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Alternative performance measures Nordea group first quarter 2023

APM definitions

Nordea Group
Business definitions
Nordea's alternative performance measures (APMs) are presented to provide users of Nordea's financial reporting with relevant information and tools to be able to establish a view on Nordea's performance.
Nordea believes that these APMs assist in providing additional useful information on the underlying trends, performance and position of Nordea Group. APMs are also used to enhance the comparability of information between reporting periods and geographical units, by adjusting for items affecting comparability which affect IFRS measures, to aid the user in understanding the Group's performance. Consequently, APMs are used for performance analysis, planning, reporting and incentive-setting purposes.
The development compared with earlier periods is, in order to better reflect the underlying business performance, generally presented in local currencies translated to EUR using plan exchange rates.
Share related APMs
APMs based on per share data is provided to portray Nordea's performance in relation to shareholder investments.
Weighted average number of diluted shares, million
Weighted average number of common shares outstanding plus the potential dilution that could occur if equity awards from our stock compensation plans were exercised and converted into common stock minus trading shares.
Basic earnings per share (EPS)
Net profit for the period divided by the weighted average number of outstanding shares, non-controlling interests and interest expense on Additional Tier 1 capital (discretionary interest accrued) excluded.
Diluted earnings per share (DEPS)
Net profit for the period divided by the weighted average number of outstanding shares after full dilution, non-controlling interests and interest expense on Additional Tier 1 capital (discretionary interest accrued) excluded.
Total shareholders retu(TSR)
Growth in the value of a shareholding during the year, assuming the dividends are reinvested at the time of the payment to purchase additional shares.
Equity per share
Equity as shown on the balance sheet after full dilution and non-controlling interests excluded, divided by the number of shares after full dilution.
Performance related APMs
The retumeasures explains how well Nordea has managed the capital at its disposal and in relation to the risks accepted. The Net interest margin is a profitability ratio that measures the net retuon Nordea's earning assets and cost-to-income ratio is a measure of the operational efficiency.
Items affecting comparability are, when applicable, excluded from some APMs because management and investors would ordinarily identify and consider them separately in order to better understand the underlying trends in a business. Nordea consider AMPs excluding items affecting comparability provide useful information for investors by aligning internal and external reporting, identifying and quantifying items management believe to be significant and providing insight into how management assesses year-on-year performance.
Retuon equity (RoE)
Net profit for the period as a percentage of average equity for the period. Additional Tier 1 capital, accounted for in equity, is in the calculation considered as being classified as a financial liability. Net profit for the period excludes non-controlling interests and interest expense on Additional Tier 1 capital (discretionary interest accrued). Average equity includes net profit for the period and dividend until paid, and excludes non-controlling interests and Additional Tier 1 capital.
Retuon tangible equity (RoTE)
Net profit for the period as a percentage of average equity for the period. Additional Tier 1 capital, accounted for in equity, is in the calculation considered as being classified as a financial liability. Net profit for the period excludes non-controlling interests and interest expense on Additional Tier 1 capital (discretionary interest accrued). Average equity includes net profit for the period and dividend until paid, and excludes non-controlling interests and Additional Tier 1 capital and is reduced with intangible assets.
Retuon risk exposure amount
Net profit for the period as a percentage of average risk exposure amount for the period. Net profit for the period excludes non-controlling interests and interest expense on Additional Tier 1 capital (discretionary interest accrued).
Retuon equity with amortised resolution fees
Net profit for the period as a percentage of average equity for the period. Additional Tier 1 capital, accounted for in equity, is in the calculation considered as being classified as a financial liability. Net profit for the period excludes non-controlling interests and interest expense on Additional Tier 1 capital (discretionary interest accrued) and is adjusted for the effect of resolution fees on an amortised basis after tax. Average equity includes net profit for the period and dividend until paid, and excludes non-controlling interests and Additional Tier 1 capital.
Net interest margin (NIM)
Net interest income for the period as a percentage of average interest-earning assets, excluding Life & Pension and Markets where retuon assets is reported under Net result from items at fair value.
Total operating expenses excluding resolution fees.
Total operating expenses excluding resolution fees.
Cost-to-income ratio
Total operating expenses divided by total operating income.
Cost-to-income ratio with amortised resolution fees
Total operating expenses, adjusted for the effect of resolution fees on an amortised basis, divided by total operating income.
Cost-to-income ratio excluding regulatory fees
Total operating expenses, adjusted with the regulatory fees, divided by total operating income.
Items affecting comparability
Significant items that interfere with year-on year comparisons.
Retuon capital at risk
Net profit for the period excluding items affecting comparability in percentage of economic capital.
Retuon capital at risk with amortised resolution fees
Net profit for the period excluding items affecting comparability and adjusted for the effect of resolution fees on an amortised basis after tax, in percentage of economic capital.
Operating profit excluding items affecting comparability and adjusted for the effect of resolution fees on an amortised basis.
Customer driven net fair value
Summary of Net fair value in Corporate & Investment Banking, Banking Russa, Financial Institutions Group and International Banks.
Credit related APMs
The credit related APMs are used for evaluting the cost of credit risk and to what extent Nordea holds adequate provisions for the credit risks accepted.
Net loan loss ratio, amortised cost (IFRS 9)
Net loan losses (annualised) divided by quarterly closing balance of loans carrying amount to the public (lending) measured at amortised cost.
Net loan loss ratio, including loans held at fair value (IFRS 9)
Net result from loans in hold portfolios mandatorily held at fair value and Net loan losses (annualised) divided by quarterly closing balance of loans carrying amount to the public (lending) measured at amortised cost and loans in hold portfolios mandatorily held at fair value.
Impairment rate (stage 3), gross (IFRS 9)
Impaired loans (stage 3) before allowances divided by total loans measured at amortised cost before allowances.
Impairment rate (stage 3), gross, for loans measured at fair value
Impaired loans (stage 3) measured at fair value before allowances divided by total loans measured at fair value before allowances.
Impairment rate (stage 3), net (IFRS 9)
Impaired loans (stage 3) after allowances divided by total loans measured at amortised cost before allowances.
Total allowance rate (stages 1, 2 and 3) (IFRS 9)
Total allowances divided by total loans measured at amortised cost before allowances.
Allowances in relation to credit impaired loans (stage 3) (IFRS 9)
Allowances for impaired loans (stage 3) divided by impaired loans measured at amortised cost (stage 3) before allowances.
Allowance in relation to loans in stages 1 and 2 (IFRS 9)
Allowances for not impaired loans (stages 1 and 2) divided by not impaired loans measured at amortised cost (stages 1 and 2) before allowances.
Impairment rate for fair value
Impaired loans (stage 3) measured at fair value divided by total loans measured at fair value.
Past due loans (incl. impaired) to the public
Loans to the public (for corporates and households respectively) past due 6 days or more divided by loans the public (for corporates and households respectively) after allowances
Capital related APMs
The capital APMs explains how much capital Nordea holds to cover the risks in the business. Own Funds and Economic Capital indicates the total amount of capital, while the ratios sets the risks in relatation to the capital. Regulators have issued mininmum levels for some of these ratios.
Own funds
Own funds include the sum of the Tier 1 capital and the supplementary capital consisting of subordinated loans, after deduction of the carrying amount of the shares in wholly owned insurance companies and the potential deduciton for expected shortfall.
Tier 1 capital
The Tier 1 capital of an institution consists of the sum of the Common Equity Tier 1 capital and Additional Tier 1 capital of the institution. Common Equity Tier 1 capital includes consolidated shareholders' equity excluding investments in insurance companies, proposed dividend, deferred tax assets, intangible assets in the banking operations, the full expected shortfall deduction (the negative difference between expected losses and provisions) and finally other deductions such as cash flow hedges.
Tier 2 capital
Supplementary capital consisting of subordinated loans, after deduction of the carrying amount of the shares in wholly owned insurance companies and the potential deduciton for expected shortfall.
Common Equity Tier 1 (CET 1) capital ratio
Common equity tier 1 capital as a percentage of risk exposure amount.
Tier 1 capital ratio
Tier 1 capital as a percentage of risk exposure amount. Tier 1 capital consist of both CET 1 capital and Additional Tier 1 capital.
Total capital ratio
Total capital ratio is total own funds divided by total risk exposure amount. Total own funds is the sum of Tier 1 and Tier 2 capital.
Economic capital (EC)
Economic capital is Nordea's internal estimate of required capital and measures the capital required to cover unexpected losses in the course of its business with a certain probability. EC uses advanced internal models to provide a consistent measurement for credit risk, market risk, operational risk, business risk and life insurance risk arising from activities in Nordea's various business areas. The aggregation of risks across the group gives rise to diversification effects resulting from the differences in risk drivers and the improbability that unexpected losses occur simultaneously.
Risk exposure amount (REA)
Risk exposure amount is calculated in accordance with the requirements in the CRR.
CRR leverage ratio
The leverage ratio is a non-risk based measure expressed as a percentage of Tier 1 capital in relation to Total Exposure. The total exposure measure is the sum of the following exposures: (a) on-balance sheet exposures; (b) derivative exposures; (c) securities financing transaction (SFT) exposures; and (d) off-balance sheet (OBS) items.
Conglomerate capital base
The conglomerates capital base is the own funds for the financial conglomerate, i.e. Nordea banking group and Nordea Life & Pension group, calculated according to instructions from the Finnish FSA.
The minimum amount of the financial conglomerates capital base
The minimum amount of the financial conglomerates capital base is 8 percent of the risk exposure amount of the financial conglomerate, i.e. Nordea banking group and Nordea Life & Pension group.
Conglomerate's capital adequacy ratio (capital base/minimum amount of capital base)
The conglomerate's capital adequacy ratio is the conglomerates capital base divided by the minimum amount of the conglomerates capital base. The value shall at all times be larger than 1.
Liquidity related APMs
The liquidity APMs are measures of the liquidity risk in the Group and indicates Nordea's resistance in a liquidity crisis.
Liquidity coverage ratio (LCR)
The stock of high quality liquid assets (HQLA) relative to the estimated total net cash outflows over the next 30 days.
Net stable funding ratio (NSFR)
The proportion of available stable funding relative to the amount of required stable funding.
Other APMs
Asset under Management (AuM)
Asset under Management (AuM) includes customer assets from our Life business, Asset Management business and assets under advice from retail, institutional and private banking clients.
Income/AuM
Total income including allocations divided by end AuM (annualised and measured in basis points).
Value at Risk (VaR)
Nordea measures VaR using historical simulation (HS) and the so-called Expected Tail Loss (ETL) approach. Nordea's VaR measure is based on daily changes in market prices/rates and volatilities over the last 500 trading days (giving 499 daily changes), a holding period for the portfolio of ten days and a probability of 99%. It thus expresses the average loss that Nordea will suffer with the current portfolio over a ten-day horizon in 1% of the worst scenarios. VaR is calculated as the average of the six most adverse simulation results out of the last 500 trading days as an estimate of VaR.
Gross written premiums
Gross written premiums shall comprise all amounts due during the financial year in respect of insurance contracts, arising from gross business, regardless of the fact that such amounts may relate in whole or in part to a later financial year. It includes both direct and reinsurance business.
Business Area APMs
Retuon Capital at Risk
Operating profit inkl standard tax in percentage of Economic Capital.
Ancillary income
Sum of net fee and commission income and net result from items at fair value.
Asset under Management net flow
Inflow of AuM products (customer investments) less outflow of AuM products (customer divestments).
Asset under Management, AM internal distribution channels
Net flow of AM products distributed by Personal Banking, Private Banking and Business Banking units.
Asset under Management, AM external distribution reach
Net flow of AuM distributed by Wholesale Distribution and Institutional Distribution sales channels.

&"Nordea Sans Large,Regular"&K00-023APM Nordea Group Third Quarter 2019

&1#&"Calibri"&10&K000000Confidential &P (&N)

APM numbers

Nordea Group Q1 Q4 Change Q1 Change Q3 Q2 Q1 Q4 Q3 Q2
Alternative Performance Measures 2023 2022 Q1/Q4 2022 Q1/Q1 2022 2022 2022 2021 2021 2021
Share related APMs
Weighted average number of common shares outstanding, periodic, million 3,631 3,689 -2% 3,917 -7% 3,733 3,802 3,917 3,997 4,050 4,050
Deduct trading shares, average periodic, million 12 18 26 14 12 26 22 10.5 11
Add average share-based remuneration programmes, periodic, million 3 3 3 3 3 3 3 2.5 2
Add average Derivatives on Nordea shares, million 0 0 0 0 0 0 0 0.1 0
Weighted average number of diluted shares, million 3,622 3,674 -1% 3,894 -7% 3,722 3,792 3,894 3,978 4,042 4,041
Net profit for the period excl. non-controlling interests, EURm 1,123 1,278 234 1,001 1,055 234 1,017 1,001 1,025
Divide with weighted average number of shares, million 3,619 3,671 3,891 3,719 3,789 3,891 3,975 4,039 4,039
Basic earnings per share (EPS), EUR 0.31 0.35 -11% 0.06 414% 0.27 0.28 0.06 0.26 0.25 0.25
Excl. items affecting comparability: -
Non-deductable loss FX - Russia, EURm - - -529 - - -529 - - -
Losses on fund investments in Russia, net of tax, EURm - - -6 - - -6 - - -
Credit losses on direct Russia-linked exposures, net of tax, EURm - - -64 - - -64 - - -
Basic earnings per share excl. items affecting comparability, EUR 0.31 0.35 -11% 0.21 48% 0.27 0.28 0.21 0.26 0.25 0.25
EPS, rolling 12 months up to period end, EUR 1.21 0.96 26% 0.82 48%
EPS, rolling 12 months up to period end excl. items aff. comp., EUR 1.21 1.11 9% 0.97 25%
Net profit for the period excl. non-controlling interests, EURm 1,123 1,278 234
Divide with weighted average number of diluted share, YTD, million 3,622 3,674 3,894
Diluted earnings per share (DEPS), EUR 0.31 0.35 -11% 0.06 417%
Excl. items affecting comparability:
Non-deductable loss FX - Russia, EURm - - -529
Losses on fund investments in Russia, net of tax, EURm - - -6
Credit losses on direct Russia-linked exposures, net of tax, EURm - - -64
Diluted earnings per share excl. items affecting comparability, EUR 0.31 0.35 -11% 0.21 48%
Share price, end of period, SEK 110.9 111.5 97.1
Divide with exchange rate SEK/EUR, closing date 11.27 11.12 10.35
Share price, end of period, EUR 9.84 10.03 -2% 9.38 5%
Total equity, end of period, EURm 28,181 30,844 30,325
Deduct non-controlling interests, end of period, EURm 0 0 8
Total equity attributable to shareholders, EURm 28,181 30,844 30,317
Divide with diluted number of shares outstanding, end of period, million 3,597 3,644 3,844
Equity per share, end of period, EUR 7.84 8.46 -7% 7.89 -1%
Performance related APMs Q1 Q4 Change Q1 Change
2023 2022 Q1/Q4 2022 Q1/Q1
Net profit for the period excl. non-controlling interests and interest on AT1 capital, EURm 1,142 1,272 254
Net profit for the period excl. non-controlling interests and interest on AT1 capital, annualised, EURm 4,567 5,086 1,016
Divide with average equity incl. dividend until paid out in March, EURm 29,832 30,072 31,732
Retuon equity, % 15.3% 16.9% -9% 3.2% 378%
Excl. items affecting comparability:
Non-deductable loss FX - Russia, EURm - - -529
Losses on fund investments in Russia, net of tax, EURm - - -6
Credit losses on direct Russia-linked exposures, net of tax, EURm - - -64
Retuon equity excl. items affecting comparability, % 15.3% 16.9% -9% 10.8% 42%
Net profit for the period excl. non-controlling interests and interest on AT1 capital, EURm 1,142 1,272 254
Net profit for the period excl. non-controlling interests and interest on AT1 capital, annualised, EURm 4,567 5,086 1,016
Divide with average equity incl. dividend until paid out in March excl tangible assets, EURm 29,832 30,072 31,732
Excl intangible assets -3,923 -4,005 -3,809
Retuon tangible equity, % 17.6% 19.5% -10% 3.6% 385%
Excl. items affecting comparability:
Non-deductable loss FX - Russia, EURm - - -529
Losses on fund investments in Russia, net of tax, EURm - - -6
Credit losses on direct Russia-linked exposures, net of tax, EURm - - -64
Retuon tangible equity excl. items affecting comparability, % 17.6% 19.5% -10% 12.2% 44%
Net profit for the period excl. non-controlling interests and interest on AT1 capital, EURm 1,142 1,272 254
Net profit for the period excl. non-controlling interests and interest on AT1 capital, annualised, EURm 4,567 5,086 1,016
Divide with risk exposure amount, EURm 141,976 145,299 154,039
Retuon risk exposure amount, % 3.2% 3.5% -8% 0.7% 388%
Excl. items affecting comparability:
Non-deductable loss FX - Russia, EURm - - -529
Losses on fund investments in Russia, net of tax, EURm - - -6
Credit losses on direct Russia-linked exposures, net of tax, EURm - - -64
Retuon risk exposure amount excl. items affecting comparability, % 3.2% 3.5% -9% 2.2% 45%
Net profit for the period excl. non-controlling interests and interest on AT1 capital, EURm 1,142 1,272 254
Amortised resolution fees after tax, EURm 135 -49 148
Net profit for the period incl amortised resolution fees excl. non-controlling interests and interest on AT1 capital, annualised, EURm 5,107 4,889 1,607
Divide with average equity incl. dividend until paid out in March ecxl tangible assets, EURm 29,832 30,072 31,732
Retuon equity with amortised resolution fees, % 17.1% 16.3% 5% 5.1% 238%
Excl. items affecting comparability:
Non-deductable loss FX - Russia, EURm - - -529
Losses on fund investments in Russia, net of tax, EURm - - -6
Credit losses on direct Russia-linked exposures, net of tax, EURm - - -64
Retuon equity with amortised resolution fees excl. items affecting comparability, % 17.1% 16.3% 5% 12.6% 36%
Average loans to credit institutions and central banks, EURm 84,742 78,061 83,729
Average loans to credit institutions and central banks Life & Pension and Markets, EURm 7,965 7,730 8,980
Average loans to credit institutions and central banks, excl Life & Pension and Markets, EURm 76,777 70,331 74,749
Average loans to the public, EURm 342,641 347,421 345,660
Average loans to the public Life & Pension and Markets, EURm 20,343 18,649 18,799
Average loans to the public, excl Life & Pension and Markets, EURm 322,298 328,772 326,861
Average interest-earning securities, EURm 75,348 68,275 68,519
Average interest-earning securities Life & Pension and Markets, EURm 22,604 18,752 16,184
Average interest-earning securities, excl Life & Pension and Markets, EURm 52,744 49,522 52,334
Average interest-earning assets, excl Life & Pension and Markets, EURm 451,818 448,625 453,945
Total net interest income, EURm 1,765 1,641 1,308
Annualised net interest income, EURm 7,158 6,509 5,306
Net interest margin, % 1.58% 1.45% 1.17%
Cont.,Performance related APMs Q1 Q4 Change Q1 Change
2023 2022 Q1/Q4 2022 Q1/Q1
Total operating expenses, EURm -1,422.0 -1,211.8 -1,370.3
Regulatory fees, EURm -255.1 -16.3 -272.5
Total operating expenses excluding regulatory fees, EURm -1,166.9 -1,195.5 -2% -1,097.8 6%
Total operating expenses, EURm -1,422 -1,212 -1,370
Total operating income, EURm 2,921 2,897 1,924
Cost-to-income ratio, % 48.7% 41.8% 17% 71.2% -32%
Total operating expenses, EURm -1,422 -1,212 -1,370
Excl. items affecting comparability, before tax, EURm 0 0 0
Total operating expenses excl. items affecting comparability, EURm -1,422 -1,212 -1,370
Total operating income, EURm 2,921 2,897 1,924
Excl. items affecting comparability, before tax, EURm 0 0 -537
Total operating income excl. items affecting comparability, EURm 2,921 2,897 2,461
Cost-to-income ratio excl. items affecting comparability, % 48.7% 41.8% 17% 55.7% -13%
Total operating expenses, EURm -1,422 -1,212 -1,370
Amortised resolution fees, before tax, EURm 175 -64 192
Total operating income, EURm 2,921 2,897 1,924
Cost-to-income ratio with amortised resolution fees, % 42.7% 44.0% -3% 61.2% -30%
Total operating expenses, EURm -1,422 -1,212 -1,370
Amortised resolution fees before tax, EURm 175 -64 192
Excl. items affecting comparability, before tax, EURm 0 0 0
Total operating expenses excl. items affecting comparability, EURm -1,247 -1,276 -1,178
Total operating income, EURm 2,921 2,897 1,924
Excl. items affecting comparability, before tax, EURm 0 0 -537
Total operating income excl. items affecting comparability, EURm 2,921 2,897 2,461
Cost-to-income ratio with amortised resolution fees excl. items affecting comparability, % 42.7% 44.0% -3% 47.9% -11%
Total operating expenses, EURm -1,422 -1,212 -1,370
Regulatory fees, EURm -255 -16 -273
Total operating income, EURm 2,921 2,897 1,924
Cost-to-income ratio excl. regulatory fees, % 39.9% 41.3% -3% 57.1% -30%
Total operating expenses, EURm -1,422 -1,212 -1,370
Regulatory fees, EURm -255 -16 -273
Excl. items affecting comparability, before tax, EURm 0 0 0
Total operating expenses excl. regulatory fees and items affecting comparability, EURm -1,167 -1,196 -1,098
Total operating income, EURm 2,921 2,897 1,924
Excl. items affecting comparability, before tax, EURm 0 0 -537
Total operating income excl. items affecting comparability, EURm 2,921 2,897 2,461
Cost-to-income ratio excl. regulatory fees, excl. items affecting comparability, % 39.9% 41.3% -3% 44.6% -11%
Net profit for the period, EURm 1,148 1,273 259
Average economic capital, EURm 21,996 22,370 23,284 22,725 23,289 23,284 23,262 23,153 23,459
Retuon capital at risk, % 21.2% 22.6% -6% 4.5% 371%
Net profit for the period, EURm 1,148 1,273 259
Excl. items affecting comparability, EURm 0 0 -599
Net profit for the period excl. items affecting comparability, EURm 1,148 1,273 858
Average economic capital, EURm 21,996 22,370 23,284 22,725 23,289 23,284 23,262 23,153 23,459
Retuon capital at risk, excl items affecting comparability% 21.2% 22.6% -6% 14.9% 42%
Net profit for the period, EURm 1,148 1,273 259
Amortised resolution fees after tax, EURm 135 -49 148
Net profit for the period with amortised resoluton fees excl. items affecting comparability, EURm 1,283 1,224 407
Average economic capital, EURm 21,996 22,370 23,284 22,725 23,289 23,284 23,262 23,153 23,459
Retuon capital at risk with amortised resolution fees, % 23.7% 21.7% 9% 7.1% 234%
Net profit for the period, EURm 1,148 1,273 259
Amortised resolution fees after tax, EURm 135 -49 148
Excl. items affecting comparability, EURm 0 0 -599
Net profit for the period with amortised resoluton fees excl. items affecting comparability, EURm 1,283 1,224 1,006
Average economic capital, EURm 21,996 22,370 23,284 22,725 23,289 23,284 23,262 23,153 23,459
Retuon capital at risk with amortised resolution fees, excluding items affecting comparability % 23.7% 21.7% 9% 17.5% 35%
Credit related APMs Q1 Q4 Change Q1 Change
2023 2022 Q1/Q4 2022 Q1/Q1
Net loan losses, EURm -21 -51 -72
Net loan losses, annualised, EURm -84 -204 -288
Divide with total lending at amortised cost1 , EURm 319,262 275,116 276,590
Net loan losses, stage 1 -10 -9 -20
Net loan losses, stage 2 8 -2 -15
Net loan losses, defaulted -19 -40 -37
Net loan loss ratio, amortised cost, basis points 3 7 10
- of which stage 1 1 1 3
- of which stage 2 -1 0 2
- of which stage 3 3 6 5
Net result from loans in hold portfolios mandatorily held at fair value, EURm 2 -8 8
Net loan losses, EURm -21 -51 -72
Net result from loans in hold portfolios mandatorily held at fair value and Net loan losses, annualised, EURm -76 -236 -256
Divide with total lending at amortised cost and mortgage loans measures at fair value1, EURm 339,746 345,743 351,902
Net loan loss ratio, including loans held at fair value1, basis points 2 7 7
Impaired loans, EURm 2,206 2,255 3,154
Divide with loans before allowances, EURm 274,170 279,626 280,765
Impairment rate (stage 3), gross, bp2 80 81 112
Impaired loans, EURm 2,206 2,255 3,154
Deduct allowances for individually assessed impaired loans, EURm 1,023 1,045 1,309
Impaired loans after allowances, EURm 1,183 1,210 1,845
Divide with loans before allowances, EURm 274,170 279,626 280,765
Impairment rate (stage 3), net, bp2 43 43 66
Total allowances, EURm 1,642 1,673 1,952
Divide with loans before allowances, EURm 274,170 279,626 280,765
Total allowance ratio (stages 1, 2 and 3), bp2 60 60 70
Allowances for individually assessed impaired loans, EURm 1,023 1,045 1,309
Divide with impaired loans, EURm 2,206 2,255 3,154
Allowances in relation to credit impaired loans (stage 3), %2 46 46 42
Loans measured at amortised cost, not impaired (stage 1 and 2) 271,965 277,371 277,611
Allowances for collectively assessed impaired loans (-) -619 -628 -643
Allowances in relation to loans in stages 1 and 2, Bp 23 23 23
Impaired loans, EURm 459 470 637
Divide with loans measured at fair value 72,505 70,627 75,312
Impairment rate for fair value, bps 63 67 85
Past due loans (incl. impaired), corporate 755 814 851
Divide with Loans to corporates 161,961 164,477 163,818
Past due corporate loans (incl. impaired) divided by loans to corporates after allowances, % 0.47 0.49 0.52
Past due loans (incl. impaired), households 1,388 1,569 1,461
Divide with Loans to households 177,785 181,266 188,084
Past due household loans (incl. impaired) divided by loans to households after allowances, % 0.78 0.87 0.78
2 Including loans to the public measured at amortised cost and mortage loans measured at fair value.
3 Based on IFRS 9
Capital related APMs Q1 Q4 Change Q1 Change
2023 2022 Q1/Q4 2022 Q1/Q1
CET 1 capital (incl. profit), EURbn 22.3 23.9 25.1
Divide with risk exposure amount, EURbn 142.0 145.3 -2% 154.0 -8%
Common Equity Tier 1 capital ratio, %1 15.7 16.4 16.3
Tier 1 capital (incl. profit), EURbn 25.5 27.2 -6% 28.3 -10%
Divide with risk exposure amount, EURbn 142.0 145.3 154.0
Tier 1 capital ratio, % 18.0 18.7 -4% 18.4 -2%
Total own funds (incl. profit), EURbn 28.5 30.2 31.6
Divide with risk exposure amount, EURbn 142.0 145.3 154.0
Total capital ratio, % 20.1 20.8 -3% 20.5 -2%
CET 1 capital (excl. profit), EURbn 21.9 23.1 25.5
Divide with risk exposure amount, EURbn 142.0 145.3 154.0
Common Equity Tier 1 capital ratio, % 15.5 15.9 16.5
Tier 1 capital (excl. profit), EURbn 25.2 26.4 28.6
Divide with risk exposure amount, EURbn 142.0 145.3 154.0
Tier 1 capital ratio, % 17.7 18.2 18.6
Total own funds (excl. profit), EURbn 28.2 29.5 31.9
Divide with risk exposure amount, EURbn 142.0 145.3 154.0
Total capital ratio, % 19.9 20.3 20.7
Tier 1 capital (excl. profit), EURbn 25.2 26.4 28.6
Divide with leverage ratio exposure, EURbn 557.8 549.7 589.8
Leverage ratio (excl. profit), % 4.5 4.8 4.9
Tier 1 capital (incl. profit), EURbn 25.5 27.2 28.3
Divide with leverage ratio exposure, EURbn2 557.8 549.8 589.8
Leverage ratio (incl. profit), % 4.6 4.9 -7% 4.8
1 Including profit for the period ajdusted by accrued dividend.
2 Calculated in accordance with article 500b of regulation (EU) 575/2013 of the European Parliament and of the Council (CRR) and decision (EU) 2020/1306 of the European Central Bank of 16 September 2020 (early implementation of CRR 2).
Total equity, end of period, EURm 28,181 31,404 30,921
Deduct dividend and profits to be retained, EURm 804 2,887 559
Deduct goodwill, EURm 1,714 1,786 1,873
Add Nordea Life & Pension, net, EURm 766 1,371 1,476
Add/deduct other, EURm 4,263 6,192 6,550
Total economic capital, EURm 22,167 21,910 1% 23,416 -5%
Total equity (Nordea legal group), end of period, EURbn 28.2 31.4 30.9
Deduct of equity in companies wich do not belong to the conglomerate, EURbn -0.0 -0.0 -0.0
Deduct goodwill and other intangible assets, EURbn -3.2 -3.3 -3.1
Deduct dividend and profits to be retained, EURbn -0.8 -2.9 0.0
Other corrections in accordance with financial sector-specific regulations (Nordea banking group), EURbn 3.9 4.5 4.1
Other corrections in accordance to the insurance industy-specific regulations (NLP), EURbn 2.8 2.2 2.2
Capital adequacy ratio of the financial conglomerate or Conglomerate capital ratio 30.8 31.8 34.2
The total minimum amount of the capital base calculated in accordance with the regulations in the financial industry 21.4 21.6 21.7
The total minimum amount of the capital base calculated in accordance with the regulations in the insurance industry 2.4 2.3 2.4
Coglomerate capital base 23.8 23.9 24.1
Coglomerate capital base, EURbn 30.8 31.8 34.2
The minimum amount of the financial conglomerates capital base,EURbn 23.8 23.9 24.1
Own funds requirement of the financial conglomerate 1.29 1.33 1.42
Liquidity related APMs Q1 Q4 Change Q1 Change
2023 2022 Q1/Q4 2022 Q1/Q1
Stock of high quality liquid assets 119,206 111,285 122,173
Divide with total net cash outflows over the next 30 calendar days 73,917 68,716 79,644
Liquidity coverage ratio, % 161 162 153
Sum of available stabile funding 313,743 313,478 316,764
Divide with sum of required stable funding 269,712 271,119 281,718
Net stable funding ratio, %1 116 116 112
Other APMs
Income Statement Q1 Q4 Change Q1 Change
EURm 2023 2022 Q1/Q4 2022 Q1/Q1
Net interest income 1,765 1,641 8% 1,308 35%
Net fee and commission income 765 785 -3% 829 -8%
Net insurance result 46 47 -2% 35 31%
Net result from items at fair value 345 396 -13% -265 -230%
Equity method -12 -1 1100% 0 ERROR:#DIV/0!
Other operating income 12 29 -59% 17 -29%
Total operating income 2,921 2,897 1% 1,924 52%
Staff costs -719 -721 -0% -692 4%
Other expenses -287 -315 -9% -259 11%
Regulatory fees -255 -16 1494% -273 -7%
Depreciation of tangible and intangible assets -161 -160 1% -146 10%
Total operating expenses -1,422 -1,212 17% -1,370 4%
Profit before loan losses 1,499 1,685 -11% 554 171%
Net result from loans in hold portfolios mandatorily held at fair value 2 -8 -125% 8 -75%
Net loan losses -21 -51 -59% -72 -71%
Operating profit 1,480 1,626 -9% 490 202%
Income tax expense -332 -353 -6% -231 44%
Net profit for the period 1,148 1,273 -10% 259 343%
Income Statement (loc.curr.) Q1 Q4 Chg. Loc. curr. Q1 Chg. Loc. curr.
EURm 2023 2022 Q1/Q4 2022 Q1/Q1
Net interest income 1,819 1,635 11% 1,272 43%
Net fee and commission income 777 786 -1% 815 -5%
Net insurance result 47 47 0% 35 34%
Net result from items at fair value 329 400 -18% -258 -228%
Equity method -11 -1 1000% 0 ERROR:#DIV/0!
Other operating income 13 29 -55% 17 -24%
Total operating income 2,974 2,896 3% 1,881 58%
Staff costs -730 -721 1% -682 7%
Other expenses -295 -315 -6% -252 17%
Regulatory fees -257 -16 1506% -271 -5%
Depreciation of tangible and intangible assets -163 -160 2% -144 13%
Total operating expenses -1,445 -1,212 19% -1,349 7%
Profit before loan losses 1,529 1,684 -9% 532 187%
Net result from loans in hold portfolios mandatorily held at fair value 2 -8 -125% 8 -75%
Net loan losses -21 -50 -58% -70 -70%
Operating profit 1,510 1,626 -7% 470 221%
Income tax expense -339 -353 -4% -226 50%
Net profit for the period 1,171 1,273 -8% 244 380%
Business volumes, key items Q1 Q4 Change Q1 Change
EURbn 2023 2022 Q1/Q4 2022 Q1/Q1
Loans to the public 339.7 345.7 -2% 351.9 -3%
Loans to the public, excl. reverse repurchase/securities borrowing agreements 319.3 327.3 -2% 333.1 -4%
Deposits and borrowings from the public 217.7 217.5 0% 221.1 -2%
Deposits and borrowings from the public, excl. repurchase/securities lending agreements 210.7 210.8 -0% 212.0 -1%
Total assets 604.1 594.7 2% 624.5 -3%
Assets under management 362.4 358.9 1% 389.4 -7%
Equity 28.2 30.6 -8% 30.3 -7%
Business volumes, key items (loc.curr.) Q1 Q4 Chg. Loc. curr. Q1 Chg. Loc. curr.
EURbn 2023 2022 Q1/Q4 2022 Q1/Q1
Loans to the public 350.1 348.8 0% 341.5 3%
Loans to the public, excl. reverse repurchase/securities borrowing agreements 329.6 330.3 -0% 322.7 2%
Deposits and borrowings from the public 223.5 219.4 2% 215.6 4%
Deposits and borrowings from the public, excl. repurchase/securities lending agreements 216.5 212.8 2% 206.5 5%
Total assets 618.6 599.7 3% 610.3 1%
Income Statement excl. items affecting comparability Q1 Q4 Change Q1 Change
EURm 2023 2022 Q1/Q4 2022 Q1/Q1
Net interest income 1,765 1,641 8% 1,308 35%
Net fee and commission income 765 785 -3% 829 -8%
Net insurance result 46 47 -2% 35 31%
Net result from items at fair value 345 396 -13% 272 27%
Equity method -12 -1 1100% 0 ERROR:#DIV/0!
Other operating income 12 29 -59% 17 -29%
Total operating income 2,921 2,897 1% 2,461 19%
Staff costs -719 -721 -0% -692 4%
Other expenses -287 -315 -9% -259 11%
Regulatory fees -255 -16 1494% -273 -7%
Depreciation of tangible and intangible assets -161 -160 1% -146 10%
Total operating expenses -1,422 -1,212 17% -1,370 4%
Profit before loan losses 1,499 1,685 -11% 1,091 37%
Net result from loans in hold portfolios mandatorily held at fair value 2 -8 -125% 8 -75%
Net loan losses and similar net result -21 -51 -59% 4 -625%
Operating profit 1,480 1,626 -9% 1,103 34%
Income tax expense -332 -353 -6% -245 36%
Net profit for the period 1,148 1,273 -10% 858 34%
Income Statement excl. items affecting comparability (loc.curr.) Q1 Q4 Chg. Loc. curr. Q1 Chg. Loc. curr.
EURm 2023 2022 Q1/Q4 2022 Q1/Q1
Net interest income 1,819 1,635 11% 1,272 43%
Net fee and commission income 777 786 -1% 815 -5%
Net insurance result 47 47 0% 35 34%
Net result from items at fair value 329 400 -18% 279 18%
Equity method -11 -1 1000% 0 ERROR:#DIV/0!
Other operating income 13 29 -55% 17 -24%
Total operating income 2,974 2,896 3% 2,418 23%
Staff costs -730 -721 1% -682 7%
Other expenses -295 -315 -6% -252 17%
Regulatory fees -257 -16 1506% -271 -5%
Depreciation of tangible and intangible assets -163 -160 2% -144 13%
Total operating expenses -1,445 -1,212 19% -1,349 7%
Profit before loan losses 1,529 1,684 -9% 1,069 43%
Net result from loans in hold portfolios mandatorily held at fair value 2 -8 -125% 8 -75%
Net loan losses -21 -50 -58% 6 -450%
Operating profit 1,510 1,626 -7% 1,083 39%
Income tax expense -339 -353 -4% -240 41%
Net profit for the period 1,171 1,273 -8% 843 39%

&"Nordea Sans Large,Regular"&K00-022APM Nordea Group First Quarter 2018

&1#&"Calibri"&10&K000000Confidential &P (&N)

Personal Banking

Personal Banking Q1 Q4 Change Q1 Change
Alternative Performance Measures 2023 2022 Q1/Q4 2022 Q1/Q1
Personal Banking total
Income Statement
EURm
Net interest income 811 764 6% 565 44%
Net fee and commission income 257 272 -6% 286 -10%
Net insurance result 28 27 4% 19 47%
Net result from items at fair value 18 13 38% 39 -54%
Equity method and other income 1 0 2
Total operating income 1,115 1,076 4% 911 22%
Total operating expenses -547 -482 13% -503 9%
Profit before loan losses 568 594 -4% 408 39%
Net loan losses and similar net result -35 -18 -13
Operating profit 533 576 -7% 395 35%
Income Statement (loc.curr.) Q1 Q4 Chg. Loc. curr. Q1 Chg. Loc. curr.
EURm 2023 2022 Q1/Q4 2022 Q1/Q1
Net interest income 825 763 8% 553 49%
Net fee and commission income 261 273 -4% 281 -7%
Net insurance result 29 28 4% 18 61%
Net result from items at fair value 19 14 36% 38 -50%
Equity method and other income 1 0 2
Total operating income 1,135 1,078 5% 892 27%
Total operating expenses -558 -484 15% -493 13%
Profit before loan losses 577 594 -3% 399 45%
Net loan losses and similar net result -35 -19 84% -12 192%
Operating profit 542 575 -6% 387 40%
Ratios
Total operating expenses, EURm -547 -482 -503
Resolution fees, EURm -74 1 -63
Total operating expenses excluding resoluton fees, EURm -473 -483 -2% -440 8%
Total operating expenses, EURm -547 -482 -503
Total operating income, EURm 1,115 1,076 911
Cost-to-income ratio, % 49% 45% 55%
Total operating expenses, EURm -547 -482 -503
Amortised resolution fees, before tax, EURm 56 -18 47
Total operating income, EURm 1,115 1,076 911
Cost-to-income ratio with amortised resolution fees, % 44% 46% 50%
Operating profit less standard tax, EURm 533 576 395
Amortised resolution fees, before tax, EURm 56 -18 47
Standard tax 23%, EURm -135 -128 -102
Operating profit incl. standard tax, EURm 453 430 340
Average economic capital, EURm 7,266 7,320 7,826
Retuon capital at risk with amortised resolution fees, % 25% 23% 18%
Gross Inflow Sustainable Choise 321 364 496
Gross Inflow Total 1,154 1,145 1,934
Gross Inflow Sustainable Share, % -28% -32% -26%
Credit risk 5,229 5,055 5,694
Market risk 0 0 0
Operational risk 788 675 675
Intangible assets 405 407 421
Other risks and deductions 816 1,082 1,120
Total economic capital, EURm 7,238 7,219 0% 7,909 -8%
Volumes
Mortgage lending 144.6 148.2 -2% 152.9 -5%
Other lending 21.4 21.3 0% 21.1 1%
Total Lending 166.0 169.5 -2% 174.0 -5%
Total Deposits 84.3 85.9 -2% 86.6 -3%
Volumes (local curr.)
Mortgage lending 149.3 149.6 -0% 148.0 1%
Other lending 21.7 21.4 1% 20.7 5%
Total Lending 171.0 171.0 0% 168.7 1%
Total Deposits 86.2 86.6 -0% 84.5 2%
Personal Banking specification
Q1 Q4 Change Q1 Change
2023 2022 Q1/Q4 2022 Q1/Q1
Net interest income, EURm
PeB Denmark 197 183 8% 154 28%
PeB Finland 226 192 18% 108 109%
PeB Norway 128 113 13% 121 6%
PeB Sweden 260 267 -3% 186 40%
Net interest income (local curr.), EURm
PeB Denmark 197 183 8% 154 28%
PeB Finland 226 192 18% 108 109%
PeB Norway 135 113 19% 115 17%
PeB Sweden 267 266 0% 179 49%
Net commission income, EURm
PeB Denmark 70 83 -16% 76 -8%
PeB Finland 76 78 -3% 78 -3%
PeB Norway 23 25 -8% 25 -8%
PeB Sweden 90 86 5% 108 -17%
Net commission income (local curr.), EURm
PeB Denmark 71 83 -14% 76 -7%
PeB Finland 76 78 -3% 78 -3%
PeB Norway 24 24 0% 24 0%
PeB Sweden 93 87 7% 104 -11%
Net loan losses and similar net result, EURm
PeB Denmark -5 -15 -67% 9 -156%
PeB Finland -16 -4 300% -14 14%
PeB Norway -4 7 -157% -1 300%
PeB Sweden -9 -7 29% -6 50%
Volumes
Personal banking Denmark, EURbn
Mortgage lending 35.1 35.6 -1% 36.3 -3%
Other lending 9.9 9.5 4% 8.6 15%
Total lending 45.0 45.1 -0% 44.9 0%
Total deposits 22.2 22.0 1% 21.2 5%
Personal banking Denmark (local curr.), EURbn
Mortgage lending 35.1 35.6 -1% 36.3 -3%
Other lending 9.9 9.5 4% 8.6 15%
Total lending 45.0 45.1 -0% 44.9 0%
Total deposits 22.2 22.0 1% 21.2 5%
Personal banking Finland, EURbn
Mortgage lending 30.9 31.2 -1% 30.7 1%
Other lending 6.1 6.1 0% 6.2 -2%
Total lending 37.0 37.3 -1% 36.9 0%
Total deposits 26.1 26.5 -2% 26.3 -1%
Personal banking Finland (local curr.), EURbn
Mortgage lending 30.9 31.2 -1% 30.7 1%
Other lending 6.1 6.1 0% 6.2 -2%
Total lending 37.0 37.3 -1% 36.9 0%
Total deposits 26.1 26.5 -2% 26.3 -1%
Personal banking Norway, EURbn
Mortgage lending 31.8 34.2 -7% 37.0 -14%
Other lending 2.2 2.4 -8% 2.7 -19%
Total lending 34.0 36.6 -7% 39.7 -14%
Total deposits 9.8 10.7 -8% 11.2 -13%
Personal banking Norway (local curr.), EURbn
Mortgage lending 34.9 34.6 1% 34.4 1%
Other lending 2.4 2.4 0% 2.6 -8%
Total lending 37.3 37.0 1% 37.0 1%
Total deposits 10.7 10.8 -1% 10.5 2%
Personal banking Sweden, EURbn
Mortgage lending 46.9 47.2 -1% 49.0 -4%
Other lending 3.1 3.3 -6% 3.6 -14%
Total lending 50.0 50.5 -1% 52.6 -5%
Total deposits 26.2 26.7 -2% 27.9 -6%
Personal banking Sweden (local curr.), EURbn
Mortgage lending 48.5 48.2 1% 46.5 4%
Other lending 3.2 3.4 -6% 3.4 -6%
Total lending 51.7 51.6 0% 49.9 4%
Total deposits 27.1 27.3 -1% 26.5 2%

&"Nordea Sans Large,Regular"&K00-022APM Nordea Group First Quarter 2018

&1#&"Calibri"&10&K000000Confidential &P (&N)

Business Banking

Business Banking Q1 Q4 Change Q1 Change
Alternative Performance Measures 2023 2022 Q1/Q4 2022 Q1/Q1
Business Banking total
Income Statement
EURm
Net interest income 581 556 4% 438 33%
Net fee and commission income 151 158 -4% 156 -3%
Net insurance result 4 4 0% 3 33%
Net result from items at fair value 109 93 17% 96 14%
Equity method and other income -3 10 -130% 10 -130%
Total operating income 842 821 3% 703 20%
Total operating expenses -383 -310 24% -349 10%
Profit before loan losses 459 511 -10% 354 30%
Net loan losses and similar net result -5 -37 -86% -11 -55%
Operating profit 454 474 -4% 343 32%
Income Statement (loc.curr.) Q1 Q4 Chg. Loc. curr. Q1 Chg. Loc. curr.
EURm 2023 2022 Q1/Q4 2022 Q1/Q1
Net interest income 593 555 7% 428 39%
Net fee and commission income 154 158 -3% 153 1%
Net insurance result 4 4 0% 3 33%
Net result from items at fair value 112 92 22% 94 19%
Equity method and other income -3 11 -127% 10 -130%
Total operating income 860 820 5% 688 25%
Total operating expenses -390 -311 25% -341 14%
Profit before loan losses 470 509 -8% 347 35%
Net loan losses and similar net result -5 -37 -86% -11 -55%
Operating profit 465 472 -1% 336 38%
Ratios
Net fee and commission income 151 158 156
Net result from items at fair value 109 93 96
Ancillary income 260 251 4% 252 3%
Total operating expenses, EURm -383 -310 -349
Resolution fees, EURm -81 0 -66
Total operating expenses excluding resoluton fees, EURm -302 -310 -3% -283 7%
Total operating expenses, EURm -383 -310 -349
Total operating income, EURm 842 821 703
Cost-to-income ratio, % 45% 38% 50%
Total operating expenses, EURm -383 -310 -349
Amortised resolution fees, before tax, EURm 61 -18 48
Total operating income, EURm 842 821 703
Cost-to-income ratio with amortised resolution fees, % 38% 40% 43%
Operating profit less standard tax, EURm 454 474 343
Amortised resolution fees, before tax, EURm 61 -18 48
Standard tax 23%, EURm -118 -105 -90
Operating profit incl. standard tax, EURm 397 351 301
Average economic capital, EURm 7,018 6,745 6,849
Retuon capital at risk with amortised resolution fees, % 23% 21% 18%
Credit risk 4,754 4,495 4,638
Market risk 0 0 0
Operational risk 663 535 535
Intangible assets 231 233 244
Other risks and deductions 1,542 1,421 1,477
Total economic capital, EURm 7,191 6,684 8% 6,894 4%
Volumes
Total Lending 96.2 97.9 -2% 98.8 -3%
Total Deposits 50.9 53.0 -4% 52.5 -3%
Volumes (local curr.)
Total Lending 99.3 98.8 1% 95.8 4%
Total Deposits 52.4 53.5 -2% 50.9 3%
Business Banking specification
Q1 Q4 Change Q1 Change
2023 2022 Q1/Q4 2022 Q1/Q1
Net interest income, EURm
BB Denmark 119 106 12% 91 31%
BB Finland 147 132 11% 121 21%
BB Norway 141 148 -5% 119 18%
BB Sweden 166 163 2% 103 61%
Net interest income (local curr.), EURm
BB Denmark 119 106 12% 91 31%
BB Finland 147 132 11% 121 21%
BB Norway 149 148 1% 113 32%
BB Sweden 170 163 4% 99 72%
Net commission income, EURm
BB Denmark 32 31 3% 33 -3%
BB Finland 56 53 6% 51 10%
BB Norway 28 29 -3% 31 -10%
BB Sweden 48 51 -6% 55 -13%
Net commission income (local curr.), EURm
BB Denmark 32 31 3% 33 -3%
BB Finland 56 53 6% 51 10%
BB Norway 30 30 0% 29 3%
BB Sweden 50 50 0% 53 -6%
Net loan losses and similar net result, EURm
BB Denmark 3 -9 -133% 7 -57%
BB Finland -11 -9 22% -15 -27%
BB Norway 3 -4 -175% 2 50%
BB Sweden -6 -16 -63% -9 -33%
Lending, EURbn
BB Denmark 25.8 26.1 -1% 25.6 1%
BB Finland 20.5 20.5 0% 20.4 0%
BB Norway 22.5 23.8 -5% 24.7 -9%
BB Sweden 27.4 27.5 -0% 28.1 -2%
Lending (local curr.), EURbn
BB Denmark 25.8 26.1 -1% 25.6 1%
BB Finland 20.5 20.5 0% 20.4 0%
BB Norway 24.7 24.2 2% 23.0 7%
BB Sweden 28.3 28.0 1% 26.7 6%
Deposits, EURbn
BB Denmark 10.5 10.4 1% 9.1 15%
BB Finland 15.0 15.4 -3% 14.9 1%
BB Norway 8.7 9.8 -11% 10.8 -19%
BB Sweden 16.7 17.4 -4% 17.7 -6%
Deposits (local curr.), EURbn
BB Denmark 10.5 10.3 2% 9.1 15%
BB Finland 15.0 15.4 -3% 14.9 1%
BB Norway 9.6 10.0 -4% 10.0 -4%
BB Sweden 17.3 17.8 -3% 16.8 3%

&"Nordea Sans Large,Regular"&K00-022APM Nordea Group First Quarter 2018

&1#&"Calibri"&10&K000000Confidential &P (&N)

Large Corporates & Institutions

Large Corporates & Institutions Q1 Q4 Change Q1 Change
Alternative Performance Measures 2023 2022 Q1/Q4 2022 Q1/Q1
Large Corporates & Institutions total
Income Statement
EURm
Net interest income 348 343 1% 269 29%
Net fee and commission income 120 111 8% 132 -9%
Net insurance result 0 1 0
Net result from items at fair value 192 155 24% 136 41%
Equity method and other income 0 12 0
Total operating income 660 622 6% 537 23%
Total operating expenses -290 -192 51% -274 6%
Profit before loan losses 370 430 -14% 263 41%
Net loan losses and similar net result 22 -4 -650% 29 -24%
Operating profit 392 426 -8% 292 34%
Ratios
Total operating expenses, EURm -290 -192 -274
Resolution fees, EURm 0 -99 -99
Total operating expenses excluding resoluton fees, EURm -290 -93 212% -175 66%
Total operating expenses, EURm -290 -192 -274
Total operating income, EURm 660 622 537
Cost-to-income ratio, % 44% 31% 51%
Total operating expenses, EURm -290 -192 -274
Amortised resolution fees, before tax, EURm 75 -28 71
Total operating income, EURm 660 622 537
Cost-to-income ratio with amortised resolution fees, % 33% 35% 38%
Operating profit less standard tax, EURm 392 426 292
Standard tax 23%, EURm -90 -98 -67
Operating profit incl. standard tax, EURm 302 328 225
Average economic capital, EURm 5,800 5,830 5,910
Retuon capital at risk, % 21% 22% 15%
Operating profit less standard tax, EURm 392 426 292
Amortised resolution fees, before tax, EURm 75 -28 71
Standard tax 23%, EURm -107 -91 -84
Operating profit incl. standard tax with amortised resolution fees, EURm 359 306 280
Average economic capital, EURm 5,800 5,830 5,910
Retuon capital at risk with amortised resolution fees, % 25% 21% 19%
Credit risk 3,989 3,943 4,118
Market risk 632 614 690
Operational risk 557 477 477
Intangible assets 199 201 212
Other risks and deductions 423 435 456
Total economic capital, EURm 5,800 5,669 2% 5,952 -3%
Volumes1
Total Lending 50.4 51.6 -2% 50.0 1%
Total Deposits 53.5 51.2 4% 55.7 -4%
Large Corporates & Institutions specification
Q1 Q4 Change Q1 Change
2023 2022 Q1/Q4 2022 Q1/Q1
Net interest income, EURm
Denmark 68 60 13% 40 70%
Finland 59 53 11% 48 23%
Norway 90 92 -2% 74 22%
Sweden 116 123 -6% 98 18%
Net Fee & Commission Income, EURm
Denmark 26 27 -4% 31 -16%
Finland 34 35 -3% 34 0%
Norway 26 32 -19% 27 -4%
Sweden 38 32 19% 45 -16%
Net loan losses and similar net result, EURm
Denmark 16 -1 0
Finland 6 -2 5 20%
Norway 7 0 ERROR:#DIV/0! 19 -63%
Sweden -7 -3 133% 4 -275%
Lending1, EURbn
Denmark 9.5 10.2 -7% 10.7 -11%
Finland 8.6 8.6 0% 7.9 9%
Norway 12.1 12.6 -4% 12.8 -5%
Sweden 19.5 19.4 1% 17.7 10%
Deposits1, EURbn
Denmark 11.6 10.4 12% 8.0 45%
Finland 14.4 15.5 -7% 15.2 -5%
Norway 15.1 13.0 16% 12.0 26%
Sweden 12.4 12.3 1% 20.2 -39%
1 Excluding repurchase and reversed security lending/borrowing agreements.

&"Nordea Sans Large,Regular"&K00-022APM Nordea Group First Quarter 2018

&1#&"Calibri"&10&K000000Confidential &P (&N)

Asset & Wealth Management

Asset & Wealth Management Q1 Q4 Change Q1 Change
Alternative Performance Measures 2023 2022 Q1/Q4 2022 Q1/Q1
Asset & Wealth Management total
Income Statement
EURm
Net interest income 73 73 0% 26 181%
Net fee and commission income 246 255 -4% 265 -7%
Net insurance result 14 14 0% 13 8%
Net result from items at fair value 23 9 156% -6 -483%
Equity method and other income 0 -1 0
Total operating income 356 350 2% 298 19%
Total operating expenses -144 -149 -3% -134 7%
Profit before loan losses 212 201 5% 164 29%
Net loan losses and similar net result -1 2 -150% -1 0%
Operating profit 211 203 4% 163 29%
Income Statement (loc.curr.) Q1 Q4 Chg. Loc. curr. Q1 Chg. Loc. curr.
EURm 2023 2022 Q1/Q4 2022 Q1/Q1
Net interest income 74 73 1% 25 196%
Net fee and commission income 247 254 -3% 263 -6%
Net insurance result 15 15 0% 13 15%
Net result from items at fair value 24 6 300% -5 -580%
Equity method and other income 0 0 0
Total operating income 360 348 3% 296 22%
Total operating expenses -146 -150 -3% -132 11%
Profit before loan losses 214 198 8% 164 30%
Net loan losses and similar net result -1 2 -1
Operating profit 213 200 7% 163 31%
Ratios
Total operating expenses, EURm -144 -149 -134
Resolution fees, EURm -5 0 -3
Total operating expenses excluding resoluton fees, EURm -139 -149 -7% -131 6%
Total operating expenses, EURm -144 -149 -134
Total operating income, EURm 356 350 298
Cost-to-income ratio, % 40% 43% 45%
Total operating expenses, EURm -144 -149 -134
Amortised resolution fees, before tax, EURm 4 -1 2
Total operating income, EURm 356 350 298
Cost-to-income ratio with amortised resolution fees, % 39% 43% 44%
Operating profit less standard tax, EURm 211 203 163
Amortised resolution fees, before tax, EURm 4 -1 2
Standard tax 23%, EURm -49 -46 -38
Operating profit incl. standard tax, EURm 165 155 127
Average economic capital, EURm 1,276 1,511 1,725
Retuon capital at risk with amortised resolution fees, % 53% 41% 30%
Credit risk 374 393 380
Market risk 0 0 0
Operational risk 219 210 210
Intangible assets 97 97 101
Other risks and deductions 460 798 914
Total economic capital, EURm 1,151 1,498 -23% 1,606 -28%
AuM net flow -2.1 -3.0 -2.5
AuM volume at beginning of period 358.9 341.4 411.3
Annualised AuM net flow -2.3% -3.5% -2.4%
Net flow from AM internal distribution channels 0.4 -0.7 -1.3
AuM volume at beginning of period - from AM internal disribution channels 130.1 128.1 161.2
Annualised net flow AM internal distribution 1.1% -2.0% -3.2%
Net flow from AM external distribution reach -3.4 -3.0 -2.1
AuM volume at beginning of period - from AM external distribution reach 108.6 109.2 131.3
Annualised net flow AM external distribution -12.4% -11.1% -6.3%
Volumes
Aum 362.4 358.9 1% 389.4 -7%
Total Lending 11.7 11.9 -2% 11.7 0%
Total Deposits 12.3 13.3 -8% 11.7 5%
Volumes (local curr.)
Aum 362.4 358.9 1% 389.4 -7%
Total Lending 12.0 12.0 0% 11.5 4%
Total Deposits 12.6 13.4 -6% 11.4 11%
Cont. Asset & Wealth Management total Q1 Q4 Change Q1 Change
Net commission income, EURm 2023 2022 Q1/Q4 2022 Q1/Q1
PB Denmark 41 43 -5% 46 -11%
PB Finland 38 37 3% 40 -5%
PB Norway 11 11 0% 13 -15%
PB Sweden 28 27 4% 31 -10%
Asset Management 116 127 -9% 131 -11%
Other 12 10 20% 4 200%
Asset and Wealth Management total 246 255 -4% 265 -7%
Private Banking Specification
AuM, EURbn
PB Denmark 32.8 31.9 3% 33.7 -2%
PB Finland 35.9 35.7 1% 37.9 -5%
PB Norway 9.9 10.3 -4% 11.0 -10%
PB Sweden 30.5 29.6 3% 32.9 -7%
Private Banking 109.1 107.5 2% 115.4 -5%
Lending, EURbn
PB Denmark 4.3 4.3 0% 4.1 5%
PB Finland 2.7 2.8 -4% 2.7 0%
PB Norway 1.8 1.9 -5% 1.9 -5%
PB Sweden 2.9 2.9 0% 3.0 -3%
Private Banking 11.7 11.9 -2% 11.7 0%
Asset Management
Q1 Q4 Change Q1 Change
EURbn 2023 2022 Q1/Q4 2022 Q1/Q1
AuM, internal channels 134.0 130.1 3% 148.2 -10%
AuM, external channels 106.7 108.6 -2% 124.8 -15%
AuM, total 240.7 238.7 1% 273.0 -12%
- whereof ESG AuM 159.9 157.4 2% 164.7 -3%
Net inflow, internal channels 0.4 -0.7 -157% -1.3 -129%
Net inflow, external channels -3.4 -3.0 11% -2.1 62%
Net inflow, total -3.0 -3.7 -19% -3.4 -11%
- whereof ESG AuM -0.2 -1.7 -87% -1.9 -88%

&"Nordea Sans Large,Regular"&K00-022APM Nordea Group First Quarter 2018

&1#&"Calibri"&10&K000000Confidential &P (&N)

Disclaimer

Nordea Bank Abp published this content on 27 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2023 07:25:56 UTC.

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