Nordea Bank Abp

NDA SE: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$!K	LOCK\|cX#n	LOCK\|@?<XGQm

Nordea Earnings: Good Performance in Line With Expectations

Niklas Kammer

Jan 30, 2025

We maintain our SEK 152 per-share fair value estimate for Nordea after the bank reported operating profits of EUR 6,548 million for 2024, slightly ahead of our EUR 6,487 million estimate. The marginally better result was due to a lower-than-anticipated net loan-loss figure of EUR 206 million versus our EUR 250 million estimate. Our no moat rating is unchanged.

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Nordea Bank Abp

Nordea Earnings: Good Performance in Line With Expectations

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