Nordea

Nordea's net profit fell 146% yoy to EUR -332 mil in 3Q2019

By Helgi Analytics - November 18, 2019

Nordea made a net profit of EUR -332 mil under revenues of EUR 2,292 mil in the third quarter of 2019, down 146% and up ...

Nordea's price/earnings (P/E) fell 251% yoy to -19.8 in 3Q2019

By Helgi Analytics - November 18, 2019

Nordea stock traded at EUR 6.51 per share at the end third quarter of 2019 implying a market capitalization of USD 28,624 mil. Since th...

Nordea's npls (as % of loans) fell 4.14% yoy to 1.55% in 3Q2019

By Helgi Analytics - November 18, 2019

Nordea's non-performing loans reached 1.55% of total loans at the end of 2019-09-30, down from 1.62% compared to the previous yea...

Profit Statement 2016 2017 2018
Net Interest Income EUR mil 4,727 4,666 4,491
Net Fee Income EUR mil 3,238 3,369 2,993
Other Income EUR mil 2,625 2,258 2,023
Total Revenues EUR mil 10,590 10,293 9,507
Operating Profit EUR mil 5,711 5,344 4,909
Provisions EUR mil 502 369 173
Net Profit EUR mil 3,766 3,031 3,077
Balance Sheet 2016 2017 2018
Interbank Loans EUR mil 33,310 31,373 35,599
Customer Loans EUR mil 298,513 293,866 291,593
Debt Securities EUR mil 135,446 119,801 114,864
Total Assets EUR mil 615,659 581,612 551,408
Shareholders' Equity EUR mil 32,410 33,316 32,901
Interbank Borrowing EUR mil 42,134 46,999 47,119
Customer Deposits EUR mil 170,030 165,418 160,258
Issued Debt Securities EUR mil 202,209 188,101 199,577
Ratios 2016 2017 2018
ROE % 11.9 9.22 9.29
ROA % 0.597 0.506 0.543
Costs (As % Of Assets) % 0.773 0.827 0.812
Costs (As % Of Income) % 46.1 48.1 48.4
Capital Adequacy Ratio % 24.7 25.2 19.9
Net Interest Margin % 0.749 0.779 0.793
Loans (As % Of Deposits) % 176 178 182
NPLs (As % Of Loans) % 1.84 2.05 1.56
Provisions (As % Of NPLs) % 43.7 38.4 44.2
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 45,057 48,860 33,582
Share Price (End Of Period) EUR 10.6 10.1 7.27
Price/Earnings (P/E) 11.3 13.4 9.53
Price/Book Value (P/BV) 1.32 1.22 0.891
Dividend Yield % 6.15 6.74 9.51
Earnings Per Share (EPS) 0.933 0.750 0.762
Book Value Per Share 8.03 8.25 8.15
Dividend Per Share 0.650 0.680 0.691

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summary Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                            
Net Interest Income EUR mil                               5,563 5,525 5,482 4,963 4,727    
Total Revenues EUR mil                               10,682 10,726 10,790 10,772 10,590    
Operating Profit EUR mil                               5,656 5,703 5,930 6,098 5,711    
Net Profit EUR mil                               3,119 3,116 3,332 3,662 3,766    
balance sheet                                            
Interbank Loans EUR mil                               44,717 59,477 73,885 51,377 33,310    
Customer Loans EUR mil                               320,073 303,292 298,568 308,646 298,513    
Debt Securities EUR mil                               118,162 124,109 130,086 132,296 135,446    
Total Assets EUR mil                               668,178 630,434 669,342 646,868 615,659    
Shareholders' Equity EUR mil                               29,976 31,073 31,788 31,032 32,410    
Interbank Borrowing EUR mil                               72,326 85,790 80,607 53,628 42,134    
Customer Deposits EUR mil                               183,778 174,043 172,969 179,630 170,030    
Issued Debt Securities EUR mil                               189,734 190,283 200,265 211,137 202,209    
ratios                                            
ROE %                               10.7 10.2 10.6 11.7 11.9    
ROA %                               0.451 0.480 0.513 0.556 0.597    
Costs (As % Of Assets) %                               0.726 0.774 0.748 0.710 0.773    
Costs (As % Of Income) %                               47.1 46.8 45.0 43.4 46.1    
Capital Adequacy Ratio %                               16.2 18.1 20.7 21.6 24.7    
Net Interest Margin %                               0.804 0.851 0.844 0.754 0.749    
Interest Income (As % Of Revenues) %                               52.1 51.5 50.8 46.1 44.6    
Fee Income (As % Of Revenues) %                               23.1 24.6 26.3 30.0 30.6    
Equity (As % Of Assets) %                               4.49 4.93 4.75 4.80 5.26    
Loans (As % Of Deposits) %                               174 174 173 172 176    
Loans (As % Assets) %                               47.9 48.1 44.6 47.7 48.5    
NPLs (As % Of Loans) % ... ... ... ... ...                     2.13 2.14 2.13 1.91 1.84    
Provisions (As % Of NPLs) % ... ... ... ... ...                     41.0 42.7 42.8 44.7 43.7    
valuation                                            
Market Capitalisation (End Of Period) USD mil ... ...                           38,337 54,370 47,137 44,550 45,057    
Number Of Shares (Average) mil                               4,026 4,020 4,031 4,031 4,037    
Share Price (End Of Period) EUR ... ...                           7.22 9.81 9.66 10.2 10.6    
Earnings Per Share (EPS)                               0.775 0.775 0.827 0.908 0.933    
Book Value Per Share                               7.45 7.73 7.89 7.70 8.03    
Dividend Per Share                               0.340 0.431 0.620 0.641 0.650    
Price/Earnings (P/E) ... ...                           9.31 12.7 11.7 11.2 11.3    
Price/Book Value (P/BV) ... ...                           0.969 1.27 1.23 1.32 1.32    
Dividend Yield % ... ...                           4.72 4.40 6.42 6.32 6.15    
Earnings Per Share Growth % ...                             18.8 0.053 6.64 9.90 2.69    
Book Value Per Share Growth % ...                             6.55 3.81 2.02 -2.38 4.29    
income statement Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                            
Interest Income EUR mil                               11,939 10,604 9,995 8,549 7,747    
Interest Cost EUR mil                               6,376 5,079 4,513 3,586 3,020    
Net Interest Income EUR mil                               5,563 5,525 5,482 4,963 4,727    
Net Fee Income EUR mil                               2,468 2,642 2,842 3,230 3,238    
Other Income EUR mil                               2,651 2,559 2,466 2,579 2,625    
Total Revenues EUR mil                               10,682 10,726 10,790 10,772 10,590    
Operating Cost EUR mil                               5,026 5,023 4,860 4,674 4,879    
Operating Profit EUR mil                               5,656 5,703 5,930 6,098 5,711    
Provisions EUR mil                               895 735 534 479 502    
Extra and Other Cost EUR mil                               722 852 1,089 915 584    
Pre-Tax Profit EUR mil                               4,039 4,116 4,307 4,704 4,625    
Tax EUR mil                               970 1,009 950 1,042 859    
Minorities EUR mil                               7.00 0 0 0 0    
Net Profit EUR mil                               3,119 3,116 3,332 3,662 3,766    
Dividends EUR mil                               1,370 1,734 2,501 2,584 2,625    
growth rates                                            
Net Interest Income Growth % ...                             1.96 -0.683 -0.778 -9.47 -4.76    
Net Fee Income Growth % ...                             3.05 7.05 7.57 13.7 0.248    
Total Revenue Growth % ...                             4.99 0.412 0.597 -0.167 -1.69    
Operating Cost Growth % ...                             -3.66 -0.060 -3.25 -3.83 4.39    
Operating Profit Growth % ...                             14.1 0.831 3.98 2.83 -6.35    
Pre-Tax Profit Growth % ...                             13.9 1.91 4.64 9.22 -1.68    
Net Profit Growth % ...                             18.7 -0.096 6.93 9.90 2.84    
balance sheet Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                            
Cash EUR mil                               44,065 45,298 38,025 48,724 43,334    
Interbank Loans EUR mil                               44,717 59,477 73,885 51,377 33,310    
Customer Loans EUR mil                               320,073 303,292 298,568 308,646 298,513    
Mortgage Loans EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 130,232 133,341    
Corporate Loans EUR mil                               176,040 160,745 149,284 145,268 133,788    
Debt Securities EUR mil                               118,162 124,109 130,086 132,296 135,446    
Fixed Assets EUR mil                               3,899 3,677 3,417 3,765 4,358    
Total Assets EUR mil                               668,178 630,434 669,342 646,868 615,659    
Shareholders' Equity EUR mil                               29,976 31,073 31,788 31,032 32,410    
Of Which Minority Interest EUR mil                               5.00 2.00 2.00 1.00 1.00    
Liabilities EUR mil                               638,202 599,361 637,554 615,836 583,249    
Interbank Borrowing EUR mil                               72,326 85,790 80,607 53,628 42,134    
Customer Deposits EUR mil                               183,778 174,043 172,969 179,630 170,030    
Issued Debt Securities EUR mil                               189,734 190,283 200,265 211,137 202,209    
Other Liabilities EUR mil                               192,364 149,245 183,713 171,441 168,876    
asset quality                                            
Non-Performing Loans EUR mil ... ... ... ... ...                     6,881 6,540 6,425 5,960 5,541    
Gross Loans EUR mil                               322,893 306,084 301,315 311,308 300,937    
Provisions EUR mil                               895 735 534 479 502    
growth rates                                            
Customer Loan Growth % ...                             3.11 -5.24 -1.56 3.38 -3.28    
Retail Loan Growth % ...                             5.45 -1.03 4.73 5.94 1.86    
Mortgage Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 2.39    
Corporate Loan Growth % ...                             1.27 -8.69 -7.13 -2.69 -7.90    
Total Asset Growth % ...                             -6.71 -5.65 6.17 -3.36 -4.82    
Shareholders' Equity Growth % ...                             6.50 3.66 2.30 -2.38 4.44    
Customer Deposit Growth % ...                             -1.58 -5.30 -0.617 3.85 -5.34    
ratios Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                            
ROE %                               10.7 10.2 10.6 11.7 11.9    
ROA %                               0.451 0.480 0.513 0.556 0.597    
Costs (As % Of Assets) %                               0.726 0.774 0.748 0.710 0.773    
Costs (As % Of Income) %                               47.1 46.8 45.0 43.4 46.1    
Capital Adequacy Ratio %                               16.2 18.1 20.7 21.6 24.7    
Tier 1 Ratio %                               14.3 15.7 17.6 18.5 20.7    
Net Interest Margin %                               0.804 0.851 0.844 0.754 0.749    
Interest Spread % ...                             0.763 0.812 0.808 0.727 0.724    
Asset Yield %                               1.72 1.63 1.54 1.30 1.23    
Cost Of Liabilities % ...                             0.962 0.821 0.730 0.572 0.504    
Payout Ratio %                               43.9 55.6 75.1 70.6 69.7    
Interest Income (As % Of Revenues) %                               52.1 51.5 50.8 46.1 44.6    
Fee Income (As % Of Revenues) %                               23.1 24.6 26.3 30.0 30.6    
Other Income (As % Of Revenues) %                               24.8 23.9 22.9 23.9 24.8    
Equity (As % Of Assets) %                               4.49 4.93 4.75 4.80 5.26    
Loans (As % Of Deposits) %                               174 174 173 172 176    
Loans (As % Assets) %                               47.9 48.1 44.6 47.7 48.5    
NPLs (As % Of Loans) % ... ... ... ... ...                     2.13 2.14 2.13 1.91 1.84    
Provisions (As % Of NPLs) % ... ... ... ... ...                     41.0 42.7 42.8 44.7 43.7    
Provisions (As % Of Loans) %                               0.881 0.921 0.920 0.862 0.812    
Cost of Provisions (As % Of Loans) %                               0.284 0.236 0.177 0.158 0.165    
other data Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                            
Employees                               31,466 29,429 29,397 29,826 31,596    

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Nordea's market capitalisation (end of period) fell 2.30% to USD 28,624 mil in 3Q2019

By Helgi Analytics - November 18, 2019

Nordea stock traded at EUR 6.51 per share at the end of third quarter of 2019 implying a market capitalization of USD 28,624 mil. Over the last five years, the stock has depreciated by 36.8 implying an annual average growth of -8.78% In absolute terms, th...

Nordea's share price (end of period) fell 30.6% yoy to EUR 6.51 in 3Q2019

By Helgi Analytics - November 18, 2019

Nordea stock traded at EUR 6.51 per share at the end of third quarter of 2019 implying a market capitalization of USD 28,624 mil. Over the last five years, the stock has depreciated by -36.8 % implying an annual average growth of -8.78 %. In absolute terms, the value ...

Nordea's net interest margin fell 5.70% yoy to 0.741% in 3Q2019

By Helgi Analytics - November 18, 2019

Nordea's net interest margin amounted to 0.741% in the third quarter of 2019, up from 0.730% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 0.924% in 4Q2010 and an all time low of 0.696% i...

Nordea's net interest income fell 3.56% yoy to EUR 1,083 mil in 3Q2019

By Helgi Analytics - November 18, 2019

Nordea generated total banking revenues of EUR 2,292 mil in the third quarter of 2019, up 1.78% when compared to the same period of last year and down 2.39% when compared to the previous quarter. Historically, the bank’s revenues containing of int...

Nordea's capital adequacy ratio fell 24.0% yoy to 20.0% in 3Q2019

By Helgi Analytics - November 18, 2019

Nordea's capital adequacy ratio reached 20.0% at the end of third quarter of 2019, up from 19.8% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 26.3% in 3Q2018 and an all time low of 11.9% in 4Q2009. The ...

Nordea's corporate loans rose 3.15% yoy to EUR 131,000 mil in 3Q2019

By Helgi Analytics - November 18, 2019

Nordea's loans reached EUR 301,751 mil in the third quarter of 2019, up from EUR 301,739 mil when compared to the previous quarter and up from EUR 293,603 mil when compared to the same period of last year. Historically, the bank’s loans reached an a...

Nordea's equity (as % of assets) fell 8.50% yoy to 5.21% in 3Q2019

By Helgi Analytics - November 18, 2019

Nordea's Equity reached 7.25% of total assets in the 3Q2019, down from 7.42% for the previous year. As a share of net customer loans, the ratio amounted to 19.4% at the end of the third quarter of 2019. ...

Nordea's customer loan growth rose 258% yoy to 2.77% in 3Q2019

By Helgi Analytics - November 18, 2019

Nordea's customer loan growth reached 2.77% in 2019-09-30, up from -1.76% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 13.0% in 2011-03-31 and an all time low of -5.63% in 2013-09-30. In the last decade,...

Nordea's net interest margin rose 1.71% to 0.793% in 2018

By Helgi Analytics - November 18, 2019

Nordea's net interest margin amounted to 0.793% in 2018, up from 0.779% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 1.96% in 2000 and an all time low of 0.749% in 2016. The average margin in th...

Nordea's capital adequacy ratio fell 21.0% to 19.9% in 2018

By Helgi Analytics - November 18, 2019

Nordea's capital adequacy ratio reached 19.9% at the end of 2018, down from 25.2% compared to the previous year. Historically, the bank’s capital ratio hit an all time high of 25.2% in 2017 and an all time low of 9.10% in 2001. The Tier 1 ratio amounted to ...

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Finance

Nordea has been growing its revenues and asset by 0.747% and 1.52% a year on average in the last 10 years. Its loans and deposits have grown by 1.39% and 0.852% a year during that time and loans to deposits ratio reached 182% at the end of 2018. The company achieved an average return on equity of 10.5% in the last decade with net profit growing 1.43% a year on average. In terms of operating efficiency, its cost to income ratio reached 48.4% in 2018, compared to 47.0% average in the last decade.

Equity represented 5.97% of total assets or 11.3% of loans at the end of 2018. Nordea's non-performing loans were 1.56% of total loans while provisions covered some 44.2% of NPLs at the end of 2018.

Valuation

Nordea stock traded at EUR 7.27 per share at the end of 2018 resulting in a market capitalization of USD 33,582 mil. Over the previous five years, stock price fell by 25.9% or 5.83% a year on average. That’s compared to an average ROE of 10.5% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 9.53x and price to book value (PBV) of 0.891x in 2018.