Second Quarter Report 2012

Stock exchange releases | 18-07-2012 07:00

CEO Christian Clausen’s comment to the report:
“We maintained good business momentum and increased return on equity despite continued pressure on interest rates, financial turmoil and the slowdown in European economic activity.

We have continued to make progress in building the future bank. The execution of our New Normal plan has led to more business and growing income, while costs have remained stable and efficiency in capital, liquidity and funding has increased.

By taking early action, Nordea has maintained a strong rating and thus been able to continue to support customers in developing their family finances or corporate businesses. This is our most important contribution to growth and development in the societies where we operate.”

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

 
First half-year 2012 vs first half-year 2011 (second quarter 2012 vs first quarter 2012):

  • Net interest income up 9% (up 3%)
  • Operating profit up 9% (up 6%)
  • Core tier 1 capital ratio increased to 11.8% excluding transition rules from 11.0% (up from 11.6% in the first quarter)
  • Cost / income ratio down to 50% (unchanged at 50%)
  • Net loan losses up to 26 basis points from 23 basis points (unchanged at 26 basis points)
  • Return on equity 12.1%, up from 11.7% (up to 12.5% from 11.7%)
Summary key figures,
EURm
Q2
2012
Q1
2012
Ch.
%
Q2
2011
Ch.
%
H1
2012
H1
2011
Ch.
%
Net interest income 1,462 1,420 3 1,326 10 2,882 2,650 9
Total operating income 2,606 2,531 3 2,342 11 5,137 4,852 6
Profit before loan losses 1,316 1,255 5 1,067 23 2,571 2,312 11
Net loan losses -217 -218 0 -118 84 -435 -360 21
Loan loss ratio (ann.), bps 26 26 15 26 23
Operating profit 1,099 1,037 6 949 16 2,136 1,952 9
Risk-adjusted profit 851 799 7 643 32 1,650 1,414 17
Diluted EPS, EUR 0.21 0.19 0.18 0.40 0.36
Return on equity, % 12.5 11.7 11.5 12.1 11.7

Currency rates used for DKK, NOK and SEK for the second quarter 2012 are for income statement items 7.44, 7.57 and 8.88 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)

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