Second Quarter Report 2010
(Thomson Reuters ONE) -
CEO Christian Clausen's comment to the report:
"We have seen a positive development in our customer business with a record
level of new Gold and Private Banking customers and we have strengthened
relationships with our large corporate customers. Our market shares have
increased and income in customer segments is up 9%.
The Group result is in line with our plans. Net interest income is holding up
well despite the low interest rate levels. Net fee and commission income has
increased. The net result from items at fair value has decreased from the high
level in the first quarter.
We are especially pleased with the continued development of our relationship
banking model and our growth initiatives. Together, they lay a strong foundation
for reaching our long-term financial targets." (For further viewpoints, see CEO
comments, page 2)
Second quarter vs first quarter:
· Income from corporate customers up 10% and from household customers up 7%
· Number of Gold and Private Banking customers up by 73,000 or 2.6%
· Net loan losses down 28% to 26 basis points, excluding provisions for the
Danish guarantee scheme, and the growth in impaired loans levelled out and a
slight decrease was seen
· Operating profit down 17%, due to lower result from items at fair value
· Outlook. The outlook is improved regarding the Nordic macroeconomic
development. Net loan losses in 2010 are now expected to be lower than in 2009.
Credit quality continues to stabilise, in line with the economic recovery.
Nordea continues to expect risk-adjusted profit to be lower in 2010 compared to
2009, due to lower income in Treasury and Markets. (For full outlook, see page
8)
+--------------------+----------------+-----+----+-----+----+-----+-----+----+
|Summary key figures,| Q2 10|Q1 10|Ch.%|Q2 09|Ch.%|H1 10|H1 09|Ch.%|
|EURm | | | | | | | | |
+--------------------+----------+-----+-----+----+-----+----+-----+-----+----+
|Net interest income |1,249|1,235| 1|1,305| -4|2,484|2,661| -7|
+-------------------------------+-----+-----+----+-----+----+-----+-----+----+
|Total operating income |2,161|2,303| -6|2,359| -8|4,464|4,638| -4|
+-------------------------------+-----+-----+----+-----+----+-----+-----+----+
|Profit before loan losses | 975|1,139| -14|1,243| -22|2,114|2,432| -13|
+-------------------------------+-----+-----+----+-----+----+-----+-----+----+
|Net loan losses | -245| -261| -6| -425| -42| -506| -781| -35|
+-------------------------------+-----+-----+----+-----+----+-----+-----+----+
|Loan loss ratio annualised, bps| 35| 37| | 57| | 36| 55| |
+-------------------------------+-----+-----+----+-----+----+-----+-----+----+
|Operating profit | 730| 878| -17| 818| -11|1,608|1,651| -3|
+-------------------------------+-----+-----+----+-----+----+-----+-----+----+
|Risk-adjusted profit | 516| 678| -24| 777| -34|1,194|1,524| -22|
+-------------------------------+-----+-----+----+-----+----+-----+-----+----+
|Diluted earnings per share, EUR| 0.13| 0.16| | 0.15| | 0.29| 0.34| |
+-------------------------------+-----+-----+----+-----+----+-----+-----+----+
|Return on equity, % | 9.5| 11.3| | 12.0| | 10.4| 12.8| |
+--------------------+----------+-----+-----+----+-----+----+-----+-----+----+
For further information:
Christian Clausen, President and Group CEO +46 8 614 7804
Fredrik Rystedt, Group CFO +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 & +46 8 614 7916 (or +46 70 593 34 12)
Communications
[HUG#1433057]
Second Quarter Report 2010: http://hugin.info/1151/R/1433057/378998.pdf
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originality of the information contained therein.
Source: Nordea via Thomson Reuters ONE
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Datum: 21.07.2010 - 07:03 Uhr
Sprache: Deutsch
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