Review of interim results, January-June 1999
MeritaNordbanken Group: Review of interim results, January-June 1999 Declining expenses, stable performance and high return on equity Operating profit of EUR 769 million (FIM 4.6bn, SEK 6.9bn); Return on equity 22.3%; Adjusted for items affecting comparability, operating profit was unchanged at EUR 655 million (FIM 3.9bn, SEK 5.9bn) and return on equity was 19.3%; Earnings per share of EUR 0.27 in Merita Plc, SEK 2.40 in Nordbanken Holding; Continued downward trend in expenses; Net loan losses historically low; 770,000 Internet banking customers; the Finnish Solo concept to be launched throughout the region; Aleksia Real Estate to be listed; Changes in Group Executive Board. Income statement, excluding items affecting comparability *) The coordination and streamlining of Group operations in the initial years has had a significant impact on performance. For that reason the operating profit is being presented below without items affecting comparability. Quarterly income statements are shown on page 15. mEUR Jan-June Jan-June Change,% mSEK Jan- 1999 1998 June 1999 Net interest 902 928 -3 8,078 income Net commission 375 359 4 3,356 income Net result from -19 110 - 170 financial operations Other income 183 156 17 1,649 Total income 1,441 1,553 -7 12,913 Personnel -392 -401 -2 -3,513 expenses Other expenses -436 -448 -3 -3,901 Total expenses -828 -849 -2 -7,414 Profit before 613 704 -13 5,499 loan losses Loan losses -20 -68 -71 - 175 Profit from companies accounted for under the equity 62 17 552 method (See page 5) Operating profit 655 653 0 5,876 *) Items affecting comparability mEUR 1999 1998 Net result from financial 114 177 operations Other earnings - 66 Personnel expenses -15 Other expenses - -56 Total 114 172 Operating profit including items 769 825 1,017 affecting comparability 6,893 Corporate Communications Helsinki tel + 358 9 165 42656 Investor RelationsStockholm tel + 46 8 614 7850 Stockholm tel + 46 8 614 8627 Helsinki tel + 358 9 165 43041 www.meritanordbanken.com www.merita.fi www.nb.se ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/08/25/19990825BIT00350/bit0001.doc The full report http://www.bit.se/bitonline/1999/08/25/19990825BIT00350/bit0002.pdf The full report