Nordea has published its annual reporting for 2023

Nordea Bank Abp
Stock exchange release - Annual Financial Report
26 February 2024 at 9.00 EET

Nordea has today published its Annual Report for the financial year 2023, which includes the audited Financial Statements, the Board of Directors' Report, the Corporate Governance Statement and the Sustainability Notes. Further, Nordea has today published its Remuneration Report for Governing Bodies 2023 and the new Remuneration Policy for Governing Bodies.

The year 2023 was challenging in many ways. Geopolitical tensions were high as Russia continued its tragic war in Ukraine. Furthermore, the difficult and very sad situation in the Middle East showed the world's fragility once again. The economic environment was tough for many individuals and corporates, with rising prices leading central banks to further raise interest rates. Despite the challenging conditions, Nordea had a strong year - with results making Nordea one of the best-performing banks in Europe.

"Throughout our 200-year history we have always aimed to be a safe and strong bank, supporting our customers in all economic cycles. 2023 was no different. We stayed close to our customers, making sure we understood their changing circumstances and needs. Our proactive approach helped us maintain good business momentum and deliver strong financial results. Our ambition is unchanged: to be the preferred partner for customers in need of a broad range of financial services," President and Group CEO Frank Vang-Jensen comments in his letter to stakeholders in the Annual Report.

Halfway through the 2022-2025 strategy period Nordea has made good progress in implementing its strategic objectives. Focus remains on delivering best-in-class omnichannel experiences for customers together with driving focused and profitable growth, and increasing operational and capital efficiency.

To deliver on these priorities, there are two key levers within Nordea. One is to become a digital leader, recognising that digital technologies are key to providing exceptional banking services today and in the future. The other is to integrate sustainability into the core of Nordea's business, aiming to support customers in their transition to sustainable business models.

The use of digital services reached a record high in 2023. Customer logins to mobile and online banking services increased by 13% year on year to 1.4 billion. During the year more than one million advisory meetings were conducted with individuals, households and businesses, a year-on-year increase of 9%.

Over the past two years EUR 135bn has been facilitated in sustainable financing, bringing Nordea closer to its 2025 target of EUR 200bn. Furthermore, there is good progress when it comes to reducing carbon emissions. So far, Nordea's lending portfolio financed emissions are down 29% compared with 2019 levels, putting Nordea on track to reach its 40-50% reduction target by 2030.

The Annual Report, the Corporate Governance Statement, the Remuneration Report for Governing Bodies and the Remuneration Policy for Governing Bodies are available at nordea.com.

Nordea also publishes its Annual Report in accordance with the European Single Electronic Format (ESEF) reporting requirements. Authorised public accountants PricewaterhouseCoopers Oy have provided an independent auditor's reasonable assurance report on Nordea's ESEF Financial Statements. The ESEF Annual Report in Swedish is available in the zip file attached to this release and at nordea.com.

For further information:

Ilkka Ottoila, Head of Investor Relations, +358 9 5300 7058
Media inquiries, +358 10 416 8023 or press@nordea.com

The information provided in this stock exchange release was submitted for publication, through the agency of the contacts set out above, at 9.00 EET on 26 February 2024.

http://www.rns-pdf.londonstockexchange.com/rns/4139E_1-2024-2-26.pdf

 

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