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Key takeaways from the call:
Despite the volatile markets, Nordea reported positive net flows in private banking, Nordic retail funds, and life and pensions in the third quarter. The bank attracted new customers and had net flows and internal channels of EUR0.6 billion. Gross written premiums in life and pensions reached EUR1.8 billion, up from EUR1.3 billion last year. Total income for the third quarter was up 15% YoY, and assets under management increased by 5% YoY to EUR360 billion.
Nordea’s executives discussed various topics during the earnings call, including the potential introduction of a digital euro, hedging compatibility with rate trajectories, and the potential impact of a systemic risk buffer on real estate lending in Denmark. They mentioned some signs of clients moving from savings accounts to investment instruments and expressed optimism about net interest income in the near term.
Nordea expects a return on equity above 15% for the full year ’23 and plans to provide a target update for ’25 in the Q4 report. The bank has consistently improved performance and profitability and holds a strong market position in the Nordic financial services industry. The bank’s CET1 ratio was 16.3%, 4.3 percentage points above regulatory requirements. Nordea Bank (NASDAQ: NDA) continues to focus on strengthening its technology and risk management capabilities and driving sustainable growth.
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