Nordea Bank Abp (NDA_SE) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.518 Good morning and welcome to Nordea's fourth quarter and full year 2025 results. 00:00:05.518 -- 00:00:08.301 I'm Ilkka Ottala, Head of Investor Relations. 00:00:08.301 -- 00:00:13.308 As usual, we'll start with a presentation by Group CEO, Frank Magnese, followed 00:00:13.308 -- 00:00:17.413 by a Q&A session with Frank and Group CFO, Ian Smith. 00:00:17.413 -- 00:00:21.077 Please remember to dial into the teleconference to ask questions. 00:00:21.077 -- 00:00:24.880 With that, Frank, please go ahead. 00:00:32.971 -- 00:00:38.277 Good morning. Today we have published our results for the fourth quarter 00:00:38.277 -- 00:00:41.058 of 2025. We finished 00:00:41.180 -- 00:00:46.405 the year well with high fourth quarter profitability, higher business volumes 00:00:46.405 -- 00:00:51.831 and lower costs. It was a strong result, despite the uncertain environment 00:00:51.831 -- 00:00:58.064 and despite consumer confidence in our Nordic home markets remained muted. 00:00:58.064 -- 00:01:03.649 For the full year, we delivered a return on equity of 15.5% in 00:01:03.649 -- 00:01:08.473 line with the commitment we made three years ago. 00:01:08.473 -- 00:01:14.199 Our performance reflects the momentum we have built since we set out to reshape Nordea 00:01:14.199 -- 00:01:17.300 in the autumn of 2019. 00:01:17.922 -- 00:01:23.107 We have grown our business with existing and new customers and improved our customer 00:01:23.107 -- 00:01:25.048 experience. 00:01:25.048 -- 00:01:27.983 We are much more efficient today 00:01:27.983 -- 00:01:30.504 Back in 2019, 00:01:30.686 -- 00:01:34.770 we spent 57 cents to generate a year of income. 00:01:34.770 -- 00:01:38.553 Now it takes 45 cents. 00:01:38.553 -- 00:01:40.936 We are much more profitable. 00...