First-quarter results 2023

27 Apr 2023 06:30 CEST

Nordea Bank Abp
Interim report (Q1 and Q3)
27 April 2023 at 7:30 EET

Summary of the quarter

Strong profitability in a slower market. The increases in interest rates and
weaker economic activity continued in the first quarter. Nevertheless, Nordea's
income growth continued to drive higher operating profit, which increased by
34%, year on year, to EUR 1,480m, despite substantial depreciations of the
Swedish and Norwegian currencies. Total income increased by 19%, mainly driven
by growth in net interest income. Net interest margins improved, supported by
deposit income. Net commission income decreased by 8%, mainly due to subdued
capital markets activity and lower savings income. Net fair value result and net
insurance result were up 27% and 31%, respectively. Total costs excluding
regulatory fees increased by 6%, year on year, which is in line with Nordea's
plan.

Business volume growth driven by corporate lending. Mortgage lending volume
growth slowed during the quarter in all countries but remained positive.
Corporate lending grew by 5%. Nordea continued to increase its market share in
deposits - especially in the large corporate segment. Assets under management
were down 7%, year on year, but up 1% on the previous quarter. Net flows from
internal channels remained positive despite seasonal net outflows overall.

Strong credit quality and low net loan losses. Net loan losses and similar net
result amounted to EUR 19m or 2bp. Despite the Nordic economies slowing,
individual net loan losses remained low at EUR 15m or 2bp. The management
judgement buffer was kept unchanged at EUR 585m.

Return on equity at 17.1% - earnings per share up 48%. Nordea's return on equity
increased to 17.1% from 12.6% a year ago, supported by strong income growth. The
cost-to-income ratio excluding regulatory fees improved to 40% from 45%.
Earnings per share increased by 48% to EUR 0.31.

Strong capital position enabling high dividends and continued buy-backs.
Nordea's CET1 ratio decreased to 15.7% from 16.4% due to the capital
optimisation associated with the latest share buy-backs. At the end of the
quarter the CET1 ratio was 4 percentage points above the current regulatory
requirement. Nordea's Annual General Meeting of 23 March approved the dividend
of EUR 0.80 per share for 2022. The work to implement an efficient capital
structure continues: the Board of Directors decided to launch a new ECB-approved
EUR 1bn buy-back programme, to commence on 28 April or as soon as possible
thereafter.

Outlook maintained: return on equity above 13%. Nordea has a resilient business
model and a well-diversified loan portfolio across countries and sectors. This
will enable the bank to weather the macroeconomic uncertainty and volatile
financial markets. Nordea aims to continue improving its profitability and
expects return on equity to remain above 13% in 2023.

(For further viewpoints, see the CEO comment on page 2. For definitions, see
page 58 in the Q1 2023 report.)


Group quarterly results and key ratios

+---------------------------+-------+--------+-----+-------+-----+
| EURm |Q1 2023|Q1 20221|Chg %|Q4 2022|Chg %|
+---------------------------+-------+--------+-----+-------+-----+
|Net interest income |1,765 |1,308 |35 |1,641 |8 |
+---------------------------+-------+--------+-----+-------+-----+
|Net fee and commission |765 |829 |-8 |785 |-3 |
|income | | | | | |
+---------------------------+-------+--------+-----+-------+-----+
|Net insurance result |46 |35 |31 |47 |-2 |
+---------------------------+-------+--------+-----+-------+-----+
|Net fair value result |345 |272 |27 |396 |-13 |
+---------------------------+-------+--------+-----+-------+-----+
|Other income |0 |17 | |28 | |
+---------------------------+-------+--------+-----+-------+-----+
|Total operating income |2,921 |2,461 |19 |2,897 |1 |
+---------------------------+-------+--------+-----+-------+-----+
|Total operating expenses |-1,167 |-1,098 |6 |-1,196 |-2 |
|excluding regulatory fees | | | | | |
+---------------------------+-------+--------+-----+-------+-----+
|Total operating expenses |-1,422 |-1,370 |4 |-1,212 |17 |
+---------------------------+-------+--------+-----+-------+-----+
|Profit before loan losses |1,499 |1,091 |37 |1,685 |-11 |
+---------------------------+-------+--------+-----+-------+-----+
|Net loan losses and similar|-19 |12 | |-59 | |
|net result | | | | | |
+---------------------------+-------+--------+-----+-------+-----+
|Operating profit |1,480 |1,103 |34 |1,626 |-9 |
+---------------------------+-------+--------+-----+-------+-----+
| | | | | | |
+---------------------------+-------+--------+-----+-------+-----+
|Cost-to-income ratio |39.9 |44.6 | |41.3 | |
|excluding regulatory fees, | | | | | |
|% | | | | | |
+---------------------------+-------+--------+-----+-------+-----+
|Cost-to-income ratio with |42.7 |47.9 | |44.0 | |
|amortised resolution fees, | | | | | |
|% | | | | | |
+---------------------------+-------+--------+-----+-------+-----+
|Return on equity with |17.1 |12.6 | |16.3 | |
|amortised resolution fees, | | | | | |
|% | | | | | |
+---------------------------+-------+--------+-----+-------+-----+
|Diluted earnings per share,|0.31 |0.21 |48 |0.35 |-11 |
|EUR | | | | | |
+---------------------------+-------+--------+-----+-------+-----+

1. Excluding items affecting comparability. See page 5 in the Q1 2023 report for
further details.

CEO comment

The first quarter of the year was characterised by turbulence in the financial
markets and continued high macroeconomic uncertainty. Recent developments,
including problems faced by a few specific banks in other countries, have
reminded us all of the importance of a safe and trusted banking sector.

Nordea is one of the most stable and profitable banks in Europe. Our resilient
and diversified business model, sound financial risk position, strong balance
sheet and high profitability make us a safe and strong partner for customers,
employees, shareholders and broader society.

Despite the weaker economic environment, we are pleased to report yet another
strong set of results in the first quarter. We continued to drive a solid
business performance, underpinned by our financial strength. Our operating
profit increased by 34%, year on year, and our return on equity improved to
17.1% from 12.6%.

Our position of strength is evident in the trust and confidence our Nordic
customers continue to show in us. All this is reflected in improved external
customer ratings, higher market shares in prioritised segments and increased
deposits in particular: this quarter, deposits grew by 5%, year on year. Despite
slowing economic activity, our lending volumes continued to develop positively.
Corporate lending grew by 5% and mortgage lending by 1%. Reflecting our
proactive customer approach, Swedish SMEs for the first time ranked us highest
for both small and mid-corporate banking in the annual Prospera survey.

In all our businesses, income has grown faster than costs and our aim is to
continue to deliver these positive jaws. Our total income grew by 19% and our
cost-to-income ratio excluding regulatory fees improved to 40% from 45% a year
ago.

The same higher inflation affecting our customers and society in general is
leading to increased cost pressure in our business. We are also continuing to
invest in selected strategic areas, mainly digital technology, other technology
and risk management, to strengthen the resilience and attractiveness of our
business even further. Costs excluding regulatory fees increased by 6%, year on
year, which is in line with our plan for 2023.

Our risk position is sound and our credit quality strong. We have a well
-diversified loan portfolio across countries and sectors. Net loan losses and
similar net result for the first quarter was EUR 19m, corresponding to 2bp. The
management judgement buffer was kept unchanged at EUR 585m given the continued
uncertainty in the market.

The Nordic economies are strong and well positioned to weather the challenging
conditions. Our customers are in good shape overall, with solid financial
positions. However, macroeconomic uncertainty remains high and we expect the
challenging environment - with lower growth and consumption, tightened financial
conditions, continued high inflation and higher interest rates - to continue in
coming quarters.

All business areas continued to deliver solid performances in the first quarter.
In Personal Banking lending and deposit volumes grew by 1% and 2%, respectively,
and higher policy rates supported our net interest income development. We
maintained proactive support for our customers and drove a 32% year-on-year
increase in personalised interactions in our digital channels.

In Business Banking we grew lending volumes by 4% and deposit volumes by 3%.
Fixed-term deposits showed particularly strong growth. We continued to develop
our digital offering and saw improved customer ratings for both the net bank and
mobile app.

In Large Corporates & Institutions we grew lending volumes by 1%, year on year.
In local currencies, lending grew by 8%. We continued to support our Nordic
customers in meeting their financing and risk management needs in turbulent
markets. Customer confidence was evidenced by a 4% deposit inflow during the
quarter. Equity capital markets activity remained subdued and debt markets
activity stable.

In Asset & Wealth Management we generated positive net flows of EUR 1.3bn from
our internal channels and maintained strong momentum in our private banking
business. We attracted further new customers from across the Nordics and
increased lending and deposit volumes by 4% and 11%, respectively. Assets under
management increased by 1%, quarter on quarter, to EUR 362bn.

Our capital position is among the best in Europe. The quarter-end CET1 ratio was
15.7% or 4 percentage points above the current regulatory requirement. At the
beginning of March we received regulatory approval for our fourth share buy-back
programme. Our Board of Directors decided to launch the EUR 1bn programme, which
will commence on 28 April or as soon as possible thereafter.

In March, our Annual General Meeting approved the dividend of EUR 2.9bn or EUR
0.80 per share for 2022, up 16% on 2021. Our ability to deliver market-leading
shareholder returns is a result of the successful implementation of our
strategy. It is a pleasure to see our dividend payments to our 560,000
shareholders supporting economic activity, driving growth and channelling
funding towards innovation, education, health care and other forms of support
for society.

We are committed to meeting our 2025 financial target - even in an uncertain
macroeconomic environment. We aim to continue to improve our profitability and
expect our return on equity to remain above 13% in 2023. This is already in line
with our financial target for 2025. We plan to provide a target update by the
end of 2023, when the economic outlook will hopefully be clearer.

Meeting our financial target requires us to keep delivering on our three key
priorities: creating the best omnichannel customer experience, driving focused
and profitable growth, and increasing operational and capital efficiency.

In an uncertain environment, safety and trustworthiness are highly appreciated
from various businesses - not least banks. A strong and profitable bank like
Nordea promotes stability and can deliver attractive services to serve and
support customers and society. In both good and challenging times.

Frank Vang-Jensen
President and Group CEO

Outlook (unchanged)

Financial target for 2025

Nordea's financial target for 2025 is a return on equity above 13%.

The target will be supported by a cost-to-income ratio of 45-47%, an annual net
loan loss ratio of around 10bp and the continuation of Nordea's well-established
capital and dividend policies.

Financial outlook for 2023

Nordea expects a return on equity of above 13%.

Capital policy

A management buffer of 150-200bp above the regulatory CET1 requirement.

Dividend policy

Nordea's dividend policy stipulates a dividend payout ratio of 60-70%,
applicable to profit for the financial year. Nordea will continuously assess the
opportunity to use share buy-backs as a tool to distribute excess capital.


Income statement excluding items affecting comparability1

+----------------------------------------------+------+------+-----+-------+----
-+
| EURm | Q1 | Q1 |Chg %|Q4 2022|Chg
%|
| | 2023 | 2022 | | |
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Net interest income |1,765 |1,308 |35 |1,641 |8
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Net fee and commission income |765 |829 |-8 |785 |-3
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Net insurance result |46 |35 |31 |47 |-2
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Net result from items at fair value |345 |272 |27 |396 |-13
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Profit from associated undertakings and joint |-12 |0 | |-1 |
|
|ventures accounted for under the equity method| | | | |
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Other operating income |12 |17 |-29 |29 |-59
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Total operating income |2,921 |2,461 |19 |2,897 |1
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Staff costs |-719 |-692 |4 |-721 |0
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Other expenses |-287 |-259 |11 |-315 |-9
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Regulatory fees |-255 |-273 |-7 |-16 |
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Depreciation, amortisation and impairment |-161 |-146 |10 |-160 |1
|
|charges of tangible and intangible assets | | | | |
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Total operating expenses |-1,422|-1,370|4 |-1,212 |17
|
| | | | | |
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Profit before loan losses |1,499 |1,091 |37 |1,685 |-11
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Net loan losses and similar net result |-19 |12 | |-59 |
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Operating profit |1,480 |1,103 |34 |1,626 |-9
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Income tax expense |-332 |-245 |36 |-353 |-6
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Net profit for the period |1,148 |858 |34 |1,273 |-10
|
+----------------------------------------------+------+------+-----+-------+----
-+

1. Excluding the following items affecting comparability in the first quarter of
2022: a non-deductible loss from the recycling of EUR 529m in accumulated
foreign exchange losses related to operations in Russia; EUR 8m (EUR 6m after
tax) in losses on fund investments in Russia, recognised in "Net result from
items at fair value"; and EUR 76m (EUR 64m after tax) in credit losses on direct
exposures to Russian counterparties, recognised in "Net loan losses and similar
net result". There was no impact on equity, own funds or capital from the
recycling of the accumulated foreign exchange losses, as a corresponding
positive item was recorded in "Other comprehensive income". Consequently, this
item had no impact on Nordea's dividend or share buy-back capacity.

Ratios and key figures excluding items affecting comparability1,2

+----------------------------+-------+-------+-----+-------+-----+
| |Q1 2023|Q1 2022|Chg %|Q4 2022|Chg %|
+----------------------------+-------+-------+-----+-------+-----+
|Diluted earnings per share |0.31 |0.21 |48 |0.35 |-11 |
|(DEPS), EUR | | | | | |
+----------------------------+-------+-------+-----+-------+-----+
|EPS, rolling 12 months up to|1.21 |0.97 |25 |1.11 |9 |
|period end, EUR | | | | | |
+----------------------------+-------+-------+-----+-------+-----+
|Return on equity with |17.1 |12.6 | |16.3 | |
|amortised resolution fees, %| | | | | |
+----------------------------+-------+-------+-----+-------+-----+
|Return on equity, % |15.3 |10.8 | |16.9 | |
+----------------------------+-------+-------+-----+-------+-----+
|Return on tangible equity, %|17.6 |12.2 | |19.5 | |
+----------------------------+-------+-------+-----+-------+-----+
|Return on risk exposure |3.2 |2.2 | |3.5 | |
|amount, % | | | | | |
+----------------------------+-------+-------+-----+-------+-----+
|Cost-to-income ratio |39.9 |44.6 | |41.3 | |
|excluding regulatory fees, %| | | | | |
+----------------------------+-------+-------+-----+-------+-----+
|Cost-to-income ratio with |42.7 |47.9 | |44.0 | |
|amortised resolution fees, %| | | | | |
+----------------------------+-------+-------+-----+-------+-----+
|Cost-to-income ratio, % |48.7 |55.7 | |41.8 | |
+----------------------------+-------+-------+-----+-------+-----+
|Net loan loss ratio, incl. |2 |-1 | |7 | |
|loans held at fair value, bp| | | | | |
+----------------------------+-------+-------+-----+-------+-----+
|Return on capital at risk |23.7 |17.5 | |21.7 | |
|with amortised resolution | | | | | |
|fees, % | | | | | |
+----------------------------+-------+-------+-----+-------+-----+
|Return on capital at risk, %|21.2 |14.9 | |22.6 | |
+----------------------------+-------+-------+-----+-------+-----+

1. Excluding the following items affecting comparability in the first quarter of
2022: a non-deductible loss from the recycling of EUR 529m in accumulated
foreign exchange losses related to operations in Russia; EUR 8m (EUR 6m after
tax) in losses on fund investments in Russia, recognised in "Net result from
items at fair value"; and EUR 76m (EUR 64m after tax) in credit losses on direct
exposures to Russian counterparties, recognised in "Net loan losses and similar
net result". There was no impact on equity, own funds or capital from the
recycling of the accumulated foreign exchange losses, as a corresponding
positive item was recorded in "Other comprehensive income". Consequently, this
item had no impact on Nordea's dividend or share buy-back capacity.
2. See here for more detailed information regarding ratios and key figures
defined as alternative performance measures (https://www.nordea.com/en/investor
-relations/reports-and-presentations/group-interim-reports).

Business volumes, key items1

+----------------------------+-----------+-----------+-----+-----------+-----+
| EURbn |31 Mar 2023|31 Mar 2022|Chg %|31 Dec 2022|Chg %|
+----------------------------+-----------+-----------+-----+-----------+-----+
|Loans to the public |339.7 |351.9 |-3 |345.7 |-2 |
+----------------------------+-----------+-----------+-----+-----------+-----+
|Loans to the public, excl. |319.3 |333.1 |-4 |327.3 |-2 |
|repos/securities borrowing | | | | | |
+----------------------------+-----------+-----------+-----+-----------+-----+
|Deposits and borrowings from|217.7 |221.1 |-2 |217.5 |0 |
|the public | | | | | |
+----------------------------+-----------+-----------+-----+-----------+-----+
|Deposits from the public, |210.7 |212.0 |-1 |210.8 |0 |
|excl. repos/securities | | | | | |
|lending | | | | | |
+----------------------------+-----------+-----------+-----+-----------+-----+
|Total assets |604.1 |624.5 |-3 |594.7 |2 |
+----------------------------+-----------+-----------+-----+-----------+-----+
|Assets under management |362.4 |389.4 |-7 |358.9 |1 |
+----------------------------+-----------+-----------+-----+-----------+-----+
|Equity |28.2 |30.3 |-7 |30.8 |-8 |
+----------------------------+-----------+-----------+-----+-----------+-----+

1. End of period.

Income statement including items affecting comparability

+----------------------------------------------+------+------+-----+-------+----
-+
| EURm | Q1 | Q1 |Chg %|Q4 2022|Chg
%|
| | 2023 | 2022 | | |
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Net interest income |1,765 |1,308 |35 |1,641 |8
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Net fee and commission income |765 |829 |-8 |785 |-3
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Net insurance result |46 |35 |31 |47 |-2
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Net result from items at fair value |345 |-265 | |396 |-13
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Profit from associated undertakings and joint |-12 |0 | |-1 |
|
|ventures accounted for under the equity method| | | | |
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Other operating income |12 |17 |-29 |29 |-59
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Total operating income |2,921 |1,924 |52 |2,897 |1
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Staff costs |-719 |-692 |4 |-721 |0
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Other expenses |-287 |-259 |11 |-315 |-9
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Regulatory fees |-255 |-273 |-7 |-16 |
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Depreciation, amortisation and impairment |-161 |-146 |10 |-160 |1
|
|charges of tangible and intangible assets | | | | |
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Total operating expenses |-1,422|-1,370|4 |-1,212 |17
|
| | | | | |
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Profit before loan losses |1,499 |554 | |1,685 |-11
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Net loan losses and similar net result |-19 |-64 |-70 |-59 |-68
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Operating profit |1,480 |490 | |1,626 |-9
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Income tax expense |-332 |-231 |44 |-353 |-6
|
+----------------------------------------------+------+------+-----+-------+----
-+
|Net profit for the period |1,148 |259 | |1,273 |-10
|
+----------------------------------------------+------+------+-----+-------+----
-+

Ratios and key figures including items affecting comparability1

+----------------------------+-------+-------+-----+-------+-----+
| |Q1 2023|Q1 2022|Chg %|Q4 2022|Chg %|
+----------------------------+-------+-------+-----+-------+-----+
|Diluted earnings per share, |0.31 |0.06 |417 |0.35 |-11 |
|EUR | | | | | |
+----------------------------+-------+-------+-----+-------+-----+
|EPS, rolling 12 months up to|1.21 |0.82 |48 |0.96 |26 |
|period end, EUR | | | | | |
+----------------------------+-------+-------+-----+-------+-----+
|Share price2, EUR |9.84 |9.38 |5 |10.03 |-2 |
+----------------------------+-------+-------+-----+-------+-----+
|Equity per share2, EUR |7.84 |7.89 |-1 |8.46 |-7 |
+----------------------------+-------+-------+-----+-------+-----+
|Potential shares |3,605 |3,860 |-7 |3,654 |-1 |
|outstanding2, million | | | | | |
+----------------------------+-------+-------+-----+-------+-----+
|Weighted average number of |3,622 |3,894 |-7 |3,674 |-1 |
|diluted shares, million | | | | | |
+----------------------------+-------+-------+-----+-------+-----+
|Return on equity with |17.1 |5.1 | |16.3 | |
|amortised resolution fees, %| | | | | |
+----------------------------+-------+-------+-----+-------+-----+
|Return on equity, % |15.3 |3.2 | |16.9 | |
+----------------------------+-------+-------+-----+-------+-----+
|Return on tangible equity, %|17.6 |3.6 | |19.5 | |
+----------------------------+-------+-------+-----+-------+-----+
|Return on risk exposure |3.2 |0.7 | |3.5 | |
|amount, % | | | | | |
+----------------------------+-------+-------+-----+-------+-----+
|Cost-to-income ratio with |42.7 |61.2 | |44.0 | |
|amortised resolution fees, %| | | | | |
+----------------------------+-------+-------+-----+-------+-----+
|Cost-to-income ratio, % |48.7 |71.2 | |41.8 | |
+----------------------------+-------+-------+-----+-------+-----+
|Net loan loss ratio, incl. |2 |7 | |7 | |
|loans held at fair value, bp| | | | | |
+----------------------------+-------+-------+-----+-------+-----+
|Common Equity Tier 1 capital|15.7 |16.3 | |16.4 | |
|ratio2,3, % | | | | | |
+----------------------------+-------+-------+-----+-------+-----+
|Tier 1 capital ratio2,3, % |18.0 |18.4 | |18.7 | |
+----------------------------+-------+-------+-----+-------+-----+
|Total capital ratio2,3, % |20.1 |20.5 | |20.8 | |
+----------------------------+-------+-------+-----+-------+-----+
|Tier 1 capital2,3, EURbn |25.5 |28.3 |-10 |27.2 |-6 |
+----------------------------+-------+-------+-----+-------+-----+
|Risk exposure amount2, EURbn|142.0 |154.0 |-8 |145.3 |-2 |
+----------------------------+-------+-------+-----+-------+-----+
|Return on capital at risk |23.7 |7.1 | |21.7 | |
|with amortised resolution | | | | | |
|fees, % | | | | | |
+----------------------------+-------+-------+-----+-------+-----+
|Return on capital at risk, %|21.2 |4.5 | |22.6 | |
+----------------------------+-------+-------+-----+-------+-----+
|Net interest margin, % |1.58 |1.17 | |1.45 | |
+----------------------------+-------+-------+-----+-------+-----+
|Number of employees (FTEs)2 |28,922 |27,076 |7 |28,268 |2 |
+----------------------------+-------+-------+-----+-------+-----+
|Economic capital2, EURbn |22.2 |23.4 |-5 |21.9 |1 |
+----------------------------+-------+-------+-----+-------+-----+

1. See here for more detailed information regarding ratios and key figures
defined as alternative performance measures (https://www.nordea.com/en/investor
-relations/reports-and-presentations/group-interim-reports).
2. End of period.
3. Including the result for the period.

This release is a summary of Nordea's Q1 2023 report. The complete report is
attached to this release and can also be found on the below link on our website.

Nordea Group Q1 2023 Report (https://www.nordea.com/en/investor
-relations/reports-and-presentations/latest-interim-results/)

A webcast for media, investors and equity analysts will be held on 27 April at
11.00 EET (10.00 CET), during which Frank Vang-Jensen, President and Group CEO,
will present the results. The presentation will be followed by a Q&A audio
session for investors and analysts with Frank Vang-Jensen, Ian Smith, Group CFO,
and Matti Ahokas, Head of Investor Relations.

The event will be webcast live and the presentation slides will be posted on
www.nordea.com/ir.

For further information:

Frank Vang-Jensen, President and Group CEO, +358 503 821391
Ian Smith, Group CFO, +45 5547 8372
Matti Ahokas, Head of Investor Relations, +358 405 759178
Ulrika Romantschuk, Head of Brand, Communication and Marketing, +358 10 416 8023

The information provided in this stock exchange release was submitted for
publication, through the agency of the contacts set out above, at 07.30 EET
(06.30 CET) on 27 April 2023.
We are a universal bank with a 200-year history of supporting and growing the
Nordic economies - enabling dreams and aspirations for a greater good. Every
day, we work to support our customers' financial development, delivering best-in
-class omnichannel customer experiences and driving sustainable change. The
Nordea share is listed on the Nasdaq Helsinki, Nasdaq Copenhagen and Nasdaq
Stockholm exchanges. Read more about us at nordea.com.

More information:
Access the news on Oslo Bors NewsWeb site

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