The following is a summary of the Nordea Bank Abp (NRDBY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Nordea Bank Abp reported a first quarter return on equity of 18.1%, the highest since 2007.

• The total income grew by 6% YoY mainly due to an 11% increase in net interest income.

• Despite a decrease in net fair value, the net insurance return rose by 33%.

• The bank reported a 19% YoY increase in operating profit.

• Lending volumes were stable in the mortgage sector and increased by 2% in corporate lending.

• Assets under management rose by 8% YoY and the CET1 ratio was 17.2% for the Q1.

• Loan losses were modest at €33 million or 4 basis points for the quarter.

Business Progress:

• Nordea Bank is set to strengthen its digital offerings as well as its tech foundations and financial crime prevention measures.

• The bank plans to further integrate recent acquisitions in Norway and Denmark while expanding self-service options to improve customer experiences.

• Nordea Bank was recognized for its leadership in sustainability.

• Despite uncertain economic conditions, the bank is expected to exceed the return on equity of 15% for the full year 2024 and maintain strong profitability in 2025.

• The bank is reducing exposure to commercial real estate and focusing on sound markets in corporate lending and mortgage outsourcing.

• The bank is further expected to engage in smaller, more frequent buybacks and is on track to complete the acquisition of Danske Bank by the end of the year.

• The bank plans to continue investing heavily in technology, digital offerings, ESG, and financial crime prevention.

More details: NORDEA BANK ABP SPON ADS EACH REP 1 ORD SHS IR

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