Nordiska reports operating income of 179.3 MSEK (156.4) and operating profit of 60.0 MSEK (52.1) for the third quarter. Lending grew 13.3 per cent to 11.4 MDSEK, Bliq contributed throughout the quarter and the card programme with SAS was launched in three countries.
Operating income
+14.6% vs Q3 2025
Lending
+13.3% vs 30 Sep 2025
Capital ratio
Total, vs 18.3% 30 Sep 2025
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating income | 179.3 | 156.4 | +14.6% |
| Before credit losses | 72.7 | 64.4 | +12.9% |
| Operating profit | 60.0 | 52.1 | +15.3% |
| Profit for the period | 44.4 | 41.4 | +7.1% |
| Earnings per share, SEK | 0.71 | 0.74 | −4.1% |
Three of four segments drove lending
Lending to the public amounted to 11,400.5 MSEK as of 30 September (10,066.0). Within Real Estate, lending increased 44.5 per cent to 3,546.3 MSEK, mainly through commercial real estate lending. Leasing, which is run by the subsidiary Release Finans, grew 25.8 per cent to 2,481.8 MSEK and opened an office in Malmö during the quarter. Consumer Finance increased 61.2 per cent to 1,773.5 MSEK, mainly through the portfolios added with the acquisitions of Bliq and Alisa. Within Embedded Finance, lending decreased 20.7 per cent to 3,598.8 MSEK, according to the company mainly following a previously terminated larger partnership.
First full quarter with Bliq
The third quarter is the first with the full earnings effect of the Bliq acquisition. Operating income within Consumer Finance rose to 66.4 MSEK (41.9), mainly thanks to Bliq. Bliq's operations have essentially been moved into Nordiska and its licence as a consumer credit institution has been surrendered. The business continues under the brands Tryggkredit and Equilo. In Finland, the staff of Nordic Bridge Services have moved over to Nordiska's branch, providing a local organisation as a base for the further development of the consumer business there.
Higher margin, higher costs
Net interest income increased to 153.5 MSEK (128.0) and the net interest margin to 5.4 per cent (5.1), both mainly as a result of the acquisitions within Consumer Finance. Operating expenses rose to 106.6 MSEK (92.0), largely through more employees: the average number of employees was 224 during the quarter compared with 148 in the same quarter last year. The cost/income ratio was 59.5 per cent (58.8). Credit losses increased to 14.0 MSEK (12.4), mainly due to higher provisions within Consumer Finance, while the credit loss level was unchanged from the same quarter last year at 0.5 per cent.
SAS launched, Miles & More next
During the quarter, the SAS EuroBonus Executive Business Card, a card programme for businesses, was launched in Sweden, Norway and Denmark. Nordiska has also signed an agreement with Miles & More, Lufthansa Group's loyalty programme, for co-branded credit cards in Sweden and Norway. The first launches are planned for early 2027. Embedded Finance had 23 partners at the end of the quarter, and new partnerships in consumer credit, credit to small and medium-sized enterprises and cards were added during the quarter.
Capital and the first nine months of the year
The Common Equity Tier 1 capital ratio was 14.2 per cent (13.4) and the total capital ratio 19.5 per cent (18.3), against a total capital requirement of 13.6 per cent. The target of a margin of at least 300 basis points above the requirements is thus met. On 1 July, existing AT1 bonds of 100 MSEK were redeemed. The previously announced sale of Nordiska Financial Partner Norway has been cancelled because not all conditions were met. In connection with this, Nordiska has acquired a minority stake in the counterparty's company. The earnings effect from the second quarter remains, and a smaller positive effect was added during the third quarter. After nine months, operating income amounts to 551.0 MSEK (443.5), operating profit to 174.4 MSEK (129.6) and profit for the period to 156.6 MSEK (101.2).
Source: Bankaktiebolaget Nordiska (publ), interim report January–September 2026. The figures refer to the group. Comparative figures in brackets refer to the third quarter of 2025, and for balance sheet items to 30 September 2025.
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