CEO Christian Clausen’s comments on the results: “The summer months featured a seasonally lower activity level, although in the autumn we have not seen the usual pick-up in corporate and market activity. Deposit margins continue to be under pressure and lending growth remains low, however Net Interest Income is holding up well in the business areas. We continue to see a good inflow in our Savings and Investment operations, despite declining asset prices, confirming our strong customer franchise. Assets under management are up EUR 19bn or 7% compared to twelve months ago, fully driven by strong inflow. Net Fair Value has been negatively impacted by the low liquidity on the financial markets and higher credit spreads. Total revenues were down 3% in local currencies compared to the same period in 2014. Nordea is following the efficiency plan and costs were down 3% in local currencies and credit quality remains solid. The Common Equity Tier 1 ratio has improved by 70 bps to 16.3% since the third quarter of 2014.
In September we signed the agreement with vendors for our new Core Banking Platform. This will long term improve our agility and ability to meet the future needs of our customers, as well as supporting our efficiency and IT resilience.”
Third quarter 2015 vs. Third quarter 2014 (First nine months 2015 vs. First nine months 2014)[1], [2]: