Nordea delivered resilient Q1 2026 results with a 15.4% ROE, supported by solid growth in corporate lending and fee income, despite market volatility and market making losses in March.

• Corporate lending surged 11% year-on-year, marking the first double-digit growth since 2022, indicating robust risk appetite among Nordic businesses.
• Net fee and commission income rose 6%, driven by diverse fee sources including investment products and debt capital markets activity.
• CET1 ratio remained strong at 15.7%, well above regulatory requirements, reflecting continued capital resilience.
• Total income declined slightly by 2%, mainly due to market volatility-induced losses and lower net interest income following policy rate cuts.
• Operating expenses remained disciplined, with a first quarter cost-to-income ratio of 45.5%, slightly elevated by March market losses but underlying efficiency remains solid.