Nordea reported third-quarter 2024 operating profit of €1.634 billion on 17 October, a decline of 5% compared with the same period a year earlier. The result was shaped in part by a €32 million charge related to the settlement of a United States regulatory investigation.
Total income for the quarter reached €3.014 billion, up 2% year-on-year. Net fee income rose 4% over the period.
PROFITABILITY AND CAPITAL
Nordea's return on equity stood at 16.7% for the quarter (17.1% excluding the US settlement). The 5% decline in operating profit reflected both the one-off regulatory charge and a 9% rise in underlying costs driven by investment in growth, technology and risk management.
The bank's Common Equity Tier 1 ratio was 15.8%, 2.3 percentage points above its requirement (down from 17.5% after new retail capital models were implemented), and Nordea said it would resume share buy-backs with a new EUR 250m programme.
OUTLOOK
Nordea upgraded its outlook for 2024 to a return on equity above 16%.
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