Nordea Bank Q1 2026 Pre-Close Call Summary Company Overview - **Company**: Nordea Bank (OTCPK:NBNK.F) - **Event**: Q1 2026 pre-close call - **Date**: March 31, 2026 Key Industry and Company Insights Macro Environment - Significant volatility in financial markets due to geopolitical developments in the Middle East, impacting interest rates and market making activities [2][3] - Recent sharp moves in interest rates have been against consensus positioning, leading to potential losses in trading [2] Financial Performance Indicators - **Interest Rates**: No changes in Nordic policy rates; three-month STIBOR increased by 9 basis points quarter-on-quarter [4] - **Equity Markets**: US dollar-denominated MSCI World Index increased by 2%, while OMX Nordic 40 rose by 8% [4] - **Fixed Income**: Bloomberg Global Aggregate Bond Index increased by 0.7% [4] - **Foreign Exchange (FX)**: SEK and NOK appreciated against the euro, with SEK up 2% and NOK up 3% quarter-on-quarter, providing a tailwind for euro-denominated income [5] Net Interest Income (NII) - Q4 NII reported at EUR 1,765 million; Q1 NII expected to decline due to lower day count, estimated impact of EUR 40 million [5] - Lending volumes grew strongly, contributing EUR 11 million to NII, but lending margin pressure resulted in a negative impact of EUR 31 million [6] - NII is expected to grow in line with volume and margin developments in the medium term [7] Net Fee and Commission Income - Q4 net fee and commission income was EUR 853 million, with a decline expected in Q1 due to lower day count and absence of annual fees [9] - Slightly positive market performance effect on average AUM despite declines in relevant indices in March [9] Net Fair Value - Expected to be within the normal quarterly range of EUR 200 million to EUR 250 million for Q1, likely around the midpoint due to market volatility [11][12] Costs and Restructuring - Restructuring costs of EUR 190 million to be booked in Q1, with gradual benefits expected in 2026 and 2027 [12][49] - Full-year resolution fee expected to be higher than average due to booking in Q1 [12] Credit Quality - Strong credit quality with loan loss level at 7 basis points in Q4; no significant direct impacts expected from current geopolitical situations [13] Capital and Dividends - CET1 ratio at 15.7% with a requirement of 13.8% [13] - Dividend policy to pay out 60%-70% of annual profits; semi-annual dividends approved by shareholders [14] Changes in Reporting - AUM reporting will be adjusted to better align with savings fees development, breaking down into investment product AUM and other assets [15][16] Additional Insights - The geopolitical situation may affect lending volumes and margins, with expectations of continued pressure on funding costs [6][7] - The impact of the recent increase in STIBOR on funding costs is expected to be minimal [69] - The weighting of IFRS9 scenarios is 20% adverse, 60% baseline, and 20% upside [69] This summary encapsulates the key points discussed during the Nordea Bank Q1 2026 pre-close call, highlighting the macroeconomic environment, financial performance, and strategic outlook for the company.

Investment Rating - The report maintains a "Buy" rating for the company [4][41]. Core Views - The company achieved a revenue of 28.65 billion yuan in 2025, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 12.13 billion yuan, up 5.3% year-on-year [14][41]. - The company benefits from the growing credit demand in the Chengdu-Chongqing economic circle and has a competitive advantage in reaching retail customers through a wide network [4][41]. Summary by Sections Revenue and Profit Growth - The company reported a revenue of 28.65 billion yuan in 2025, with a quarterly revenue of 6.991 billion yuan in Q4 2025, reflecting a year-on-year increase of 3.6% [14]. - The net profit attributable to shareholders reached 12.13 billion yuan, with a quarterly net profit of 1.435 billion yuan in Q4 2025, marking a year-on-year increase of 19.1% [14]. Loan and Asset Growth - By the end of 2025, the total customer loans and advances amounted to 797.3 billion yuan, a year-on-year increase of 11.6% [21]. - The company has leveraged its geographical advantages to support growth in public loans, particularly in infrastructure projects, with loans in the leasing and business services sector increasing by 19.4% year-on-year [21]. Net Interest Margin and Cost Management - The net interest margin for 2025 was 1.6%, a decrease of 1 basis point year-on-year, but the decline has narrowed compared to earlier periods [3][24]. - The company optimized its funding costs, with the cost of interest-bearing liabilities decreasing to 1.55%, down 31 basis points year-on-year [24]. Non-Interest Income and Challenges - The net fee and commission income for 2025 was 1.294 billion yuan, a decline of 19.7% year-on-year, primarily due to increased market interest rate volatility [31]. - Other non-interest income also faced challenges, with a significant drop of 25.6% year-on-year, influenced by high base effects and market fluctuations [31]. Asset Quality and Provisioning - The non-performing loan ratio at the end of 2025 was 1.08%, a decrease of 10 basis points year-on-year, indicating stable asset quality [33][35]. - The provision coverage ratio improved to 367.26%, reflecting the company's strong risk mitigation capabilities [38]. Dividend Policy - The company plans to distribute cash dividends totaling 3.645 billion yuan for 2025, maintaining a stable dividend payout ratio of 30.05% [39]. Investment Outlook - The company is expected to see net profit growth of 5.8%, 7.2%, and 8.0% for the years 2026 to 2028, respectively, indicating a positive outlook for future performance [4][41].

Investment Rating - The report maintains a "Buy" rating for the company [4][41]. Core Views - The company achieved a revenue of 28.65 billion yuan in 2025, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 12.13 billion yuan, up 5.3% year-on-year [1][14]. - The company benefits from the growing credit demand in the Chengdu-Chongqing economic circle and has a competitive advantage in reaching retail customers through a wide network of branches [4][41]. - The company is expected to see net profit growth of 5.8%, 7.2%, and 8.0% from 2026 to 2028 [4][41]. Summary by Sections Revenue and Profitability - The company's net interest income supported revenue growth, with a net interest margin of 1.6% in 2025, a decrease of 1 basis point year-on-year, but the decline has narrowed compared to earlier in the year [3][24]. - The company reported a quarterly revenue of 6.991 billion yuan in Q4 2025, reflecting a year-on-year increase of 3.6% [14]. Loan and Asset Growth - As of the end of 2025, the total customer loans and advances amounted to 797.3 billion yuan, a year-on-year increase of 11.6% [2][21]. - The company has leveraged its regional advantages to support growth in public loans, particularly in infrastructure projects, with loans in the leasing and business services sector growing by 19.4% year-on-year [2][21]. Interest Margin and Cost Management - The company’s interest income from earning assets was under pressure, with a yield of 3.06%, down 31 basis points year-on-year [3][24]. - The cost of interest-bearing liabilities decreased to 1.55%, down 31 basis points year-on-year, contributing to the optimization of the interest margin [3][24]. Non-Interest Income - The company faced challenges in non-interest income, with net fee and commission income declining by 19.7% year-on-year due to market rate fluctuations [31][32]. - Other non-interest income also decreased significantly, primarily due to high base effects and market volatility [31][32]. Asset Quality - The company maintained a stable asset quality, with a non-performing loan ratio of 1.08%, down 10 basis points year-on-year [33][35]. - The provision coverage ratio improved to 367.26%, indicating a solid risk mitigation capacity [38][39]. Dividend Policy - The company plans to distribute a cash dividend of 3.2091 yuan per 10 shares, maintaining a stable dividend payout ratio of 30.05% [39][40].

Group 1 - PicS N.V. (NASDAQ:PICS) is recognized as one of the 10 most undervalued tech stocks according to analysts [1] - Mizuho has lowered its price target for PicS N.V. to $23 from $30 while maintaining an Outperform rating, citing broader multiple compression in the fintech sector [1] - The company's first reported quarter as a public entity exceeded expectations, demonstrating the resilience of its business model despite challenging valuation conditions [1] Group 2 - For the fourth quarter, PicS N.V. reported an adjusted net income of R$188.2 million, which was significantly below consensus expectations [2] - Management indicated that 2025 will be a transformational year as PicPay completes its IPO and transitions into a full-service digital bank [2] - The company achieved over R$10 billion in revenue, reflecting an 85% year-over-year growth, driven by expansion in its financial services ecosystem and increased cross-selling [2] - Diversification has improved, with a growing contribution from fees, commissions, and insurance products, while an AI-driven internal platform enhances operational efficiency and scalability [2][3] Group 3 - PicS N.V. is a leading Brazilian fintech company founded in 2012, headquartered in São Paulo, operating a major digital wallet and financial services app [3] - The company offers various services including P2P transfers, Pix instant payments, loans, credit cards, and insurance, primarily targeting consumers and SMBs in Brazil [3]

Group 1 - Southbound funds reduced their holdings in China Construction Bank (00939.HK) by 41.679 million shares on March 27 [1] - Over the past five trading days, southbound funds have reduced their holdings for three days, with a total net reduction of 81.1449 million shares [1] - In the last 20 trading days, there were 15 days of net increases in southbound fund holdings, totaling 208 million shares [1] Group 2 - As of now, southbound funds hold 35.017 billion shares of China Construction Bank, accounting for 14.55% of the company's total issued ordinary shares [1] - China Construction Bank is a commercial bank with main business segments including corporate banking and personal banking [1] - The corporate banking segment includes services such as corporate deposits, loans, asset custody, trade financing, and international settlement [1]

Group 1: Loan Performance - In 2025, the average yield on loans and advances was 3.87%, a decrease of 67 basis points compared to 2024 [2] - Corporate loan average yield was 3.05%, down 51 basis points year-on-year [2] - Personal loan average yield was 4.79%, down 77 basis points year-on-year [2] Group 2: Net Interest Margin - The net interest margin for 2025 was 1.78%, a decline of 9 basis points from 2024 [2] - The decrease was primarily due to falling loan rates and adjustments in business structure [2] Group 3: Deposit and Funding Costs - The average interest rate on deposits was 1.65%, down 42 basis points from 2024 [2] - The average interest rate on interest-bearing liabilities was 1.67%, a decrease of 47 basis points year-on-year [2] Group 4: Asset Quality - By the end of 2025, the non-performing loan ratio for personal loans was 1.23%, a reduction of 0.16 percentage points from the previous year [3] - The bank upgraded its risk models for more precise customer segmentation and improved asset quality [3] Group 5: Wealth Management and Private Banking - By the end of 2025, the number of wealth clients reached 1.49 million, a growth of 2.4% year-on-year [3] - The number of private banking clients was 2.11 million, increasing by 9.1% from the previous year [3] - Wealth management fee income was 5.1 billion yuan, a year-on-year increase of 15.8% [3] Group 6: Insurance Business - The scale of personal insurance premiums grew by 35.3% in 2025 [3] - The bank integrated its wealth teams to enhance comprehensive asset allocation capabilities [3] Group 7: Supply Chain Finance - The financing volume for supply chain finance reached 1.9679 trillion yuan, a year-on-year increase of 23.1% [3] - The bank focused on enhancing operational efficiency and customer experience in supply chain finance [3] Group 8: Strategic Plans for 2026 - The bank aims to deepen strategic transformation and enhance financial services for the real economy [4] - Emphasis will be placed on risk prevention and digital transformation to support high-quality financial development [4]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company achieved a revenue of 44.1 billion, a year-on-year increase of 0.5%, and a net profit attributable to shareholders of 19.7 billion, up 2.3% year-on-year [4][6] - The report highlights the company's strategy of "One Base and Four Arrows" to explore new growth areas, with a focus on increasing retail loan growth and enhancing shareholder returns through a proposed mid-term dividend [6][10] - The company experienced a slight increase in non-performing loan (NPL) ratio to 0.99% in Q4 2025, while the provision coverage ratio decreased to 327% [4][10] Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 4,384.97 million in 2024 to 5,373.30 million by 2028, with a compound annual growth rate (CAGR) of approximately 7.31% [5] - Net profit is expected to increase from 1,921.70 million in 2024 to 2,260.55 million in 2028, reflecting a growth rate of 5.81% [5] - The report anticipates a stable net interest margin (NIM) of 1.50% for 2025, with a gradual improvement in the cost of liabilities [11] Loan and Deposit Performance - Total loans increased by 7.8% year-on-year to 141.2 billion, with a significant contribution from corporate loans [12] - The company’s total deposits reached 178.1 billion, marking a 9.5% increase year-on-year [12] - The report indicates a strategic reduction in bill financing to optimize interest margins, with corporate loans accounting for 52.9% of total loans by 2025 [9][12] Risk Management and Asset Quality - The report notes a proactive approach to managing retail loan risks, with an increase in the recognition and disposal of risks [10] - The company plans to enhance its risk management framework by incorporating new metrics for assessing loan quality [10] Shareholder Returns - The company plans to increase its dividend payout ratio, proposing a cash dividend of 4.12 billion, which represents 20.96% of the net profit attributable to shareholders for 2025 [6][10] - The introduction of a mid-term dividend is expected to further enhance shareholder value [10]

Core Insights - Bohai Bank reported a total operating income of 25.97 billion yuan for 2025, an increase of 488 million yuan, representing a growth rate of 1.92% [1] - The net profit for the year reached 5.50 billion yuan, up by 242 million yuan, with a growth rate of 4.61% [1] - The cost-to-income ratio improved to 38.01%, a decrease of 1.00 percentage point from the previous year [1] Financial Performance - As of the end of 2025, the total assets of the group amounted to 1,934.41 billion yuan, an increase of 90.57 billion yuan, reflecting a growth rate of 4.91% [1] - The balance of loans and advances was 949.75 billion yuan, with an increase of 24.39 billion yuan, marking a growth rate of 2.64% [1] - Total liabilities reached 1,809.18 billion yuan, an increase of 75.47 billion yuan, with a growth rate of 4.35% [1] - Customer deposits amounted to 1,138.78 billion yuan, increasing by 71.21 billion yuan, representing a growth rate of 6.67% [1] Asset Quality - The non-performing loan balance stood at 15.92 billion yuan, a decrease of 559 million yuan, with a non-performing loan ratio of 1.66%, down by 0.1 percentage points [1] - The bank's loan loss provisions were adequately maintained, with a total of 25.82 billion yuan in loan impairment provisions, an increase of 243 million yuan [1] - The loan provision coverage ratio was 162.16%, indicating that the asset quality remained stable and met regulatory requirements [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Bank of Qingdao Co., Ltd.* 青 島 銀 行 股 份 有 限 公 司 * （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （H股股份代號：3866） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條作出。 以下文件已於深圳證券交易所網站刊登，僅供參閱： 青島銀行股份有限公司 1. 2025年度報告摘要 2. 2025年度報告 特此公告。 承董事會命 青島銀行股份有限公司* 景在倫 董事長 中國山東省青島市 2026年3月26日 於本公告日期，董事會包括執行董事景在倫先生、吳顯明先生、陳霜女士及 劉鵬先生；非執行董事鄧友成先生、周雲傑先生、Rosario Strano先生、譚麗 霞女士及Giamberto Giraldo先生；獨立非執行董事邢樂成先生、張旭先生、 張文礎先生、杜寧先生及范學軍先生。 * 青島銀行股份 ...

Group 1 - Southbound funds reduced their holdings in China Construction Bank (00939.HK) by 11.987 million shares on March 24 [1] - Over the past 5 trading days, southbound funds increased their holdings for 4 days, with a total net increase of 15.4 million shares [1] - In the last 20 trading days, there were 17 days of net increases in holdings by southbound funds, totaling 32.4 million shares [1] Group 2 - As of now, southbound funds hold 35.088 billion shares of China Construction Bank, accounting for 14.58% of the company's total issued ordinary shares [1] - China Construction Bank is a commercial bank with main business segments including corporate banking and personal banking [1] - The bank's corporate banking services include corporate deposits, loans, asset custody, trade financing, and international settlement [1]