Nordea unveils ambitious 2030 strategy with enhanced financial targets

Nordea aims for a return on equity exceeding 15% throughout 2026-2030, significantly above this in 2030, and a cost-to-income ratio of 40-42% in 2030, excluding regulatory fees. The bank projects annual loan losses around 10bp and a 60-70% annual dividend payout ratio, with semi-annual distributions. Total shareholder distributions are targeted at over €20bn during the period.

The new strategy is underpinned by a 150bp management buffer above the regulatory CET1 capital requirement, expecting a CET1 ratio of approximately 15.5%. Nordea's ambition is to deliver earnings per share of around €2 in 2030. The strategy focuses on six growth areas, including Norway, Sweden, cross-sales, life and pensions, private banking, and small businesses.

Technology, data, and AI are central to driving scale benefits, improving customer experience, and achieving efficiency, with average annual cost growth expected to be limited to around 2% over 2026-2030 compared to 2025 levels. The bank also reaffirmed its commitment to supporting customers' sustainable transitions.