Nordea Bank’s Q3 2024 Results: A Testament to Sustainable Profitability
A Strong Start to the Day
Good morning! Welcome to Nordea’s Third Quarter 2024 Results Presentation. I’m Ilkka Ottoila, Head of Investor Relations, joined by our President and CEO, Frank Vang-Jensen, and our Group CFO, Ian Smith. Today, we’re excited to share our latest results with you.
A Noteworthy Performance
Frank Vang-Jensen takes the stage: “Today, we’re proud to announce our results for the third quarter. Despite challenges, we’ve achieved a remarkable performance, with profitability reaching new heights. Our return on equity stands at an impressive 16.7%, a testament to our sustainable improvement in profitability.”
Stable Business Volumes and Customer Activity
So, what drove this success? Frank explains: “Business volumes remained stable during the quarter, with customer activity thriving, particularly in savings and investments. This led to a year-on-year increase in our income.”
A Track Record of Excellence
Nordea’s return on equity has consistently exceeded 15% for the past eight quarters, demonstrating the bank’s ability to maintain its position as one of Europe’s top-performing universal banks. Since its repositioning in 2019, Nordea has achieved lasting efficiencies, adjusted its business mix, and focused on profitable growth.
Looking Ahead: A Bright Future
For the full year 2024, Nordea expects its return on equity to remain above 16%, a strong position that bodes well for the future. With a solid foundation in place, the bank is confident in its ability to sustain its position as a leader in European banking.
Your Turn: Q&A Session
Now it’s your turn! Please dial into the teleconference to ask your questions. We’re looking forward to hearing from you.
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