Distribution of company announcements to the professional platforms, finance portals and syndication of important corporate news to a wide variety of news aggregators and financial news systems.
Nordea High business activity and record results from customer areas * Income EUR 3,953m (EUR 3,830m in the first half year 2007), up 3% * Limited impact from volatile and weakened financial markets * Net interest income EUR 2,411m (EUR 2,047m), up 18% * Profit before loan losses EUR 1,825m (EUR 1,830m) * Loan losses EUR 57m (positive EUR 41m), a loan loss ratio of 5 basis points * Risk-adjusted profit EUR 1,185m (EUR 1,197m), down 1% * Return on equity 16.0% (19.5%) * Earnings per share EUR 0.53 (EUR 0.58) * Nordea expects to deliver growth in risk-adjusted profit of approx. 5% for the full year (for full outlook for 2008, see page 7)
Continued strong delivery from growth initiatives * Total lending up 16% * Corporate lending up 20% * Total deposits up 11%, of which savings accounts up 23% * Number of Gold customers up 6%, number of Private Banking customers up 12% * Increased corporate lending margins * Strong development in customer-driven capital markets activities * Strong profit growth in New European Markets, loan losses remained at a very low level * Efficiency gains from the future branch initiative - more time for advisory meetings
"I am pleased that we have been able to maintain a high activity level and report record results in customer areas in a period with weakened and volatile financial markets. This is due to a combination of a focused organic growth strategy, a well diversified business structure and lending book, and funding operations performing strongly. We continue to deliver on our growth initiatives and we stand by our long-term financial targets although increasing macroeconomic uncertainty and volatile financial markets put some pressure on the short-term development of risk-adjusted profit", says Christian Clausen, President and Group CEO of Nordea.
For further information:
Christian Clausen, President and +46 8 614 7804 Group CEO Arne Liljedahl, Group CFO/EVP +46 8 614 7996 Johan Ekwall, Head of Investor +46 8 614 7852 (or +46 70 607 92 Relations 69) Lauri Peltola, Head of External +358 9 165 (or +358 50 570 Communications 42325 5606)
The complete report including tables can be downloaded from the attached link. The report is also available on the Internet at www.nordea.com.
