First Quarter Report 2010
(Thomson Reuters ONE) -
Strong result - higher income and lower loan losses
CEO Christian Clausen's comment to the report:
"Nordea's first quarter result was significantly better than the previous
quarter and also better than the strong first quarter last year. Total income
increased and costs decreased from the previous quarter, resulting in an
operating profit increase by close to 50%. Loan loss ratio fell to 37 basis
points.
Nordea welcomed more than 12,500 new Gold and Private Banking customers each
month in the first quarter. Customer satisfaction increases and we gain market
shares in corporate and household lending as well as investment funds.
Net interest income held up well, due to strong customer-related performance,
but is still subdued by the exceptionally low interest rates. To reach the
ambitious targets for 2013, Nordea's focus is now on the prudent growth strategy
and implementing the Group initiatives for growth, efficiency and a strong
foundation." (For further viewpoints, see CEO comments, page 2)
First quarter vs fourth quarter:
· Total income up 7%
· Expenses decreased 5%
· Loan loss ratio 37 basis points (52 basis points)
· Operating profit up 48% and risk-adjusted profit up 27%
· Outlook. As previously stated, Nordea expects risk-adjusted profit to be
lower in 2010 compared to 2009, due to lower income in Treasury and Markets.
However, net loan losses in 2010 are likely to be lower than in 2009. Credit
quality continues to stabilise, in line with the macroeconomic recovery. (For
full outlook, see page 8)
+-------------------------------+-----+-----+----+-----+----+
|Summary key figures, EURm |Q1 10|Q4 09|Ch.%|Q1 09|Ch.%|
+-------------------------------+-----+-----+----+-----+----+
|Total operating income |2,303|2,158| 7|2,279| 1|
+-------------------------------+-----+-----+----+-----+----+
|Profit before loan losses |1,139| 939| 21|1,189| -4|
+-------------------------------+-----+-----+----+-----+----+
|Net loan losses | -261| -347| -25| -356| -27|
+-------------------------------+-----+-----+----+-----+----+
|Loan loss ratio annualised, bps| 37| 52| | 54| |
+-------------------------------+-----+-----+----+-----+----+
|Operating profit | 878| 592| 48| 833| 5|
+-------------------------------+-----+-----+----+-----+----+
|Risk-adjusted profit | 678| 533| 27| 747| -9|
+-------------------------------+-----+-----+----+-----+----+
|Diluted earnings per share, EUR| 0.16| 0.11| | 0.19| |
+-------------------------------+-----+-----+----+-----+----+
|Return on equity, % | 11.3| 8.1| | 13.9| |
+-------------------------------+-----+-----+----+-----+----+
For further information:
Christian Clausen, President and Group
CEO +46 8 614 7804
Fredrik Rystedt, Group
CFO/EVP +46
8 614 7812
Rodney Alfvén, Head of Investor
Relations +46 8 614 7880 (or
+46 72 235 05 15)
Jan Larsson, Head of Group Identity & Communications
+46 8 614 7916 (or +46 70 593 34 12)
[HUG#1409059]
First Quarter Report 2010 (PDF): http://hugin.info/1151/R/1409059/361667.pdf
Unternehmensinformation / Kurzprofil:
Datum: 28.04.2010 - 07:02 Uhr
Sprache: Deutsch
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