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Nordea Bank Abp Stock Quote NDA SE

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Morningstar's Nordea Bank Abp Stock Analysis

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Economic Moat

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Another Decent Quarter for Nordea; We Lift Our Net Interest Income Assumptions

Niklas Kammer, CFA Equity Analyst

Analyst Note

| Niklas Kammer, CFA |

No-moat Nordea reported second-quarter operating profits of EUR 1,361 million, up 2% compared with the same period a year ago. Net interest income, up 6%, was supported by strong volume growth of 4% slightly offset by weaker lending margins. The rapid rise in reference rates has driven up funding costs faster than lending rates could adjust, squeezing lending margins. Deposit margins on the other hand have started to benefit from higher policy rates in Norway and Sweden. All European banks are exposed to similar margin mechanics at this point in time. We anticipate Nordea to benefit from the currently higher interest rate outlook after lending margins start to rebalance and the full benefit on the deposit side trickles through.

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Key Statistics - NDA SE

Company Profile - NDA SE

Business Description

Nordea is a universal Nordic bank which generates most of its income (63%) through vanilla lending products such as mortgages, household loans and corporate loans. The bank is also a leading equity and debt underwriter and issuer specialized in the Nordics, generating roughly one tenth of the group’s income. Nordea also offers life and pension, savings and asset management, as well as private banking services to high-net-worth individuals. It operates primarily in Sweden, Denmark, Finland, and Norway.

Contact
Hamnbanegatan 5
Helsinki, 00020, Finland
T +358 20070000
Industry Banks - Regional
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2021
Stock Type
Employees 27,350

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