Nordea Bank Abp (04QA) Q3 2026 Earnings Report

The call was broadly positive: Nordea reported solid profitability, income growth, strong savings and lending momentum, robust credit quality, effective cost control and a strong capital position, while maintaining its financial guidance and strategic targets. The main negative factors were the unquantified potential increase in risk exposure amounts from the ECB corporate model review, the resulting pause in share buybacks, margin pressure, interest-rate volatility affecting net fair value, and slower wholesale and Finnish corporate activity.

For full year 2026, Nordea reiterated guidance of a return on equity of greater than 15% and a cost-to-income ratio of 44% to 45%; net interest income was previously guided as flat to slightly up for net interest income on 2026, but lending margin pressure probably means it will be more at the flat to the slightly up end of that, while costs are expected to land around EUR 5.5 billion for the year. Net fair value is expected to be a lower-than-normal result for the full year, and loan losses remain well within the group's long-term guidance of 10 basis points, with the long-term expectation of around 10 basis points. Nordea said there is no change to its financial guidance, targets or capital policy, business plans include profitable growth, and pausing buybacks is pending clarity on the REA impact; no decisions are expected before 2027.