Nordea Bank Abp GAAP EPS of €0.38, net interest income of €1.95B; reaffirms FY24 outlook

Nordea Bank Abp Q1 Financial Performance:

• Q1 GAAP EPS of €0.38.
• Net interest income of €1.95B (+10.8% Y/Y).
• CET1 ratio increased to 17.2%.
• Return on equity was 18.1% in Q1, up from 17.1% a year ago.

Outlook and Targets:

• Outlook for 2024: Return on equity above 15%.
• Financial target for 2025: Return on equity above 15%, supported by specific financial ratios.

Business Model Strengths:

• Nordea has a strong and resilient business model.
• Well-diversified loan portfolio across the Nordic region.

Financial Expectations:

• Nordea expects a return on equity of above 15% in 2024.

Market Perception:

• Nordea seen as European Banking Excellence trading at a discount.
• Seeking Alpha’s Quant Rating on Nordea Bank Abp available.
• Historical earnings data for Nordea Bank Abp can be accessed.