IBOS member Nordea has recently announced its Q1 2021 financial results, highlighting that net interest income increased by 9%, net fee and commission income increased by 8% and net fair value result was exceptionally high due to strong financial market activity.
Nordea noted that there has been continued growth in business volumes and increased customer satisfaction across the Nordics. Mortgage volumes grew by 6% in local currencies, year on year, and lending to small and medium-sized enterprises increased by 7%.
There have also been strong results, driven by high income growth. Nordea’s operating profit increased by 75%, year on year, mainly driven by significantly higher total operating income, which increased by 21%.
Nordea is progressing towards its financial targets: a cost-to-income ratio of 50% and a return on equity above 10%. Nordea continues to focus on its three key priorities: to create great customer experiences, drive income growth initiatives and optimise operational efficiency.
In relation to Business Banking, Nordea continues “to reposition Large Corporates & Institutions with a view to achieving a more focused and profitable business area,” highlighted Frank Vang-Jensen, President and Group CEO.
The Bank saw significantly high levels of customer activity across its focus segments, especially in Nordea’s capital markets business.
Read the full Q1 2021 financial report via Nordea here.