I got stuck on that tax angle. Don’t banks and brokers operating in Finland, like Nordea and Nordnet, report their Finnish customers’ securities transactions directly to the tax authorities? But is it the case that it works differently for a company? I have no experience with that. All my Nordea and Nordnet stock holdings and trades appear on my pre-filled tax return. I also use eToro, and it differs from those. I haven’t received, nor have I missed, any paper mail from Nordea for years.
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Analyst comments regarding Nordea’s announcement yesterday of a EUR 190 million cost booking in Q1 2026, which is related to achieving the targets of the 2030 strategy
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Nordea is also trying to buy an occupational pension company in Denmark that engages in investment and insurance activities. Let’s see if the scoop succeeds.
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Dip before the dividend dip, yield percentage increases. 
Likely due to Bank of America lowering its target price to €15.80.
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It’s quite peculiar if it’s not allowed to discuss Nordea’s support for Arctic oil drilling in this thread.
Let me link the news source. This can’t be a taboo, can it?
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Or could it be because the previous comment came without a source? No need to get angry, of course you can talk about the topic here.
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If I’m angry with anyone here, it’s Nordea. Their leadership has shown considerable disregard for the environment and climate.
I follow the situation from a researcher’s perspective. Arctic oil drilling projects are a middle finger to current and especially future generations. Not to mention the rights of indigenous peoples.
Here’s a brief summary from yesterday’s general meeting:
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I think it’s very good that Nordea provides credit to responsible Norwegian energy companies. In question here are Equinor, Vår Energi, etc. I would agree that a few years ago, this could have been criticized, and of course, it can still be criticized now. It’s good to remember the following:
- The geopolitical and especially energy-political situation has changed radically, and energy self-sufficiency is an existential question for Europe. Nordea has, of course, made contradictory statements earlier, but the global situation is very different now.
- Over a dozen banks are financing these Arctic operations. Nordea or the Nordic countries cannot afford excessive idealism. Nordea’s withdrawal could negatively affect its other international business if counterparties perceive Nordea as acting from an ideological perspective and bending to activist barking.
- Even after this financing, Nordea’s involvement in fossil fuel financing is crumbs compared to what it has been in the last decade.
Is it ideal or optimal to utilize the Arctic region? No, it’s not. Is it responsible? A complex question, but I lean towards the idea that it would be completely irresponsible to opt out and preach to the Norwegians about it. The Norwegian state is, however, a very responsible owner and capital allocator.
Also, the party that brought up this issue at the general meeting is an ideological actor whose legitimacy can be questioned. Strong links to leftism, which is not surprising at all.
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Let’s delve into this responsibility. Norway sells 70% of its oil outside its borders. It’s true that countries like Germany, Great Britain, the Netherlands, France, etc., are involved. But what guarantee is there that these decisions protect Europe? In the Nordic countries, energy self-sufficiency is already quite good. Opening new oil fields can take years and years, and by then many states will already be less dependent on oil. There are more risks than benefits associated with these measures.
Norway itself has stated its goal to be carbon neutral by 2030. It’s quite peculiar if, at the same time, it sells oil to over 80 countries outside its borders.
This isn’t just “activist’s barking.” The planet is truly in dire straits, a million species on the brink of extinction, and the future of humanity is at stake. Of the nine planetary boundaries, defined by the scientific community, six have been crossed – the seventh is approaching. (Seven of nine planetary boundaries now breached - Stockholm Resilience Centre)
The “everyone else is doing it, so we will too” argument doesn’t hold up to moral scrutiny for very long. Companies must have other functions besides enriching their shareholders’ coffers.
An oil spill in the Arctic would be a nightmare for the entire planet, with very far-reaching effects on the entire ecosystem.
And who knows how long this imperialistic “drill baby, drill” policy will last? A house of cards can collapse surprisingly quickly. Whether it’s the United States or Russia, which are looking more and more alike every day. Right now, there must be courage and backbone in political decisions. Especially the role of small states can be significant when outlining alternative ways to organize our society – where energy policy is a very central element.
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Nordic energy self-sufficiency is a fictional concept. The electricity markets are deeply integrated into Europe: NordLink transports electricity from Norway to Germany, NordBalt from Sweden to Lithuania, and Estlinks from Finland to Estonia. Nordic production increasingly relies on volatile wind and solar power, and without exports outside the NordPool area, there are no commercial grounds for even the current production capacity.
We are not a self-sufficient island, but part of the European energy system, and its security is our security. This also includes defense. Tanks, fighter jets, and mechanized units do not operate without fossil fuels.
The idea that we would be at the mercy of the United States, the Middle East, or other producers for energy, in the geopolitical environment we now live in, is something that should concern everyone.
You assume that fossil fuels will not be needed in 10-20 years, and therefore well-managed Norwegian companies should not develop new infrastructure. This same “not needed soon” argument has been made every decade and proven wrong. The IEA’s own scenarios show significant gas demand in Europe even in the 2040s. If Norwegians do not partly satisfy it, someone else will do it somewhere else, probably with weaker environmental standards and without ESG (Environmental, Social, and Governance) conditions.
The net effect on the climate could then be worse.
Norway’s NDC (Nationally Determined Contribution) target is at least a 55% emissions reduction by 2030 from 1990 levels. Norway indeed has an ambitious goal to be carbon neutral by 2030, but this is achieved by offsetting emissions with international emission reductions, not by zeroing out domestic emissions. This is an established international practice.
By 2050, the target is a 90-95% emissions reduction. In addition, UNFCCC (United Nations Framework Convention on Climate Change) climate accounting separates domestic emissions from export products, just as Finland’s climate targets do not count export industry products as Finland’s emissions. Oil exports and domestic emission targets are not in conflict within the international framework.
No one disputes the climate crisis or the planet’s limits. The question is whether Nordea’s withdrawal solves anything. Equinor’s financing involves 19 banks. If Nordic banks withdraw, actors for whom the protection of the Arctic environment is not a priority will step in. Nordea at the negotiating table has influence. Nordea outside the table is irrelevant.
The influence of small states is based on their participation in systems and shaping them from within, not on withdrawing and preaching from the sidelines.
The Annual General Meeting (AGM) resolution is backed by the Nordic Centre for Sustainable Finance, which is a sub-division of ActionAid Denmark. Their report is funded by the KR Foundation, a Danish climate foundation whose explicit mission is to end all fossil fuel financing. Their staff includes, among others, a former political advisor to Denmark’s left-wing party Enhedslisten. This is an ideological actor with a hammer in hand, and everything looks like nails.
The above does not mean that the data could not be correct, but the framing is activism, not balanced analysis.
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What kind of witch hunt is going on this week, when the Danish believe Norway shouldn’t drill for oil (Nordic Center for Sustainable Finance), and at the same time, the Swedes don’t want Neste’s (Neste) biofuels from Finland (SVT)?
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A good article by Jussi Pajala from Nordea today on the timely parliamentary consideration of the loan law.
News coverage of this: Nordeassa ilakoidaan 40 vuoden lainoista – ”Piristysruiske” - Ilta-Sanomat
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Kasperi has prepared some Sunday reading for us, a company report on Nordea 
Although increased uncertainty has once again clouded the economic outlook, we do not currently anticipate significant harm to Nordea from this, as the expected rise in interest rates supports net interest income. Against our forecasts, the stock’s return expectation is attractive, so we reiterate our Add rating. We are simultaneously lowering our target price to 16.0 euros per share (previously 17.5), mainly due to the dividend ex-date.
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Good for us shareholders, as interest income grows, but the borrower gets to pay off the loan from completion to retirement..
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My Easter surprise was Nordea’s 2.5% annual interest rate for a 3-month fixed-term deposit!
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Nordea has been one of the best consistent performers in my portfolios for the past few years. Share buybacks have been okay too, but dividends warm my heart more.
Nordea has generated many times the interest rate of fixed-term deposits, for years now. I even managed to accumulate Nordea shares at a rather cheap price back in the day.
The hefty dividends that landed in my account this week will, once again, go directly into consumption for me.
Nordea continues its high-quality performance. Excellent.
I changed the thread title a while ago. There’s no reason to change it with this information. Top-notch.
P.S. I changed the title after all. It is now truthful and current.
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Nordea Dividends and Dividend Yields (2021–2025)
| Year | Dividend / share | Dividend Yield (approx.) |
|---|---|---|
| 2025 | €0.96 | ~6.0–6.5% |
| 2024 | €0.94 | ~6.5–7.0% |
| 2023 | €0.92 | ~7.0–8.0% |
| 2022 | €0.80 | ~7.0–8.5% |
| 2021 | €0.69 | ~6.0–7.5% |
=> High dividend compounding…
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What’s also interesting is that Nordea seems to be at the forefront of scalability and automation, with its Nordic competitors following behind.
“The news of layoffs reflects that Nordea has reached or is about to reach the goals it set with its systems and is gaining efficiency,” Urpelainen says.
“Now it looks like Nordea is one of the few in the Nordics that can achieve economies of scale with IT systems and artificial intelligence, and this is reflected in the fact that employees are no longer needed for manual work.”
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Nordea has long had its IT outsourced to India, so the effects on Finnish employment are probably limited.
This is not true. My understanding is that Nordea’s IT is still largely in the Nordic countries. India and many other models have been tried, but not with great results. There is also a reasonably sized IT center in Poland.
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