NRDBY - Nordea Bank Abp GAAP EPS of Euro0.31 revenue of Euro2.92B; initiates FY23 & FY25 guidance

2023-04-27 03:21:54 ET

• Nordea Bank Abp press release ( OTCPK:NRDBY ): Q1 GAAP EPS of €0.31.
• Revenue of €2.92B (+18.7% Y/Y).
• Return on equity at 17.1%, earnings per share up 48%.
• Nordea’s return on equity increased to 17.1% from 12.6% a year ago, supported by strong income growth.
• The cost-to-income ratio excluding regulatory fees improved to 40% from 45%.
• Outlook: Nordea has a resilient business model and a welldiversified loan portfolio across countries and sectors. This will enable the bank to weather the macroeconomic uncertainty and volatile financial markets. Nordea aims to continue improving its profitability and expects return on equity to remain above 13% in 2023.
• 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.

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