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Kvartalsrapport Q3 2025
Nordea Third-Quarter Financial Report 2025
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Glossary
Allocated equity
Allocated equity (AE) is Nordea’s internal estimate of
required capital and measures the capital required to cover
unexpected losses in the course of its business with a
certain probability. AE uses advanced internal models to
provide a consistent measurement for credit risk, market
risk, operational risk, business risk and life insurance risk
arising from activities in Nordea’s business areas. It also
takes local capital requirements and tax rates into account.
Goodwill and other central deductions are also included.
Allowances in relation to credit-impaired loans
(stage 3)
Allowances for impaired loans (stage 3) divided by
impaired loans measured at amortised cost (stage 3)
before allowances.
Allowances in relation to loans in stages 1 and 2
Allowances for non-impaired loans (stages 1 and 2) divided
by non-impaired loans measured at amortised cost (stages
1 and 2) before allowances.
Impairment rate (stage 3), gross
Impaired loans (stage 3) before allowances divided by total
loans measured at amortised cost before allowances.
Impairment rate (stage 3), net
Impaired loans (stage 3) after allowances divided by total
loans measured at amortised cost before allowances.
Net interest margin
Net interest income for the period as a percentage of
average interest-earning assets, excluding Life & Pension
and Markets where return on assets is reported under Net
result from items at fair value.
Net loan loss ratio, amortised cost
Net loan losses (annualised) divided by the quarterly
closing balance of loans to the public (lending) measured at
amortised cost.
Return on allocated equity
Return on allocated equity (RoAE) is defined as operating
profit after standard tax as a percentage of average
allocated equity.
Return on allocated equity with amortised
resolution fees
RoAE with amortised resolution fees is defined as
operating profit adjusted for the effect of resolution fees on
an amortised basis after standard tax as a percentage of
average allocated equity.
Return on equity
Net profit for the period as a percentage of average equity
for the period. Additional Tier 1 capital, accounted for in
equity, is classified as a financial liability in the calculation.
Net profit for the period excludes non-controlling interests
and interest
expense on Additional Tier 1 capital (discretionary interest
accrued). Average equity includes net profit for the period
and dividend until paid, and excludes non-controlling
interests and Additional Tier 1 capital.
Return on equity with amortised resolution fees
Net profit for the period as a percentage of average equity
for the period. Additional Tier 1 capital, accounted for in
equity, is classified as a financial liability in the calculation.
Net profit for the period excludes non-controlling interests
and interest expense on Additional Tier 1 capital
(discretionary interest accrued), and is adjusted for the
effect of resolution fees on an amortised basis after tax.
Average equity includes net profit for the period and
dividend until paid, and excludes non-controlling interests
and Additional Tier 1 capital.
Return on risk exposure amount
Net profit for the period as a percentage of average risk
exposure amount for the period. Net profit for the period
excludes non-controlling interests and interest expense on
Additional Tier 1 capital (discretionary interest accrued).
Return on tangible equity
Net profit for the period as a percentage of average equity
for the period. Additional Tier 1 capital, accounted for in
equity, is classified as a financial liability in the calculation.
Net profit for the period excludes non-controlling interests
and interest expense on Additional Tier 1 capital
(discretionary interest accrued). Average equity includes
net profit for the period and dividend until paid, excludes
non-controlling interests and Additional Tier 1 capital, and
is reduced with intangible assets.
Tier 1 capital
The Tier 1 capital of an institution consists of the sum of its
Common Equity Tier 1 capital and Additional Tier 1 capital.
Common Equity Tier 1 capital consist of share capital,
invested unrestricted equity, retained earnings, other
reserves and accumulated other comprehensive income
after considering regulatory adjustments and includes
interim profit net of dividend and share buy-back
programmes approved before the end of the reporting
period. Additional Tier 1 capital consist of capital
instruments that fulfils certain regulatory conditions after
considering regulatory adjustments.
Tier 1 capital ratio
Tier 1 capital as a percentage of the risk exposure amount.
The Common Equity Tier 1 capital ratio is defined as
Common Equity Tier 1 capital as a percentage of the risk
exposure amount.
Total allowance rate (stages 1, 2 and 3)
Total allowances divided by total loans measured at
amortised cost before allowances.
For a list of further alternative performance measures and business definitions, see https://www.nordea.com/en/investor-
relations/reports-and-presentations/group-interim-reports/ and the 2024 Annual Report.
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Nordea Bank Abp
Income statement
Q3 Q3 Jan-Sep Jan-Sep Jan-Dec
2025 2024 2025 2024 2024
EURm N
o
t
e
Operating income
Interest income 2,997 3,758 9,385 11,786 15,321
Interest expense -1,705 -2,382 -5,508 -7,587 -9,777
Net interest income 1,292 1,376 3,877 4,199 5,544
Fee and commission income 624 581 1,878 1,780 2,404
Fee and commission expense -156 -140 -472 -414 -566
Net fee and commission income 468 441 1,406 1,366 1,838
Net result from securities at fair value through profit or loss 238 272 779 789 990
Net result from securities at fair value through fair value reserve -1 11 10 5 5
Income from equity investments 0 0 1,446 782 958
Other operating income 174 203 599 589 764
Total operating income 2,171 2,303 8,117 7,730 10,099
Operating expenses
Staff costs -679 -663 -2,042 -1,941 -2,619
Other administrative expenses -268 -260 -830 -769 -1,104
Other operating expenses -120 -181 -350 -430 -630
Regulatory fees -14 -13 -42 -39 -52
Depreciation, amortisation and impairment charges -105 -105 -319 -285 -385
Total operating expenses -1,186 -1,222 -3,583 -3,464 -4,790
Profit before loan losses 985 1,081 4,534 4,266 5,309
Net loan losses 41 -35 16 -73 -83
Operating profit 1,026 1,046 4,550 4,193 5,226
Income tax expense -245 -254 -725 -805 -1,037
Net profit for the period 781 792 3,825 3,388 4,189
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Nordea Bank Abp
Balance sheet
30 Sep 31 Dec 30 Sep
2025 2024 2024
EURm
Assets
Cash and balances with central banks 35,141 44,862 49,549
Debt securities eligible for refinancing with central banks 77,383 71,349 55,987
Loans to credit institutions 86,022 75,139 76,566
Loans to the public 164,304 151,977 152,141
Interest-bearing securities 9,437 9,630 13,594
Shares 18,692 17,491 22,286
Investments in group undertakings 15,916 15,656 15,507
Investments in associated undertakings and joint ventures 70 74 76
Derivatives 18,242 26,054 23,073
Fair value changes of hedged items in portfolio hedges of interest rate risk -52 -69 -89
Intangible assets 1,717 1,570 1,533
Tangible assets 232 224 225
Deferred tax assets 46 25 26
Current tax assets 145 249 169
Retirement benefit assets 338 351 320
Other assets 12,502 6,896 9,824
Prepaid expenses and accrued income 608 987 1,089
Total assets 440,743 422,465 421,876
Liabilities
Deposits by credit institutions and central banks 56,464 36,306 41,386
Deposits and borrowings from the public 233,074 240,106 229,173
Debt securities in issue 74,099 70,127 74,317
Derivatives 19,253 25,927 24,208
Fair value changes of hedged items in portfolio hedges of interest rate risk -428 -458 -356
Current tax liabilities 464 18 166
Other liabilities 20,416 12,659 16,388
Accrued expenses and prepaid income 910 1,257 1,286
Deferred tax liabilities 195 377 306
Provisions 358 376 344
Retirement benefit liabilities 242 234 201
Subordinated liabilities 8,342 7,410 6,991
Total liabilities 413,389 394,339 394,410
Equity
Share capital 4,050 4,050 4,050
Additional Tier 1 capital holders - 750 750
Invested unrestricted equity 1,071 1,053 1,052
Other reserves -149 -37 -66
Retained earnings 18,557 18,121 18,292
Net profit for the period 3,825 4,189 3,388
Total equity 27,354 28,126 27,466
Total liabilities and equity 440,743 422,465 421,876
Off-balance sheet commitments
Commitments given to a third party on behalf of customers
Guarantees and pledges 53,695 54,380 55,012
Other 551 483 524
Irrevocable commitments in favour of customers, other 103,265 99,530 97,084
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Nordea Bank Abp
Note 1 Accounting policies
The financial statements for the parent company, Nordea
Bank Abp, are prepared in accordance with the Finnish
Accounting Act, the Finnish Act on Credit Institutions, the
Decree of the Finnish Ministry of Finance on the financial
statements and consolidated financial statements of credit
institutions and investment firms, and the regulations and
guidelines of the Finnish Financial Supervisory Authority.
Nordea Bank Abp applies IFRS Accounting Standards, as
adopted by the European Union (EU), for the recognition,
measurement and presentation of financial instruments in
accordance with the Finnish Act on Credit Institutions.
The accounting policies are unchanged from the 2024 Annual
Report. For more information, see the accounting policies in
the 2024 Annual Report.
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For further information
• A webcast will be held on 16 October at 11.00 EET
(10.00 CET), during which Frank Vang-Jensen, President
and Group CEO, will present the results. This will be
followed by a Q&A audio session for investors and
analysts with Frank Vang-Jensen, Ian Smith, Group
CFO, and Ilkka Ottoila, Head of Investor Relations.
• The event will be webcast live and the recording and
presentation slides will be posted at www.nordea.com/ir.
• The Q3 2025 report, investor presentation and factbook
are available at www.nordea.com/ir
Contacts
Frank Vang-Jensen
President and Group CEO
+358 503 821 391
Ian Smith
Group CFO
+45 5547 8372
Ilkka Ottoila
Head of Investor Relations
+358 9 5300 7058
Ulrika Romantschuk
Head of Brand, Communication and Marketing
+358 10 416 8023
Financial calendar
16 October 2025 – Third-quarter results 2025
5 November 2025 – Capital Markets Day
29 January 2026 – Fourth-quarter and full-year results 2025
Week 9 2026 – Annual Report published
24 March 2026 – Annual General Meeting
22 April 2026 – First-quarter results 2026
16 July 2026 – Half-year results 2026
15 October 2026 – Third-quarter results 2026
Helsinki 15 October 2025
Nordea Bank Abp
Board of Directors
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Nordea Bank Abp • Satamaradankatu 5 • 00020 Helsinki • www.nordea.com/ir • Tel. +358 200 70000 • Business ID 2858394-9
This report contains forward-looking statements that reflect management’s current views with respect to certain future
events and potential financial performance. Although Nordea believes that the expectations reflected in such forward-
looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct.
Results could differ materially from those set out in the forward-looking statements due to various factors. These include but
are not limited to (i) macroeconomic developments, (ii) changes in the competitive environment, (iii) changes in the
regulatory environment and other government actions, and (iv) changes in interest rates and foreign exchange rates. This
report does not imply that Nordea has undertaken to revise these forward-looking statements beyond what is required by
applicable law or applicable stock exchange regulations if and when circumstances arise that lead to changes following their
publication.
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Report on review of interim financial information of Nordea Bank Abp for the nine -month-period ended
30 September 2025
To the Board of Directors of Nordea Bank Abp
Introduction
We have reviewed the accompanying condensed interim financial information of Nordea Bank Abp, which comprises the
condensed consolidated balance sheet as of 30 September 2025, income statement, statement of comprehensive income,
statement of changes in equity and cash flow statement for the nine-month-period then ended and notes, comprising
material accounting policy information and other explanatory notes, for Nordea Bank Group. The condensed interim
financial information also comprises the parent company Nordea Bank Abp’s balance sheet as of 30 September 2025,
income statement for the nine-month-period then ended and note with accounting policy information. The Board of
Directors and the Managing Director are responsible for the preparation and presentation of the condensed consolidated
interim financial information in accordance with International Accounting Standard (IAS) 34, “Interim Financial Reporting”,
and for the preparation and presentation of the balance sheet and income statement and the note with accounting policy
information of the parent company in accordance with the laws and regulations governing the preparation of balance sheet
and income statement in Finland. Our responsibility is to express a conclusion on this condensed interim financial
information based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2410, “Review of
Interim Financial Information Performed by the Independent Auditor of the Entity”. A review of interim financial information
consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical
and other review procedures. A review is substantially less in scope than an audit conducted in accordance with
International Standards on Auditing and consequently does not enable us to obtain assurance that we would become
aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed
interim financial information of Nordea Bank Abp for the nine months period ended on 30 September 2025 is not prepared,
in all material respects, as regards the Group consolidated financial information, in accordance with International
Accounting Standard (IAS) 34, “Interim Financial Reporting”, and that the parent company financial information, is not
prepared, in all material respects, in accordance with the laws and regulations governing the preparation of balance sheet
and income statement in Finland.
Helsinki 15 October 2025
PricewaterhouseCoopers Oy
Authorised Public Accountants
Jukka Paunonen
Authorised Public Accountant (KHT)