NBNKF - Nordea Bank Abp (NRDBY) Q2 2024 Earnings Call Transcript
2024-07-15 09:37:06 ET
Nordea Bank Abp (NRDBY)
Q2 2024 Earnings Conference Call
July 11, 2024, 04:00 AM ET
Company Participants
Ilkka Ottoila - Head of IR
Frank Vang-Jensen - CEO
Ian Smith - Group CFO
Conference Call Participants
Markus Sandgren - Kepler Cheuvreux
Nicolas McBeath - DNB Markets
Andreas Hakansson - SEB
Magnus Andersson - ABG
Gulnara Saitkulova - Morgan Stanley
Sofie Peterzens - JPMorgan
Shrey Srivastava - Citigroup
Namita Samtani - Barclays
Piers Brown - HSBC
Presentation
Ilkka Ottoila
Good morning, and welcome to Nordea's Half Year 2024 Results Presentation. I'm Ilkka Ottoila, Head of Investor Relations. Here in Helsinki, I'm joined by our President and CEO, Frank Vang-Jensen; and our Group CFO, Ian Smith.
Today, we'll start with a presentation by Frank followed by a Q&A session. Please remember to dial in to the teleconference in order to ask your questions.
With that, let's get going. Over to you, Frank.
Frank Vang-Jensen
Good morning. Today, we have published our results for the second quarter of 2024. It was another strong quarter for Nordea. Our return on equity was 17.9% in the quarter and 18% for the first half of the year, a level of profitability that puts us among the best performing banks in the industry.
During Q2, we also delivered year-on-year growth on our two largest income lines, supported by a higher net interest margin and increased customer savings and investment activity. The Nordic economies remained slow. However, there are positive signs for the road ahead. Household and business sentiment has improved somewhat, inflation has fallen and we saw the first rate cuts in 3 of our 4 home markets.
With further rate cuts anticipated this year, the prospect for the Nordic economies should brighten somewhat. Our results underline that we continue to make good progress on our strategic priorities. A key step this year is to strengthen our market position in Norway through the acquisition of a sizable personal and private banking business.
I have been fortunate to spend the second quarter in Norway gets an even deeper understanding of the nuances in that market. And I'm convinced that we have great opportunities to target profitable growth across the business areas. ...
Nordea Bank Abp (NRDBY) Q2 2024 Earnings Call Transcript