Second Quarter Report 2009>
Second Quarter Report 2009
(Thomson Reuters ONE) - Strong performance continued* Total income was up 4% from the first quarter 2009 and up 18% from the second quarter 2008* Risk-adjusted profit up 4% from the first quarter 2009, up 40% from the second quarter 2008* Outlook: risk-adjusted profit is expected to be higher in 2009 compared to 2008. The recession has increased the risk for a somewhat higher loan loss ratio for the full year compared to the first half year (full outlook on page 8)Nordea's performance in the second quarter remained solid and in linewith long-term targets, with continued organic growth, moderate loanloss provisions and high growth in risk-adjusted profit. Weaker loandemand in combination with revived bond market and continued prudentcredit risk management have resulted in a somewhat deceleratingvolume growth. Despite this, profit before loan losses was up 5% fromthe first quarter and thus reaching a new record level. Net fee andcommission income increased 8%, changing the negative trend fromearly last year, and also continued strong net gains in the CapitalMarkets and Treasury operations supported an increase in netgains/losses of 15% from the first quarter. Net interest income heldup well, down 4%, despite continued pressure on deposit margins ascorporate lending margins continued to increase.Operating profit decreased 2% from the first quarter to EUR 818m.Despite the recession, the net loan loss ratio was broadly in linewith the outlook provided in February and was 57 basis points,excluding a one-off provision of EUR 47m concerning a legal claim,contested by Nordea. Net loan loss provisions in the second quarteramounted to EUR 425m. High income and profit before loan losses,strong capital base and competitive funding position enables Nordeato absorb its loan losses while continuing to expand businessrelations with customers."In the worst recession in modern times, our staff, close customerrelations and our strong capital situation have made it possible forNordea to reach one of the best ever half-year results. We aredeveloping according to our plans, with a somewhat higher income thananticipated. Our credit situation is solid, with loan losses havingdeveloped in line with our expectations", says Christian Clausen,President and Group CEO of Nordea.+-------------------------------------------------------------------+| Summary key figures, | Q2 | Q1 | Change, | Q2 | Change, || EURm | 2009 | 2009 | % | 2008 | % ||-----------------------+-------+-------+---------+-------+---------|| Total operating | | | | | || income | 2,359 | 2,279 | 4 | 1,992 | 18 ||-----------------------+-------+-------+---------+-------+---------|| Profit before loan | | | | | || losses | 1,243 | 1,189 | 5 | 919 | 35 ||-----------------------+-------+-------+---------+-------+---------|| Net loan losses | 425 | 356 | 19 | 36 | ||-----------------------+-------+-------+---------+-------+---------|| Loan loss ratio | | | | | || annualised, basis | | | | | || points | 57* | 54 | | 6 | ||-----------------------+-------+-------+---------+-------+---------|| Operating profit | 818 | 833 | -2 | 883 | -7 ||-----------------------+-------+-------+---------+-------+---------|| Cost/income ratio, % | 47 | 48 | | 54 | ||-----------------------+-------+-------+---------+-------+---------|| Risk-adjusted profit | 777 | 747 | 4 | 556 | 40 ||-----------------------+-------+-------+---------+-------+---------|| Diluted earnings per | | | | | || share, EUR | 0.15 | 0.19 | | 0.21 | ||-----------------------+-------+-------+---------+-------+---------|| Return on equity, % | 12.0 | 13.9 | | 16.2 | |+-------------------------------------------------------------------+*) Excluding a one-off provision of EUR 47m concerning a contestedlegal claim.For further information, see page 47 for contact details.http://hugin.info/1151/R/1329942/314162.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 21.07.2009 - 07:55 Uhr
Sprache: Deutsch
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