Fourth-quarter Financial Highlights 2023
Profitability and capital generation
Sustainably higher profitability and capital generation
Improved performance enabling higher shareholder returns
%
16
14
12
10
8
6
4
2
•
-
Higher profitability
Progress on improving return on equity
before rate increases, driven by market
share gains and operational and capital
efficiency
- Additional improvement from returning
excess capital after lifting of COVID-19
restrictions and rate increases
Lower risk
Increased capital generation due to
%
%
EUR per share
5
18
1.6
16
1.4
st
4
3
14
1.2
12
1.0
10
0.8
8
0.6
1
6
0.4
4
0
2
0.2
-1
0
0.0
2019
2020
2021
2022
2023
2019 2020 2021
2022
2023
Return on equity, % (RHS)
-
ECB deposit facility (LHS)
Dividend
Buy-back
Dividend yield (RHS)
Consistent and strong capital generation - 10% CAGR since 2005
20
10%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20171 2018 2019 2020 2021 2022 2023
Acc. share buy-backs, EURbn
Acc. dividend, EURbn
Equity, EURbn
•
•
portfolio de-risking and reduced capital
consumption
Annual capital generation 10%
-
Capital generation enabling significant
shareholder returns and increased
capacity to absorb shocks
Market-leading shareholder returns
Continued focus on capital excellence
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