Finance

Nordea lifts net interest income as fees and AuM expand

The Tip Desk · October 21, 2026 · 3 min read

Net interest income reached EUR 1,799 million in the third quarter of 2026, with assets under management at a record EUR 509.4 billion.

Nordea (NDA), the leading Nordic financial services group, reported net interest income of EUR 1,799 million in the third quarter of 2026, up from EUR 1,759 million in the first quarter of 2026. Versus the third quarter of 2025, the group said the increase was driven by higher volumes and deposit margins, partly offset by lower lending margins and treasury-related items, with exchange-rate effects contributing EUR 54 million. Net interest margin was 1.53%.

Net fee and commission income rose to EUR 880 million from EUR 842 million in the first quarter, with savings income up 14% year on year on higher assets under management. Total operating income was EUR 2,968 million, up 2% from a year earlier. Net fair value result fell to EUR 198 million from EUR 226 million in the first quarter; Nordea attributed the 19% year-on-year decline in the third quarter to extraordinary interest-rate volatility late in the period.

Excluding items affecting comparability in both periods, operating profit declined to EUR 1,541 million from EUR 1,634 million in the first quarter, and the cost-to-income ratio excluding regulatory fees was 45.0%. First-quarter figures exclude EUR 190 million of restructuring costs. Return on equity with amortised regulatory fees was 15.1% and diluted earnings were EUR 0.35 a share.

Corporate lending growth slowed to 8% year on year from 11% in the first quarter, while mortgage lending remained up 2%, driven by Sweden and Norway. Loans to the public excluding repos and securities borrowing stood at EUR 358.1 billion at 30 September 2026. Large Corporates & Institutions lending volumes were up 13% in euros.

Deposits from the public excluding repos and securities lending were EUR 232.7 billion at 30 September 2026. Corporate deposit growth was 7% year on year versus 2% in the first quarter; retail deposits were up 4%. Assets under management reached a record EUR 509.4 billion, up from EUR 464 billion at the end of the first quarter, with year-on-year growth of 13% versus 9% in the first quarter. Private Banking net flows were EUR 0.9 billion.

Net loan losses and similar net result were EUR 74 million, or 7bp, versus a EUR 99 million reversal in the first quarter that included a EUR 160 million release of the remaining management judgement buffer; excluding that release, first-quarter losses were EUR 61 million (6bp). Nordea said third-quarter losses were driven by individual provisions, mainly a small number of corporate customers, and a small increase in collective provisions, remaining within the group’s long-term expectation of 10bp.

The CET1 ratio was 15.8% at the end of the third quarter, versus 15.7% at the end of the first quarter, 1.9 percentage points above the current regulatory requirement. The EUR 500 million buy-back launched in the fourth quarter of 2025 had no CET1 impact in the first quarter; excess capital remains subject to buy-back considerations.

Nordea left its 2026 outlook unchanged, expecting a return on equity of greater than 15% and a cost-to-income ratio of 44–45%. Chief executive Frank Vang-Jensen said the group enters the fourth quarter with good business momentum and that home-market economies remain strong and resilient.