Nordea earns 37 billion kroner in 2023

Nordea reported a net profit of 4934 million euros, approx. 37 billion kroner for 2023, marking an 18% increase from 2022, mainly due to rising interest income. The bank benefited from an increase in lending rates that outpaced deposit rates, boosting their interest margin. CEO Frank Vang-Jensen credited their strong year to the bank’s positive momentum despite economic downturns. Operating costs rose by 8% to nearly 39 billion kroner. The board proposed a dividend of 0.92 euros per share, with a payout ratio of 66%. The bank raised its return on equity target to over 15% for 2025 and expects similar performance in the current fiscal year. However, income growth in 2024 is projected to outpace costs at a slower rate than in 2023.