Fourth Quarter and Year-end Report 2010

02-02-11 15:13 | Press release

Record level income, operating profit and customer satisfaction

CEO Christian Clausen's comment to the report:
"Nordea's growth strategy delivers another strong quarter. Operating profit reached a record level and total income exceeded last quarter's all-time-high. For the full year, operating profit has increased by 18%.

In 2010, Nordea welcomed 200,000 new Gold and Private Banking customers and our customer satisfaction increased to an all-time high level. Marked progress in our relationship-building with both household and corporate customers has led to increased customer activity in all segments.

2010 was a milestone on the journey towards Great Nordea. In parallel with strong results, we have strengthened our market position and improved our capital, liquidity and funding positions to meet the requirements of the future regulatory framework."

(For further viewpoints, see CEO comments, page 2)

Fourth quarter (full-year 2010):

  • Total income up 6% in the fourth quarter (up 3% in full-year 2010)

  • Number of Gold and Private Banking customers up 47,000 in the fourth quarter (up 200,000 in 2010, a 7% growth rate)

  • Net loan losses 23 basis points in the fourth quarter (31 basis points in 2010)

  • Operating profit up 12% in the fourth quarter (up 18% in full-year 2010)

  • Return on equity 12.8% in the fourth quarter (11.5% in 2010)

  • Proposed dividend EUR 0.29 per share (last year EUR 0.25)

Summary key figures,
Net interest income1,3651,31041,29955,1595,281-2
Total operating income2,5072,36362,158169,3349,0733
Profit before loan losses1,2371,1676939324,5184,561-1
Net loan losses-166-207-20-347-52-879-1,486-41
Loan loss ratio annualised, bps2329523156
Operating profit1,07196012592813,6393,07518
Risk-adjusted profit7217072533352,6222,786-6
Diluted earnings per share, EUR0.
Return on equity, %12.812.28.111.511.3

Currency rates used for DKK, NOK and SEK for 2010 are for income statement items 7.45, 8.01 and 9.55 respectively.

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)


Fourth Quarter and Year-end Report 2010  (pdf, 356 KB)