TIDM49IO
RNS Number : 7132O
Nordea Bank Abp
02 February 2023
Fourth-quarter and full-year results 2022
Nordea Bank Abp
Financial Statement Release
2 February 2023 at 7:30 EET
Summary of the quarter
Continued growth in business volumes, driven by strong corporate
lending despite higher economic uncertainty. Nordea continued to
win market shares across the region, with mortgage lending up 3%.
However, higher economic uncertainty and rising inflation led to
slower growth in mortgage volumes in the fourth quarter. Nordea
also grew its corporate lending by 9%. Assets under management
(AuM) were down 13% year on year, although up 5% from the previous
quarter with continued positive flows from internal channels.
Income and operating profit growth. Fourth-quarter operating
profit was up 26% at EUR 1,609m. Total income was up 19%, driven by
a 31% increase in net interest income that was supported mainly by
growth in corporate lending, deposit volumes and higher deposit
margins. Net commission income decreased by 12% due to lower
average AuM and continued lower capital markets activity. Net fair
value result increased by 69%, driven by strong customer activity.
Costs increased by 10%, excluding regulatory fees. The
higher-than-normal increase was driven by inflation, additional
technology and risk management investments and certain items not
present in the comparative figures, including transaction costs
related to the acquisition of Topdanmark Life. In the fourth
quarter the increased investments in risk management included
financial crime prevention capabilities and IT resilience.
Strong credit quality with low net loan losses. Net loan losses
and similar net result amounted to EUR 59m or 7bp in the quarter.
Despite the economic slowdown, individual net loan losses remained
low and amounted to EUR 40m or 6bp. Following an assessment of the
increased inflation, interest rate hikes and the overall
deterioration of the macroeconomic outlook, the management judgment
buffer was increased by EUR 20m to EUR 585m.
Return on equity at 15.9% - earnings per share up 31%. Nordea's
return on equity (RoE) increased to 15.9% from 11.3%, year on year.
Cost-to-income ratio excluding regulatory fees improved to 41.9%
from 45.2%. Earnings per share increased by 31% to EUR 0.34.
Dividend proposal increased to EUR 0.80 per share - CET1 ratio
at 16.4% with continued capital generation. Nordea's Board has
proposed a dividend per share of EUR 0.80 for 2022 - up 16% from
EUR 0.69 for 2021. This represents a 70% payout ratio in line with
the upper end of Nordea's dividend policy range. In addition,
Nordea distributed EUR 0.75 per share to shareholders in the form
of share buy-backs during 2022. Quarter on quarter, the CET1 ratio
increased by 60bp to 16.4% and is 5.3 percentage points above the
regulatory requirement.
2023 outlook: return on equity above 13%. Nordea has a resilient
business model that will enable it to weather the higher
macroeconomic uncertainty in the Nordic countries. Nordea aims to
continue to improve profitability and for 2023, Nordea expects a
RoE above 13%.
(For further viewpoints, see the CEO comment on page 2. For
definitions, see page 54 in the Q4 2022 report.)
Group quarterly results and key ratios, Q4 2022
EURm Q4 Q4 Chg Q3 Chg Jan-Dec Jan-Dec Chg
2022 2021 % 2022 % 2022(1) 2021 %
Net interest income 1,641 1,255 31 1,407 17 5,664 4,925 15
------- ------- ---- ------- ---- --------- -------- ----
Net fee and commission income 812 920 -12 816 0 3,336 3,495 -5
------- ------- ---- ------- ---- --------- -------- ----
Net fair value result 417 247 69 264 58 1,258 1,119 12
------- ------- ---- ------- ---- --------- -------- ----
Other income 28 16 14 75 81
------- ------- ---- ------- ---- --------- -------- ----
Total operating income 2,898 2,438 19 2,501 16 10,333 9,620 7
------- ------- ---- ------- ---- --------- -------- ----
Total operating expenses excluding
regulatory fees -1,214 -1,101 10 -1,130 7 -4,581 -4,425 4
------- ------- ---- ------- ---- --------- -------- ----
Total operating expenses -1,230 -1,101 12 -1,146 7 -4,903 -4,649 5
------- ------- ---- ------- ---- --------- -------- ----
Profit before loan losses 1,668 1,337 25 1,355 23 5,430 4,971 9
------- ------- ---- ------- ---- --------- -------- ----
Net loan losses and similar
net result -59 -56 -58 -49 -35
------- ------- ---- ------- ---- --------- -------- ----
Operating profit 1,609 1,281 26 1,297 24 5,381 4,936 9
------- ------- ---- ------- ---- --------- -------- ----
Cost-to-income ratio excluding
regulatory fees, % 41.9 45.2 45.2 44.3 46.0
------- ------- ---- ------- ---- --------- -------- ----
Cost-to-income ratio with
amortised resolution fees,
% 44.7 47.5 48.4 47.5 48.3
------- ------- ---- ------- ---- --------- -------- ----
Return on equity with amortised
resolution fees, % 15.9 11.3 12.7 13.5 11.2
------- ------- ---- ------- ---- --------- -------- ----
Diluted earnings per share,
EUR 0.34 0.26 31 0.27 26 1.10 0.95 16
------- ------- ---- ------- ---- --------- -------- ----
1. Excluding items affecting comparability. See page 5 in the Q4
2022 report for further details.
CEO comment
2022 turned out to be an extraordinary year. We witnessed
Russia's invasion of Ukraine, causing significant human suffering
and creating societal and financial uncertainty across Europe. In
the financial markets, we saw the worst combined returns across
bond and equity markets since the late 1960s, as inflation and
interest rates shifted materially higher. Despite the turbulent
environment, Nordea had yet another strong year. We stood by our
customers and the societies that we serve.
We grew our income faster than our costs, which enabled us to
deliver operating profits of EUR 5.4bn in 2022 - up 9% from 2021.
Our return on equity increased to 13.5% in 2022 from 11.2% in
2021.
In the fourth quarter we continued to focus on driving high
business activity by broadening our savings offering and supporting
our customers with their financing and risk management needs in
turbulent markets. We sought to proactively serve our customers and
for example saw a 50% year-on-year increase in their interactions
with personalised digital messages in our mobile and netbank. This
proactive approach enabled us to maintain strong business momentum,
and our operating profit was up 26% at EUR 1,609m. Our deposit
margins benefitted from the return to a more normal interest rate
environment after a decade of extremely expansive monetary policy.
Combined with our lending growth, this supported a 31% increase in
net interest income. We expect that our net interest income will
continue to benefit from the higher policy rates in 2023.
The rising cost of living and greater economic uncertainty has
had an adverse impact on the Nordic mortgage market, leading to
lower transaction volumes and lending margins across the board. On
the other hand, lending demand among our corporate customers has
remained high. Our deposit volumes also continued to increase, up
7%, year on year. In turbulent financial markets, our assets under
management (AuM) decreased 13%, year on year, although increased
5%, quarter on quarter. We focused strongly on our internal
channels, where we continued to see inflow.
Similar to our customers, higher inflation is leading to
increased cost pressure in our businesses. In addition, we
continued to invest in selected areas, mainly digital and other
technology and risk management. In the fourth quarter we hired more
employees and invested EUR 50m to increase our financial crime
prevention capabilities and to make our IT infrastructure even more
resilient. In 2022 our income growth allowed us to make these
investments while still increasing our profitability. For 2023 our
plan is to remain focused on maintaining strict cost control and
growing revenues faster than costs while continuing to invest to
strengthen the bank.
Our credit quality remains strong and we are well positioned for
the continued economic uncertainty. Net loan losses and similar net
result was 7bp in the fourth quarter and 1bp in 2022. Following an
assessment of the potential impact of higher costs and reduced
consumer spending on our customers, the management judgment buffer
was increased by EUR 20m to EUR 585m.
Our business areas continued to deliver strong performances. In
Personal Banking we continued to grow our market shares across the
Nordics. Mortgage lending grew by 2% despite market activity
slowing down. Central bank policy rate hikes continued to support
deposit margins. We saw increased demand in deposit products and a
slowdown in customers' investment activity. In response, we
broadened our deposit savings offering and further expanded our
digital self-service savings features.
Business Banking delivered solid financial results. Lending
volumes were up 5%. Deposit income increased, particularly in
Sweden and Finland, while debt and equity markets activity remained
subdued. During the quarter we engaged with customers in more than
50,000 meetings and supported them with their financing needs.
Large Corporates & Institutions grew lending volumes by 12%
with customer activity remaining high, as we continued to support
our Nordic customers with their financing and risk management
needs. This was especially important as access to debt and equity
markets remained challenging in many segments.
In Asset and Wealth Management we continued to grow our Private
Banking business, with especially strong results in Sweden. We
continued to attract new customers and increase lending and deposit
volumes. AuM increased by 5%, quarter on quarter, to EUR 359bn,
driven by strong Private Banking net inflows, improving markets and
EUR 11bn derived from the Topdanmark Life acquisition.
We are a leading bank in shareholder distributions. With over
565,000 private individuals, pension funds and other investors as
shareholders, our dividend payments support the societies we
operate in. Reflecting our strong financial performance in 2022,
our Board has proposed a dividend of EUR 0.80 per share - an
increase of 16% from 2021. Together with our share buy-backs during
2022, the distribution to our shareholders will be more than EUR
1.5 per share, or 15% of the current market capitalisation. Our
high shareholder distributions were enabled by continued capital
generation. Nordea's capital position remains very strong, with a
CET1 ratio of 16.4% - 5.3 percentage points above the regulatory
requirement.
Sustainability remains at the core of our strategy. Our financed
emissions have reduced by more than 15% demonstrating our clear
commitment to reach the 40-50% emission reduction target by 2030.
In 2022 we facilitated EUR 58bn of sustainable financing
contributing to our target of more than EUR 200bn by 2025.
Entering 2023, macroeconomic uncertainty remains high. We expect
the challenging environment to continue during the coming quarters.
Nordea has a resilient business model and the Nordic societies are
well positioned to weather the challenging conditions. We are
committed to delivering on our key priorities and 2025 financial
target. 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 and we expect to provide
a target update by the end of 2023 should the environment become
more predictable.
We would not have been able to support our customers and achieve
strong results without our very skilled and dedicated employees. I
would like to thank all of them for their great efforts. Our
primary focus is - and always will be - to serve our customers to
the best of our ability. We recognise that without the trust and
loyalty of our customers, we would not be where we are today. That
is also our way forward - to be the preferred partner for our
customers. In both good and challenging times.
Frank Vang-Jensen
President and Group CEO
Outlook
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 (new)
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.
Dividend for 2022
On 31 December 2022 Nordea Bank Abp's distributable earnings,
including profit for the financial year, amounted to EUR 17,300m
and other unrestricted equity amounted to EUR 4,593m.
Nordea's Board has decided to propose that the Annual General
Meeting (AGM) on 23 March 2023 authorise it to decide on a dividend
payment of a maximum of EUR 0.80 per share. This corresponds to
approximately 70% of the net profit for the year. The intention is
for the Board to decide on a dividend payment in a single
instalment based on the authorisation immediately after the AGM.
The dividend will not be paid for shares held by Nordea on the
dividend record date.
Income statement excluding items affecting comparability(1)
EURm Q4 Q4 Chg Q3 Chg Jan-Dec Jan-Dec Chg
2022 2021 % 2022 % 2022 2021 %
Net interest income 1,641 1,255 31 1,407 17 5,664 4,925 15
------- ------- ---- ------- ---- -------- -------- ----
Net fee and commission
income 812 920 -12 816 0 3,336 3,495 -5
------- ------- ---- ------- ---- -------- -------- ----
Net result from items at
fair value 417 247 69 264 58 1,258 1,119 12
------- ------- ---- ------- ---- -------- -------- ----
Profit from associated
undertakings and joint
ventures accounted for
under the equity method -1 -4 -75 -3 -67 -8 -6 33
------- ------- ---- ------- ---- -------- -------- ----
Other operating income 29 20 45 17 71 83 87 -5
------- ------- ---- ------- ---- -------- -------- ----
Total operating income 2,898 2,438 19 2,501 16 10,333 9,620 7
------- ------- ---- ------- ---- -------- -------- ----
Staff costs -732 -670 9 -701 4 -2,835 -2,759 3
------- ------- ---- ------- ---- -------- -------- ----
Other expenses -322 -241 34 -282 14 -1,135 -1,002 13
------- ------- ---- ------- ---- -------- -------- ----
Regulatory fees -16 - -16 0 -322 -224 44
------- ------- ---- ------- ---- -------- -------- ----
Depreciation, amortisation
and impairment charges
of tangible and intangible
assets -160 -190 -16 -147 9 -611 -664 -8
------- ------- ---- ------- ---- -------- -------- ----
Total operating expenses -1,230 -1,101 12 -1,146 7 -4,903 -4,649 5
------- ------- ---- ------- ---- -------- -------- ----
Profit before loan losses 1,668 1,337 25 1,355 23 5,430 4,971 9
------- ------- ---- ------- ---- -------- -------- ----
Net loan losses and similar
net result -59 -56 5 -58 2 -49 -35 40
------- ------- ---- ------- ---- -------- -------- ----
Operating profit 1,609 1,281 26 1,297 24 5,381 4,936 9
------- ------- ---- ------- ---- -------- -------- ----
Income tax expense -349 -264 32 -285 22 -1,187 -1,105 7
------- ------- ---- ------- ---- -------- -------- ----
Net profit for the period 1,260 1,017 24 1,012 25 4,194 3,831 9
------- ------- ---- ------- ---- -------- -------- ----
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 and 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 has no impact
on Nordea s dividend or share buy-back capacity.
Ratios and key figures excluding items affecting
comparability(1,2)
Q4 Q4 Chg Q3 Chg Jan-Dec Jan-Dec Chg
2022 2021 % 2022 % 2022 2021 %
Diluted earnings per share
(DEPS), EUR 0.34 0.26 31 0.27 26 1.10 0.95 16
------ ------ ---- ------ ---- -------- -------- ----
EPS, rolling 12 months up to
period end, EUR 1.10 0.95 16 1.02 8 1.10 0.95 16
------ ------ ---- ------ ---- -------- -------- ----
Return on equity, % 16.5 11.8 13.4 13.5 11.2
------ ------ ---- ------ ---- -------- -------- ----
Return on tangible equity,
% 19.0 13.2 15.2 15.6 12.6
------ ------ ---- ------ ---- -------- -------- ----
Return on risk exposure amount,
% 3.5 2.7 2.7 2.9 2.5
------ ------ ---- ------ ---- -------- -------- ----
Return on equity with amortised
resolution fees, % 15.9 11.3 12.7 13.5 11.2
------ ------ ---- ------ ---- -------- -------- ----
Cost-to-income ratio, % 42.5 45.2 45.8 47.5 48.3
------ ------ ---- ------ ---- -------- -------- ----
Cost-to-income ratio with amortised
resolution fees, % 44.7 47.5 48.4 47.5 48.3
------ ------ ---- ------ ---- -------- -------- ----
Cost-to-income ratio excluding
regulatory fees, % 41.9 45.2 45.2 44.3 46.0
------ ------ ---- ------ ---- -------- -------- ----
Net loan loss ratio, incl.
loans held at fair value, bp 7 7 7 1 1
------ ------ ---- ------ ---- -------- -------- ----
Return on capital at risk,
% 22.3 17.3 17.7 18.3 16.5
------ ------ ---- ------ ---- -------- -------- ----
Return on capital at risk with
amortised resolution fees,
% 21.5 16.6 16.8 18.3 16.5
------ ------ ---- ------ ---- -------- -------- ----
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 and 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 has 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 .
Business volumes, key items(1)
30
31 Dec 31 Dec Chg Sep Chg
EURbn 2022 2021 % 2022 %
Loans to the public 345.7 345.0 0 345.9 0
------- ------- ---- ------ ----
Loans to the public, excl. repos/securities
borrowing 327.3 328.3 0 327.4 0
------- ------- ---- ------ ----
Deposits and borrowings from
the public 217.5 205.8 6 225.4 -4
------- ------- ---- ------ ----
Deposits from the public, excl.
repos/securities lending 210.8 203.2 4 215.7 -2
------- ------- ---- ------ ----
Total assets 594.8 570.4 4 624.8 -5
------- ------- ---- ------ ----
Assets under management 358.9 411.3 -13 341.4 5
------- ------- ---- ------ ----
Equity 31.4 33.5 -6 31.0 1
------- ------- ---- ------ ----
1. End of period.
Income statement including items affecting comparability
Q4 Q4 Chg Q3 Chg Jan-Dec Jan-Dec Chg
EURm 2022 2021 % 2022 % 2022 2021 %
Net interest income 1,641 1,255 31 1,407 17 5,664 4,925 15
------- ------- ---- ------- ---- -------- -------- ----
Net fee and commission
income 812 920 -12 816 0 3,336 3,495 -5
------- ------- ---- ------- ---- -------- -------- ----
Net result from items at
fair value 417 247 69 264 58 721 1,119 -36
------- ------- ---- ------- ---- -------- -------- ----
Profit from associated
undertakings and joint
ventures accounted for
under the equity method -1 -4 -75 -3 -67 -8 -6 33
------- ------- ---- ------- ---- -------- -------- ----
Other operating income 29 20 45 17 71 83 87 -5
------- ------- ---- ------- ---- -------- -------- ----
Total operating income 2,898 2,438 19 2,501 16 9,796 9,620 2
------- ------- ---- ------- ---- -------- -------- ----
Staff costs -732 -670 9 -701 4 -2,835 -2,759 3
------- ------- ---- ------- ---- -------- -------- ----
Other expenses -322 -241 34 -282 14 -1,135 -1,002 13
------- ------- ---- ------- ---- -------- -------- ----
Regulatory fees -16 - -16 0 -322 -224 44
------- ------- ---- ------- ---- -------- -------- ----
Depreciation, amortisation
and impairment charges
of tangible and intangible
assets -160 -190 -16 -147 9 -611 -664 -8
------- ------- ---- ------- ---- -------- -------- ----
Total operating expenses -1,230 -1,101 12 -1,146 7 -4,903 -4,649 5
------- ------- ---- ------- ---- -------- -------- ----
Profit before loan losses 1,668 1,337 25 1,355 23 4,893 4,971 -2
------- ------- ---- ------- ---- -------- -------- ----
Net loan losses and similar
net result -59 -56 5 -58 2 -125 -35
------- ------- ---- ------- ---- -------- -------- ----
Operating profit 1,609 1,281 26 1,297 24 4,768 4,936 -3
------- ------- ---- ------- ---- -------- -------- ----
Income tax expense -349 -264 32 -285 22 -1,173 -1,105 6
------- ------- ---- ------- ---- -------- -------- ----
Net profit for the period 1,260 1,017 24 1,012 25 3,595 3,831 -6
------- ------- ---- ------- ---- -------- -------- ----
Ratios and key figures including items affecting
comparability(1)
Q4 Q4 Chg Q3 Chg Jan-Dec Jan-Dec Chg
2022 2021 % 2022 % 2022 2021 %
Diluted earnings per share,
EUR 0.34 0.26 31 0.27 26 0.95 0.95 0
------- ------- ---- ------- ---- -------- -------- ----
EPS, rolling 12 months up to
period end, EUR 0.95 0.95 0 0.87 9 0.95 0.95 0
------- ------- ---- ------- ---- -------- -------- ----
Share price(2) , EUR 10.03 10.79 -7 8.80 14 10.03 10.79 -7
------- ------- ---- ------- ---- -------- -------- ----
Proposed/actual dividend per
share, EUR 0.80 0.69 16
------- ------- ---- ------- ---- -------- -------- ----
Equity per share(2) , EUR 8.62 8.51 1 8.40 3 8.62 8.51 1
------- ------- ---- ------- ---- -------- -------- ----
Potential shares outstanding(2)
, million 3,654 3,966 -8 3,714 -2 3,654 3,966 -8
------- ------- ---- ------- ---- -------- -------- ----
Weighted average number of
diluted shares, million 3,674 3,978 -8 3,722 -1 3,782 4,025 -6
------- ------- ---- ------- ---- -------- -------- ----
Return on equity, % 16.5 11.8 13.4 11.6 11.2
------- ------- ---- ------- ---- -------- -------- ----
Return on tangible equity,
% 19.0 13.2 15.2 13.3 12.6
------- ------- ---- ------- ---- -------- -------- ----
Return on risk exposure amount,
% 3.5 2.7 2.7 2.5 2.5
------- ------- ---- ------- ---- -------- -------- ----
Return on equity with amortised
resolution fees, % 15.9 11.3 12.7 11.6 11.2
------- ------- ---- ------- ---- -------- -------- ----
Cost-to-income ratio, % 42.5 45.2 45.8 50.1 48.3
------- ------- ---- ------- ---- -------- -------- ----
Cost-to-income ratio with amortised
resolution fees, % 44.7 47.5 48.4 50.1 48.3
------- ------- ---- ------- ---- -------- -------- ----
Net loan loss ratio, incl.
loans held at fair value, bp 7 7 7 4 1
------- ------- ---- ------- ---- -------- -------- ----
Common Equity Tier 1 capital
ratio(2,3) , % 16.4 17.0 15.8 16.4 17.0
------- ------- ---- ------- ---- -------- -------- ----
Tier 1 capital ratio(2,3) ,
% 18.7 19.1 18.2 18.7 19.1
------- ------- ---- ------- ---- -------- -------- ----
Total capital ratio(2,3) ,
% 20.8 21.2 20.3 20.8 21.2
------- ------- ---- ------- ---- -------- -------- ----
Tier 1 capital(2,3) , EURbn 27.2 29.0 -6 27.1 0 27.2 29.0 -6
------- ------- ---- ------- ---- -------- -------- ----
Risk exposure amount(2) , EURbn 145.3 151.9 -4 149.4 -3 145.3 151.9 -4
------- ------- ---- ------- ---- -------- -------- ----
Return on capital at risk,
% 22.3 17.3 17.7 15.7 16.5
------- ------- ---- ------- ---- -------- -------- ----
Return on capital at risk with
amortised resolution fees,
% 21.5 16.6 16.8 15.7 16.5
------- ------- ---- ------- ---- -------- -------- ----
Net interest margin, % 1.46 1.14 1.23 1.25 1.14
------- ------- ---- ------- ---- -------- -------- ----
Number of employees (FTEs)(2) 28,268 26,894 5 27,649 2 28,268 26,894 5
------- ------- ---- ------- ---- -------- -------- ----
Economic capital(2) , EURbn 21.9 23.2 -6 22.5 -3 21.9 23.2 -6
------- ------- ---- ------- ---- -------- -------- ----
1. See here for more detailed information regarding ratios and
key figures defined as alternative performance measures .
2. End of period.
3. Including the result for the period.
2022 publications
Nordea's Annual Report for the financial year 2022, which
includes the Audited Financial Statements, the Board of Directors'
Report and the Corporate Governance Statement as well as the
sustainability reporting, will be published in week 9 by way of
stock exchange release and will also be available at
www.nordea.com.
This release is a summary of Nordea's Q4 2022 report. The
complete report is attached to this release and can also be found
on the below link on our website.
Nordea Group Q4 2022 Report
Full report as PDF:
http://www.rns-pdf.londonstockexchange.com/rns/7132O_1-2023-2-2.pdf
A webcast for media, investors and equity analysts will be held
on 2 February at 11.00 EET (10.00 CET), during which Frank
Vang-Jensen, President and Group CEO, will present the results
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, +358 503 821 391
Ian Smith, Group CFO, +45 5547 8372
Matti Ahokas, Head of Investor Relations, +358 405 759 178
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 2 February 2023.
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