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HELSINKI - Nordea Mortgage Bank Plc, a subsidiary of Nordea Bank Abp (OTC:NRDBY), has released its annual report for the year 2024, revealing a slight decrease in operating profit compared to the previous year. The financial statements, part of the stock exchange release, highlight key performance metrics and operational results for the Finland-based institution.
The operating profit for Nordea Mortgage Bank in 2024 was reported at EUR 98.8 million, marking a 3% decrease from the EUR 101.8 million recorded in 2023. Despite this decline, the bank’s net interest income saw a marginal rise from EUR 265.7 million in 2023 to EUR 267.6 million in 2024.
Total (EPA:TTEF) operating income for the bank increased by 3% to EUR 269.0 million, while operating expenses fell by 5% to EUR 136.0 million. The bank experienced a significant rise in net loan losses, which jumped by 109% to EUR 34.2 million, up from EUR 16.4 million the previous year.
The report also shows that loans to the public amounted to EUR 33,360.2 million, and debt securities in issue were EUR 21,777.0 million. In terms of risk management, the combined size of the cover pools reached EUR 26,685.5 million, with overcollateralization at 26.3%.
Other financial ratios indicated changes in the bank’s performance, with the loan loss ratio annualized at 10.2 basis points, up from 5.3 basis points in 2023. Return on equity decreased to 4.6%, compared to 5.1% in the prior year. The Tier 1 capital ratio and total capital ratio both stood at 18.0%, showing a significant reduction from 39.8% and 40.3%, respectively, in 2023.
The bank’s workforce saw a slight increase, with the number of full-time equivalent employees rising to 15, up from 14 in the previous year.
This financial overview is based on a press release statement from Nordea Mortgage Bank Plc. The annual report, corporate governance report, and alternative performance measures for 2024 are publicly available and provide a comprehensive view of the bank’s performance over the past year.
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