Nordea: Interim Report First Quarter 2002
Interim Report First Quarter 2002 Stable underlying development · Total income up 3% compared to fourth quarter, total expenses were unchanged · Excluding Postgirot Bank expenses decreased by 4% · Underlying loan losses considerably reduced · Profit excluding investment earnings up 4% to EUR 409m · Investment earnings down to EUR 4m due to weak markets · Operating profit of EUR 371m compared to EUR 468m Synergies on track · Accumulated merger synergies of EUR 209m · Integration of Postgirot Bank ahead of plan · A number of "second wave projects" initiated Progress in strategic areas · Divestment of General Insurance continues according to plan · Almost 3 million e-banking customers at the end of March 2002, target for year-end raised to 3.3 million · Strong inflow, 13% (annualised), AuM increase to EUR 108bn "We are reporting stable financial developments with cost containment and loan losses below the 2001 level. We have continued merger integration and delivered synergies according to plans and we have made the necessary preparations for the second wave of integration and synergies that will further develop our strong and unique market position", says Thorleif Krarup, Group CEO of Nordea.Operational income statement Wednesday 24 April 2002 Thorleif Krarup Group Chief Executive Officer - A conference call with management will be arranged on 24 April 2002 at 7:00 pm, CET. (Please dial +44 (0)20 8781 0577 password Nordea, 10 minutes in advance.) - This interim report is available on the Internet. - A slide presentation is available on the Internet. For further information: Arne Liljedahl, Group CFO/EVP +46 8 614 7996 Sigurd Carlsen, Head of Investor Relations +46 8 6147852 (or +46 70 2049878) Erik Evrén, Head of Group Media Relations +46 8 6148611 (or +46 70 9465389) Financial calendar: The Annual General Meeting will be held on 24 April. The interim report for the second quarter 2002 will be published on 22 August. The Capital Markets day will be arranged on 23 September in London. The interim report for the third quarter 2002 will be published on 22 October. This report is published in four additional language versions; Danish, Finnish, Norwegian and Swedish. In the event of any inconsistencies between those language versions and this English version, the English version shall prevail. This interim report has not been subject to review by auditors. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/04/24/20020424BIT00170/wkr0001.doc The Full Report http://www.waymaker.net/bitonline/2002/04/24/20020424BIT00170/wkr0002.pdf The Full Report