NordeaNDA SE
The largest bank in the Nordics, with Finland, Sweden, Denmark and Norway as home markets. Nordea lends to households and companies, takes deposits and manages savings through funds, pensions and private banking.
Nordea had income of EUR 11.7bn in 2025. 61% was net interest income, the gap between what the bank earns on loans and what its money costs.
| Year | Net interest income | Net fees | Total income |
|---|---|---|---|
| 2020 | EUR 4.5bn | EUR 3.0bn | EUR 8.5bn |
| 2021 | EUR 4.9bn | EUR 3.5bn | EUR 9.6bn |
| 2022 | EUR 5.7bn | EUR 3.2bn | EUR 9.7bn |
| 2023 | EUR 7.5bn | EUR 3.0bn | EUR 11.7bn |
| 2024 | EUR 7.6bn | EUR 3.2bn | EUR 12.1bn |
| 2025 | EUR 7.2bn | EUR 3.2bn | EUR 11.7bn |
About six in ten euros of income are net interest income, the gap between the rate on loans and the cost of money. The rest is mainly fees for funds, asset management and payments. The bank reports in euros, so the figures here are in euros.
Latest report: January–September 2026
| Now | Year before | |
|---|---|---|
| Net interest income | EUR 5,337m | EUR 5,402m |
| Net fee and commission income | EUR 2,602m | EUR 2,396m |
| Total operating income | EUR 8,910m | EUR 8,795m |
| Total operating expenses | EUR −4,091m | EUR −4,019m |
| Net loan losses | EUR −36m | EUR +27m |
| Operating profit | EUR 4,783m | EUR 4,803m |
| Return on equity | 15.5% | 15.9% |
| Cost/income (excl. regulatory fees) | 44.8% | 44.7% |
| Diluted earnings per share | EUR 1.07 | EUR 1.06 |
| CET1 ratio | 15.8% |
Source: Nordea, Third-Quarter Financial Report 2026, p. 1. Interim reports are not filed in ESEF, so these figures are read by hand from the report.
Net interest income and net fee income from the group income statement. Income = total operating income.
Of every 100 earned, 46 went to costs in 2025. Credit losses were 0.5 basis points of lending.
| Year | Costs | Cost/income | Credit losses (minus = reversal) | Basis points of lending |
|---|---|---|---|---|
| 2020 | EUR 4.6bn | 55% | EUR 908m | 27.5 |
| 2021 | EUR 4.6bn | 48% | EUR 118m | 3.4 |
| 2022 | EUR 4.8bn | 50% | EUR 112m | 3.2 |
| 2023 | EUR 5.2bn | 45% | EUR 187m | 5.4 |
| 2024 | EUR 5.3bn | 44% | EUR 198m | 5.5 |
| 2025 | EUR 5.4bn | 46% | EUR 21m | 0.5 |
Cost/income = total costs before credit losses divided by total income. Credit losses in basis points = the year's credit losses divided by lending to the public, times 10,000.
Return on equity was 15% in 2025. The dividend took 68% of earnings per share.
| Year | Net profit | Return on equity | EPS | DPS |
|---|---|---|---|---|
| 2020 | EUR 2.2bn | 6.9% | EUR 0.55 | – |
| 2021 | EUR 3.8bn | 11.3% | EUR 0.95 | EUR 0.80 |
| 2022 | EUR 3.6bn | 11.1% | EUR 0.94 | EUR 0.70 |
| 2023 | EUR 4.9bn | 15.8% | EUR 1.37 | EUR 0.80 |
| 2024 | EUR 5.0bn | 15.8% | EUR 1.44 | EUR 0.92 |
| 2025 | EUR 4.8bn | 14.8% | EUR 1.39 | EUR 0.94 |
Return on equity = profit to shareholders divided by average equity over the year. Dividends paid from the cash flow statement.
Customer deposits cover 64% of lending. The CET1 ratio was 15.8%, against a requirement of 13.9%.
| Year | Lending | Deposits | Deposits / lending | Equity / assets |
|---|---|---|---|---|
| 2020 | EUR 330bn | EUR 183bn | 56% | 6.1% |
| 2021 | EUR 345bn | EUR 206bn | 60% | 5.9% |
| 2022 | EUR 346bn | EUR 217bn | 63% | 5.2% |
| 2023 | EUR 345bn | EUR 210bn | 61% | 5.3% |
| 2024 | EUR 358bn | EUR 232bn | 65% | 5.2% |
| 2025 | EUR 382bn | EUR 243bn | 64% | 5.0% |
Capital ratios: Third-Quarter Financial Report 2026, p. 1: CET1 ratio 15.8%, 1.9 percentage points above the regulatory requirement.
Competitive advantages, our assessment
Deposits from and lending to the public from the balance sheet. Capital ratios from the bank's interim report, with the page named in the sources.
The bank trades at 1.87 times tangible equity. That needs a return on equity of about 15%, for good. Last year: 15%.
| Required return | Return on equity needed |
|---|---|
| 8% | 13% |
| 9% | 15% |
| 10% | 17% |
Market value EUR 53bn against tangible equity, a price of 1.87 times.
Justified price to tangible equity = (return on equity minus growth) divided by (required return minus growth). Required return 9%, growth 2.5%. The Stockholm price of SEK 169.90 is converted to EUR at 11.1219 kronor per EUR, because the company reports in EUR.
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Where every number comes from
| Item | Amount | Period | Source |
|---|---|---|---|
| Total income | EUR 11.7bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:RevenueAndOperatingIncome |
| Net interest income | EUR 7.2bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:InterestRevenueExpense |
| Costs | EUR 5.4bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:OperatingExpense |
| Net profit, owners | EUR 4.8bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:ProfitLossAttributableToOwnersOfParent |
| Lending to the public | EUR 381.9bn | 2025-12-31 | Annual report 2025 (ESEF)nordea:UtlaningTillAllmaenheten |
| Equity | EUR 32.4bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:Equity |
| CET1 ratio | 15.8% | 2026-09-30 | Third-Quarter Financial Report 2026, p. 1 |
| Headroom over the capital requirement | 1.9 percentage points | 2026-09-30 | Third-Quarter Financial Report 2026, p. 1 |
| 2026 outlook | Return on equity above 15%, cost/income 44–45% | 2026 | Third-Quarter Financial Report 2026, p. 3 |
The figures come from the company's annual reports in the machine-readable ESEF format, via filings.xbrl.org and the Swedish financial regulator. The latest filing wins, so restated comparatives replace the originals. Anything not tagged in ESEF is given with its source and page.
General analysis and educational material, not personal investment advice and not a recommendation to buy or sell. The figures are mechanical and can be rebuilt from the company's public reports; the text is the author's judgement. Author's position in Nordea: not disclosed. Data to 2025-12-31, price as of 2026-10-23.