Reported Earnings • Apr 22
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: €0.32 (down from €0.35 in 1Q 2025). Revenue: €3.00b (up 1.4% from 1Q 2025). Net income: €1.10b (down 8.9% from 1Q 2025). Profit margin: 37% (down from 41% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Banks industry in Sweden. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 18
Upcoming dividend of €0.96 per share Eligible shareholders must have bought the stock before 25 March 2026. Payment date: 02 April 2026. Payout ratio is a comfortable 69% but the company is not cash flow positive. Trailing yield: 6.0%. Within top quartile of Swedish dividend payers (4.1%). Lower than average of industry peers (7.5%). Announcement • Feb 18
Nordea Bank Abp Announces John Maltby Not Standing for Re-Election Nordea Bank Abp announced that John Maltby is not available for re-election to the Annual General Meeting to be held on 24 March 2026. Declared Dividend • Feb 01
Dividend of €0.96 announced Shareholders will receive a dividend of €0.96. Ex-date: 25th March 2026 Payment date: 2nd April 2026 Dividend yield will be 0.6%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (69% payout ratio) and is expected to be covered in 3 years' time (67% forecast payout ratio). The dividend has increased by an average of 4.4% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 16% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 30
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: €1.39 (down from €1.44 in FY 2024). Revenue: €11.7b (flat on FY 2024). Net income: €4.84b (down 3.8% from FY 2024). Profit margin: 41% (down from 43% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Banks industry in Sweden. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 11% per year. Announcement • Nov 20
Nordea Bank Abp Announces Appointment of Thor-Erik Bech as Head of Global Shipping Nordea announced the appointment of a global head of shipping. The appointment comes as the firm is focussing on companies with future potential. The company has appointed Thor-Erik Bech as head of global shipping. He was previously head of international shipping offshore at the bank. Reported Earnings • Oct 17
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: €0.36 (in line with 3Q 2024). Revenue: €2.94b (flat on 3Q 2024). Net income: €1.23b (down 3.0% from 3Q 2024). Profit margin: 42% (in line with 3Q 2024). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 9.8%. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Banks industry in Sweden. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 15% per year. Announcement • Oct 13
Nordea Bank Abp Announces Executive Changes Nordea Bank Abp announced that Erik Ek is appointed Head of Group Business Support and a member of the Group Leadership Team as of 13 October 2025. Erik Ek, current Head of Group Credit Management, is appointed Head of Group Business Support and a member of the Group Leadership Team. He joined Nordea in 2015 and has demonstrated effective leadership, coupled with great business acumen and a very strong customer focus. Through his current role, he knows the functions of Group Business Support well. Erik Ek succeeds Mads Skovlund Pedersen, who has resigned to take up an opportunity outside Nordea. Mads Skovlund Pedersen will stay on as a Senior Advisor until 31 March 2026. Nordea is heading into a new strategy period. Hence, building on Nordea's successful foundation, Group Business Support will play a key role in delivering increased efficiency through Nordic scale benefits that enable greater value for customers. The appointment is subject to regulatory approval, and the change will take effect as of October 13, 2025. New Risk • Sep 08
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Sep 05
Nordea Bank Abp Announces Management Changes Nordea Bank Abp announced that Board member Risto Murto has been appointed to the Board Risk Committee and will step down from the Board Operations and Sustainability Committee. Board member Lars Rohde has been appointed to the Board Operations and Sustainability Committee and will continue as a member of the Board Risk Committee. Further, employee representative Gerhard Olsson steps down from the Board of Directors as of today. Until a replacement for Gerhard Olsson has been appointed, the employee representatives are: Joanna Koskinen and Jørgen Suo Lønnquist as ordinary members and Kasper Skovgaard Pedersen as deputy member. Joanna Koskinen will replace Gerhard Olsson on the Board Remuneration and People Committee. Recent Insider Transactions • Jul 22
Independent Director recently bought kr1.2m worth of stock On the 18th of July, Jonas Synnergren bought around 9k shares on-market at roughly kr137 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr2.1m more in shares than they have sold in the last 12 months. Reported Earnings • Jul 18
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: €0.35 (down from €0.37 in 2Q 2024). Revenue: €2.93b (down 1.3% from 2Q 2024). Net income: €1.22b (down 6.3% from 2Q 2024). Profit margin: 42% (down from 44% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) exceeded analyst estimates by 2.9%. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Banks industry in Sweden. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 13% per year. New Risk • Jul 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.4% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Jun 17
Nordea Bank Abp (HLSE:NDA FI) commences an Equity Buyback for 340,000,000 shares, representing 9.7% of its issued share capital, under the authorization approved on March 20, 2025. Nordea Bank Abp (OM:NDA SE) commences share repurchases on June 16, 2025, under the program mandated by the Annual General Meeting held on March 20, 2025. As per the mandate, the company is authorized to repurchase up to a maximum of 340,000,000 shares, representing 9.7% of its issued share capital, subject to a condition that the company’s holding in treasury together with the shares repurchased does not exceed 10% of its issued share capital at any point of time. The highest purchase price per share shall be no more than the higher of the highest price paid for the company's shares in public trading on the day of repurchase or alternatively and the average of the share prices during the 5 trading days preceding the repurchase or the offer to repurchase own shares. The lowest purchase price per share shall be the price that is 20% lower than the lower of the lowest price paid for the company's shares in public trading on the day of repurchase or alternatively and the average of the share prices during the 5 trading days preceding the repurchase or the offer to repurchase own shares. Of the repurchased shares not more than 340,000,000 shares may be used to distribute excess capital in order to optimize the capital structure of the company and not more than 8,000,000 shares may be used in the company's variable pay plans in accordance with regulatory requirements and/or as required for new variable pay plans for executive officers, senior management, other material risk takers and other employees. The purpose of such repurchase is to optimize the capital position and to increase sustainable shareholder return to the benefit of all shareholders. The repurchases will be funded from only the unrestricted equity of the company. The authorization shall remain in force and effect until 18 months from the resolution of the Annual General Meeting of the company.
On June 12, 2025, the company announced a share repurchase program, after receiving approval from ECB. Under the program, the company will repurchase €250 million worth of shares. The purpose of the program is to efficient capital structure and improve shareholder returns by reducing the capital of company. The repurchased shares will be cancelled on a monthly basis. The shares shall be repurchased using the unrestricted equity of the company. The repurchases will commence on June 16, 2025 or as soon as possible thereafter and end no later than September 30, 2025. Reported Earnings • Apr 16
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: €0.35 (down from €0.38 in 1Q 2024). Revenue: €2.95b (down 3.3% from 1Q 2024). Net income: €1.23b (down 7.6% from 1Q 2024). Profit margin: 42% (down from 44% in 1Q 2024). Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 7.7%. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, while revenues in the Banks industry in Sweden are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 04
Dividend of €0.94 announced Shareholders will receive a dividend of €0.94. Ex-date: 21st March 2025 Payment date: 31st March 2025 Dividend yield will be 0.7%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (65% payout ratio) and is expected to be covered in 3 years' time (67% forecast payout ratio). The dividend has increased by an average of 4.7% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 2.0% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jan 31
Nordea Bank Abp Proposes Dividend for the Financial Year Ended December 31, 2024 Nordea Bank Abp at its AGM to be held on March 20, 2025 proposed a dividend of EUR 0.94 per share for financial year ended December 31, 2024, an increase of 2% compared with 2023. Announcement • Dec 16
Nordea Bank Abp to Report Q4, 2024 Final Results on Feb 13, 2025 Nordea Bank Abp announced that they will report Q4, 2024 final results on Feb 13, 2025 Announcement • Nov 19
Nordea Bank Abp (OM:NDA SE) completed the acquisition of Personal Customer Business and Associated Savings Assets in Norway of Danske Bank A/S. Nordea Bank Abp (OM:NDA SE) entered into an agreement to acquire Personal Customer Business and Associated Savings Assets in Norway of Danske Bank A/S on July 19, 2023. The sale of the personal customer business includes the management of 15 Danske Invest Horisont funds, which are primarily distributed to personal customers in Norway. The acquired business will be integrated into Nordea and operated under the Nordea brand.
The transaction is subject to regulatory approvals. As of November 7, 2023, Norwegian Competition Authority announced that it will take more time to review the proposed acquisition. As of December 15, 2023, the Norwegian Competition Authority has approved the transaction. The deal is still subject to approval by the Norwegian and the Danish financial supervisory authorities. On December 20, 2023, Danish Financial Supervisory Authority was approved the transaction. As on February 7, 2024, The Norwegian Financial Supervisory Authority has approved the sale of Danske Bank’s personal customer business in Norway to Nordea. The transaction is expected to be completed by the end of 2024. On September 17, 2024, Nordea Bank AB acquisition of Danske Bank AS's personal customer business in Norway is set to close during week of November 15 to 17.
BofA acted as lead financial adviser to Danske Bank. J.P. Morgan acted as financial advisor to Nordea. Patrik Reuterskiöld of Nordea Securities AB acted as financial advisor to Nordea Bank Abp (OM:NDA SE). Danske Bank is acting as financial advisor to Danske Bank A/S (CPSE:DANSKE).
Nordea Bank Abp (OM:NDA SE) completed the acquisition of Personal Customer Business and Associated Savings Assets in Norway of Danske Bank A/S on November 18, 2024. Reported Earnings • Oct 17
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: €0.36 (down from €0.38 in 3Q 2023). Revenue: €2.96b (up 1.5% from 3Q 2023). Net income: €1.27b (down 5.9% from 3Q 2023). Profit margin: 43% (down from 46% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 5.6%. Revenue is forecast to stay flat during the next 3 years compared to a 2.0% decline forecast for the Banks industry in Sweden. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Oct 17
Nordea Bank Abp Announces Executive Changes, Effective as of 1 January 2025 Nordea's Group announced that Martin Persson has been appointed Head of Asset & Wealth Management and Petteri Änkilä Head of Large Corporates & Institutions. Snorre Storset will step down as Head of Asset & Wealth Management after nine successful years. These changes will take effect as of 1 January 2025. Martin Persson, current Head of Large Corporates & Institutions, has been appointed Head of Asset & Wealth Management. Martin will continue as a member of the Group Leadership Team and country branch manager in Sweden. He has successfully delivered on the strategic initiatives set out in 2019 through his strong leadership, results and customer-centric focus. Martin joined Nordea in 2012 as Head of Markets Equities. Petteri Änkilä, current CEO of Nordea Life & Pension, has been appointed Head of Large Corporates & Institutions and a member of the Group Leadership Team. Prior to this, he successfully headed the Finnish Large Corporates & Institutions business unit for nine years. Petteri joined Nordea in 2014 with a background in investment banking and private equity. In parallel, it has been agreed that Snorre Storset will step down after nine years in his current role as Head of Asset & Wealth Management and a member of the Group Leadership Team. The appointments are pending regulatory approval. Announcement • Oct 03
Nordea Bank Abp Announces Composition of Shareholders' Nomination Board Nordea Bank Abp's Shareholders' Nomination Board has been appointed. The Nomination Board consists of the Chair of the Board of Directors and the four largest shareholders who on 31 August represent the largest number of voting rights and wish to participate in the work of the Nomination Board. The members of the Nomination Board are Lars Ingemann Nielsen, Executive Vice President and CFO, Nordea-fonden Niko Pakalén, Partner, Cevian Capital Daniel Kristiansson, Governance and Stewardship Specialist, Alecta Timo Sallinen, Director, Head of Listed Securities, Varma Mutual Pension Insurance Company Stephen Hester, Chair of the Board of Directors of Nordea Bank Abp At its first meeting, the Nomination Board elected Niko Pakalén as Chair of the Nomination Board. Announcement • Sep 09
Nordea Bank Abp, Annual General Meeting, Mar 20, 2025 Nordea Bank Abp, Annual General Meeting, Mar 20, 2025. Reported Earnings • Jul 16
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: €0.37 (in line with 2Q 2023). Revenue: €2.97b (up 1.8% from 2Q 2023). Net income: €1.30b (down 2.4% from 2Q 2023). Profit margin: 44% (down from 46% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.1%. Revenue is forecast to stay flat during the next 3 years compared to a 1.4% decline forecast for the Banks industry in Sweden. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 19
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: €0.38 (up from €0.31 in 1Q 2023). Revenue: €3.06b (up 5.4% from 1Q 2023). Net income: €1.36b (up 21% from 1Q 2023). Profit margin: 45% (up from 39% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 16%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Banks industry in Sweden. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 18
Dividend of €0.92 announced Shareholders will receive a dividend of €0.92. Ex-date: 22nd March 2024 Payment date: 3rd April 2024 Dividend yield will be 0.7%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (67% payout ratio) and is expected to be covered in 3 years' time (68% forecast payout ratio). The dividend has increased by an average of 7.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 1.4% over the next 3 years. However, it would need to fall by 26% to increase the payout ratio to a potentially unsustainable range. Announcement • Feb 05
Nordea Bank Abp Proposes Dividend for 2023 Nordea Bank Abp proposed a dividend of EUR 0.92 per share for 2023, a year-on-year increase of 15%. Announcement • Jan 31
Nordea Bank Abp Announces Birger Steen Is Not Available for Re-Election Nordea Bank Abp announced that Birger Steen is not available for re-election. Announcement • Dec 18
Nordea Announces Change in Accounting Practice for Development Costs Related to Nordea's Digital Services Nordea decided to change its accounting practice for development costs related to its digital services, following a review during the fourth quarter. Nordea’s current practice is to capitalise development costs and amortise them over their useful economic lives. Going forward, Nordea intends to expense such development costs as incurred. As a result of this change of accounting practice, in its fourth quarter results Nordea will record a EUR 130 million write-off related to earlier capitalised development. Nordea is in a very strong position in digital development. Nordea’s digital customer experience has been ranked highest among peers – and will improve even further. As the pace of digital development and innovation accelerates, Nordea continues to invest in its digital capabilities as a core enabler of its strategy. Nordea is a digital leader in the banking industry and strives to offer its customers all relevant digital products and services and maintain the number one position for mobile banking in the Nordics. Nordea’s accounting policies, based on the IFRS, require IT development costs to be capitalised when development initiatives are expected to provide benefits over a longer period of time. During the fourth quarter, Nordea has reviewed its current development initiatives related to its digital services. The assessment concluded that the rapid pace of digital development, including the continuous and agile introduction of new features and implementation of new cloud-based solutions, makes it more difficult to evidence such benefits for accounting purposes. Accordingly, although Nordea’s digital services are highly rated by customers, Nordea has decided that it is preferable to expense such development costs as incurred. In addition, in its fourth quarter results Nordea has decided to apply a more conservative accounting practice and discontinue capitalisation of such development costs, and to write off in full the current carrying amount of development costs of approximately EUR 130 million related to its digital services. The impact of the change in accounting practice on Nordea’s earnings per share from 1 January 2024 is not significant. Reported Earnings • Oct 20
Third quarter 2023 earnings: EPS exceeds analyst expectations Third quarter 2023 results: EPS: €0.38 (up from €0.27 in 3Q 2022). Revenue: €2.92b (up 17% from 3Q 2022). Net income: €1.35b (up 33% from 3Q 2022). Profit margin: 46% (up from 41% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.0%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Banks industry in Sweden. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Oct 01
Nordea Announces Management Changes Birger Steen has stepped down as Chair of the Board Operations and Sustainability Committee (BOSC) and will continue as an ordinary member. Kjersti Wiklund, current member of the committee, has been appointed Chair of the committee. The employees of the Nordea Group have appointed Kasper Skovgaard Pedersen as an ordinary member of the Board of Directors until the end of the next Annual General Meeting. Dorrit Groth Brandt, an ordinary member of the Board of Directors appointed by the employees of the Nordea Group, has resigned from the Board. After stepping down as Chair of the BOSC, Birger Steen will continue as an ordinary member of the committee. Kjersti Wiklund has been a member of the BOSC since 24 March 2022. The new employee representative on the Board of Directors, Kasper Skovgaard Pedersen, has worked at Nordea for nearly 14 years, most recently as a credit analyst. Currently he holds the position of a union board member in Finansforbundet in Nordea. He is independent of Nordea Bank Abp’s significant shareholders, but as he is employed by Nordea Bank Abp, he is not independent of Nordea Bank Abp in accordance with the Finnish Corporate Governance Code. Relevant authority approval for Kasper Skovgaard Pedersen is pending. In addition to the members of the Board of Directors elected by the Annual General Meeting 2023, the Board of Directors has three ordinary members and one deputy member appointed by the employees of the Nordea Group: Gerhard Olsson, Hans Christian Riise, Kasper Skovgaard Pedersen and Joanna Koskinen (deputy member). Recent Insider Transactions • Jul 23
Insider recently bought kr1.0m worth of stock On the 21st of July, Martin Persson bought around 9k shares on-market at roughly kr119 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr6.3m more in shares than they have sold in the last 12 months. New Risk • Jul 20
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 1.8% per year for the foreseeable future. High level of non-cash earnings (20% accrual ratio). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Jul 17
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: €0.37 (up from €0.28 in 2Q 2022). Revenue: €2.92b (up 18% from 2Q 2022). Net income: €1.34b (up 27% from 2Q 2022). Profit margin: 46% (up from 43% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 4.9%. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Banks industry in Sweden. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. New Risk • Jul 12
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.08% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.08% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Jun 02
Nordea Bank Abp Appoints Jyrki Katainen as Head of Group Public Affairs Jyrki Katainen will join Nordea Bank Abp in October 2023. Jyrki Katainen, 51, currently serves as President of The Finnish Innovation Fund Sitra. As the President of Sitra, Jyrki Katainen has focused on strategic initiatives supporting ambitious climate policy, a competitive circular economy and the development of a fair data economy. Jyrki Katainen has had an extensive political career and has experience from high-level leadership positions. He served as EU Commission Vice-President responsible for jobs, growth, investment and competitiveness in 2014-2019. He was Prime Minister of Finland in 2011-2014, following four years as Minister of Finance in 2007-2011. Reported Earnings • Apr 28
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: €0.31 (up from €0.06 in 1Q 2022). Revenue: €2.90b (up 57% from 1Q 2022). Net income: €1.15b (up 371% from 1Q 2022). Profit margin: 40% (up from 13% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.3%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Banks industry in Sweden. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Mar 17
Independent Chairman of the Board recently bought kr4.4m worth of stock On the 14th of March, Stephen Hester bought around 36k shares on-market at roughly kr122 per share. This transaction amounted to 66% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Stephen's only on-market trade for the last 12 months. Upcoming Dividend • Mar 17
Upcoming dividend of €0.80 per share at 7.7% yield Eligible shareholders must have bought the stock before 24 March 2023. Payment date: 03 April 2023. Payout ratio is on the higher end at 85% but the company is not cash flow positive. Trailing yield: 7.7%. Within top quartile of Swedish dividend payers (5.0%). Higher than average of industry peers (6.3%). Announcement • Feb 08
Torbjörn Magnusson and Robin Lawther Not to Stand for Re-Election as Directors of Nordea Bank Abp Nordea Bank Abp announced that Torbjörn Magnusson and Robin Lawther are not available for re-election as Directors to the Annual General Meeting to be held on 23 March 2023. Reported Earnings • Feb 04
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: €0.95. Revenue: €9.68b (up 3.4% from FY 2021). Net income: €3.60b (down 5.5% from FY 2021). Profit margin: 37% (down from 41% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.3%. Earnings per share (EPS) also surpassed analyst estimates by 2.7%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Banks industry in Sweden. Reported Earnings • Oct 22
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: €0.27 (up from €0.25 in 3Q 2021). Revenue: €2.50b (up 6.8% from 3Q 2021). Net income: €1.01b (up 1.1% from 3Q 2021). Profit margin: 41% (down from 43% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 8.1%. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Banks industry in Sweden. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 19
Second quarter 2022 earnings: EPS exceeds analyst expectations Second quarter 2022 results: EPS: €0.28 (up from €0.25 in 2Q 2021). Revenue: €2.48b (up 3.5% from 2Q 2021). Net income: €1.05b (up 2.8% from 2Q 2021). Profit margin: 42% (in line with 2Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 17%. Over the next year, revenue is forecast to grow 11%, compared to a 8.3% growth forecast for the industry in Sweden. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 18
Upcoming dividend of €0.69 per share Eligible shareholders must have bought the stock before 25 March 2022. Payment date: 04 April 2022. Payout ratio is a comfortable 73% and this is well supported by cash flows. Trailing yield: 6.8%. Within top quartile of Swedish dividend payers (4.5%). In line with average of industry peers (7.4%). Buying Opportunity • Mar 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be €117, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 18% per annum over the last 3 years. Reported Earnings • Oct 22
Third quarter 2021 earnings released: EPS €0.25 (vs €0.21 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €2.34b (up 10% from 3Q 2020). Net income: €1.00b (up 20% from 3Q 2020). Profit margin: 43% (up from 40% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Executive Departure • Oct 12
Chief Compliance Officer & Head of Group Compliance Helene Jepson has left the company On the 1st of October, Helene Jepson's tenure as Chief Compliance Officer & Head of Group Compliance ended after 2.1 years in the role. We don't have any record of a personal shareholding under Helene's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 3.08 years. Upcoming Dividend • Sep 28
Upcoming dividend of €0.72 per share Eligible shareholders must have bought the stock before 04 October 2021. Payment date: 12 October 2021. Trailing yield: 3.5%. Within top quartile of Swedish dividend payers (3.5%). In line with average of industry peers (3.3%). Executive Departure • Aug 04
Employee Representative Director Kari Ahola has left the company On the 31st of July, Kari Ahola's tenure as Employee Representative Director ended. We don't have any record of a personal shareholding under Kari's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 1.92 years, which is considered inexperienced in the Simply Wall St Risk Model. Executive Departure • Aug 04
Employee Representative Director Kari Ahola has left the company On the 31st of July, Kari Ahola's tenure as Employee Representative Director ended. We don't have any record of a personal shareholding under Kari's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 1.92 years, which is considered inexperienced in the Simply Wall St Risk Model. Executive Departure • Aug 04
Employee Representative Director Kari Ahola has left the company On the 31st of July, Kari Ahola's tenure as Employee Representative Director ended. We don't have any record of a personal shareholding under Kari's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 1.92 years, which is considered inexperienced in the Simply Wall St Risk Model. Executive Departure • Aug 04
Employee Representative Director Kari Ahola has left the company On the 31st of July, Kari Ahola's tenure as Employee Representative Director ended. We don't have any record of a personal shareholding under Kari's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 1.92 years, which is considered inexperienced in the Simply Wall St Risk Model. Executive Departure • Aug 04
Co-Head of Corporate and Investment Banking Mathias Leijon has left the company On the 1st of August, Mathias Leijon's tenure as Co-Head of Corporate and Investment Banking ended. We don't have any record of a personal shareholding under Mathias' name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 1.92 years, which is considered inexperienced in the Simply Wall St Risk Model. Executive Departure • Aug 04
Co-Head of Corporate and Investment Banking Mathias Leijon has left the company On the 1st of August, Mathias Leijon's tenure as Co-Head of Corporate and Investment Banking ended. We don't have any record of a personal shareholding under Mathias' name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 1.92 years, which is considered inexperienced in the Simply Wall St Risk Model. Reported Earnings • Jul 23
Second quarter 2021 earnings released: EPS €0.25 (vs €0.06 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €2.40b (up 75% from 2Q 2020). Net income: €1.03b (up 322% from 2Q 2020). Profit margin: 43% (up from 18% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Executive Departure • Mar 25
Independent Director has left the company On the 24th of March, Pernille Erenbjerg's tenure as Independent Director ended after 4.0 years in the role. We don't have any record of a personal shareholding under Pernille's name. A total of 3 executives have left over the last 12 months. Reported Earnings • Mar 04
Full year 2020 earnings released: EPS €0.55 (vs €0.38 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €7.52b (down 6.6% from FY 2019). Net income: €2.24b (up 47% from FY 2019). Profit margin: 30% (up from 19% in FY 2019). The increase in margin was driven by lower expenses. Cost-to-income ratio: 55.0% (down from 57.0% in FY 2019). Non-performing loans: 0.69% (down from 0.76% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Mar 04
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 0.7%. Earnings per share (EPS) also surpassed analyst estimates by 1.4%. Over the next year, revenue is forecast to grow 18%, compared to a 14% growth forecast for the Banks industry in Sweden. 
