Copenhagen, Helsinki, Oslo, Stockholm, 29 April 2020 at 07:30 EET


First quarter results 2020


Nordea Bank Abp - Interim report (Q1 and Q3)
 

CEO Frank Vang-Jensen comments on the results:

"In the first quarter of 2020, we have witnessed the global outbreak of COVID-19, which is affecting all of us. This pandemic has turned into a societal and economic crisis, which will have severe economic consequences and could lead to long-term structural changes in our societies. We are encouraged that Nordic governments and authorities embraced the seriousness of this pandemic early through a variety of actions to limit the effects on society. Although we see early signs of some countries opening up, the duration and extent of the economic impact of COVID-19 remain highly uncertain, and it is too early to predict the shape of the recovery.

The actions we are taking are focused on doing all we can to support our customers, keeping our employees safe, and ensuring business continuity. For example, we are providing instalment-free periods for which we have received more than 60,000 requests from our customers. In March alone, we had new credit requests for more than EUR 13bn from our corporate customers. Over 70% of our employees are currently working remotely, which is enabling us to be fully operational during this crisis and maintain a high activity level, even with the temporary closure of branch offices in some of our home markets. I am proud of all the excellent work and extraordinary efforts by our employees to support our customers and societies in these difficult times.

Despite the challenging market conditions, we are following our plans to deliver our financial targets, and I am satisfied with the result this quarter. We posted a solid result with net interest income up 5% and net commission income up 4%, compared to the first quarter of 2019.



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