Interim Report Second Quarter 2002

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Interim Report Second Quarter 2002 Stable profit excluding investment earnings · Operating profit before investment earnings EUR 409m, unchanged compared to first quarter · Total income EUR 1,513m, up 1% on first quarter, supported by growth in loans and deposits, net interest income up 2%, and strong commission income, up 4% · Total expenses EUR 1,065m, up 3% on first quarter, reflecting investments in the second wave of integration · Satisfactory credit quality maintained · Loan losses down to EUR 56m (EUR 63m) corresponding to 0.16% of loans, annualised · Operating profit of EUR 315m Weak equity markets · Investment earnings EUR -50m · Financial buffers in Life operations satisfactory · Pension fund allocation of EUR 152m, which reduced pre-tax profit correspondingly Integration and focus on core areas · Sale of General Insurance expected to be completed in the third quarter · LG Petro Bank bid: all approvals in place, tender offer to be launched · Second wave programme consolidated into 15 main projects "Stable development in our core earnings and a satisfactory credit quality form a strong basis for our business. The divestment of the General Insurance activities will further increase our earnings stability. While maintaining a sharp focus on cost control we are investing in future growth and increased efficiency", says Thorleif Krarup, Group CEO of Nordea. ------------------------------------------------------------ This information was brought to you by Waymaker The following files are available for download: The Full Report The Full Report