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Nordea Bank Abp – Stock exchange release – Financial Statement Release
CEO Casper von Koskull’s comments on the results:
“2018 has been characterised by key deliveries in our transformation journey: Nordea is now a more focused, simpler and resilient bank – operating in the banking union – with a much improved risk and compliance platform following considerable investments. We are also delivering on the cost efficiency plans; credit quality remains strong and the balance sheet is robust. Thus, we are prepared to manage the bank successfully through the cycle.
At the same time, the results for 2018 are not where we want them to be, featuring a challenging revenue development; driven by margin pressure in household lending, muted volume growth, and pressure on savings and market making revenues. Towards the end of the year, margins stabilised, but the difficult market conditions in the fourth quarter further impacted our asset management and net fair value revenues negatively.
For 2019, our priorities are very clear. We are now well placed to intensify our client efforts and increase business momentum while at the same time continuing to drive structural cost efficiency. It is now all about execution.”
The Nordea Bank Board is going to propose a dividend per share of EUR 0.69.
Exchange rates used for Q4 2018 for income statement items are for DKK 7.4533, NOK 9.6033 and SEK 10.2608.