Interim Report Third Quarter 2001

Interim Report Third Quarter 2001 Stable underlying earnings · Profit excl investment earnings EUR 1,530m Jan-Sep (EUR 1,501m Jan-Sep 2000) · Operating profit EUR 1,460m Jan-Sep (EUR 1,962m) · Costs down in third quarter · Earnings per share EUR 0.35 Jan-Sep (EUR 0.47) Changed market conditions · Specific loan losses, mainly within acquisition finance in Denmark and on a very limited number of corporate customers, amounted to EUR 113m in Q3 · An additional general provision of EUR 100m was made due to worsened economic outlook reflecting recent world events. · Assets under management EUR 87bn (EUR 101bn end Q2) Second wave integration initiated · Realised merger synergies EUR 120m, target for 2001, EUR 145m - on track · Change in business organisation (see separate press release) · The second wave of integration programme has been initiated, including a structural cost reduction programme to ensure the long-term target of a cost/income ratio of 50% in spite of the changed market conditions General Insurance Activities · Initiative to reduce ownership in General Insurance (see separate press release) "With the weakening markets perspective, accentuated by the aftermath of the terrorist attacks on the USA, we have initiated a substantial structural cost reduction programme to achieve our ambitious long term cost/income goal. Cost cutting combined with investments in selected areas prepare Nordea for expected improved financial market conditions during the latter part of 2002", says Thorleif Krarup, Group CEO of Nordea. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/10/30/20011030BIT00380/bit0001.doc The full report http://www.waymaker.net/bitonline/2001/10/30/20011030BIT00380/bit0001.pdf The full report