Nordea Bank : Interim report second quarter 2024

Half-Year

Financial Report

2024

Nordea	Half-Year Financial Report 2024

Half-year results 2024

Summary of the quarter:

• Continued high-quality income growth. Net interest income grew 4% and net fee and commission income returned to growth, up 6%. Net insurance result and net fair value result were solid, following a strong second quarter last year. Total income improved, up 3%. Inflation and continued significant investments in technology, data and risk management capabilities resulted in a cost increase of 6%, in line with Nordea's plan. Operating profit held up well, 2% lower compared with a year ago.
• Return on equity 17.9% - earnings per share
  EUR 0.37. Nordea's return on equity remained very strong at 17.9% in the second quarter, reflecting Nordea's resilience and continued high performance. The cost-to- income ratio with amortised resolution fees remained stable at 43% compared with a year ago. Earnings per share were EUR 0.37, unchanged from a year ago.
• Mortgage lending stable and growing deposit volumes. The Nordic mortgage and corporate lending markets remained slow. Mortgage lending volumes were unchanged and corporate lending volumes decreased slightly. Retail and corporate deposit volumes increased by 1% and 5%, respectively, year on year. Assets under management increased by 10% and Nordic net flows amounted to EUR 1.9bn in the quarter.

• Solid credit quality, net loan losses increase mainly driven by a few single corporate exposures. Net loan losses and similar net result amounted to EUR 68m or 8bp. EUR 30m was released from the management judgement buffer reflecting improved macroeconomic outlook. The total management judgement buffer now stands at EUR 464m.
• Continued strong capital position. Nordea's CET1 ratio increased to 17.5%, 4.4 percentage points above the current regulatory requirement, which demonstrates the bank's continued strong underlying capital generation and capacity to support its customers. In July, Nordea received ECB approval for new capital models for retail exposures, and the new models are expected to go live in Q3 this year. The impact on REA*, after adjusting for prospective rule changes recently proposed by the Norwegian FSA, is broadly in line with Nordea's expectations.
• Outlook for 2024 unchanged: return on equity above 15%. Nordea has a strong and resilient business model with a very well-diversifiedloan portfolio across the Nordic region. This enables the bank to support its customers and deliver high-qualityearnings, with high profitability and low volatility, through the economic cycle.

*For further details see the capital section on page 13

(For further viewpoints, see the CEO comment on page 2. For definitions, see page 54.)

Group quarterly results and key ratios Q2 2024

						Jan-JunJan-Jun
	Q2 2024	Q2 2023	Chg % Q1 2024	Chg %	2024	2023	Chg %
EURm
Net interest income	1,904	1,831	4	1,954	-3	3,858	3,596	7
Net fee and commission income	795	751	6	763	4	1,558	1,516	3
Net insurance result	63	68	-7	61	3	124	114	9
Net fair value result	247	290	-15	291	-15	538	635	-15
Other income	21	15	40	16	31	37	15	147
Total operating income	3,030	2,955	3	3,085	-2	6,115	5,876	4
Total operating expenses excluding regulatory fees	-1,260	-1,184	6	-1,226	3	-2,486	-2,351	6
Total operating expenses	-1,278	-1,205	6	-1,289	-1	-2,567	-2,627	-2
Profit before loan losses	1,752	1,750	0	1,796	-2	3,548	3,249	9
Net loan losses and similar net result	-68	-32		-33		-101	-51
Operating profit	1,684	1,718	-2	1,763	-4	3,447	3,198	8
Cost-to-income ratio excluding regulatory fees, %	41.6	40.1		39.7		40.7	40.0
Cost-to-income ratio with amortised resolution fees, %	42.6	42.8		40.7		41.6	42.7
Return on equity with amortised resolution fees, %	17.9	18.4		18.1		18.0	17.8
Diluted earnings per share, EUR	0.37	0.37	0	0.38	-3	0.75	0.68	10

For further information:

Frank Vang-Jensen, President and Group CEO, [phone]	Ilkka Ottoila, Head of Investor Relations, [phone]
Ian Smith, Group CFO, [phone]	Ulrika Romantschuk, Head of Brand, Communication and Marketing,
	[phone]

We are a universal bank with a 200-year history of supporting and growing the Nordic economies - enabling dreams and aspirations for a greater good. Every day, we work to support our customers' financial development, delivering best-in-class omnichannel customer experiences and driving sustainable change. The Nordea share is listed on the Nasdaq Helsinki, Nasdaq Copenhagen and Nasdaq Stockholm exchanges. Read more about us at nordea.com.

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Nordea	Half-Year Financial Report 2024

CEO comment

This was another strong quarter for Nordea. Second-quarter return on equity reached 17.9%, led by growth in both net interest and net fee and commission income. Our results show that despite the slow economy we continue to make good progress on our strategic priorities and deliver industry- leading financial performance.

Macroeconomic uncertainty remains high due to the challenging geopolitical climate. Nevertheless, household and business sentiment in the Nordics has recently shown signs of improvement. Inflation has fallen, and during the quarter we saw the first policy rate cuts in three of our four home markets. These cuts, along with further anticipated reductions this year, should help brighten the picture for the Nordic economies.

Total income for the quarter was EUR 3.0bn, an increase of 3% year on year. Year-on-year net interest income improved by 4%. We also grew net fee and commission income by 6%, driven by higher activity in savings and investments and continued outstanding performance in debt capital markets.

We continue to engage extensively with our customers across all touch points. During the quarter, we assisted customers in 259,000 advisory meetings, 7% more than a year ago.

Furthermore, use of our digital banking services reached another record high. We have further strengthened our digital services, adding more personalisation, self-service features and improved protection against fraud. Good customer satisfaction scores show that our efforts are appreciated.

Cost development was as planned and reflected the significant investments we continue to make into our technology infrastructure, data and AI, digital offering, financial crime prevention and other risk management capabilities, as well as integration costs related to our Norwegian acquisition. The lower resolution fees this year have given us the opportunity to further increase overall investment capacity. Excluding regulatory fees, costs increased by 6% year on year, while our cost-to-income ratio with amortised resolution fees was stable at 43%. Operating profit was stable at EUR 1.7bn.

Net interest margin continued to improve year on year, and remained stable for the third quarter in a row. We improved lending margins, with mortgage lending volumes stable year on year, and corporate lending down 1%. Retail and corporate deposit volumes increased by 1% and 5%, respectively, with resilient deposit margins. The positive development in deposit volumes demonstrates resilience among our household and business customers in the face of higher living and operating costs.

Our risk position is sound, and credit quality continues to be strong and in line with our long-term expectations. Net loan losses and similar net result were EUR 68m, or 8bp, mainly driven by provisions for a few single corporate client exposures. Reflecting the improved macroeconomic outlook, we released EUR 30m from our management judgement buffer, which now stands at EUR 464m.

Our four business areas did well. In Personal Banking we continued to see good customer savings activity. We have expanded our range of deposit products, which contributed to

1. 2% year-on-year increase in deposit volumes in local currencies. While the Nordic housing markets were subdued,

we delivered stable mortgage lending volumes. In the latter part of the quarter we saw the first small signs of improvement as demand for new loan promises grew. Customers continued to take advantage of our digital services, with the number of private app users and logins up 5% and 12%, respectively, year on year. Fraud is a growing problem for societies and we have continued to strengthen the measures that keep our customers safe. Alongside increased monitoring we have implemented enhanced security features, such as delayed withdrawals and transaction limits, and continue to raise awareness about fraud through active dialogue in society and our marketing activities.

In Business Banking we worked closely with our customers to help them address the current economic challenges and growth opportunities. Our lending volumes were stable year on year in local currencies, as overall market demand remained subdued. Deposit volumes increased by 1%. Activity in the capital markets increased and we supported our customers in securing both equity and bond market funding in the more stable interest rate environment.

In Large Corporates & Institutions we kept up the good momentum from the first quarter, actively supporting our Nordic customers with their investment plans. Lending volumes decreased by 2%, and deposit volumes increased by 12% year on year. In debt capital markets, activity remained high. We supported our customers with more than 150 transactions, as issuers are keen to front-load their funding plans in the current favourable market. Activity in the equity capital markets also showed signs of picking up.

In Asset & Wealth Management we further grew our private banking business and secured positive net flows of EUR 2.0bn. In line with our growth strategy, we reached an all- time-high customer intake during the quarter in Norway and Sweden. Assets under management increased by 10% year on year to EUR 400bn. We continued to grow with strong momentum in our life insurance and pension business. In Denmark, our local life insurance company was voted pension company of the year by Finanswatch and EY. Gross written premiums reached new record highs, increasing to EUR 2.9bn from EUR 2.2bn a year ago.

Capital generation remains strong, and we further reinforced our capital position. At the end of the quarter, our CET1 ratio stood at 17.5%, or 4.4 percentage points above the capital requirement. In July we received ECB approval for new capital models for retail exposures. The net impact on our REA, after adjusting for prospective rule changes recently proposed by the Norwegian FSA, is broadly in line with our expectations. Following the approval, we have initiated a dialogue with the ECB regarding a resumption of share buy- back programmes from early 2025.

Our results for the second quarter keep us on track to deliver strong profitability in 2024. We expect to achieve a return on equity of above 15% for the full year, and also target a return of equity of above 15% for 2025. We are determined to push forward with our strategic priorities and to further improve customer experience and operational performance.

Our ambition remains unchanged - to be the preferred financial partner for customers in need of a broad range of financial services.

Frank Vang-Jensen

President and Group CEO

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Nordea	Half-Year Financial Report 2024

Outlook (unchanged)

Financial target for 2025

Nordea's financial target for 2025 is a return on equity of above 15%.

The target will be supported by a cost-to-income ratio of 44- 46%, an annual net loan loss ratio of around 10bp and the continuation of Nordea's well-established capital and dividend policies.

Financial outlook for 2024

Nordea expects a return on equity of above 15%.

Capital policy

A management buffer of 150bp above the regulatory CET1 requirement.

Dividend policy

Nordea's dividend policy stipulates a dividend payout ratio of 60-70%, applicable to profit for the financial year. Nordea will continuously assess the opportunity to use share buy-backs as a tool to distribute excess capital.

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Nordea	Half-Year Financial Report 2024

Table of contents
Income statement	….5
Macroeconomy and financial markets	6
Group results and performance
Second quarter 2024	7
Net interest income	7
Net fee and commission income	8
Net result from items at fair value	9
Total operating income	9
Total expenses	10
Net loan losses and similar net result	11
Credit portfolio	11
Profit	12
Capital position and risk exposure amount	13
Balance sheet	15
Funding and liquidity operations	15
Market risk	15
Other information	16
Quarterly development, Group	18
Business areas
Financial overview by business area	19
Personal Banking	20
Business Banking	23
Large Corporates & Institutions	26
Asset & Wealth Management	28
Group functions	31
Financial statements
Nordea Group	32
Notes to the financial statements	37
Nordea Bank Abp	55

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Nordea	Half-Year Financial Report 2024

Income statement

	Q2	Q2		Local	Q1		Local Jan-JunJan-Jun		Local
	2024	2023	Chg % curr. %	2024	Chg % curr. %	2024	2023	Chg % curr. %
EURm
Net interest income	1,904	1,831	4	4	1,954	-3	-1	3,858	3,596	7	8
Net fee and commission income	795	751	6	6	763	4	5	1,558	1,516	3	3
Net insurance result	63	68	-7	-7	61	3	3	124	114	9	9
Net result from items at fair value	247	290	-15	-15	291	-15	-17	538	635	-15	-16
Profit or loss from associated undertakings and joint
ventures accounted for under the equity method	2	3	-33	0	7	-71	-71	9	-9	-200	-200
Other operating income	19	12	58	58	9	111	111	28	24	17	22
Total operating income	3,030	2,955	3	2	3,085	-2	-1	6,115	5,876	4	5
Staff costs	-761	-725	5	4	-749	2	2	-1,510	-1,444	5	4
Other expenses	-361	-304	19	20	-338	7	8	-699	-591	18	21
Regulatory fees	-18	-21	-14	-14	-63	-71	-71	-81	-276	-71	-71
Depreciation, amortisation and impairment
charges of tangible and intangible assets	-138	-155	-11	-11	-139	-1	0	-277	-316	-12	-12
Total operating expenses	-1,278	-1,205	6	6	-1,289	-1	0	-2,567	-2,627	-2	-2
Profit before loan losses	1,752	1,750	0	0	1,796	-2	-2	3,548	3,249	9	10
Net loan losses and similar net result	-68	-32	113	113	-33	106	119	-101	-51	98	102
Operating profit	1,684	1,718	-2	-2	1,763	-4	-4	3,447	3,198	8	8
Income tax expense	-381	-383	-1	-1	-402	-5	-5	-783	-715	10	10
Net profit for the period	1,303	1,335	-2	-2	1,361	-4	-4	2,664	2,483	7	8

Business volumes, key items1

	30 Jun	30 Jun		Local	31 Mar		Local
	2024	2023	Chg %	curr. %	2024	Chg %	curr. %
EURbn
Loans to the public	346.9	340.0	2	1	346.2	0	-1
Loans to the public, excl. repos/securities borrowing	319.7	316.6	1	-1	319.8	0	-1
Deposits and borrowings from the public	223.8	217.9	3	1	216.0	4	3
Deposits from the public, excl. repos/securities lending	208.1	202.9	3	1	200.3	4	3
Total assets	606.8	602.4	1		604.9	0
Assets under management	400.3	363.1	10		391.2	2
1 End of period.

Ratios and key figures1

	Q2	Q2		Q1		Jan-JunJan-Jun
	2024	2023	Chg %	2024	Chg %	2024	2023	Chg %
EURm
Diluted earnings per share (DEPS), EUR	0.37	0.37	0	0.38	-3	0.75	0.68	10
EPS, rolling 12 months up to period end, EUR	1.44	1.30	11	1.44	0	1.44	1.30	11
Share price2, EUR	11.12	9.97	12	10.47	6	11.12	9.97	12
Equity per share2, EUR	8.67	8.13	7	8.25	5	8.67	8.13	7
Potential shares outstanding2, million	3,506	3,589	-2	3,506	0	3,506	3,589	-2
Weighted average number of diluted shares, million	3,502	3,588	-2	3,508	0	3,506	3,607	-3
Return on equity with amortised resolution fees, %	17.9	18.4		18.1		18.0	17.8
Return on equity, %	18.0	19.1	-6	17.8	1	17.9	17.1	5
Return on tangible equity, %	20.8	22.2		20.3		20.6	19.8
Return on risk exposure amount, %	3.7	3.8		3.9		3.8	3.5
Cost-to-income ratio excluding regulatory fees, %	41.6	40.1		39.7		40.7	40.0
Cost-to-income ratio with amortised resolution fees, %	42.6	42.8		40.7		41.6	42.7
Cost-to-income ratio, %	42.2	40.8	3.4	41.8	0.9	42.0	44.7	-6
Net loan loss ratio, incl. loans held at fair value, bp	8	4		4		6	3
Common Equity Tier 1 capital ratio2,3, %	17.5	16.0	9	17.2	2	17.5	16.0	9
Tier 1 capital ratio2,3, %	19.8	18.3	8	19.5	2	19.8	18.3	8
Total capital ratio2,3, %	23.0	20.5	12	22.4	3	23.0	20.5	12
Tier 1 capital2,3, EURbn	27.6	25.6	8	27.1	2	27.6	25.6	8
Risk exposure amount2, EURbn	139.3	140.0	0	138.6	1	139.3	140.0	0
Net interest margin, %	1.83	1.69		1.83		1.83	1.64
Number of employees (FTEs)2	29,680	29,317	1	29,478	1	29,680	29,317	1
Equity2, EURbn	30.4	29.1	4	28.9	5	30.4	29.1	4

1. For more detailed information regarding ratios and key figures defined as alternative performance measures, see https://www.nordea.com/en/investor-relations/reports-and-presentations/group-interim-reports.
2. End of period.
3. Including the result for the period.

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Nordea	Half-Year Financial Report 2024

Macroeconomy and financial markets1

Global

The global economy grew by 0.7% quarter on quarter in the first quarter of 2024 according to the World Bank. The US economy dampened, China's recovery continued, while the European economy picked up after five quarters of stagnation. Activity indicators point to moderate growth in the second quarter of 2024 driven by the service sector, while the outlook for the manufacturing sector remains weak owing to a low order intake and generally subdued development in world trade. Labour markets remained strong. The outlook continues to be uncertain amid geopolitical risks and tighter monetary conditions.

Most central banks around the world have tightened monetary policy significantly to dampen demand and anchor inflation expectations around 2%. However, as inflation has come down substantially, the European Central Bank cut interest rates by 0.25 percentage points in June. It was the first rate cut in almost five years. The deposit facility rate now stands at 3.75%. The Federal Reserve kept interest rates unchanged in the second quarter and the US federal funds rate still stands at 5.5%.

Risk sentiment in the financial markets improved during the second quarter. The S&P 500 index was up almost 4%; the STOXX Europe 600 was flat and the NASDAQ OMX Nordic 120 was up 5.4%. The global aggregate bond index was down almost 1%.

Finland

Finnish GDP increased by 0.2% quarter on quarter in the first quarter of 2024. Growth was driven by private and public consumption, while construction investments were still declining and foreign trade was impacted negatively by political strikes. Weak purchasing power, low consumer confidence and high interest rates are still holding back the housing market. Housing transactions remain at a low level and housing prices were 2.8% lower in May than in the same month last year. The unemployment rate rose to 8.2% in May. Year-on-year harmonised consumer price inflation was 0.6% in June. Price pressures have eased in all main price categories.

Norway

Norwegian mainland GDP increased by 0.2% quarter on quarter during the first quarter of 2024. Unemployment was 2.0% on a seasonally adjusted basis in June. Housing prices were up 2.2% year on year in June. Consumer price inflation has decreased but is still high. Headline consumer price inflation stood at 2.6% in June and underlying inflation, excluding energy and taxes, was 3.4%. Norges Bank has increased its policy rate 14 times since 2021, lifting it to 4.5% as of December 2023. The central bank's latest forecast is that the rate will probably be kept unchanged until the spring of 2025. The Norwegian krone generally strengthened against most currencies during the second quarter.

Nordic economic activity held up well in the quarter, with signs of improving business and household sentiment. The outlook remains uncertain against a background of moderate global growth and financial tightening.

Denmark

Danish GDP fell by 1.4% quarter on quarter in the first quarter of 2024, primarily due to contraction in the pharmaceutical industry after a large increase in the fourth quarter of 2023. Household consumption fell by 0.2%, mainly due to sharply contracting car sales. Exports also declined, while fixed investment increased. During the second quarter consumer confidence increased to the highest level since early 2022. Business sentiment also improved in the second quarter. Since the start of the year, the unemployment rate has stayed unchanged at 2.9%. House and apartment prices were up 3.4% and 3.9%, respectively, year on year in the first quarter of 2024. Year-on-year consumer price inflation stood at 1.8% in June. Danmarks Nationalbank cut its monetary policy interest rate by 0.25 percentage point to 3.35% in June, following a similar move by the European Central Bank.

Sweden

Swedish GDP increased by 0.7% quarter on quarter during the first quarter of 2024. Domestic demand remained weak, while exports and inventories rose. Demand for labour continued to weaken and the unemployment rate remained high at 8.2% in May. House and apartment prices have bottomed out and were 3% higher in June compared to one year earlier. Year-on-year consumer price inflation stood at 1.3% in June. Sveriges Riksbank kept its policy rate unchanged at 3.75% in June, after cutting 0.25 percentage point in May, and continued to scale back its balance sheet. The trade-weighted Swedish krona strengthened by 1.4% in the course of the second quarter.

1Source: Nordea Economic Research

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Nordea	Half-Year Financial Report 2024

Group results and performance

Second quarter 2024

Net interest income

Q2/Q2: Net interest income increased by 4%. The main drivers were improved lending and deposit margins, higher deposit volumes and higher treasury income. Exchange rate effects were neutral.

Q2/Q1: Net interest income decreased by 3% driven by lower margins on deposits and lower lending volumes. These were partly offset by higher household lending margins and deposit volumes. Exchange rate effects had a negative impact of approximately EUR 26m.

Lending volumes

Q2/Q2: Loans to the public excluding repurchase agreements and securities borrowing were down 1% in local currencies. Lending volumes decreased in Personal Banking (-1% in local currencies) and Large Corporates & Institutions (-2% in EUR), and were stable in Business Banking (0% in local currencies).

Q2/Q1: Loans to the public excluding repurchase agreements and securities borrowing were down 1% in local currencies. Lending volumes were stable in Personal Banking (0% in local currencies) and in Business Banking (0% in local currencies), and decreased in Large Corporates & Institutions (-3% in EUR).

Deposit volumes

Q2/Q2: Total deposits from the public excluding repurchase agreements and securities lending were up 1% in local currencies. Deposit volumes increased in Personal Banking (2% in local currencies), in Business Banking (1% in local currencies) and Large Corporates & Institutions (12% in EUR).

Q2/Q1: Total deposits from the public excluding repurchase agreements and securities lending were up 3% in local currencies. Deposit volumes increased in Personal Banking (3% in local currencies), Business Banking

(1% in local currencies) and Large Corporates & Institutions

(3% in EUR).

Net interest income per business area

								Local currency
	Q224	Q124	Q423	Q323	Q223	Q2/Q2	Q2/Q1	Q2/Q2	Q2/Q1
EURm
Personal Banking	848	869	870	852	825	3%	-2%	3%	-2%
Business Banking	604	613	613	610	592	2%	-1%	2%	-1%
Large Corporates & Institutions	355	368	372	360	353	1%	-4%
Asset & Wealth Management	81	85	77	78	71	14%	-5%	14%	-2%
Group functions	16	19	14	9	-10
Total Group	1,904	1,954	1,946	1,909	1,831	4%	-3%	4%	-1%

Change in net interest income (NII)

			Jan-Jun
	Q2/Q1	Q2/Q2	24/23
EURm
NII beginning of period	1,954	1,831	3,596
Margin-driven NII	-60	68	299
Lending margin	-1	14	-3
Deposit margin	-41	4	172
Cost of funds	-2	0	-9
Equity margin	-16	50	139
Volume-driven NII	10	-1	-5
Lending volume	2	-3	-1
Deposit volume	8	2	-4
Day count	0	0	21
Other1,2	0	6	-53
NII end of period	1,904	1,904	3,858
1 of which foreign exchange	-26	0	-23
2 of which deposit hedge	12	-26	-104

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Nordea	Half-Year Financial Report 2024

Net fee and commission income

Q2/Q2: Net fee and commission income was up by 6%, driven by higher net income from savings, brokerage and advisory, as well as payments and cards. This was offset by lower lending fees. Exchange rate effects had a positive impact of approximately EUR 1m.

Q2/Q1: Net fee and commission income was up by 4%, driven by higher net income from savings, brokerage and advisory, as well as payments and cards. This was partly offset by lower lending fees. Exchange rate effects had a positive impact of approximately EUR 5m.

Savings income

Q2/Q2: Net fee and commission income from savings increased by 5%, driven by higher assets under management.

Q2/Q1: Net fee and commission income from savings increased by 4% driven by higher assets under management. End-of-period assets under management increased by EUR 9.1bn, to EUR 400.3bn, driven by continued positive stock market development. In Nordic channels good momentum was maintained in Private Banking and Life & Pension, with net flows totalling EUR 1.9bn. Net flows in international channels were negative at EUR -1.4bn, mainly driven by wholesale distribution (EUR -1.2bn).

Brokerage and advisory income

Q2/Q2: Net fee and commission income from brokerage and advisory increased by 33%, mainly driven by higher fee income from debt capital markets and corporate finance.

Q2/Q1: Net fee and commission income from brokerage and advisory increased by 27%, mainly driven by higher fee income from debt capital markets and corporate finance.

Payments and cards income

Q2/Q2: Net fee and commission income from payments and cards increased by 7% driven by lower commission expenses and higher customer activity.

Q2/Q1: Net fee and commission income from payments and cards increased by 4%, mainly driven by seasonally higher customer activity.

Lending and guarantees income

Q2/Q2: Net fee and commission income from lending and guarantees decreased by 9%, driven by higher fees paid in relation to significant risk transfer transactions to improve capital efficiency.

Q2/Q1: Net fee and commission income from lending and guarantees decreased by 5%.

Net fee and commission income per business area

								Local currency
	Q224	Q124	Q423	Q323	Q223	Q2/Q2	Q2/Q1	Q2/Q2	Q2/Q1
EURm
Personal Banking	275	268	264	274	262	5%	3%	5%	4%
Business Banking	151	143	146	137	144	5%	6%	4%	6%
Large Corporates & Institutions	125	126	130	105	104	20%	-1%
Asset & Wealth Management	248	237	244	242	244	2%	5%	1%	5%
Group functions	-4	-11	-21	-16	-3
Total Group	795	763	763	742	751	6%	4%	6%	5%

Net fee and commission income per category

								Local currency
	Q224	Q124	Q423	Q323	Q223	Q2/Q2	Q2/Q1	Q2/Q2	Q2/Q1
EURm
Savings	474	454	454	448	450	5%	4%	6%	5%
Brokerage and advisory	65	51	56	34	49	33%	27%	35%	29%
Payments and cards	146	140	133	139	137	7%	4%	6%	4%
Lending and guarantees	111	117	121	122	122	-9%	-5%	-9%	-4%
Other	-1	1	-1	-1	-7
Total Group	795	763	763	742	751	6%	4%	6%	5%

Assets under management (AuM), volumes and net flow

						Net flow
	Q224	Q124	Q423	Q323	Q223	Q224
EURbn
Nordic Retail funds	86.0	83.1	80.0	74.4	74.5	0.6
Private Banking	126.0	120.4	116.1	108.9	110.1	2.0
Life & Pension	87.5	84.1	79.6	74.5	74.4	1.1
Institutional sales Nordic	46.0	46.9	46.1	43.6	42.7	-1.9
Total Nordic channels	345.5	334.6	321.8	301.4	301.6	1.9
Wholesale distribution	36.4	37.9	38.3	39.9	42.6	-1.2
Institutional sales international	18.4	18.7	18.4	18.5	18.9	-0.3
Total International channels	54.8	56.5	56.7	58.4	61.4	-1.4
Total	400.3	391.2	378.5	359.7	363.1	0.4

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Nordea	Half-Year Financial Report 2024

Net insurance result

Q2/Q2: Net insurance result decreased by 7% primarily driven by higher claims in Denmark and negative effects from interest rate movements on insurance product results in Finland and Norway.

Q2/Q1: Net insurance result increased by 3% mainly driven by lower claims in Norway and Sweden.

Net insurance result per business area

	Q224	Q124	Q423	Q323	Q223	Q2/Q2	Q2/Q1
EURm
Personal Banking	27	29	36	29	28	-4%	-7%
Business Banking	7	7	6	5	5	40%	0%
Large Corporates & Institutions	0	0	0	0	0
Asset & Wealth Management	29	24	-1	28	34	-15%	21%
Group functions	0	1	-1	1	1
Total Group	63	61	40	63	68	-7%	3%

Net result from items at fair value

Q2/Q2: Net result from items at fair value decreased by 15%, mainly driven by lower result in Treasury and Other. This was partly offset by higher customer activity in foreign exchange and interest rate hedging.

Net result from items at fair value per business area

Q2/Q1: Net result from items at fair value decreased by 15%, driven by lower result in Treasury and Other, and a lower market-making result in Markets. This was partly offset by higher customer activity in foreign exchange and interest rate hedging.

	Q224	Q124	Q423	Q323	Q223	Q2/Q2	Q2/Q1
EURm
Personal Banking	18	21	13	20	18	0%	-14%
Business Banking	106	98	95	83	93	14%	8%
Large Corporates & Institutions	107	131	88	95	99	8%	-18%
Asset & Wealth Management	10	12	3	-1	10	0%	-17%
Group functions	6	29	-45	28	70
Total Group	247	291	154	225	290	-15%	-15%

Equity method

Q2/Q2: Income from companies accounted for under the equity method was EUR 2m, down from EUR 3m.

Q2/Q1: Income from companies accounted for under the equity method was EUR 2m, down from EUR 7m.

Other operating income

Q2/Q2: Other operating income was EUR 19m, up from EUR 12m.

Q2/Q1: Other operating income was EUR 19m, up from EUR 9m.

Total operating income per business area

								Local currency
	Q224	Q124	Q423	Q323	Q223	Q2/Q2	Q2/Q1	Q2/Q2	Q2/Q1
EURm
Personal Banking	1,176	1,189	1,183	1,176	1,135	4%	-1%	4%	0%
Business Banking	879	873	870	844	847	4%	1%	4%	2%
Large Corporates & Institutions	587	623	591	561	556	6%	-6%
Asset & Wealth Management	368	358	321	347	359	3%	3%	3%	3%
Group functions	20	42	-50	24	58
Total Group	3,030	3,085	2,915	2,952	2,955	3%	-2%	2%	-1%

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