Nordea Bank Abp Q3 2026 Earnings Recap

Nordea shares fell 7.0% after earnings, despite unchanged full-year guidance, as weaker net fair value income likely weighed on the quarter: it declined 19% year on year amid late-quarter interest-rate volatility. Net interest margin also fell to 1.53% from 1.59% a year earlier, tempering the impact of income growth.

Key Takeaways

• Total income rose 2% year on year; net interest income increased 1% year on year and quarter on quarter, supported by corporate lending growth of 8% and deposits growth of 7%.
• Net fee and commission income increased 9%, including 14% growth in savings income. Assets under management rose 13% to a record €590 billion.
• Net fair value income fell 19% year on year, which management attributed to extraordinary interest-rate volatility late in the quarter affecting market-making asset values.
• Costs were flat year on year excluding FX effects; the cost-to-income ratio was 45%. Full-year guidance remains unchanged: return on equity above 15% and cost-to-income ratio of 44–45%.
• Return on equity was 15.1%, EPS was €0.35 and broadly stable year on year, and loan losses were 7 basis points. The CET1 ratio was 15.8%, 1.9 percentage points above the current regulatory requirement.