First Quarter Report 2010

10-04-28 7:00 | Press release

Strong result - higher income and lower loan losses

CEO Christian Clausen's comment to the report:

"Nordea's first quarter result was significantly better than the previous quarter and also better than the strong first quarter last year. Total income increased and costs decreased from the previous quarter, resulting in an operating profit increase by close to 50%. Loan loss ratio fell to 37 basis points.

Nordea welcomed more than 12,500 new Gold and Private Banking customers each month in the first quarter. Customer satisfaction increases and we gain market shares in corporate and household lending as well as investment funds.

Net interest income held up well, due to strong customer-related performance, but is still subdued by the exceptionally low interest rates. To reach the ambitious targets for 2013, Nordea's focus is now on the prudent growth strategy and implementing the Group initiatives for growth, efficiency and a strong foundation." (For further viewpoints, see CEO comments, page 2)

First quarter vs fourth quarter:

· Total income up 7%

  • Expenses decreased 5%

· Loan loss ratio 37 basis points (52 basis points)

  • Operating profit up 48% and risk-adjusted profit up 27%
  • Outlook. As previously stated, Nordea expects risk-adjusted profit to be lower in 2010 compared to 2009, due to lower income in Treasury and Markets. However, net loan losses in 2010 are likely to be lower than in 2009. Credit quality continues to stabilise, in line with the macroeconomic recovery. (For full outlook, see page 8.)


Summary key figures, EURmQ1 10Q4 09Ch.%Q1 09Ch.%
Total operating income2,3032,15872,2791
Profit before loan losses1,13993921
Net loan losses-261-347-25-356-27
Loan loss ratio annualised, bps3752
Operating profit878592488335
Risk-adjusted profit67853327747-9
Diluted earnings per share, EUR0.160.110.19
Return on equity, %

For further information:

Christian Clausen, President and Group CEO

+46 8 614 7804

Fredrik Rystedt, Group CFO/EVP

+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)


First Quater Report 2010 (PDF) (pdf, 354 KB)