity risk. At the end of the
third quarter Nordea’s NSFR was 121.3%, compared with
123.4% at the end of the second quarter.
Funding and liquidity data
Q325 Q2251 Q125 Q424 Q324
Long-term funding portion 77% 79% 79% 80% 77%
LCR total 147% 160% 166% 157% 151%
LCR EUR 133% 163% 235% 137% 165%
LCR USD 197% 159% 169% 219% 211%
1 Restatement due to the COREP LCR resubmission.
Market risk
Market risk in the trading book measured by value at risk
(VaR) was EUR 40.5m. Quarter on quarter, VaR increased by
EUR 8.5m, primarily as a result of higher interest rate and
equity risk. Interest rate risk remained the main driver of VaR
at the end of the third quarter. Trading book VaR continues to
be driven by market risk related to Nordic and other Northern
European exposures.
Trading book
Q325 Q225 Q125 Q424 Q324
EURm
Total risk, VaR 41 32 34 42 32
Interest rate risk, VaR 40 32 33 39 31
Equity risk, VaR 9 4 3 3 3
Foreign exchange risk, VaR 3 3 1 1 2
Credit spread risk, VaR 5 5 4 5 6
Inflation risk, VaR 2 3 3 3 3
Diversification effect 30% 31% 23% 19% 28%
Nordea share and credit ratings
Nordea’s share price and credit ratings as at the end of the
third quarter of 2025.
Nasdaq STO
(SEK)
Nasdaq COP
(DKK)
Nasdaq HEL
(EUR)
9/30/2023 120.12 77.41 10.41
12/31/2023 124.72 83.99 11.23
3/31/2024 119.20 78.11 10.47
6/30/2024 126.10 83.06 11.12
9/30/2024 119.60 78.84 10.59
12/31/2024 120.21 78.10 10.50
3/31/2025 127.70 87.60 11.77
6/30/2025 140.80 93.90 12.61
9/30/2025 154.30 109.95 13.98
Moody's* Standard & Poor's Fitch
Short Long Short Long Short Long
P-1 Aa3 A-1+ AA- F1+ AA-
* Positive outlook
===== SIDA 17 =====
Nordea Third-Quarter Financial Report 2025
16
Q3
Other information
Issuance of Additional Tier 1 conversion notes
Nordea issued NOK 3.5bn and SEK 2.5bn in floating rate
Additional Tier 1 (AT1) conversion notes on 27 August 2025
and USD 0.85bn in perpetual reset AT1 conversion notes on
10 September 2025 under its global medium-term note
programme. The notes constitute AT1 capital. Nordea issued
them in order to maintain its strong capital position and take
advantage of favourable market conditions. If the CET1
capital ratio of either Nordea Bank Abp on a solo basis or the
Nordea Group on a consolidated basis falls below 5.125%,
the notes will automatically be converted into ordinary shares
in Nordea in accordance with their terms and conditions.
For further information, see “Funding and liquidity operations”
on page 15.
Share buy-back programmes
On 12 June 2025 Nordea announced a share buy-back
programme of up to EUR 250m, based on the authorisation
granted to the Board by the 2025 Annual General Meeting.
The programme was launched on 16 June 2025 and
completed on 19 September 2025. During that period Nordea
repurchased 19,292,616 of its own shares at an average price
per share of EUR 12.95.
Share cancellations
Nordea cancelled aggregated amounts of 5,784,064,
6,264,504 and 7,244,048 treasury shares in July, August and
September, respectively. The shares had been held for
capital optimisation purposes and acquired through buy-
backs.
Changes in Board committees and employee
representation on the Board of Directors
Board member Risto Murto was appointed to the Board Risk
Committee and will step down from the Board Operations and
Sustainability Committee. Board member Lars Rohde was
appointed to the Board Operations and Sustainability
Committee and will continue as a member of the Board Risk
Committee.
Furthermore, employee representative Gerhard Olsson
stepped down from the Board of Directors on 5 September
2025. Pending a replacement for Gerhard Olsson, the
employee representatives are as follows: Joanna Koskinen
and Jørgen Suo Lønnquist (ordinary members) and Kasper
Skovgaard Pedersen (deputy member). Joanna Koskinen will
replace Gerhard Olsson on the Board Remuneration and
People Committee.
Closure of Nordea’s operations in Russia
In accordance with its strategy, Nordea is focusing on its
business in the Nordic region. This has entailed the Group
winding down its operations in Russia. The liquidation of the
remaining Russian subsidiary is pending finalisation.
EBA stress test results
On 1 August 2025 the European Banking Authority (EBA)
published the results of the EU-wide stress test conducted in
cooperation with the European Systemic Risk Board, the
European Central Bank and the European Commission. The
forward-looking analysis covered the period 2025–27 and
considered the resilience of financial institutions to adverse
economic shocks.
The exercise confirmed Nordea’s well-managed risk profile
and resilient capital position. The methodology and scenario
assumptions used were relatively severe for the Nordic
countries in which Nordea operates.
Under the severe stress scenario, Nordea’s CET1 capital ratio
was estimated to decline from 15.8% at the end of 2024 to a
low of 12.2% at the end of 2025. Nordea views the outcome
of the 2025 exercise as conservative given its overall risk
position.
The 2025 EBA stress test outcome is not expected to result in
changes to Nordea’s business strategy, risk management or
capital strategy.
Shares
As at 30 September 2025, the total shares registered were
3,451 million (31 December 2024: 3,503 million; 30
September 2024: 3,506 million). The number of own shares
was 11.9 million (31 December 2024: 14.7 million; 30
September 2024: 6.7 million), which represents 0.3% (31
December 2024: 0.4%; 30 September 2024: 0.2%) of the total
shares in Nordea. Each share represents one voting right.
===== SIDA 18 =====
Nordea Third-Quarter Financial Report 2025
17
Q3
Quarterly development, Group
Q3 Q2 Q1 Q4 Q3 Jan-Sep Jan-Sep
2025 2025 2025 2024 2024 2025 2024
EURm
Net interest income 1,775 1,798 1,829 1,854 1,882 5,402 5,740
Net fee and commission income 811 792 793 825 774 2,396 2,332
Net insurance result 66 58 54 69 60 178 184
Net result from items at fair value 245 254 289 201 284 788 822
Profit from associated undertakings and joint ventures
accounted for under the equity method 1 -1 -3 -3 4 -3 13
Other operating income 12 10 12 9 10 34 38
Total operating income 2,910 2,911 2,974 2,955 3,014 8,795 9,129
General administrative expenses:
Staff costs -806 -809 -792 -817 -779 -2,407 -2,289
Other expenses -353 -354 -359 -451 -380 -1,066 -1,079
Regulatory fees -19 -19 -54 -18 -18 -92 -99
Depreciation, amortisation and impairment charges of
tangible and intangible assets -154 -151 -149 -148 -152 -454 -429
Total operating expenses -1,332 -1,333 -1,354 -1,434 -1,329 -4,019 -3,896
Profit before loan losses 1,578 1,578 1,620 1,521 1,685 4,776 5,233
Net loan losses and similar net result 19 21 -13 -54 -51 27 -152
Operating profit 1,597 1,599 1,607 1,467 1,634 4,803 5,081
Income tax expense -369 -378 -373 -338 -368 -1,120 -1,151
Net profit for the period 1,228 1,221 1,234 1,129 1,266 3,683 3,930
Diluted earnings per share (DEPS), EUR 0.36 0.35 0.35 0.32 0.36 1.06 1.11
DEPS, rolling 12 months up to period end, EUR 1.39 1.39 1.41 1.44 1.42 1.39 1.42
===== SIDA 19 =====
Nordea Third-Quarter Financial Report 2025
18
Q3
Business areas
Personal
Banking
Business
Banking
Large
Corporates &
Institutions
Asset & Wealth
Management
Group
functions Nordea Group
Q3 Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q3 Q2
2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 Chg
EURm
Net interest income 795 827 528 537 326 318 71 74 55 42 1,775 1,798 -1%
Net fee and commission income 321 295 156 150 123 134 227 219 -16 -6 811 792 2%
Net insurance result 32 29 7 6 0 0 27 23 0 0 66 58 14%
Net result from items at fair value 15 19 92 107 131 102 9 16 -2 10 245 254 -4%
Other income 0 2 12 11 1 0 0 -1 0 -3 13 9 44%
Total operating income 1,163 1,172 795 811 581 554 334 331 37 43 2,910 2,911 0%
Total operating expenses -593 -592 -366 -370 -236 -237 -147 -151 10 17 -1,332 -1,333 0%
Net loan losses and similar net result -7 4 25 0 3 14 0 -1 -2 4 19 21
Operating profit 563 584 454 441 348 331 187 179 45 64 1,597 1,599 0%
Cost-to-income ratio1, % 52 51 46 46 41 43 44 46 46 46
Return on allocated equity (RoAE)1,2,% 16 16 16 16 16 15 33 32 16 16
Allocated Equity 10,873 10,966 8,694 8,671 6,740 6,775 1,734 1,736 3,479 2,219 31,520 30,367 4%
Risk exposure amount (REA) 61,498 60,810 42,945 44,404 40,516 40,128 8,618 8,464 4,794 4,770 158,371 158,576 0%
Number of employees (FTEs) 6,913 7,061 3,797 3,851 1,191 1,202 3,124 3,152 14,361 14,578 29,386 29,844 -2%
Volumes, EURbn3:
Total lending 179.0 177.5 94.2 92.8 56.0 55.1 13.0 12.7 -2.6 -2.9 339.6 335.2 1%
Total deposits 95.6 95.1 56.1 55.4 48.1 47.0 13.6 14.1 2.6 6.9 216.0 218.5 -1%
Restatement due to organisational changes.
1 With amortised resolution fees.
2 Equal to return on equity (RoE) for the Nordea Group.
3 Excluding repurchase agreements and security lending/borrowing agreements.
Personal
Banking
Business
Banking
Large
Corporates &
Institutions
Asset & Wealth
Management
Group
functions Nordea Group
Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Chg
EURm
Net interest income 2,467 2,603 1,613 1,759 978 1,085 223 245 121 48 5,402 5,740 -6%
Net fee and commission income 912 838 459 440 379 396 680 675 -34 -17 2,396 2,332 3%
Net insurance result 87 90 21 25 0 0 69 69 1 0 178 184 -3%
Net result from items at fair value 50 62 304 302 397 353 39 42 -2 63 788 822 -4%
Other income 3 10 31 32 1 -1 -1 0 -3 10 31 51 -39%
Total operating income 3,519 3,603 2,428 2,558 1,755 1,833 1,010 1,031 83 104 8,795 9,129 -4%
Total operating expenses -1,803 -1,720 -1,097 -1,041 -705 -689 -452 -414 38 -32 -4,019 -3,896 3%
Net loan losses and similar net result 2 -83 2 -77 19 11 0 -1 4 -2 27 -152
Operating profit 1,718 1,800 1,333 1,440 1,069 1,155 558 616 125 70 4,803 5,081 -5%
Cost-to-income ratio1, % 51 48 45 41 40 38 45 40 46 43
Return on allocated equity (RoAE)1,2,% 16 19 16 18 17 18 33 39 16 18
Allocated Equity 10,873 10,797 8,694 8,425 6,740 6,728 1,734 1,636 3,479 3,868 31,520 31,454 0%
Risk exposure amount (REA) 61,498 57,799 42,945 43,081 40,516 39,841 8,618 7,054 4,794 5,916 158,371 153,691 3%
Number of employees (FTEs) 6,913 6,955 3,797 3,930 1,191 1,243 3,124 3,147 14,361 14,620 29,386 29,895 -2%
Volumes, EURbn3:
Total lending 179.0 169.0 94.2 88.5 56.0 52.9 13.0 11.9 -2.6 -3.0 339.6 319.3 6%
Total deposits 95.6 88.1 56.1 50.9 48.1 51.5 13.6 12.1 2.6 4.3 216.0 206.9 4%
Restatement due to organisational changes.
1 With amortised resolution fees.
2 Equal to return on equity (RoE) for the Nordea Group.
3 Excluding repurchase agreements and security lending/borrowing agreements.
===== SIDA 20 =====
Nordea Third-Quarter Financial Report 2025
19
Q3
Personal Banking
Introduction
In Personal Banking we offer household customers easy and
convenient everyday banking and advice for all stages of life.
We are committed to supporting their financial well-being with
a comprehensive and attractive range of financial products
and services, along with a great customer experience.
Business development
In the third quarter we continued to deliver solid lending and
deposit growth and further strengthened our digital offering.
Total lending volumes grew by 5% in local currencies year on
year, and deposit volumes were up 8% including the
contribution from our recent acquisition in Norway.
Excluding the acquisition, lending was stable and deposits
were up 4%.
Customer savings and investment activity continued to
increase. Housing markets accelerated, with demand for new
loan promises higher than a year ago. In Sweden, we further
strengthened our position and continued to grow our
mortgage market share, capturing more than 20% of the
market growth in the period from July to August.
In Norway, we had year-on-year growth in savings fee
income, signalling that our new customers are responding
well to our offering and are now actively engaging in saving
through our funds.
Customer interactions within digital channels continued to
grow and app users and logins were up 6% and 8%,
respectively, year on year. We also secured a 21% year-on-
year increase in digitally generated leads for mortgage
advisers in Denmark, helping our advisers deliver faster
response times and more personalised and relevant advice
for customers.
Our digital banking excellence gained strong recognition
during the quarter, reinforcing our position as the digital leader
in the Nordics. In Euromoney’s Awards for Excellence we won
the title of best digital bank in the Nordics, while Global
Finance recognised our digital platforms as the region’s best
in its annual World’s Best Digital Banks Awards. Nordea
Netbank and the mobile banking app won in eight Global
Finance categories: Best Consumer Digital Bank and Best
Mobile Banking App in Denmark, Finland, Norway and
Sweden, respectively. This marks the third consecutive year
in which we have been recognised for our digital banking by
Global Finance.
We further strengthened our digital self-service offering,
launching new features in the app to support better customer
experience. For example, in Norway, customers can now
benefit from improved savings and investment performance
insights aimed at helping them make decisions and reach
their goals faster.
Customer interest in our ESG product offering was sustained,
with the ESG share of gross inflows into funds at 31%.
Financial outcome
Total income in the third quarter decreased by 3% year on
year, reflecting reduced deposit income in the lower rate
environment. The lower deposit income was partly offset by
our deposit hedge contribution and strong net fee and
commission momentum, while lending income remained
stable.
Net interest income decreased by 7%, driven by lower deposit
margins. These were partly offset by higher deposit and
lending volumes and the deposit hedge contribution. Lending
margins remained stable. Net fee and commission income
increased by 11% year on year, mainly driven by higher
payment and card fee income and higher savings income.
Net insurance result decreased by 3% year on year, primarily
due to higher claims on Danish protection products. These
were partly offset by lower claims on Swedish protection
products.
Total expenses increased by 4% year on year (3% in local
currencies), mainly driven by the recent acquisition in Norway;
strategic investments in key areas, including technology, data
and AI; and annual salary inflation. The cost-to-income ratio
with amortised resolution fees was 52%, compared with 48%
a year ago.
Net loan losses and similar net result amounted to EUR 7m,
compared with EUR 26m a year ago. The amount included
EUR 10m released from the management judgement buffer.
Operating profit decreased by 7% year on year, to EUR
563m. Return on allocated equity with amortised resolution
fees was 16%.
Personal Banking Denmark
Net interest income decreased by 3% in local currency year
on year, primarily driven by lower deposit margins. These
were partly offset by higher deposit volumes and higher
lending margins.
Lending volumes decreased by 3% in local currency year on
year. Deposit volumes increased by 3%.
Net fee and commission income increased by 25% in local
currency year on year, supported by all main components, as
well as a EUR 10m gain related to a new ATM agreement.
Net loan losses and similar net result amounted to net
reversals of EUR 1m.
Personal Banking Finland
Net interest income decreased by 21% year on year, driven
by lower margins on transaction accounts and demand
deposits. The share of transaction account volumes in Finland
is higher than in the other countries. The lower deposit
margins were partly offset by higher deposit volumes.
Lending volumes were stable, while deposit volumes
increased by 3% year on year, driven by higher demand for
fixed-term deposits.
Net fee and commission income increased by 1% year on
year.
Net loan losses and similar net result amounted to EUR 9m.
===== SIDA 21 =====
Nordea Third-Quarter Financial Report 2025
20
Q3
Personal Banking Norway
Net interest income increased by 12% in local currency year
on year, primarily driven by higher mortgage and deposit
volumes following the recent acquisition, and higher mortgage
margins. These were partly offset by lower deposit margins.
Lending volumes increased by 26% in local currency year on
year and deposit volumes increased by 36%. The growth was
primarily due to the recent acquisition and active measures to
build the deposit base, from existing and new customers.
Excluding the acquisition, lending volumes were stable and
deposit volumes increased by 10%.
Net fee and commission income increased by 10% in local
currency year on year, mainly driven by strong savings
income and payment and card fee income.
Net loan losses and similar net result amounted to net
reversals of EUR 5m.
Personal Banking Sweden
Net interest income decreased by 10% in local currency year
on year, driven by lower deposit margins. These were partly
offset by higher deposit and lending volumes.
Lending volumes increased by 3% in local currency year on
year, driven by higher mortgage volumes. Deposit volumes
increased by 4% year on year.
Net fee and commission income increased by 2% in local
currency year on year, driven by higher payment and card fee
income.
Net loan losses and similar net result amounted to EUR 5m.
Personal Banking total
Chg Chg local curr.
Jan-
Sep 25
Jan-
Sep 24
Chg
Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Q3/Q3 Q3/Q2 EUR
Local
curr.
EURm
Net interest income 795 827 845 832 859 -7% -4% -8% -3% 2,467 2,603 -5% -6%
Net fee and commission income 321 295 296 303 290 11% 9% 10% 10% 912 838 9% 8%
Net insurance result 32 29 26 33 33 -3% 10% -6% 7% 87 90 -3% -3%
Net result from items at fair value 15 19 16 19 21 -29% -21% -33% -26% 50 62 -19% -15%
Other income 0 2 1 1 1 3 10
Total income incl. allocations 1,163 1,172 1,184 1,188 1,204 -3% -1% -4% 0% 3,519 3,603 -2% -3%
Total expenses incl. allocations -593 -592 -618 -625 -570 4% 0% 3% 1% -1,803 -1,720 5% 4%
Profit before loan losses 570 580 566 563 634 -10% -2% -11% -1% 1,716 1,883 -9% -10%
Net loan losses and similar net result -7 4 5 -3 -26 2 -83
Operating profit 563 584 571 560 608 -7% -4% -8% -3% 1,718 1,800 -5% -5%
Cost-to-income ratio1, % 52 51 51 53 48 51 48
Return on allocated equity1, % 16 16 17 16 18 16 19
Allocated equity 10,873 10,966 11,116 11,023 10,797 1% -1% 10,873 10,797 1%
Risk exposure amount (REA) 61,498 60,810 61,850 60,231 57,799 6% 1% 61,498 57,799 6%
Number of employees (FTEs) 6,913 7,061 7,246 7,138 6,955 -1% -2% 6,913 6,955 -1%
Volumes, EURbn:
Mortgage lending 164.7 163.1 165.3 161.5 153.9 7% 1% 6% 0% 164.7 153.9 7% 6%
Other lending 14.3 14.4 14.7 14.9 15.1 -5% -1% -6% -1% 14.3 15.1 -5% -6%
Total lending 179.0 177.5 180.0 176.4 169.0 6% 1% 5% 0% 179.0 169.0 6% 5%
Total deposits 95.6 95.1 92.8 90.2 88.1 9% 1% 8% 0% 95.6 88.1 9% 8%
1 With amortised resolution fees.
===== SIDA 22 =====
Nordea Third-Quarter Financial Report 2025
21
Q3
Personal Banking
Chg Chg local curr.
Jan-
Sep 25
Jan-
Sep 24
Chg
Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Q3/Q3 Q3/Q2 EUR
Local
curr.
Net interest income, EURm
PeB Denmark 220 223 228 224 228 -4% -1% -3% -1% 671 687 -2% -2%
PeB Finland 197 203 213 229 249 -21% -3% -21% -3% 613 759 -19% -19%
PeB Norway 131 141 145 108 118 11% -7% 12% -5% 417 367 14% 15%
PeB Sweden 241 251 253 267 260 -7% -4% -10% -3% 745 779 -4% -7%
Other 6 9 6 4 4 21 11
Total 795 827 845 832 859 -7% -4% -8% -3% 2,467 2,603 -5% -6%
Net fee and commission income, EURm
PeB Denmark 94 78 81 89 75 25% 21% 25% 21% 253 225 12% 12%
PeB Finland 81 80 79 79 80 1% 1% 1% 1% 240 234 3% 3%
PeB Norway 35 34 32 29 32 9% 3% 10% 0% 101 85 19% 21%
PeB Sweden 111 107 106 107 106 5% 4% 2% 6% 324 303 7% 4%
Other 0 -4 -2 -1 -3 -6 -9
Total 321 295 296 303 290 11% 9% 10% 10% 912 838 9% 8%
Net loan losses and similar net result, EURm
PeB Denmark 1 2 4 0 -6 7 -19
PeB Finland -9 -5 -3 -18 -14 -17 -36
PeB Norway 5 2 8 9 -1 15 -7
PeB Sweden -5 4 -4 8 -5 -5 -22
Other 1 1 0 -2 0 2 1
Total -7 4 5 -3 -26 2 -83
Volumes, EURbn
Personal Banking Denmark
Mortgage lending 41.3 41.5 41.6 42.0 42.0 -2% 0% -1% 0% 41.3 42.0 -2% -1%
Other lending 3.6 3.7 3.8 4.0 4.2 -14% -3% -14% -3% 3.6 4.2 -14% -14%
Total lending 44.9 45.2 45.4 46.0 46.2 -3% -1% -3% 0% 44.9 46.2 -3% -3%
Total deposits 24.6 24.6 23.9 23.9 23.8 3% 0% 3% 0% 24.6 23.8 3% 3%
Personal Banking Finland
Mortgage lending 31.4 31.4 31.4 31.4 31.5 0% 0% 0% 0% 31.4 31.5 0% 0%
Other lending 6.3 6.3 6.3 6.3 6.3 0% 0% 0% 0% 6.3 6.3 0% 0%
Total lending 37.7 37.7 37.7 37.7 37.8 0% 0% 0% 0% 37.7 37.8 0% 0%
Total deposits 27.5 27.2 26.7 26.4 26.7 3% 1% 3% 1% 27.5 26.7 3% 3%
Personal Banking Norway
Mortgage lending 40.1 39.4 40.6 39.4 31.2 29% 2% 27% 0% 40.1 31.2 29% 27%
Other lending 1.5 1.5 1.7 1.7 1.7 -12% 0% -6% 0% 1.5 1.7 -12% -6%
Total lending 41.6 40.9 42.3 41.1 32.9 26% 2% 26% 0% 41.6 32.9 26% 26%
Total deposits 15.0 14.9 14.4 13.6 10.9 38% 1% 36% -1% 15.0 10.9 38% 36%
Personal Banking Sweden
Mortgage lending 51.9 50.9 51.7 48.7 49.1 6% 2% 3% 1% 51.9 49.1 6% 3%
Other lending 2.9 2.9 2.9 2.9 3.0 -3% 0% -7% -4% 2.9 3.0 -3% -7%
Total lending 54.8 53.8 54.6 51.6 52.1 5% 2% 3% 1% 54.8 52.1 5% 3%
Total deposits 28.5 28.3 27.8 26.3 26.7 7% 1% 4% 0% 28.5 26.7 7% 4%
===== SIDA 23 =====
Nordea Third-Quarter Financial Report 2025
22
Q3
Business Banking
Introduction
In Business Banking we provide small and medium-sized
enterprises (SMEs) with banking and advisory products and
services both online and in person.
Business Banking also includes the product and specialist
units Transaction Banking and Nordea Finance, which provide
payment and transaction services and asset-based lending
and receivables finance, respectively.
We are a trusted financial partner, providing competent advice
and developing digital solutions to support sustainable growth
for our customers.
Business development
In the third quarter we maintained solid volume growth and
enhanced customer experience. Lending volumes increased
by 5% year on year in local currencies, driven in particular by
Sweden and Norway. Deposit volumes grew by 9%,
supported by growth across all markets.
Our intense focus on enhancing service quality and
accessibility has resulted in higher relative customer
satisfaction. According to the annual external EPSI survey for
the banking industry, we have improved our position relative
to peers across all markets. In Sweden, we achieved the
highest rating among peer institutions.
Our digital banking excellence gained strong recognition in
Global Finance’s annual World’s Best Digital Banks Awards.
For the third consecutive year, Nordea Business and the
mobile app won the titles of Best Corporate Digital Bank and
Best Mobile Banking App in each of the Nordic countries. This
recognition highlights our efforts and commitment to deliver
best-in-class digital solutions for small and medium-sized
enterprises (SMEs) across the Nordics.
To help us become the leading digital bank for SMEs, we
continued to develop Nordea Business and the mobile app.
This quarter, we further digitalised loan application processes
by making it possible for customers in Sweden to apply for car
leasing online.
To strengthen our commercial card offering for SMEs, we
entered into a partnership with the Swedish fintech Mynt to
develop a new business credit card and expense
management solution. Once launched, the new card will offer
SMEs a streamlined and easy-to-use digital experience.
We remain committed to supporting customers in their
sustainability transitions. Our sustainable financing portfolio
grew during the quarter and now represents 14% of total
lending. To further promote sustainable growth, we expanded
our guarantee agreement with the European Investment Bank
to include Denmark. The agreement enables us to support
SMEs in financing innovation and sustainability across the
Nordics, with a total financing package of EUR 560m.
Financial outcome
Total income in the third quarter decreased by 5% year on
year, with higher volumes and higher net fee and commission
income partly offsetting lower deposit income and lower net
fair value result.
Net interest income decreased by 8% year on year due to
lower deposit margins amid decreases in policy rates. These
were partly offset by growth in business volumes.
Net fee and commission income increased by 8% year on
year, driven by higher lending fee income and higher income
from debt capital market transactions.
Net result from items at fair value decreased by 6% year on
year. The decrease was mainly attributable to lower income
from derivatives as stabilised rate expectations reduced
demand for rate hedging instruments.
Total expenses increased by 6% year on year (5% in local
currencies), driven by strategic investments in key areas,
including technology, data and AI, and annual salary inflation.
The cost-to-income ratio with amortised resolution fees was
46%, compared with 41% a year ago, reflecting the lower
deposit income and higher investment expenditure.
Net loan losses and similar net result amounted to net
reversals of EUR 25m (11bp), compared with net losses of
EUR 28m a year ago. The amount included EUR 20m
released from the management judgement buffer.
Operating profit decreased by 2% year on year, to EUR
454m. Return on allocated equity with amortised resolution
fees was 16%.
Business Banking Denmark
Net interest income decreased by 12% in local currency year
on year due to lower deposit margins. The decrease was
partly offset by higher deposit and lending volumes.
Lending volumes increased by 1% in local currency year on
year. Deposit volumes increased by 12%.
Net fee and commission income was unchanged year on
year, as higher lending fee income was offset by lower
income from equity capital market transactions.
Net loan losses and similar net result amounted to net
reversals of EUR 14m (27bp).
===== SIDA 24 =====
Nordea Third-Quarter Financial Report 2025
23
Q3
Business Banking Finland
Net interest income decreased by 14% year on year, driven
by lower deposit margins. The decrease was partly offset by
higher deposit and lending volumes.
Lending volumes increased by 2% year on year, while deposit
volumes increased by 4%.
Net fee and commission income increased by 6% year on
year, driven by higher savings income and higher debt capital
markets income.
Net loan losses and similar net result amounted to net
reversals of EUR 8m (17bp).
Business Banking Norway
Net interest income decreased by 5% in local currency year
on year due to lower deposit margins. The decrease was
partly offset by higher deposit and lending volumes.
Lending volumes increased by 6% in local currency year on
year. Deposit volumes increased by 23%.
Net fee and commission income increased by 18% in local
currency year on year. The increase was driven by higher
debt capital markets income and higher lending fee income.
Net loan losses and similar net result amounted to EUR 0m
(0bp).
Business Banking Sweden
Net interest income decreased by 5% in local currency year
on year, driven by lower lending and deposit margins. These
were partly offset by higher lending and deposit volumes.
Lending volumes increased by 11% in local currency year on
year, while deposit volumes increased by 3%.
Net fee and commission income increased by 13% in local
currency year on year, driven by higher income from debt
capital market transactions, higher lending fee income, and
higher savings income.
Net loan losses and similar net result amounted to net
reversals of EUR 9m (12bp).
Business Banking total
Chg Chg local curr.
Jan-
Sep 25
Jan-
Sep 24
Chg
Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Q3/Q3 Q3/Q2 EUR
Local
curr.
EURm
Net interest income 528 537 548 556 573 -8% -2% -9% -1% 1,613 1,759 -8% -9%
Net fee and commission income 156 150 153 152 145 8% 4% 6% 3% 459 440 4% 3%
Net insurance result 7 6 8 10 12 -42% 17% -42% 17% 21 25 -16% -16%
Net result from items at fair value 92 107 105 102 98 -6% -14% -4% -10% 304 302 1% 0%
Other income 12 11 8 7 9 31 32
Total income incl. allocations 795 811 822 827 837 -5% -2% -6% -1% 2,428 2,558 -5% -6%
Total expenses incl. allocations -366 -370 -361 -353 -346 6% -1% 5% 0% -1,097 -1,041 5% 4%
Profit before loan losses 429 441 461 474 491 -13% -3% -13% -2% 1,331 1,517 -12% -13%
Net loan losses and similar net result 25 0 -23 -53 -28 2 -77
Operating profit 454 441 438 421 463 -2% 3% -3% 3% 1,333 1,440 -7% -8%
Cost-to-income ratio1, % 46 46 43 43 41 45 41
Return on allocated equity1, % 16 16 16 15 17 16 18
Allocated equity 8,694 8,671 8,691 8,424 8,425 3% 0% 8,694 8,425 3%
Risk exposure amount (REA) 42,945 44,404 43,932 43,106 43,081 0% -3% 42,945 43,081 0%
Number of employees (FTEs) 3,797 3,851 3,914 3,919 3,930 -3% -1% 3,797 3,930 -3%
Volumes, EURbn:
Total lending 94.2 92.8 91.3 88.4 88.5 6% 2% 5% 1% 94.2 88.5 6% 5%
Total deposits 56.1 55.4 53.7 52.8 50.9 10% 1% 9% 1% 56.1 50.9 10% 9%
1 With amortised resolution fees.
===== SIDA 25 =====
Nordea Third-Quarter Financial Report 2025
24
Q3
Business Banking
Chg Chg local curr.
Jan-
Sep 25
Jan-
Sep 24
Chg
Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Q3/Q3 Q3/Q2 EUR
Local
curr.
Net interest income, EURm
Business Banking Denmark 104 105 110 113 118 -12% -1% -12% -1% 319 354 -10% -10%
Business Banking Finland 132 136 137 147 153 -14% -3% -14% -3% 405 465 -13% -13%
Business Banking Norway 140 140 138 146 148 -5% 0% -5% 0% 418 451 -7% -6%
Business Banking Sweden 156 161 156 157 159 -2% -3% -5% -2% 473 493 -4% -6%
Other -4 -5 7 -7 -5 -2 -4
Total 528 537 548 556 573 -8% -2% -9% -1% 1,613 1,759 -8% -9%
Net fee and commission income, EURm
Business Banking Denmark 28 23 27 26 28 0% 22% 0% 22% 78 83 -6% -6%
Business Banking Finland 52 53 48 50 49 6% -2% 6% -2% 153 151 1% 1%
Business Banking Norway 25 25 25 23 22 14% 0% 18% 8% 75 74 1% 3%
Business Banking Sweden 56 51 53 54 49 14% 10% 13% 13% 160 143 12% 9%
Other -5 -2 0 -1 -3 -7 -11
Total 156 150 153 152 145 8% 4% 6% 3% 459 440 4% 3%
Net loan losses and similar net result, EURm
Business Banking Denmark 14 11 1 -20 -14 26 -24
Business Banking Finland 8 -15 -12 -22 -15 -19 -30
Business Banking Norway 0 -1 -1 -1 2 -2 0
Business Banking Sweden 9 2 -11 -10 -1 0 -22
Other -6 3 0 0 0 -3 -1
Total 25 0 -23 -53 -28 2 -77
Lending, EURbn
Business Banking Denmark 20.8 20.7 20.4 20.7 20.5 1% 0% 1% 0% 20.8 20.5 1% 1%
Business Banking Finland 18.8 18.8 18.6 18.1 18.4 2% 0% 2% 0% 18.8 18.4 2% 2%
Business Banking Norway 24.2 23.4 23.4 22.6 22.8 6% 3% 6% 2% 24.2 22.8 6% 6%
Business Banking Sweden 30.4 29.9 28.9 26.9 26.8 13% 2% 11% 1% 30.4 26.8 13% 11%
Other 0 0 0 0.1 0 0 0
Total 94.2 92.8 91.3 88.4 88.5 6% 2% 5% 1% 94.2 88.5 6% 5%
Deposits, EURbn
Business Banking Denmark 11.9 11.0 10.7 10.7 10.6 12% 8% 12% 8% 11.9 10.6 12% 12%
Business Banking Finland 14.3 14.6 14.1 13.8 13.8 4% -2% 4% -2% 14.3 13.8 4% 4%
Business Banking Norway 12.4 11.9 11.1 10.9 10.0 24% 4% 23% 3% 12.4 10.0 24% 23%
Business Banking Sweden 17.4 17.9 17.7 17.4 16.5 5% -3% 3% -4% 17.4 16.5 5% 3%
Other 0.1 0 0.1 0 0 0.1 0
Total 56.1 55.4 53.7 52.8 50.9 10% 1% 9% 1% 56.1 50.9 10% 9%
===== SIDA 26 =====
Nordea Third-Quarter Financial Report 2025
25
Q3
Large Corporates & Institutions
Introduction
In Large Corporates & Institutions (LC&I) we provide financial
solutions to large Nordic corporate and institutional
customers. We also provide services to customers across the
Nordea Group through the product and specialist units
Markets and Investment Banking & Equities and our
international corporate branches.
We are a leading bank for large corporate and institutional
customers in the Nordics and a leading player within
sustainable finance.
We offer a focused and dedicated range of products and
services covering financing, cash management and
payments, as well as investment banking and capital markets
solutions.
Business development
In the third quarter we maintained strong lending growth and
actively supported our Nordic customers with their financing
needs, leveraging our well-diversified business portfolio.
Despite the seasonally slow quarter, we saw some pick-up in
event-driven transactions and related financing, and robust
demand for additional liquidity. Lending volumes continued to
increase quarter on quarter and were up 6% year on year.
Deposit volumes were up quarter on quarter, rebounding from
the second quarter, where they had been seasonally lower
due to dividends. Deposit volumes decreased by 7% year on
year, mainly driven by a few larger customers in Denmark and
Norway.
Debt Capital Markets activity remained high, with broad-based
activity among both corporate and institutional customers.
During the quarter we arranged more than 120 transactions,
bringing the total to more than 500 for the year and supporting
our leading positions for Nordic corporate bonds and Nordic
bonds overall year to date. While market conditions remained
volatile for Equity Capital Markets (ECM) and Mergers &
Acquisitions (M&A), several M&A transactions were
announced and ECM activity showed signs of recovery.
Highlights of the quarter included a DKK 7bn green bond for
the Kingdom of Denmark and the initial public offerings of
Klarna and NOBA Bank. We also advised Qt Group on its
offer for I.A.R. Systems.
Nordea Markets delivered a solid quarterly market making
result across all product areas, in particular fixed income. The
seasonally subdued hedging and financing activity gradually
picked up as the quarter progressed.
We remain a trusted partner for sustainable finance. During
the quarter we further grew our position, facilitating an
additional EUR 10bn in sustainable financing and bringing the
total to EUR 212bn. We have now comfortably surpassed our
2025 target of EUR 200bn ahead of time.
Financial outcome
Total income was down 2% year on year, mainly driven by
lower net interest income, but was up 5% quarter on quarter,
demonstrating positive momentum and increased customer
activity.
Net interest income decreased by 9% year on year due to the
impact of lower interest rates. This was partly offset by higher
lending volumes, which also drove a quarter on quarter net
interest income increase of 3%.
Net fee and commission income was up 4% year on year,
driven by higher income from bonds and lending fees. Event-
driven business remained subdued, notably within corporate
finance, due to continued macroeconomic and geopolitical
uncertainty.
Net result from items at fair value increased by 13% year on
year, driven by high customer activity and market making
income.
Total expenses increased by 3% year on year amid strict cost
control. We continued with our strategic investments in
several areas, including technology, data and AI. The cost-to-
income ratio with amortised resolution fees was 41%,
compared with 38% a year ago.
Net loan losses and similar net result amounted to net
reversals of EUR 3m, compared with net losses of EUR 1m in
the same quarter last year. The amount included a EUR 20m
release from the management judgement buffer.
Operating profit amounted to EUR 348m, a year-on-year
decrease of 5%.
We continued to exercise strict capital discipline. Return on
allocated equity was 16%, down 1 percentage point on the
same quarter last year.
===== SIDA 27 =====
Nordea Third-Quarter Financial Report 2025
26
Q3
Large Corporates & Institutions total
Chg
Jan-Sep 25 Jan-Sep 24 Chg Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2
EURm
Net interest income 326 318 334 349 360 -9% 3% 978 1,085 -10%
Net fee and commission income 123 134 122 134 118 4% -8% 379 396 -4%
Net insurance result 0 0 0 0 0 0 0
Net result from items at fair value 131 102 164 78 116 13% 28% 397 353 12%
Other income 1 0 0 0 1 1 -1
Total income incl. allocations 581 554 620 561 595 -2% 5% 1,755 1,833 -4%
Total expenses incl. allocations -236 -237 -232 -234 -229 3% 0% -705 -689 2%
Profit before loan losses 345 317 388 327 366 -6% 9% 1,050 1,144 -8%
Net loan losses and similar net result 3 14 2 3 -1 19 11
Operating profit 348 331 390 330 365 -5% 5% 1,069 1,155 -7%
Cost-to-income ratio1, % 41 43 37 42 38 40 38
Return on allocated equity1, % 16 15 19 15 17 17 18
Allocated equity 6,740 6,775 6,785 6,722 6,728 0% -1% 6,740 6,728 0%
Risk exposure amount (REA) 40,516 40,128 39,816 39,881 39,841 2% 1% 40,516 39,841 2%
Number of employees (FTEs) 1,191 1,202 1,224 1,224 1,243 -4% -1% 1,191 1,243 -4%
Volumes, EURbn2:
Total lending 56.0 55.1 54.1 53.3 52.9 6% 2% 56.0 52.9 6%
Total deposits 48.1 47.0 54.5 52.8 51.5 -7% 2% 48.1 51.5 -7%
1 With amortised resolution fees.
2 Excluding repurchase agreements and security lending/borrowing agreements.
Large Corporates & Institutions
Chg
Jan-Sep 25 Jan-Sep 24 Chg Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2
Net interest income, EURm
Denmark 60 61 68 69 69 -13% -2% 189 211 -10%
Finland 56 57 56 59 63 -11% -2% 169 191 -12%
Norway 75 74 77 83 87 -14% 1% 226 261 -13%
Sweden 120 115 114 122 125 -4% 4% 349 374 -7%
Other 15 11 19 16 16 45 48
Total 326 318 334 349 360 -9% 3% 978 1,085 -10%
Net fee and commission income, EURm
Denmark 28 33 34 48 36 -22% -15% 95 112 -15%
Finland 32 35 26 29 30 7% -9% 93 105 -11%
Norway 28 32 26 25 26 8% -13% 86 89 -3%
Sweden 41 37 41 37 32 28% 11% 119 104 14%
Other -6 -3 -5 -5 -6 -14 -14
Total 123 134 122 134 118 4% -8% 379 396 -4%
Net loan losses and similar net result, EURm
Denmark -3 -3 -4 -2 2 -10 32
Finland -5 4 1 10 -1 0 0
Norway 11 -3 3 -4 0 11 -19
Sweden 5 13 6 -15 0 24 1
Other -5 3 -4 14 -2 -6 -3
Total 3 14 2 3 -1 19 11
Lending, EURbn1
Denmark 11.6 12.0 12.0 11.9 10.7 8% -3% 11.6 10.7 8%
Finland 9.9 10.2 9.5 9.3 10.1 -2% -3% 9.9 10.1 -2%
Norway 10.4 10.2 10.8 10.7 10.7 -3% 2% 10.4 10.7 -3%
Sweden 21.3 20.1 19.3 18.7 19.0 12% 6% 21.3 19.0 12%
Other 2.8 2.6 2.5 2.7 2.4 2.8 2.4
Total 56.0 55.1 54.1 53.3 52.9 6% 2% 56.0 52.9 6%
Deposits, EURbn1
Denmark 9.3 8.6 11.0 12.8 11.3 -18% 8% 9.3 11.3 -18%
Finland 13.2 13.2 13.5 12.8 13.3 -1% 0% 13.2 13.3 -1%
Norway 11.6 11.8 12.6 11.9 13.2 -12% -2% 11.6 13.2 -12%
Sweden 13.9 13.3 16.5 13.9 13.6 2% 5% 13.9 13.6 2%
Other 0.1 0.1 0.9 1.4 0.1 0.1 0.1
Total 48.1 47.0 54.5 52.8 51.5 -7% 2% 48.1 51.5 -7%
1 Excluding repurchase agreements and security lending/borrowing agreements.
===== SIDA 28 =====
Nordea Third-Quarter Financial Report 2025
27
Q3
Asset & Wealth Management
Introduction
In Asset & Wealth Management we provide Nordic private
banking customers and international institutional and
wholesale customers with market-leading products and
services.
Asset & Wealth Management also includes the product and
specialist units Asset Management and Life & Pension.
Business development
In the third quarter we drove solid business momentum in our
Nordic channels and investment performance was strong. We
kept customer satisfaction in our Nordic home markets at the
same record-high level reached in the previous quarter.
New flows in our Nordic channels amounted to EUR 1.5bn in
Private Banking and were at a record high in Life & Pension at
EUR 1.2bn. In Sweden, we drove high investment activity,
including by helping our customers take part in several initial
public offerings across the Nordics. Customer activity was at a
high across the Nordics after the summer and pension flows
in Norway continued to recover following outflows in the first
half of the year.
In our international channels net flows improved quarter on
quarter, although they remained below the very strong first
quarter. International flows amounted to EUR 0.6bn, of which
EUR 0.2bn were from international institutions. Flows in the
wholesale distribution channel continued to stabilise,
amounting to EUR 0.4bn for the quarter.
Overall investment performance was solid, with 82% of
aggregated composites providing excess return on a three-
year basis. We were pleased to see strong interest in our new
Nordea 1 – Empower Europe Fund, which invests in the
drivers of Europe’s transformation: energy resilience,
reshoring, and defence and cybersecurity. Since its launch in
mid-June, the fund has attracted a net flow of around EUR
250m. By the end of the quarter 74% of our total assets under
management were in ESG products.
We continued to deliver on our strategic objective to be a
digital leader within savings and investments. During the
quarter we made several key enhancements to our platform.
For example, we digitalised domestic corporate actions in
Denmark, Finland and Sweden, and continued to implement
and enhance the advice follow-up functionality in our mobile
banking app.
In Life & Pension we launched Nordea Node, our digital
pension value proposition and platform for the small and
medium-sized business segment, in Sweden. This marks our
next step in simplifying and digitalising occupational pensions,
drastically reducing time spent on administration, and
delivering best-in-class customer experiences.
Financial outcome
Total income in the third quarter was down 1% year on year,
driven by lower net interest income and net result from items
at fair value.
Net interest income was down 9% year on year, driven by
lower interest rates.
Net fee and commission income was up 1% year on year, as
higher assets under management were partly offset by
customer preference for lower-risk and lower-margin
products.
Net insurance result amounted to EUR 27m, compared with
EUR 15m a year ago. The increase was driven by improved
result from Traditional products.
Net result from items at fair value amounted to EUR 9m,
compared with EUR 21m a year ago. The decrease was
driven by lower return on shareholders’ equity portfolios.
Total expenses increased by 7% year on year, driven by
strategic investments in key areas, including technology, data
and AI, and annual salary inflation. The cost-to-income ratio
with amortised resolution fees increased by 3 percentage
points, to 44%
Net loan losses and similar net result amounted to EUR 0m,
compared with net reversals of EUR 4m in the same quarter
last year.
Operating profit was EUR 187m, down 9% year on year.
Return on allocated equity with amortised resolution fees was
33%, a year-on-year decrease of 6 percentage points, driven
by increased capital requirements and lower operating profit.
===== SIDA 29 =====
Nordea Third-Quarter Financial Report 2025
28
Q3
Asset & Wealth Management total
Chg Chg local curr.
Jan-
Sep 25
Jan-
Sep 24
Chg
Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Q3/Q3 Q3/Q2 EUR
Local
curr.
EURm
Net interest income 71 74 78 77 78 -9% -4% -9% -1% 223 245 -9% -9%
Net fee and commission income 227 219 234 244 225 1% 4% 0% 3% 680 675 1% 1%
Net insurance result 27 23 19 26 15 80% 17% 80% 23% 69 69 0% 1%
Net result from items at fair value 9 16 14 2 21 -57% -44% -55% -44% 39 42 -7% -3%
Other income 0 -1 0 -2 0 -1 0
Total income incl. allocations 334 331 345 347 339 -1% 1% -1% 2% 1,010 1,031 -2% -2%
Total expenses incl. allocations -147 -151 -154 -152 -138 7% -3% 7% -1% -452 -414 9% 9%
Profit before loan losses 187 180 191 195 201 -7% 4% -7% 4% 558 617 -10% -9%
Net loan losses and similar net result 0 -1 1 1 4 0 -1
Operating profit 187 179 192 196 205 -9% 4% -9% 4% 558 616 -9% -9%
Cost-to-income ratio1, % 44 46 44 44 41 45 40
Return on allocated equity1, % 33 32 35 36 39 33 39
Allocated equity 1,734 1,736 1,733 1,660 1,636 6% 0% 1,734 1,636 6%
Risk exposure amount (REA) 8,618 8,464 8,625 7,239 7,054 22% 2% 8,618 7,054 22%
Number of employees (FTEs) 3,124 3,152 3,197 3,158 3,147 -1% -1% 3,124 3,147 -1%
Volumes, EURbn:
AuM 456.0 437.1 425.2 422.0 412.4 11% 4% 456.0 412.4 11%
Total lending 13.0 12.7 12.8 12.3 11.9 9% 2% 9% 2% 13.0 11.9 9% 9%
Total deposits 13.6 14.1 13.4 12.5 12.1 12% -4% 12% -4% 13.6 12.1 12% 12%
1 With amortised resolution fees.
Assets under management (AuM), volumes and net flow
Net flow
Q325 Q225 Q125 Q424 Q324 Q325
EURbn
Nordic retail funds 97.0 92.0 90.3 92.1 88.6 0.7
Private Banking 143.8 139.7 133.7 131.4 132.5 1.5
Life & Pension 100.8 95.6 92.5 92.7 90.1 1.2
Nordic institutions 49.4 46.9 46.0 45.7 46.4 1.0
Total Nordic channels 391.0 374.2 362.5 361.9 357.6 4.4
Wholesale distribution 39.1 35.5 35.1 36.1 36.6 0.4
International institutions 25.9 27.4 27.6 24.0 18.2 0.2
Total international channels 65.0 62.9 62.7 60.1 54.8 0.6
Total 456.0 437.1 425.2 422.0 412.4 5.0
Chg Jan-
Sep 25
Jan-
Sep 24 Chg Net interest income Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2
EURm
PB Denmark 24 24 23 25 24 0% 0% 71 72 -1%
PB Finland 17 18 17 21 22 -23% -6% 52 67 -22%
PB Norway 11 10 11 10 9 22% 10% 32 28 14%
PB Sweden 16 17 17 17 17 -6% -6% 50 51 -2%
Other 3 5 10 4 6 -50% -40% 18 27 -33%
Total 71 74 78 77 78 -9% -4% 223 245 -9%
Chg Jan-
Sep 25
Jan-
Sep 24 Chg Net fee and commission income Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2
EURm
PB Denmark 51 52 50 55 49 4% -2% 153 147 4%
PB Finland 48 46 46 47 45 7% 4% 140 129 9%
PB Norway 14 13 16 13 12 17% 8% 43 38 13%
PB Sweden 36 33 38 37 34 6% 9% 107 99 8%
Institutional and wholesale distribution 74 69 73 86 75 -1% 7% 216 236 -8%
Other 4 6 11 6 10 -60% -33% 21 26 -19%
Total 227 219 234 244 225 1% 4% 680 675 1%
===== SIDA 30 =====
Nordea Third-Quarter Financial Report 2025
29
Q3
Chg Jan-
Sep 25
Jan-
Sep 24
Private Banking Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Chg
AuM, EURbn
PB Denmark 37.7 37.4 35.8 37.8 39.9 -6% 1% 37.7 39.9 -6%
PB Finland 45.9 44.7 41.1 39.0 39.4 16% 3% 45.9 39.4 16%
PB Norway 16.9 15.9 15.8 14.8 12.8 32% 6% 16.9 12.8 32%
PB Sweden 43.3 41.7 41.0 39.8 40.4 7% 4% 43.3 40.4 7%
Private Banking 143.8 139.7 133.7 131.4 132.5 9% 3% 143.8 132.5 9%
Lending, EURbn
PB Denmark 4.4 4.4 4.3 4.3 4.3 2% 0% 4.4 4.3 2%
PB Finland 2.6 2.6 2.6 2.5 2.5 4% 0% 2.6 2.5 4%
PB Norway 2.5 2.4 2.5 2.4 2.0 25% 4% 2.5 2.0 25%
PB Sweden 3.5 3.3 3.4 3.1 3.1 13% 6% 3.5 3.1 13%
Private Banking 13.0 12.7 12.8 12.3 11.9 9% 2% 13.0 11.9 9%
Asset Management - AuM and net flow1
Chg Jan-
Sep 25
Jan-
Sep 24
Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Chg
EURbn
AuM, Nordic channels 250.0 237.0 230.3 229.6 218.2 15% 5% 250.0 218.2 15%
AuM, international channels 61.4 59.4 59.2 56.5 51.4 19% 3% 61.4 51.4 19%
AuM, total 311.4 296.4 289.5 286.1 269.6 16% 5% 311.4 269.6 16%
- whereof ESG AuM2 229.1 222.5 216.2 212.7 195.9 17% 3% 229.1 195.9 17%
Net inflow, Nordic channels 2.5 2.7 1.6 9.4 0.3 6.8 2.7
Net inflow, international channels 0.7 -0.3 4.1 2.2 -1.8 4.5 -5.3
Net inflow, total 3.2 2.4 5.7 11.6 -1.5 11.3 -2.6
- whereof ESG net inflow2 -2.2 3.3 6.4 11.5 0.1 7.5 0
1 International channels include “Institutional sales international” and “Wholesale distribution”, while Nordic channels includ e all other assets managed by
Asset Management.
2 Articles 8 and 9 of the Sustainable Finance Disclosure Regulation.
Life & Pension
Chg Jan-
Sep 25
Jan-
Sep 24
Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Chg
EURm
AuM, EURbn 96.9 91.7 88.6 88.5 85.9 13% 6% 96.9 85.9 13%
Premiums 2,897 3,002 3,687 3,091 2,554 13% -3% 9,586 8,507 13%
Profit drivers
Profit traditional products 14 14 16 20 5 0% 44 32 38%
Profit market return products 98 83 80 84 73 34% 18% 261 225 16%
Profit risk products 14 16 13 22 34 -59% -13% 43 77 -44%
Total product result 126 113 109 126 112 13% 12% 348 334 4%
===== SIDA 31 =====
Nordea Third-Quarter Financial Report 2025
30
Q3
Group functions
Introduction
Our Group functions provide the four business areas with the
services, subject matter expertise, data and technology
infrastructure needed for Nordea to be the preferred financial
partner in the Nordics. The Group functions consist of Group
Business Support; Group Technology; Chief of Staff Office;
Group Brand, Communication and Marketing; Group Risk;
Group Compliance; Group People; Group Legal; Group
Finance and Group Internal Audit.
Together with the results of the business areas, the results of
the Group functions add up to the reported result for the
Group. Income primarily originates from Group Treasury. The
majority of both costs and income in Group functions are
distributed to the business areas.
Business development
In the third quarter we continued to deliver on our strategic
priorities, including reducing operational risk, preventing
financial crime and modernising our technology landscape.
We maintained a strong focus on cost discipline while making
targeted investments to enhance operational resilience and
drive long-term improvements.
We also continued to adapt to evolving regulatory
requirements to ensure an efficient and compliant operating
model.
Financial outcome
Total operating income in the third quarter amounted to EUR
37m, down from EUR 39m a year ago. The decrease was
mainly driven by lower net result from items at fair value.
Net result from items at fair value amounted to EUR -2m, a
year-on-year decrease of EUR 30m, due to negative valuation
adjustments.
Total operating expenses amounted to a positive EUR 10m, a
year-on-year decrease of EUR 56m. The decrease was driven
by the settlement of a regulatory investigation in the US last
year and lower investment costs recognised in Group
functions.
Group functions
Chg Jan-
Sep 25
Jan-
Sep 24
Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Chg
EURm
Net interest income 55 42 24 40 12 121 48
Net fee and commission income -16 -6 -12 -8 -4 -34 -17
Net insurance result 0 0 1 0 0 1 0
Net result from items at fair value -2 10 -10 0 28 -2 63
Other income 0 -3 0 0 3 -3 10
Total operating income 37 43 3 32 39 83 104
Total operating expenses 10 17 11 -70 -46 38 -32
Profit before loan losses 47 60 14 -38 -7 121 72
Net loan losses and similar net result -2 4 2 -2 0 4 -2
Operating profit 45 64 16 -40 -7 125 70
Allocated equity 3,479 2,219 1,412 4,607 3,868 3,479 3,868
Risk exposure amount (REA) 4,794 4,770 5,462 5,393 5,916 4,794 5,916
Number of employees (FTEs) 14,361 14,578 14,762 14,718 14,620 -2% -1% 14,361 14,620 -2%
===== SIDA 32 =====
Nordea Third-Quarter Financial Report 2025
31
Q3
Income statement
Q3 Q3 Jan-Sep Jan-Sep Full year
Note 2025 2024 2025 2024 2024
EURm
Operating income
Interest income calculated using the effective interest rate method 3,769 4,598 11,787 14,274 18,580
Other interest income 440 622 1,421 1,912 2,500
Interest expense -2,434 -3,338 -7,806 -10,446 -13,486
Net interest income 3 1,775 1,882 5,402 5,740 7,594
Fee and commission income 1,049 998 3,114 3,006 4,064
Fee and commission expense -238 -224 -718 -674 -907
Net fee and commission income 4 811 774 2,396 2,332 3,157
Return on assets backing insurance liabilities 855 627 1,526 2,235 2,583
Insurance result -789 -567 -1,348 -2,051 -2,330
Net insurance result 5 66 60 178 184 253
Net result from items at fair value 6 245 284 788 822 1,023
Profit or loss from associated undertakings and joint ventures accounted for under
the equity method 1 4 -3 13 10
Other operating income 12 10 34 38 47
Total operating income 2,910 3,014 8,795 9,129 12,084
Operating expenses
General administrative expenses:
Staff costs -806 -779 -2,407 -2,289 -3,106
Other expenses 7 -353 -380 -1,066 -1,079 -1,530
Regulatory fees 8 -19 -18 -92 -99 -117
Depreciation, amortisation and impairment charges of tangible and intangible assets 9 -154 -152 -454 -429 -577
Total operating expenses -1,332 -1,329 -4,019 -3,896 -5,330
Profit before loan losses 1,578 1,685 4,776 5,233 6,754
Net result on loans in hold portfolios mandatorily held at fair value -6 1 4 -10 -8
Net loan losses 10 25 -52 23 -142 -198
Operating profit 1,597 1,634 4,803 5,081 6,548
Income tax expense -369 -368 -1,120 -1,151 -1,489
Net profit for the period 1,228 1,266 3,683 3,930 5,059
Attributable to:
Shareholders of Nordea Bank Abp 1,228 1,266 3,657 3,904 5,033
Additional Tier 1 capital holders - - 26 26 26
Total 1,228 1,266 3,683 3,930 5,059
Basic earnings per share, EUR 0.36 0.36 1.06 1.11 1.44
Diluted earnings per share, EUR 0.36 0.36 1.06 1.11 1.44
===== SIDA 33 =====
Nordea Third-Quarter Financial Report 2025
32
Q3
Statement of comprehensive income
Q3 Q3 Jan-Sep Jan-Sep Full year
2025 2024 2025 2024 2024
EURm
Net profit for the period 1,228 1,266 3,683 3,930 5,059
Items that may be reclassified subsequently to the income statement
Currency translation:
Currency translation differences 188 -236 217 -459 -483
Tax on currency translation differences - - - - -1
Hedging of net investments in foreign operations:
Valuation gains/losses -97 83 -127 159 174
Fair value through other comprehensive income: 1
Valuation gains/losses, net of recycling 55 -27 89 14 -62
Tax on valuation gains/losses -11 6 -20 -3 15
Cash flow hedges:
Valuation gains/losses, net of recycling -7 -23 -88 -10 51
Tax on valuation gains/losses 1 5 17 2 -10
Items that may not be reclassified subsequently to the income statement
Changes in own credit risk related to liabilities classified as fair value option:
Valuation gains/losses -3 1 -3 -7 -8
Tax on valuation gains/losses 1 0 1 2 2
Defined benefit plans:
Remeasurement of defined benefit plans 15 24 -88 87 99
Tax on remeasurement of defined benefit plans -3 -6 22 -21 -23
Companies accounted for under the equity method:
Other comprehensive income from companies accounted for under the equity method 0 0 -1 5 5
Tax on other comprehensive income from companies accounted for under the
equity method 0 0 0 -1 -1
Other comprehensive income, net of tax 139 -173 19 -232 -242
Total comprehensive income 1,367 1,093 3,702 3,698 4,817
Attributable to:
Shareholders of Nordea Bank Abp 1,367 1,093 3,676 3,672 4,791
Additional Tier 1 capital holders - - 26 26 26
Total 1,367 1,093 3,702 3,698 4,817
1 Valuation gains/losses related to hedged risks under fair value hedge accounting are accounted for directly in the income sta tement.
===== SIDA 34 =====
Nordea Third-Quarter Financial Report 2025
33
Q3
Balance sheet
30 Sep 31 Dec 30 Sep
Note 2025 2024 2024
EURm
Assets 12
Cash and balances with central banks 37,006 46,562 51,232
Loans to central banks 11 1,471 4,075 2,079
Loans to credit institutions 11, 12 7,094 2,950 6,511
Loans to the public 11, 12 375,343 357,588 348,896
Interest-bearing securities 80,267 73,464 69,809
Shares 39,044 35,388 37,779
Assets in pooled schemes and unit-linked investment contracts 66,998 60,879 58,696
Derivatives 17,641 25,211 22,210
Fair value changes of hedged items in portfolio hedges of interest rate risk -136 -243 -265
Investments in associated undertakings and joint ventures 445 482 477
Intangible assets 4,058 3,882 3,840
Properties and equipment 1,593 1,661 1,580
Investment properties 2,206 2,132 2,122
Deferred tax assets 218 206 220
Current tax assets 270 364 302
Retirement benefit assets 343 360 329
Other assets 12,935 7,168 10,265
Prepaid expenses and accrued income 773 1,131 1,209
Assets held for sale - 95 124
Total assets 647,569 623,355 617,415
Liabilities 12
Deposits by credit institutions 12 48,094 28,775 34,630
Deposits and borrowings from the public 12 225,970 232,435 222,064
Deposits in pooled schemes and unit-linked investment contracts 68,044 61,713 59,450
Insurance contract liabilities 32,244 30,351 29,878
Debt securities in issue 190,799 188,136 188,943
Derivatives 18,310 25,034 23,004
Fair value changes of hedged items in portfolio hedges of interest rate risk -428 -458 -356
Current tax liabilities 806 208 432
Other liabilities 21,356 14,196 17,975
Accrued expenses and prepaid income 1,297 1,638 1,644
Deferred tax liabilities 568 813 729
Provisions 363 396 330
Retirement benefit obligations 284 272 247
Subordinated liabilities 8,342 7,410 6,991
Total liabilities 616,049 590,919 585,961
Equity
Additional Tier 1 capital holders - 750 750
Share capital 4,050 4,050 4,050
Invested unrestricted equity 1,071 1,053 1,053
Other reserves -2,571 -2,591 -2,581
Retained earnings 28,970 29,174 28,182
Total equity 31,520 32,436 31,454
Total liabilities and equity 647,569 623,355 617,415
Off-balance sheet items
Assets pledged as security for own liabilities 247,771 216,648 212,898
Other assets pledged1 169 236 236
Contingent liabilities 19,688 20,841 20,197
Credit commitments2 93,523 86,948 87,117
Other commitments 2,624 2,803 2,636
1 Includes interest-bearing securities pledged as security for payment settlements with central banks and clearing institutions.
2 Including unutilised portion of approved overdraft facilities of EUR 28,538m (31 December 2024: EUR 28,325m; 30 September 202 4: EUR 27,437m).
===== SIDA 35 =====
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34
Q3
Statement of changes in equity
Attributable to shareholders of Nordea Bank Abp
Other reserves:
EURm
Share
capital1
Invested
un-
restricted
equity
Trans-
lation of
foreign
opera-
tions
Cash
flow
hedges
Fair
value
through
other
compre-
hensive
income
Defined
benefit
plans
Changes
in own
credit risk
related to
liabilities
classified
as fair
value
option
Retained
earnings Total
Addi-
tional
Tier 1
capital
holders
Total
equity
Balance as at 1 Jan 2025 4,050 1,053 -2,582 107 -53 -60 -3 29,174 31,686 750 32,436
Net profit for the period - - - - - - - 3,657 3,657 26 3,683
Other comprehensive
income, net of tax - - 90 -71 69 -66 -2 -1 19 - 19
Total comprehensive income - - 90 -71 69 -66 -2 3,656 3,676 26 3,702
Paid interest on Additional Tier 1
capital, net of tax - - - - - - - 5 5 -26 -21
Change in Additional Tier 1 capital - - - - - - - - - -750 -750
Share-based payments - - - - - - - 9 9 - 9
Dividend - - - - - - - -3,268 -3,268 - -3,268
Sale/purchase of own shares2 - 18 - - - - - -606 -588 - -588
Balance as at 30 Sep 2025 4,050 1,071 -2,492 36 16 -126 -5 28,970 31,520 - 31,520
Balance as at 1 Jan 2024 4,050 1,063 -2,272 66 -6 -136 3 27,707 30,475 750 31,225
Net profit for the period - - - - - - - 5,033 5,033 26 5,059
Other comprehensive
income, net of tax - - -310 41 -47 76 -6 4 -242 - -242
Total comprehensive income - - -310 41 -47 76 -6 5,037 4,791 26 4,817
Paid interest on Additional Tier 1
capital, net of tax - - - - - - - 5 5 -26 -21
Share-based payments - - - - - - - 15 15 - 15
Dividend - - - - - - - -3,218 -3,218 - -3,218
Purchase of own shares2 - -10 - - - - - -372 -382 - -382
Balance as at 31 Dec 2024 4,050 1,053 -2,582 107 -53 -60 -3 29,174 31,686 750 32,436
Balance as at 1 Jan 2024 4,050 1,063 -2,272 66 -6 -136 3 27,707 30,475 750 31,225
Net profit for the period - - - - - - - 3,904 3,904 26 3,930
Other comprehensive
income, net of tax - - -300 -8 11 66 -5 4 -232 - -232
Total comprehensive income - - -300 -8 11 66 -5 3,908 3,672 26 3,698
Paid interest on Additional Tier 1
capital, net of tax - - - - - - - 5 5 -26 -21
Share-based payments - - - - - - - 8 8 - 8
Dividend - - - - - - - -3,218 -3,218 - -3,218
Purchase of own shares2 - -10 - - - - - -228 -238 - -238
Balance as at 30 Sep 2024 4,050 1,053 -2,572 58 5 -70 -2 28,182 30,704 750 31,454
1 Total shares registered were 3,451 million (31 December 2024: 3,503 million; 30 September 2024: 3,506 million). The number of own shares was 11.9
million (31 December 2024: 14.7 million; 30 September 2024: 6.7 million), which represents 0.3% (31 December 2024: 0.4%; 30 S eptember 2024: 0.2%)
of the total shares in Nordea. Each share represents one voting right.
2 The change in the holding of own shares related to treasury shares held for remuneration purposes and to the trading portfoli o was accounted for
as a decrease/increase in “Invested unrestricted equity”. The number of treasury shares held for remuneration purposes was 10 .3 million
(31 December 2024: 11.5 million; 30 September 2024: 3.5 million). The share buy -back amounted to EUR 606m (31 December 2024: EUR 372m;
30 September 2024: EUR 228m) and was accounted for as a reduction in “Retained earnings”. The transaction cost in relation to the share buy-back
amounted to EUR 0m (31 December 2024: EUR 0m; 30 September 2024: EUR 0m).
===== SIDA 36 =====
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35
Q3
Cash flow statement, condensed
Jan-Sep Jan-Sep Full year
2025 2024 2024
EURm
Operating activities
Operating profit 4,803 5,081 6,548
Adjustments for items not included in cash flow 1,199 681 2,306
Income taxes paid -798 -951 -1,418
Cash flow from operating activities before changes in operating assets and liabilities 5,204 4,811 7,436
Changes in operating assets and liabilities -9,084 -490 -6,530
Cash flow from operating activities -3,880 4,321 906
Investing activities
Acquisition/sale of business operations - - -2,393
Acquisition/sale of associated undertakings and joint ventures 98 - -
Acquisition/sale of property and equipment -44 -32 -54
Acquisition/sale of intangible assets -459 -345 -469
Cash flow from investing activities -405 -377 -2,916
Financing activities
Issued/amortised subordinated liabilities 533 1,193 1,430
Sale/repurchase of own shares, including change in trading portfolio -588 -239 -382
Dividend paid -3,268 -3,218 -3,218
Paid interest on Additional Tier 1 capital -26 -26 -26
Amortisation of the principal part of lease liabilities -85 -85 -151
Cash flow from financing activities -3,434 -2,375 -2,347
Cash flow for the period -7,719 1,569 -4,357
Cash and cash equivalents 30 Sep 30 Sep 31 Dec
2025 2024 2024
EURm
Cash and cash equivalents at beginning of the period 47,565 51,362 51,362
Translation differences -1,234 -295 560
Cash and cash equivalents at end of the period 38,612 52,636 47,565
Change -7,719 1,569 -4,357
The following items are included in cash and cash equivalents:
Cash and balances with central banks 37,047 51,232 46,562
Loans to central banks 4 4 4
Loans to credit institutions 1,561 1,400 999
Total cash and cash equivalents 38,612 52,636 47,565
Cash comprises legal tender and bank notes in foreign currencies. Balances with central banks consist of deposits in accounts with central banks and postal
giro systems under government authority where the following conditions are fulfilled:
- the central bank or postal giro system is domiciled in the country where the institution is established
- the balance on the account is readily available at any time.
Loans to credit institutions payable on demand include liquid assets not represented by bonds or other interest -bearing securities.
===== SIDA 37 =====
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36
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Notes to the financial statements
Note 1 Accounting policies
The consolidated interim financial statements are prepared
in accordance with International Accounting Standard (IAS)
34 Interim Financial Reporting as adopted by the European
Union (EU).
The report includes a condensed set of financial
statements and is to be read in conjunction with the audited
consolidated financial statements for the year ended 31
December 2024. The accounting policies and methods of
computation are unchanged from the 2024 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 2024 Annual Report.
Changed accounting policies and presentation
Changes to IFRS Accounting Standards
Amendments to IAS 21 The Effects of Changes in Foreign
Exchange Rates: Lack of Exchangeability issued by the
International Accounting Standards Board (IASB) was
implemented by the Nordea Group on 1 January 2025 but
has not had any significant impact on its financial
statements.
Changes in IFRS Accounting Standards not yet
applied
IFRS 18 Presentation and Disclosure in Financial
Statements
In April 2024 the IASB published the new standard IFRS 18
Presentation and Disclosure in Financial Statements, which
will replace IAS 1 Presentation of Financial Statements.
IFRS 18 sets out the requirements for the presentation and
disclosure of financial performance in financial statements,
focusing on a more structured income statement, with
defined subtotals. Income and expense items are split into
five categories, based on main business activities. Of
these, the categories operating, investing and financing are
new. The categories income taxes and discontinued
operations are as before. The aim is to ensure a structured
summary of companies’ primary financial statements and
reduce variation in the reporting of financial performance,
enabling users to better understand the information and
more easily compare companies. IFRS 18 also introduces
enhanced requirements for the aggregation and
disaggregation of financial information in the primary
financial statements and the notes, which may also impact
the presentation on the balance sheet. In addition, the
standard introduces new disclosures in a single note on
certain profit or loss measures outside the financial
statements (management-defined performance measures).
IFRS 18 will be effective for annual reporting periods
beginning on or after 1 January 2027, with earlier
application permitted. The standard is not yet endorsed by
the EU. The Nordea Group does not currently intend to
adopt the amendments before the effective date.
There may be transfers between the different categories in
the income statement mentioned above, and changes in
the aggregation and disaggregation of financial information
in the income statement and on the balance sheet, but no
significant impacts are currently expected. Furthermore,
disclosures of management-defined performance
measures will be added.
This tentative conclusion remains subject to further
analysis. As IFRS 18 will not change the Nordea Group’s
recognition and measurement, it is not expected to have
any significant impact on its financial statements or capital
adequacy in the period of initial application.
Amendments to the Classification and Measurement of
Financial Instruments (Amendments to IFRS 9 and
IFRS 7)
In May 2024 the IASB published Amendments to the
Classification and Measurement of Financial instruments
(Amendments to IFRS 9 and IFRS 7).
The amendments clarify whether contractual cash flows of
financial assets with contingent features, e.g. ESG-linked
features, represent solely payments of principal and
interest (SPPI), which is a condition for being measured at
amortised cost. Under the amendments, certain financial
assets, including those with ESG-linked features, can meet
the SPPI criterion at initial recognition, provided that their
cash flows are not significantly different from the cash flows
of identical financial assets without such features.
Additional disclosures on financial assets and financial
liabilities with contingent features will also be required. The
new requirements are expected to support the Nordea
Group’s current accounting treatment of loans with ESG-
linked features. They are not expected to have any
significant impact on the Nordea Group’s financial
statements or capital adequacy in the period of initial
application, other than the introduction of the additional
disclosures.
The amendments also clarify the characteristics of
contractually linked instruments and non-recourse features.
The current assessment is that these clarifications will not
significantly impact the classification of financial assets or
capital adequacy in the period of initial application, but this
is naturally dependent on the instruments on the Nordea
Group’s balance sheet at the time of transition.
Moreover, the amendments address the recognition and
derecognition of financial assets and financial liabilities,
including an optional exception relating to the derecognition
of financial liabilities settled using an electronic payment
system. The current assessment is that this amendment
will not significantly impact the Nordea Group’s financial
statements or capital adequacy in the period of initial
application.
===== SIDA 38 =====
Nordea Third-Quarter Financial Report 2025
37
Q3
The amendments are effective for annual reporting periods
beginning on or after 1 January 2026, with earlier
application permitted. The amendments are endorsed by
the EU.
Other amendments
The following changes in IFRS Accounting Standards not
yet applied by the Nordea Group are not assessed to have
any significant impact on its financial statements or capital
adequacy in the period of their initial application.
• Contracts Referencing Nature-dependent
Electricity (Amendments to IFRS 9 and IFRS 7).
• Annual Improvements – Volume 11.
Exchange rates
Jan-Sep Jan-Dec Jan-Sep
2025 2024 2024
EUR 1 = SEK
Income statement (average) 11.1066 11.4370 11.4161
Balance sheet (at end of period) 11.0465 11.4485 11.3065
EUR 1 = DKK
Income statement (average) 7.4617 7.4587 7.4587
Balance sheet (at end of period) 7.4651 7.4576 7.4559
EUR 1 = NOK
Income statement (average) 11.7130 11.6308 11.5858
Balance sheet (at end of period) 11.6990 11.7810 11.7615
===== SIDA 39 =====
Nordea Third-Quarter Financial Report 2025
38
Q3
Note 2 Segment reporting
Jan-Sep 2025
Personal
Banking
Business
Banking
Large
Corporates &
Institutions
Asset &
Wealth
Management
Other
operating
segments
Total
operating
segments
Recon-
ciliation
Total
Group
Total operating income, EURm 3,459 2,384 1,732 1,004 112 8,691 104 8,795
– of which internal transactions1 -1,295 -482 106 202 1,469 0 - -
Operating profit, EURm 1,687 1,309 1,055 557 123 4,731 72 4,803
Loans to the public2, EURbn 176 91 55 13 0 335 40 375
Deposits and borrowings from the public, EURbn 93 55 46 13 0 207 19 226
Jan-Sep 20243
Total operating income, EURm 3,568 2,528 1,816 1,024 36 8,972 157 9,129
– of which internal transactions1 -1,175 -471 146 227 1,273 0 - -
Operating profit, EURm 1,782 1,420 1,146 612 -5 4,955 126 5,081
Loans to the public2, EURbn 167 86 52 12 0 317 32 349
Deposits and borrowings from the public, EURbn 86 51 48 12 0 197 25 222
1 IFRS 8 requires information on revenues from transactions between operating segments. Nordea has defined intersegment revenue s as internal interest
related to the funding of the reportable operating segments by the internal bank in Group Finance, included in “Other operati ng segments”.
2 The volumes are only disclosed separately for operating segments if separately reported to the Chief Operating Decision -Maker (CODM).
3 Comparable figures have been restated to reflect updated plan exchange rates in the reporting to the CODM. See Note G2.1 in t he 2024 Annual Report
for further information.
Reconciliation between total operating segments and financial statements
Operating profit,
EURm
Loans to the public,
EURbn
Deposits and
borrowings
from the public,
EURbn
Jan-Sep 30 Sep 30 Sep
2025 2024 2025 2024 2025 2024
Total operating segments 4,731 4,955 335 317 207 197
Group functions1 -3 16 - - - -
Unallocated items -5 58 34 28 15 23
Differences in accounting policies2 80 52 6 4 4 2
Total 4,803 5,081 375 349 226 222
1 Consists of Group Business Support, Group Technology, Group Internal Audit, Chief of Staff Office, Group People, Group Legal, Group Risk,
Group Compliance and Group Brand, Communication and Marketing.
2 Impact from plan exchange rates used in the segment reporting.
Measurement of operating segments’ performance
The measurement principles and allocation between operating segments follow the information reported to the Chief Operating D ecision-Maker (CODM), as
required by IFRS 8. In Nordea the CODM has been defined as the Chief Executive Officer, who is supported by the other members of the Group Leadership
Team. The main difference compared with the section “Business areas” in this report is that the information in Note 2 is prep ared using plan exchange rates,
as this is the basis used in the reporting to the CODM.
Financial results are presented for the main business areas Personal Banking, Business Banking, Large Corporates & Institutio ns and Asset & Wealth
Management. These are identified as reportable operating segments and are reported separately, as they are above the quantita tive thresholds in IFRS 8.
Other operating segments below the thresholds are included in “Other operating segments”. Group functions (and eliminations), as well as the result that is
not fully allocated to any of the operating segments, are shown separately as reconciling items.
There have been no changes in the basis of segmentation during the year.
===== SIDA 40 =====
Nordea Third-Quarter Financial Report 2025
39
Q3
Note 3 Net interest income
Net interest income Q3 Q2 Q3 Jan-Sep Jan-Sep Full year
2025 2025 2024 2025 2024 2024
EURm
Interest income calculated using the effective interest rate method 3,769 3,921 4,598 11,787 14,274 18,580
Other interest income 440 473 622 1,421 1,912 2,500
Interest expense
-2,434 -2,596 -3,338 -7,806 -10,446 -13,486
Net interest income 1,775 1,798 1,882 5,402 5,740 7,594
Interest income calculated using the effective interest rate method Q3 Q2 Q3 Jan-Sep Jan-Sep Full year
2025 2025 2024 2025 2024 2024
EURm
Loans to credit institutions 404 449 568 1,352 1,874 2,359
Loans to the public 2,967 3,065 3,420 9,160 10,410 13,734
Interest-bearing securities
309 320 309 940 917 1,191
Yield fees
67 51 62 188 167 208
Net interest paid or received on derivatives in accounting hedges of assets 22 36 239 147 906 1,088
Interest income calculated using the effective interest rate method 3,769 3,921 4,598 11,787 14,274 18,580
Other interest income Q3 Q2 Q3 Jan-Sep Jan-Sep Full year
2025 2025 2024 2025 2024 2024
EURm
Loans at fair value to the public 368 389 426 1,147 1,293 1,721
Interest-bearing securities measured at fair value
75 95 140 275 431 541
Net interest paid or received on derivatives in economic hedges of assets
-3 -11 56 -1 188 238
Other interest income 440 473 622 1,421 1,912 2,500
Interest expense Q3 Q2 Q3 Jan-Sep Jan-Sep Full year
2025 2025 2024 2025 2024 2024
EURm
Deposits by credit institutions -144 -167 -176 -466 -710 -849
Deposits and borrowings from the public
-904 -986 -1,297 -2,964 -3,912 -5,107
Deposit guarantee fees -5 7 -20 -9 -59 -79
Debt securities in issue
-1,287 -1,280 -1,292 -3,846 -3,911 -5,167
Subordinated liabilities -83 -79 -67 -244 -190 -271
Other interest expense
-13 -14 -12 -42 -21 -37
Net interest paid or received on derivatives in hedges of liabilities 2 -77 -474 -235 -1,643 -1,976
Interest expense -2,434 -2,596 -3,338 -7,806 -10,446 -13,486
===== SIDA 41 =====
Nordea Third-Quarter Financial Report 2025
40
Q3
Note 4 Net fee and commission income
Q3 Q2 Q3 Jan-Sep Jan-Sep Full year
2025 2025 2024 2025 2024 2024
EURm
Asset management1 484 463 469 1,425 1,384 1,881
Deposit products 4 5 5 14 16 20
Custody and issuer services
-5 7 2 -1 4 12
Brokerage and advisory 47 48 37 148 153 209
Payments and cards 157 151 150 455 436 583
Lending 120 116 105 342 319 429
Guarantees 9 8 12 26 26 37
Other -5 -6 -6 -13 -6 -14
Total 811 792 774 2,396 2,332 3,157
1 Net fee and commission income previously presented on the line “Life and pension” is, from 2025, being included in the line “ Asset management” as these
items are similar in nature. Comparative figures have been restated accordingly.
Breakdown
Asset &
Wealth
Management
Other and
elimination
Nordea
Group Jan-Sep 2025
Personal
Banking
Business
Banking
Large
Corporates &
Institutions
Other
operating
segments
EURm
Asset management 596 120 43 674 0 -8 1,425
Deposit products 2 12 0 0 0 0 14
Custody and issuer services
2 3 2 2 -9 -1 -1
Brokerage and advisory 11 26 94 25 -1 -7 148
Payments and cards 211 180 73 0 0 -9 455
Lending 73 119 146 3 1 0 342
Guarantees -5 1 29 0 0 1 26
Other 22 -2 -8 -24 -4 3 -13
Total 912 459 379 680 -13 -21 2,396
Jan-Sep 2024
EURm
Asset management 562 116 49 664 0 -7 1,384
Deposit products 2 13 1 0 0 0 16
Custody and issuer services
1 2 0 3 -9 7 4
Brokerage and advisory 8 24 101 24 -1 -3 153
Payments and cards 177 176 73 0 0 10 436
Lending 69 110 138 3 0 -1 319
Guarantees 0 2 36 0 3 -15 26
Other 19 -3 -2 -19 -1 0 -6
Total 838 440 396 675 -8 -9 2,332
Note 5 Net insurance result
Q3 Q2 Q3 Jan-Sep Jan-Sep Full year
2025 2025 2024 2025 2024 2024
EURm
Insurance revenue 171 166 161 507 482 652
Insurance service expenses -107 -112 -106 -333 -298 -402
Net reinsurance result 0 -2 -1 -3 -6 -6
Net insurance revenue 64 52 54 171 178 244
Insurance finance income or expenses -853 -1,171 -621 -1,519 -2,229 -2,574
Return on assets backing insurance liabilities 855 1,177 627 1,526 2,235 2,583
Net insurance finance income or expenses 2 6 6 7 6 9
Total 66 58 60 178 184 253
Note 6 Net result from items at fair value
Q3 Q2 Q3 Jan-Sep Jan-Sep Full year
2025 2025 2024 2025 2024 2024
EURm
Equity-related instruments 211 -35 272 209 383 529
Interest-related instruments and foreign exchange gains/losses 30 321 48 608 440 695
Other financial instruments (including credit and commodities) 7 -37 -55 -34 -27 -220
Nordea Life & Pension1 -3 5 19 5 26 19
Total 245 254 284 788 822 1,023
1 Internal transactions not eliminated against other lines in the Note. The line item “Nordea Life & Pension” consequently prov ides the true impact from
the life insurance operations.
===== SIDA 42 =====
Nordea Third-Quarter Financial Report 2025
41
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Note 7 Other expenses
Q3 Q2 Q3 Jan-Sep Jan-Sep Full year
2025 2025 2024 2025 2024 2024
EURm
Information technology1 -193 -204 -188 -602 -557 -796
Marketing and representation -15 -17 -18 -45 -52 -80
Postage, transportation, telephone and office expenses -12 -10 -10 -35 -37 -50
Rents, premises and real estate -26 -33 -26 -89 -80 -109
Professional services -49 -56 -51 -150 -134 -220
Market data services -23 -24 -23 -71 -69 -95
Other2 -35 -10 -64 -74 -150 -180
Total -353 -354 -380 -1,066 -1,079 -1,530
1 Includes IT consultancy fees and excludes expenses capitalised as intangible assets.
2 Includes the transfer of expenses to fulfil insurance contracts within the scope of IFRS 17 to “Net insurance result” and the capitalisation of other expenses
included in intangible assets.
Note 8 Regulatory fees
Q3 Q2 Q3 Jan-Sep Jan-Sep Full year
2025 2025 2024 2025 2024 2024
EURm
Resolution fees - - - -35 -45 -45
Bank tax -19 -19 -18 -57 -54 -72
Total -19 -19 -18 -92 -99 -117
Note 9 Depreciation, amortisation and impairment charges of tangible and intangible assets
Q3 Q2 Q3 Jan-Sep Jan-Sep Full year
2025 2025 2024 2025 2024 2024
EURm
Depreciation/amortisation
Properties and equipment -54 -54 -56 -163 -163 -218
Intangible assets -100 -96 -86 -290 -256 -344
Total -154 -150 -142 -453 -419 -562
Impairment charges, net
Properties and equipment - - - - - -
Intangible assets - -1 -10 -1 -10 -15
Total - -1 -10 -1 -10 -15
Total -154 -151 -152 -454 -429 -577
Note 10 Net loan losses
Q3 Q2 Q3 Jan-Sep Jan-Sep Full year
2025 2025 2024 2025 2024 2024
EURm
Net loan losses, stage 1 52 26 4 61 22 14
Net loan losses, stage 2 16 35 46 96 30 23
Net loan losses, non-credit-impaired assets 68 61 50 157 52 37
Stage 3, credit-impaired assets
Net loan losses, individually assessed, collectively calculated 27 1 -60 17 -60 -18
Realised loan losses -93 -70 -55 -285 -159 -231
Decrease in provisions to cover realised loan losses 41 20 21 148 52 85
Recoveries on previous realised loan losses 12 8 10 28 31 40
Reimbursement right -6 12 2 11 5 7
New/increase in provisions -47 -72 -49 -205 -204 -300
Reversals of provisions 23 58 29 152 141 182
Net loan losses, credit-impaired assets -43 -43 -102 -134 -194 -235
Net loan losses 25 18 -52 23 -142 -198
Key ratios Q3 Q2 Q3 Jan-Sep Jan-Sep Full year
2025 2025 2024 2025 2024 2024
Net loan loss ratio, amortised cost, bp -3 -3 8 -1 7 7
- of which stage 1 -7 -4 -1 -3 -1 -1
- of which stage 2 -2 -5 -7 -4 -2 -1
- of which stage 3 6 6 16 6 10 9
===== SIDA 43 =====
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42
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Note 11 Loans and impairment
Total
30 Sep 31 Dec 30 Sep
2025 2024 2024
EURm Loans measured at fair value 93,842 83,360 87,722
Loans measured at amortised cost, not credit impaired (stages 1 and 2) 288,369 279,913 268,542
Credit impaired loans (stage 3) 3,068 2,945 2,857
- of which servicing 1,241 1,133 1,351
- of which non-servicing 1,827 1,812 1,506
Loans before allowances 385,279 366,218 359,121
- of which central banks and credit institutions 8,573 7,035 8,601
Allowances for loans that are credit impaired (stage 3) -962 -1,069 -1,090
- of which servicing -376 -439 -468
- of which non-servicing -586 -630 -622
Allowances for loans that are not credit impaired (stages 1 and 2) -409 -536 -545
Allowances -1,371 -1,605 -1,635
- of which central banks and credit institutions -8 -10 -11
Loans, carrying amount 383,908 364,613 357,486
Exposures measured at amortised cost and fair value through OCI, before allowances
30 Sep 2025
Stage 1 Stage 2 Stage 3 Total
EURm Loans to central banks, credit institutions and the public 273,014 15,355 3,068 291,437
Interest-bearing securities 47,392 - - 47,392
Total 320,406 15,355 3,068 338,829
30 Sep 2024
Stage 1 Stage 2 Stage 3 Total
EURm
Loans to central banks, credit institutions and the public 250,001 18,541 2,857 271,399
Interest-bearing securities 38,011 - - 38,011
Total 288,012 18,541 2,857 309,410
Allowances and provisions
30 Sep 2025
Stage 1 Stage 2 Stage 3 Total
EURm Loans to central banks, credit institutions and the public -142 -267 -962 -1,371
Interest-bearing securities -2 - - -2
Provisions for off-balance sheet items -32 -110 -23 -165
Total allowances and provisions -176 -377 -985 -1,538
30 Sep 2024
Stage 1 Stage 2 Stage 3 Total
EURm Loans to central banks, credit institutions and the public -184 -361 -1,090 -1,635
Interest-bearing securities -2 - - -2
Provisions for off-balance sheet items -46 -99 -20 -165
Total allowances and provisions -232 -460 -1,110 -1,802
Movements of allowance accounts for loans measured at amortised cost
Stage 1 Stage 2 Stage 3 Total
EURm Balance as at 1 Jan 2025 -179 -357 -1,069 -1,605
Changes due to origination and acquisition -32 -8 -7 -47
Transfer from stage 1 to stage 2 6 -65 - -59
Transfer from stage 1 to stage 3 1 - -32 -31
Transfer from stage 2 to stage 1 -4 52 - 48
Transfer from stage 2 to stage 3 - 30 -98 -68
Transfer from stage 3 to stage 1 -1 - 5 4
Transfer from stage 3 to stage 2 - -4 20 16
Changes due to change in credit risk (net) 30 45 27 102
Changes due to repayments and disposals 38 42 48 128
Write-off through decrease in allowance account - - 148 148
Translation differences -1 -2 -4 -7
Balance as at 30 Sep 2025 -142 -267 -962 -1,371
===== SIDA 44 =====
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43
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Note 11 Continued
Stage 1 Stage 2 Stage 3 Total
EURm
Balance as at 1 Jan 2024 -206 -410 -1,037 -1,653
Changes due to origination and acquisition -44 -20 -10 -74
Transfer from stage 1 to stage 2 8 -122 - -114
Transfer from stage 1 to stage 3 1 - -101 -100
Transfer from stage 2 to stage 1 -5 52 - 47
Transfer from stage 2 to stage 3 - 22 -137 -115
Transfer from stage 3 to stage 1 0 - 5 5
Transfer from stage 3 to stage 2 - -5 31 26
Changes due to change in credit risk (net) 19 33 12 64
Changes due to repayments and disposals 42 87 86 215
Write-off through decrease in allowance account - - 53 53
Translation differences 1 2 8 11
Balance as at 30 Sep 2024 -184 -361 -1,090 -1,635
Key ratios1 30 Sep 31 Dec 30 Sep
2025 2024 2024
Impairment rate (stage 3), gross, basis points 105 104 105
Impairment rate (stage 3), net, basis points 72 66 65
Total allowance rate (stages 1, 2 and 3), basis points 47 57 60
Allowances in relation to impaired loans (stage 3), % 31 36 38
Allowances in relation to loans in stages 1 and 2, basis points 14 19 20
1 For definitions, see Glossary.
Sensitivities
The provisions are sensitive to rating migration even if staging triggers are not reached. The table below shows the impact o n provisions of a one-notch downgrade
of all exposures in the bank. It includes both the impact of the higher risk for all exposures and the impact of transferring exposures that reach the trigger from stage
1 to stage 2. It also includes the impact of exposures with one rating grade above default becoming default, which is estimat ed at EUR 25m (EUR 34m at the end of
June 2025). This figure is based on calculations using the statistical model rather than individual estimates as would be the case in reality for material defaulted
loans.
30 Sep 2025 31 Dec 2024
Recognised
provisions
Provisions if one
notch downgrade
Recognised
provisions
Provisions if one
notch downgrade
EURm
Personal Banking 369 428 388 457
Business Banking 867 984 1,040 1,155
Large Corporates & Institutions 279 313 348 376
Other 23 30 24 31
Group 1,538 1,755 1,800 2,019
Forward-looking information
Forward-looking information is used for both assessing significant increases in credit risk and calculating expected credit losses. N ordea uses three macroeconomic
scenarios: a baseline scenario, a favourable scenario and an adverse scenario. During the first and second quarter s of 2025, Nordea responded to the potential
worsening of the macroeconomic outlook resulting from escalated trade tensions by applying a 100% weighting to the adverse sc enario. In the third quarter Nordea
reverted to the standard weightings (20% for the adverse scenario, 60% for the baseline scenario and 20% for the favourable scenario) due to reduced uncertainty
following the EU-US trade agreement. The macroeconomic scenarios are provided by Group Risk in Nordea, based on the Oxford Economics Model. Th e forecast is
a combination of modelling and expert judgement, subject to thorough checks and quality control processes. The model has been built to give a good description of
the historical relationships between economic variables and to capture the key linkages between those variables. The forecast period in the model is ten years. For
periods beyond, a long-term average is used in the ECL calculations.
The macroeconomic scenarios reflect Nordea’s view of how the Nordic economies might develop in the light of continued geopoli tical uncertainty, trade conflicts and
weak growth in major European economies. When developing the scenarios and determining the relative weighting between them, N ordea took into account
projections made by Nordic central banks, Nordea Research and the European Central Bank.
The baseline scenario is influenced by continued uncertainty over US trade policy, which is dampening the growth outlook for the Nordic economies , with an upturn
anticipated only from 2027 onwards. The exception is Norway, where economic growth in the coming years is expected to be near zero due to falling investment in
the off-shore sector, while growth in the mainland economy will continue at a modest pace.
Unemployment will be largely stable in the coming years. A modest recovery in home prices is expected to continue over the co ming years, supported by rising
household purchasing power. The risks around the baseline forecast are tilted to the downside, with the upside scenario devia ting less from the baseline than the
adverse.
Nordea’s two alternative macroeconomic scenarios cover a range of plausible risk factors which may cause growth to deviate fr om the baseline scenario. A renewed
escalation of the trade conflict between the US and several countries could trigger a European and Nordic recession as firms postpone investments, exports slow
down and households cut spending due to weakening labour markets. Central banks may in addition regard the inflationary impul se from higher tariffs as temporary
and continue cutting interest rates, with rates moving lower than in the baseline scenario. Lower tariffs and an unwinding of trade policy uncertainty, on the other
hand, may lead to a stronger recovery than assumed in the baseline scenario.
At the end of the third quarter of 2025 adjustments to model-based allowances/provisions amounted to EUR 335m, including management judgements. The
management judgement allowances cover expected credit losses not yet adequately captured by the IFRS 9 modelled outcomes. Dur ing the quarter, allowance
levels were reassessed and EUR 50m was released as credit risks continue to decrease. The management judgement allowances remain at substantial levels due
to continued geopolitical and macroeconomic uncertainty. Total management judgement allowances amounted to EUR 291m at the end of the quarter.
During the third quarter Nordea continued to closely monitor and assess its direct exposure to Russian counterparties. At the end of the quarter the direct credit
exposure after provisions was less than EUR 20m.
===== SIDA 45 =====
Nordea Third-Quarter Financial Report 2025
44
Q3
Note 11 Continued
Scenarios and allowances/provisions
Adjustments to
30 Sep 2025 Model-based model-based Individual Total
Unweighted allowances/ allowances/ allowances/ allowances/
ECL Probability provisions provisions provisions provisions
Denmark 2026 2027 2028 EURm weight EURm EURm EURm EURm
Favourable scenario GDP growth, % 3.0 1.9 2.0 106 20%
Unemployment, % 2.6 2.7 2.8
Change in household
consumption, % 2.2 2.3 2.1
Change in house prices, % 4.3 3.6 1.6
Baseline scenario GDP growth, % 0.8 1.8 2.0 114 60% 115 55 206 376
Unemployment, % 3.4 3.5 3.4
Change in household
consumption, % 1.5 1.9 2.1
Change in house prices, % 3.2 3.2 2.0
Adverse scenario GDP growth, % -1.2 1.3 1.6 124 20%
Unemployment, % 4.5 4.7 4.7
Change in household
consumption, % 0.4 1.2 1.8
Change in house prices, % -4.9 2.4 1.6
Finland
Favourable scenario GDP growth, % 1.9 1.5 1.0 288 20%
Unemployment, % 8.7 8.2 8.1
Change in household
consumption, % 1.8 1.4 1.1
Change in house prices, % 4.0 2.4 2.1
Baseline scenario GDP growth, % 0.5 1.2 1.1 291 60% 291 97 205 593
Unemployment, % 9.0 8.6 8.4
Change in household
consumption, % 1.5 1.3 1.1
Change in house prices, % 2.5 2.0 2.0
Adverse scenario GDP growth, % -1.3 1.4 1.0 298 20%
Unemployment, % 10.7 10.2 10.0
Change in household
consumption, % 0.4 1.8 0.9
Change in house prices, % -1.8 1.4 2.1
Norway
Favourable scenario GDP growth, % 1.8 -0.3 -0.1 86 20%
Unemployment, % 4.0 4.1 4.0
Change in household
consumption, % 2.6 2.1 1.7
Change in house prices, % 5.0 4.7 3.5
Baseline scenario GDP growth, % 0.5 -0.4 -0.1 88 60% 89 77 71 237
Unemployment, % 4.4 4.4 4.3
Change in household
consumption, % 2.5 2.0 1.6
Change in house prices, % 4.6 4.1 2.0
Adverse scenario GDP growth, % -0.9 0.1 0.5 92 20%
Unemployment, % 5.7 5.6 5.3
Change in household
consumption, % 2.0 1.3 1.2
Change in house prices, % -6.3 1.6 1.9
Sweden
Favourable scenario GDP growth, % 2.8 2.1 1.5 86 20%
Unemployment, % 8.3 7.7 7.8
Change in household
consumption, % 2.9 2.5 2.0
Change in house prices, % 6.0 3.9 2.2
Baseline scenario GDP growth, % 1.0 1.7 1.9 89 60% 89 103 133 325
Unemployment, % 8.8 8.3 8.2
Change in household
consumption, % 2.3 2.1 1.9
Change in house prices, % 3.1 2.0 2.0
Adverse scenario GDP growth, % -1.2 1.9 1.6 96 20%
Unemployment, % 11.4 10.8 10.7
Change in household
consumption, % 0.6 0.9 1.3
Change in house prices, % -3.8 1.6 1.9
Non-Nordic 1 3 3 7
Total 585 335 618 1,538
===== SIDA 46 =====
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45
Q3
Note 11 Continued
Scenarios and allowances/provisions
Adjustments to
31 Dec 2024 Model-based model-based Individual Total
Unweighted allowances/ allowances/ allowances/ allowances/
ECL Probability provisions provisions provisions provisions
Denmark 2025 2026 2027 EURm weight EURm EURm EURm EURm
Favourable scenario GDP growth, % 3.6 1.8 1.7 118 20%
Unemployment, % 2.5 2.5 2.4
Change in household
consumption, % 2.1 2.1 1.9
Change in house prices, % 5.0 3.8 2.0
Baseline scenario GDP growth, % 2.3 1.5 1.5 123 60% 125 112 236 473
Unemployment, % 2.9 2.9 2.9
Change in household
consumption, % 1.8 1.8 1.8
Change in house prices, % 3.2 3.2 2.0
Adverse scenario GDP growth, % -0.7 0.8 1.5 137 20%
Unemployment, % 4.6 4.7 4.7
Change in household
consumption, % 0.2 0.7 1.6
Change in house prices, % -4.3 1.1 2.0
Finland
Favourable scenario GDP growth, % 3.0 2.2 1.2 293 20%
Unemployment, % 7.8 7.4 7.5
Change in household
consumption, % 0.8 1.5 1.2
Change in house prices, % 3.8 2.6 2.0
Baseline scenario GDP growth, % 1.1 1.8 1.8 297 60% 297 130 189 616
Unemployment, % 8.1 7.8 7.8
Change in household
consumption, % 0.5 1.3 1.3
Change in house prices, % 2.4 2.2 2.0
Adverse scenario GDP growth, % -1.7 0.8 1.3 303 20%
Unemployment, % 9.2 9.1 9.1
Change in household
consumption, % -0.4 0.5 0.8
Change in house prices, % -2.5 1.0 2.0
Norway
Favourable scenario GDP growth, % 2.2 1.4 0.8 84 20%
Unemployment, % 3.8 3.8 3.6
Change in household
consumption, % 2.7 2.3 1.9
Change in house prices, % 4.2 2.8 2.6
Baseline scenario GDP growth, % 1.8 0.5 0.5 85 60% 86 108 99 293
Unemployment, % 4.0 4.1 4.0
Change in household
consumption, % 2.7 2.2 1.9
Change in house prices, % 2.8 2.5 2.6
Adverse scenario GDP growth, % -1.7 0.2 0.5 91 20%
Unemployment, % 4.8 5.0 4.8
Change in household
consumption, % 2.4 1.6 1.5
Change in house prices, % -5.8 0.5 1.9
Sweden
Favourable scenario GDP growth, % 3.5 2.6 1.8 90 20%
Unemployment, % 8.0 7.6 7.6
Change in household
consumption, % 3.1 3.2 3.0
Change in house prices, % 5.1 2.9 2.0
Baseline scenario GDP growth, % 2.1 2.3 1.8 92 60% 93 138 179 410
Unemployment, % 8.4 8.0 8.0
Change in household
consumption, % 2.8 2.9 2.9
Change in house prices, % 3.6 2.6 2.0
Adverse scenario GDP growth, % -1.8 1.3 1.8 100 20%
Unemployment, % 10.7 10.6 10.4
Change in household
consumption, % 1.1 1.5 2.3
Change in house prices, % -3.2 0.6 2.0
Non-Nordic 11 -3 0 8
Total 612 485 703 1,800
===== SIDA 47 =====
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Note 11 Continued
Loans to the public measured at amortised cost, broken down by sector and industry
30 Sep 2025
Gross Allowances Loans carrying
amount
Net loan
EURm Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total losses1
Financial institutions 16,656 351 128 17,135 6 10 20 36 17,099 9
Agriculture 4,695 196 73 4,964 5 5 26 36 4,928 14
Crops, plantations and hunting 832 88 39 959 1 3 12 16 943 3
Animal husbandry 522 66 33 621 1 2 14 17 604 8
Fishing and aquaculture 3,341 42 1 3,384 3 0 0 3 3,381 3
Natural resources 2,145 325 16 2,486 2 3 8 13 2,473 7
Paper and forest products 1,228 290 11 1,529 1 2 6 9 1,520 3
Mining and supporting activities 687 34 4 725 1 1 2 4 721 1
Oil, gas and offshore 230 1 1 232 0 0 0 0 232 3
Consumer staples 5,722 354 21 6,097 6 9 10 25 6,072 7
Food processing and beverages 1,718 172 9 1,899 2 4 4 10 1,889 4
Household and personal products 855 46 4 905 0 1 4 5 900 1
Healthcare 3,149 136 8 3,293 4 4 2 10 3,283 2
Consumer discretionary and services 9,625 1,116 471 11,212 9 24 237 270 10,942 -4
Consumer durables 2,175 295 105 2,575 1 5 34 40 2,535 9
Media and entertainment 1,264 188 62 1,514 2 2 22 26 1,488 10
Retail trade 3,961 513 229 4,703 4 13 148 165 4,538 -20
Air transportation 185 17 4 206 0 0 1 1 205 0
Accommodation and leisure 1,175 99 66 1,340 1 4 27 32 1,308 -5
Telecommunication services 865 4 5 874 1 0 5 6 868 2
Industrials 27,621 3,626 664 31,911 33 92 256 381 31,530 -10
Materials 2,102 330 24 2,456 2 8 8 18 2,438 7
Capital goods 3,506 620 32 4,158 3 16 18 37 4,121 2
Commercial and professional services 5,449 590 130 6,169 7 15 40 62 6,107 -16
Construction 6,359 929 200 7,488 10 18 91 119 7,369 12
Wholesale trade 4,939 763 150 5,852 4 25 54 83 5,769 -4
Land transportation 2,637 173 50 2,860 4 4 19 27 2,833 -3
IT services 2,629 221 78 2,928 3 6 26 35 2,893 -8
Maritime 4,507 124 1 4,632 1 3 0 4 4,628 3
Ship building 188 10 0 198 0 0 0 0 198 2
Shipping 3,841 98 0 3,939 1 3 0 4 3,935 2
Maritime services 478 16 1 495 0 0 0 0 495 -1
Utilities and public service 7,444 149 73 7,666 5 3 26 34 7,632 2
Utilities distribution 4,223 64 70 4,357 2 2 24 28 4,329 -1
Power production 2,378 11 1 2,390 2 0 0 2 2,388 2
Public services 843 74 2 919 1 1 2 4 915 1
Real estate 39,495 1,739 178 41,412 16 13 62 91 41,321 4
Other industries and reimbursement rights 2,101 98 4 2,203 1 0 5 6 2,197 3
Total Corporate 120,011 8,078 1,629 129,718 84 162 650 896 128,822 35
Housing loans 130,705 5,240 812 136,757 24 52 124 200 136,557 7
Collateralised lending 12,295 1,071 368 13,734 19 20 115 154 13,580 -25
Non-collateralised lending 3,993 714 241 4,948 11 32 68 111 4,837 6
Household 146,993 7,025 1,421 155,439 54 104 307 465 154,974 -12
Public sector 2,931 65 14 3,010 1 0 1 2 3,008 0
Lending to the public 269,935 15,168 3,064 288,167 139 266 958 1,363 286,804 23
Lending to central banks and credit
institutions 3,079 187 4 3,270 3 1 4 8 3,262 0
Total 273,014 15,355 3,068 291,437 142 267 962 1,371 290,066 23
1 The table shows net loan losses related to on- and off-balance sheet exposures for September 2025 year to date.
===== SIDA 48 =====
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Q3
Note 11 Continued
Loans to the public measured at amortised cost, broken down by sector and industry
31 Dec 2024
Gross Allowances Loans carrying
amount
Net loan
EURm Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total losses1
Financial institutions 14,941 534 59 15,534 7 16 30 53 15,481 -9
Agriculture 4,304 238 76 4,618 6 15 31 52 4,566 -7
Crops, plantations and hunting 900 105 24 1,029 2 11 9 22 1,007 -11
Animal husbandry 632 85 50 767 1 3 22 26 741 5
Fishing and aquaculture 2,772 48 2 2,822 3 1 0 4 2,818 -1
Natural resources 2,173 292 23 2,488 3 4 10 17 2,471 -8
Paper and forest products 1,371 259 18 1,648 1 3 9 13 1,635 -5
Mining and supporting activities 427 29 4 460 1 1 1 3 457 0
Oil, gas and offshore 375 4 1 380 1 0 0 1 379 -3
Consumer staples 6,612 333 24 6,969 9 8 13 30 6,939 18
Food processing and beverages 1,722 201 10 1,933 3 4 6 13 1,920 11
Household and personal products 697 39 8 744 1 1 4 6 738 1
Healthcare 4,193 93 6 4,292 5 3 3 11 4,281 6
Consumer discretionary and services 9,353 1,090 470 10,913 12 36 226 274 10,639 -29
Consumer durables 2,227 312 89 2,628 2 5 51 58 2,570 -7
Media and entertainment 1,285 191 58 1,534 2 3 31 36 1,498 -6
Retail trade 3,587 458 265 4,310 6 23 116 145 4,165 -17
Air transportation 199 8 5 212 0 0 2 2 210 -1
Accommodation and leisure 1,202 117 47 1,366 2 4 21 27 1,339 3
Telecommunication services 853 4 6 863 0 1 5 6 857 -1
Industrials 25,620 3,661 600 29,881 36 100 292 428 29,453 -78
Materials 1,865 219 78 2,162 3 5 22 30 2,132 -12
Capital goods 3,085 618 31 3,734 4 15 17 36 3,698 6
Commercial and professional services 5,137 607 54 5,798 4 12 26 42 5,756 -22
Construction 6,237 946 204 7,387 12 29 95 136 7,251 -23
Wholesale trade 4,955 846 119 5,920 6 27 56 89 5,831 -25
Land transportation 2,216 189 28 2,433 4 6 14 24 2,409 9
IT services 2,125 236 86 2,447 3 6 62 71 2,376 -11
Maritime 4,552 156 51 4,759 0 1 31 32 4,727 12
Ship building 7 128 0 135 0 1 0 1 134 -1
Shipping 4,165 14 51 4,230 0 0 31 31 4,199 13
Maritime services 380 14 0 394 0 0 0 0 394 0
Utilities and public service 6,567 147 108 6,822 5 3 63 71 6,751 -56
Utilities distribution 3,634 75 104 3,813 2 1 61 64 3,749 -57
Power production 2,222 15 2 2,239 1 0 0 1 2,238 -1
Public services 711 57 2 770 2 2 2 6 764 2
Real estate 36,395 1,811 191 38,397 19 20 59 98 38,299 35
Other industries and reimbursement rights 1,899 149 12 2,060 2 0 2 4 2,056 1
Total Corporate 112,416 8,411 1,614 122,441 99 203 757 1,059 121,382 -121
Housing loans 125,917 5,955 717 132,589 32 74 139 245 132,344 -24
Collateralised lending 12,030 1,142 365 13,537 23 30 86 139 13,398 -12
Non-collateralised lending 4,047 835 229 5,111 19 50 81 150 4,961 -40
Household 141,994 7,932 1,311 151,237 74 154 306 534 150,703 -76
Public sector 4,087 14 20 4,121 1 0 1 2 4,119 -1
Lending to the public 258,497 16,357 2,945 277,799 174 357 1,064 1,595 276,204 -198
Lending to central banks and credit
institutions 5,050 9 0 5,059 5 0 5 10 5,049 0
Total 263,547 16,366 2,945 282,858 179 357 1,069 1,605 281,253 -198
1 The table shows net loan losses related to on- and off-balance sheet exposures for the full year 2024.
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Note 12 Classification of financial instruments
Fair value through profit or loss (FVPL) Fair value
through
other com-
prehensive
income
(FVOCI)
Amortised
cost (AC) Mandatorily
Designated
at fair value through
profit or loss (fair
value option) Total
EURm
Financial assets
Cash and balances with central banks 37,006 - - - 37,006
Loans to central banks 4 1,467 - - 1,471
Loans to credit institutions1 3,258 3,836 - - 7,094
Loans to the public1 286,804 88,539 - - 375,343
Interest-bearing securities 698 26,817 6,060 46,692 80,267
Shares - 39,044 - - 39,044
Assets in pooled schemes and unit-linked
investment contracts - 65,030 1,130 - 66,160
Derivatives - 17,641 - - 17,641
Fair value changes of hedged items in
portfolio hedge of interest rate risk -136 - - - -136
Other assets 3,832 8,444 - - 12,276
Prepaid expenses and accrued income 425 - - - 425
Total 30 Sep 2025 331,891 250,818 7,190 46,692 636,591
Total 31 Dec 2024 330,241 234,222 7,879 40,188 612,530
1 Following a detailed review, “Loans to credit institutions” now includes reverse repurchase agreements (FVPL) with certain co unterparties that were
previously included in “Loans to the public” (EUR 0bn on 30 September 2025). Comparative information has not been restated
(31 December 2024: EUR 1.6bn; 30 September 2024: EUR 1.3bn).
Fair value through profit or loss (FVPL)
Amortised
cost (AC) Mandatorily
Designated
at fair value through
profit or loss (fair
value option) Total
EURm
Financial liabilities
Deposits by credit institutions1 10,899 37,195 - 48,094
Deposits and borrowings from the public 1 216,038 9,932 - 225,970
Deposits in pooled schemes and unit-linked
investment contracts - - 68,044 68,044
Debt securities in issue 135,944 - 54,855 190,799
Derivatives - 18,310 - 18,310
Fair value changes of hedged items in
portfolio hedge of interest rate risk -428 - - -428
Other liabilities2 6,870 12,959 - 19,829
Accrued expenses and prepaid income 7 - - 7
Subordinated liabilities 8,342 - - 8,342
Total 30 Sep 2025 377,672 78,396 122,899 578,967
Total 31 Dec 2024 368,362 70,548 116,109 555,019
1 Following a detailed review, “Deposits by credit institutions” now includes repurchase agreements (FVPL) with certain counter parties that were previously
included in “Deposits and borrowings from the public” (EUR 14.8bn on 30 September 2025). Comparative information has not been restated
(31 December 2024: EUR 7.1bn; 30 September 2024: EUR 6.3bn).
2 Of which lease liabilities classified in the category “Amortised cost” amount to EUR 1,058m.
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Note 13 Fair value of financial assets and liabilities
30 Sep 2025 31 Dec 2024
Carrying
amount Fair value
Carrying
amount Fair value
EURm
Financial assets
Cash and balances with central banks 37,006 37,006 46,562 46,562
Loans 383,772 385,431 364,370 365,451
Interest-bearing securities 80,267 80,271 73,464 73,464
Shares 39,044 39,044 35,388 35,388
Assets in pooled schemes and unit-linked investment contracts
66,160 66,160 60,127 60,127
Derivatives 17,641 17,641 25,211 25,211
Other assets 12,276 12,276 6,601 6,601
Prepaid expenses and accrued income 425 425 807 807
Total 636,591 638,254 612,530 613,611
Financial liabilities
Deposits and debt instruments 472,777 473,664 456,298 456,869
Deposits in pooled schemes and unit-linked investment contracts
68,044 68,044 61,713 61,713
Derivatives 18,310 18,310 25,034 25,034
Other liabilities 18,771 18,771 10,865 10,865
Accrued expenses and prepaid income 7 7 6 6
Total 577,909 578,796 553,916 554,487
The determination of fair value is described in Note G3.4 “Fair value” in the 2024 Annual Report.
Note 14 Financial assets and liabilities held at fair value on the balance sheet
Categorisation in the fair value hierarchy
Quoted
prices in
active
markets for
the same
instruments
(Level 1)
Valuation
technique
using
observable
data
(Level 2)
Valuation
technique
using non-
observable
data
(Level 3)
Of which
Life &
Pension
Of which
Life &
Pension
Of which
Life &
Pension Total
EURm
Assets at fair value on the balance sheet 1
Loans to central banks - - 1,467 - - - 1,467
Loans to credit institutions - - 3,836 - - - 3,836
Loans to the public - - 88,539 - - - 88,539
Interest-bearing securities 24,238 1,261 54,312 4,942 1,019 454 79,569
Shares 36,655 22,261 205 77 2,184 836 39,044
Assets in pooled schemes and unit-linked investment
contracts 64,364 60,566 1,349 1,349 447 447 66,160
Derivatives 96 - 15,976 9 1,569 - 17,641
Other assets - - 8,443 - 1 1 8,444
Total 30 Sep 2025 125,353 84,088 174,127 6,377 5,220 1,738 304,700
Total 31 Dec 2024 116,104 75,419 160,515 6,315 5,670 2,298 282,289
Liabilities at fair value on the balance sheet 1
Deposits by credit institutions - - 37,195 67 - - 37,195
Deposits and borrowings from the public - - 9,932 - - - 9,932
Deposits in pooled schemes and unit-linked
investment contracts - - 68,044 64,077 - - 68,044
Debt securities in issue 1,250 - 52,219 - 1,386 - 54,855
Derivatives 113 - 17,083 42 1,114 - 18,310
Other liabilities 2,556 - 10,125 2 278 - 12,959
Total 30 Sep 2025 3,919 - 194,598 64,188 2,778 - 201,295
Total 31 Dec 2024 3,792 - 180,991 57,447 1,874 - 186,657
1 All items are measured at fair value on a recurring basis at the end of each reporting period.
Transfers between Levels 1 and 2
During the period Nordea transferred “Interest-bearing securities” of EUR 4,012m from Level 1 to Level 2 and of EUR 1,356m from Level 2 to Level 1 in the
fair value hierarchy. Furthermore, Nordea transferred “Debt securities in issue” of EUR 3,506m from Level 1 to Level 2 and of EUR 849m from Level 2 to
Level 1. Nordea also transferred “Other liabilities” of EUR 142m from Level 1 to Level 2 and of EUR 87m from Level 2 to Level 1. The transfers from Level 1
to Level 2 were due to the instruments ceasing to be actively traded during the period, which meant that fair values were obtained using valuation techniques
with observable market inputs. The transfers from Level 2 to Level 1 were due to the instruments again being actively traded during the period, which meant
that quoted prices were obtained in the market. Transfers between levels are considered to have occurred at the end of the pe riod.
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Note 14 Continued
Movements in Level 3
Fair value
gains/losses
recognised in
the income
statement
during the
period
1 Jan
Rea-
lised
Un-
reali-
sed
Recog-
nised
in OCI
Purchases
/ Issues Sales
Settle-
ments
Transfers
into
Level 3
Transfers
out of
Level 3
Reclass-
ification1
Transla-
tion diff-
erences 30 Sep
EURm
Interest-bearing securities 2,042 28 2 - 225 -382 -40 192 -1,056 - 8 1,019
- of which Life & Pension 1,005 20 -1 - 65 -228 -32 85 -467 - 7 454
Shares 2,308 44 -63 - 114 -221 -29 2 -1 - 30 2,184
- of which Life & Pension 920 41 -72 - 43 -83 -29 - - - 16 836
Assets in pooled schemes
and unit-linked
investment contracts 361 6 -7 - 120 -34 -7 12 -11 - 7 447
- of which Life & Pension 361 6 -7 - 120 -34 -7 12 -11 - 7 447
Derivatives (net) 363 99 -260 - - - -99 338 14 - - 455
Other assets 12 - - - - - -11 - - - - 1
- of which Life & Pension 12 - - - - - -11 - - - - 1
Debt securities in issue 1,205 -55 35 3 712 - -199 43 -358 - - 1,386
Other liabilities 85 - -35 - 227 -4 - 5 - - - 278
Total 2025, net 3,796 232 -328 -3 -480 -633 13 496 -696 - 45 2,442
Total 2024, net 3,244 5 478 -5 -208 -497 253 464 126 -12 -78 3,770
1 Reclassification related to the conversion of Visa C shares to Visa A shares.
Unrealised gains and losses relate to those assets and liabilities held at the end of the reporting period. The transfers out of Level 3 were due to
observable market data becoming available. The transfers into Level 3 were due to observable market data no longer being avai lable. Transfers
between levels are considered to have occurred at the end of the reporting period. Fair value gains and losses in the income statement during the
period are included in “Net result from items at fair value”. Assets and li abilities related to derivatives are presented net.
Valuation processes for fair value measurements in Level 3
For information about the valuation processes for fair value measurement in Level 3, see Note G3.4 “Fair value” in the 2024 A nnual Report.
Deferred Day 1 profit
The transaction price for financial instruments in some cases differs from the fair value at initial recognition measured usi ng a valuation model,
mainly due to the fact that the transaction price is not established in an active market. If there are significant unobservab le inputs used in the
valuation technique (Level 3), the financial instrument is recognised at the transaction price and any difference between the transaction price and
fair value at initial recognition measured using a valuation model (Da y 1 profit) is deferred. For more information, see Note G3.4 “Fair value” in the
2024 Annual Report. The table below shows the aggregated difference yet to be recognised in the income statement at the begin ning and end of
the period. The table also shows a reconciliation of how this aggregated difference changed during the period (movement of de ferred Day 1 profit).
Deferred Day 1 profit – derivatives, net
2025 2024
EURm
Opening balance as at 1 Jan 70 73
Deferred profit on new transactions 37 31
Recognised in the income statement during the period 1 -31 -32
Closing balance as at 30 Sep 76 72
1 Of which EUR -2m (EUR -2m) is due to transfers of derivatives from Level 3 to Level 2.
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51
Q3
Note 14 Continued
Valuation techniques and inputs used in the fair value measurements in Level 3
Fair value
Of which
Life &
Pension1 Valuation techniques Unobservable input
Range of fair
value4
EURm
Interest-bearing securities
Public bodies 70 25 Discounted cash flows Credit spread -5/5
Mortgage and other credit institutions 489 209 Discounted cash flows Credit spread -34/34
Corporates2 460 220 Discounted cash flows Credit spread -27/27
Total 30 Sep 2025 1,019 454 -66/66
Total 31 Dec 2024 2,042 1,005 -131/131
Shares
Private equity funds 1,345 500 Net asset value3 -147/147
Hedge funds 129 129 Net asset value3 -12/12
Credit funds 464 61 Net asset value/market consensus3 -44/44
Other funds 136 123 Net asset value/fund prices3 -10/10
Other5 557 470 - -62/62
Total 30 Sep 2025 2,631 1,283 -275/275
Total 31 Dec 2024 2,669 1,281 -267/267
Derivatives, net
Interest rate derivatives 166 - Option model Correlations -7/9
Volatilities
Equity derivatives -25 - Option model Correlations -7/3
Volatilities
Dividends
Foreign exchange derivatives 315 - Option model Correlations
-4/4
Volatilities
Credit derivatives -1 - Credit derivative model Correlations
0/0
Volatilities
Recovery rates
Total 30 Sep 2025 455 - -18/16
Total 31 Dec 2024 363 - -25/25
Debt securities in issue
Issued structured bonds -1,386 - Credit derivative model Correlations -7/7
Recovery rates
Volatilities
Total 30 Sep 2025 -1,386 - -7/7
Total 31 Dec 2024 -1,205 - -6/6
Other, net
Other assets and other liabilities, net -277 1 - - -28/28
Total 30 Sep 2025 -277 1 -28/28
Total 31 Dec 2024 -73 12 -8/8
1 Investments in financial instruments are a major part of the life insurance business, acquired to fulfil the obligations behi nd the insurance and investment
contracts. The gains or losses on these instruments are almost exclusively allocated to policyholders and consequently do not affect Nordea’s equity.
2 Of which EUR 150m is priced at a credit spread (the difference between the discount rate and the XIBOR) of 1.45%. A reasonabl e change in this credit
spread would not affect the fair value due to callability features.
3 The fair values are based on prices and net asset values provided by external suppliers/custodians. The prices are fixed by t he suppliers/custodians based
on the development in the assets behind the investments. For private equity funds, the dominant measurement methodology used by the suppliers/
custodians is consistent with the International Private Equity and Venture Capital Valuation (IPEV) guidelines issued by Inve st Europe.
Approximately 65% of the private equity fund investments are internally adjusted/valued based on the IPEV guidelines. These c arrying amounts are
in a range of 1% to 100% compared with the values received from suppliers/custodians.
4 The column “Range of fair value” shows the sensitivity of Level 3 financial instruments to changes in key assumptions. For mo re information, see
Note G3.4 “Fair value” in the 2024 Annual Report.
5 Of which EUR 447m relates to assets in pooled schemes and unit -linked investment contracts.
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52
Q3
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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