Third Quarter Report 2010

27-10-10 7:00 | Press release

Strong customer activity and record income

CEO Christian Clausen's comment to the report:
"Nordea had a strong quarter, with record level income and one of our highest operating profits ever. Underlying customer business continues to grow, loan losses decrease and the risk-adjusted profit is back at the levels of last year.

We have welcomed more than 150,000 new Gold and Private Banking customers so far this year. More than 100,000 come from outside the bank, and their appreciation of our services is high and increasing. Our relationships with corporate customers are strong, with a high increase in income. Assets under management continue to grow strongly with a high net inflow.

The strong results reflect a successful execution of our growth initiatives. We will proceed on our journey towards Great Nordea by continuing to increase efficiency and delivering great customer experiences." (For further viewpoints, see CEO comments, page 2)

Third quarter vs second quarter:

  • Total income up 9%
  • Number of Gold and Private Banking customers up 47,500, a 7% annualised growth rate
  • Net loan losses down 16% to 22 basis points, excluding provisions for the Danish guarantee scheme
  • Operating profit up 32%, due to higher net interest income and net fair value result
  • Outlook. The outlook is unchanged. (For full outlook, see page 8)

Summary key figures,
EURm

Q3
2010

Q2
2010

Ch.%

Q3
2009

Ch.%

Net interest income

1,310

1,249

5

1,321

-1

Total operating income

2,363

2,161

9

2,277

4

Profit before loan losses

1,167

975

20

1,190

-2

Net loan losses

-207

-245

-16

-358

-42

Loan loss ratio annualised, bps

29

35

54

Operating profit

960

730

32

832

15

Risk-adjusted profit

707

516

37

729

-3

Diluted earnings per share, EUR

0.18

0.13

0.15

Return on equity, %

12.2

9.5

11.7

For further information:
Christian Clausen, President and Group CEO, +46 8 614 7804
Fredrik Rystedt, Group CFO, +46 8 614 7812
Rodney Alfvén, Head of Investor Relations, +46 8 614 7880 (or +46 72 235 05 15)
Jan Larsson, Head of Group Identity & Communications, +46 8 614 7916 (or +46 70 593 34 12)

Documents

Third Quarter Report 2010third-quarter-report-2010-english (pdf, 252 KB)