Nordea Bank Abp

Solid Q3 operating performance; guidance unchanged - ROE: 15.1% (solid despite seasonally lower activity). - EPS: €0.35, broadly flat YoY. - Total income: +2% YoY, driven by net fee & commission income +9% YoY. - Costs: flat YoY excluding FX; Q3 cost-to-income ~45%, on track for full-year 44–45%. - Forecast/outlook maintained: FY 2026 guidance unchanged (ROE >15%, cost-to-income 44–45%).

Core earnings supported by volumes; NII resilient but margins pressured - Net interest income: +1% YoY and +1% QoQ (improving despite lower mortgage margins and FX effects). - Volumes strong: Corporate lending +8% YoY, deposits +7%; Household mortgages +2% YoY, household deposits +4%. - Net interest margin: 1.53% vs 1.59% Q3 last year (and 1.54% Q3 previous year mentioned), reflecting competitive pressure. - Denmark-specific NII headwind (not a deterioration story): price reduction in Denmark retail mortgages kicked in July, impacting personal banking NII.

Fees, savings/investments momentum; AUM at record - Net fee & commission income +9% YoY, largely savings income +14% YoY. - AUM: €590bn, +13% YoY (record), driven by strong net flows + market performance. - Cross-sell strength: recurring savings up; expanded advisory coverage contributing. - Capital markets activity: debt capital markets activity remained high; signs of improving equity capital markets/M&A sentiment.