Nordic Banks: 1Q26 results review

Research evidence excerpt

Nordic Banks: 1Q26 results review

Deutsche Bank

Research

Europe Industry Date

13 May 2026

Banks Nordic Banks

Banks Forecast Change

1Q26 results review

Marlene Eibensteiner

Overall better than expected, supported by NII, cost and risk cost beats Research Analyst

The Nordic banks reported 1Q26 results with a 4% bottom-line beat, down -6% YoY +49-69-910-46423

on average. This was primarily attributable to the combination of marginally better-

Benjamin Goy

than-anticipated net interest income, lower-than-expected costs and risk cost Research Analyst

beats, while fees were in aggregate in line with consensus. However, results were +49-69-910-31946

a bit more mixed on an individual bank level, reflected in the respective share-price

Miriam Killian

reactions. Looking ahead, we expect largely stabilized (to potentially rising interest

Research Analyst

rates) to be supportive for NII, paired with continued solid cost control and strong

+49-69-910-62169

asset quality and remain positive on Danske, Nordea and Swedbank.

Key Changes

Net interest income in aggregate marginally beat, while fees were in line Company Target Price Rating

Net interest income marginally beat expectations on average by 1% across the 361.00 to

Nordic banks and declined by -5% YoY. Worth noting, that sequentially Swedbank's DANSKE.CO 373.00 -

NII rose (supported by Entercard), as well as Danske's marginally increased on an NDAFI.HE 18.00 to 19.00 -

adjusted basis, while Nordea's remained flattish. Fees were largely in line with Source: Deutsche Bank

consensus on average and rose by +6% YoY. Going forward, we expect NII to be

supported by largely stabilized (to potentially rising) interest rates as well as overall

solid loan demand.

Cost control and risk costs on average better than anticipated