Nordea reports operating profit below expectations for the third quarter of 2026. Revenue also came in below analysts’ expectations. The bank repeats its full-year guidance.
Nordea reports operating profit of EUR 1,541 million for the third quarter of 2026. Analysts had on average expected EUR 1,572 million, according to Bloomberg’s consensus. The result was thus 2 percent below expectations. In the corresponding period of the previous year, the result was EUR 1,597 million.
Total revenue amounted to EUR 2,968 million, which was 1 percent lower than the analyst consensus of EUR 2,998 million. Last year, revenue amounted to EUR 2,910 million.
Net interest income amounted to EUR 1,799 million, versus the expected EUR 1,814 million. Net commission income was EUR 880 million, versus the expected EUR 889 million.
Net result from items at fair value amounted to EUR 198 million, compared with the expected EUR 224 million.
Operating expenses amounted to EUR -1,353 million, versus the expected EUR -1,363 million. Credit losses amounted to EUR -74 million, compared with the expected EUR -66 million.
Earnings per share amounted to EUR 0.35, compared with EUR 0.36 in the previous year.
Return on equity amounted to 15.1 percent (15.8). The common equity tier 1 ratio was 15.8 percent at the end of the quarter.
Nordea repeats its full-year 2026 guidance of return on equity above 15 percent and a cost/income ratio of 44-45 percent, excluding regulatory fees. The guidance also excludes restructuring costs of EUR 190 million from the first quarter.
EUR millionQ3 2026ConsensusDeviationQ3 2025ChangeRevenue2 9682 998-1.0%2 910+2.0%Net interest income1 7991 814-0.8%1 775+1.4%Net commission income880889-1.0%811+8.5%Net trading income*198224-11.6%245-19.2%Operating expenses-1 353-1 363+0.7%-1 332+1.6%Credit losses-74-66-12.1%19—Operating profit1 5411 572-2.0%1 597-3.5%Earnings per share, euro0.35——0.36-2.8%
