First Quarter Results 2013

Nordea delivers on its plan

CEO Christian Clausen’s comments on the results:
“Nordea has delivered in line with the financial plan that was presented at the Capital Markets Day on 6 March. I am very pleased that we delivered flat costs for the 10th consecutive quarter. Our focus on capital efficiency led to a further increase in our Core tier 1 ratio to 13.2% despite negative impact from revised IAS 19 rules.

Our income-related initiatives had a positive effect and we managed to mitigate the negative effects of low interest rates and low activity level in the corporate sector. We are convinced that these initiatives will continue to act as drivers for operating income.

Our credit quality continues to be robust. We see confirmation that credit quality has stabilised in Denmark and shipping, and we expect further improvements in 2013 compared to 2012.”

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

First quarter 2013 vs. First quarter 2012 (First quarter 2013 vs. Fourth quarter 2012):

  • Total operating income up 1% (-3%)
  • Operating profit up 2% (unchanged)
  • Core tier 1 capital ratio up to 13.2% from 11.6% (up from 13.1%)
  • Cost/income ratio up to 51% from 50% (up from 50%)
  • Loan loss ratio of 23 basis points, down from 26 basis points (down from 29 bps)
  • Return on equity 11.3%, down from 11.9% (down from 12.3%)
      
Summary key figures,
EURm
Q1 2013 Q4 2012 Ch.% Q1 2012 Ch.%
Net interest income 1,400 1,429 -2 1,420 -1
Total operating income 2,558 2,630 -3 2,531 1
Profit before loan losses 1,259 1,303 -3 1,255 0
Net loan losses -199 -244 -18 -218 -9
Loan loss ratio (ann.), bps 23 29   26  
Operating profit 1,060 1,059 0 1,037 2
Risk-adjusted profit 863 882 -2 829 4
Diluted EPS, EUR 0.20 0.21   0.19  
Return on equity, % 11.3 12.3   11.9  

Currency rates used for DKK, NOK and SEK for the first quarter 2013 are for income statement items 7.46, 7.43 and 8.50 respectively.

           

For further information:
Christian Clausen, President and Group CEO, +46 8 614 7804
Torsten Hagen Jørgensen, Group CFO, +46 8 614 7814
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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