Third Quarter Report 2009
(Thomson Reuters ONE) - Strong performance continued in the third quarter* Results remain at high levels. Operating profit up 2% from the second quarter, due to continued strong income generation and lower loan loss provisions. Net interest income as well as net fee and commission income increased and net gains/losses remained strong. Risk-adjusted profit was up 30% from third quarter last year, and down by 6% from the previous quarter.* Firm risk and cost management gives lower loan losses and cost/income ratio. The loan loss ratio was in line with the outlook and was 54 basis points. The cost/income ratio was 48%, down from 53% one year ago, and the target to reduce number of employees by 2% this year was met during the quarter.* Impaired loans increased at a slower pace. The macroeconomic trend in Nordea's home markets as well as the increase in impaired loans have stabilised. Impaired loans for the Group increased 9% from the second quarter, significantly slower increase than previous quarters. The provisioning ratio increased to 51% from 49%.* Increase in number of customers and market shares. The number of Gold customers increased by more than 10,000 per month in the third quarter and the number of Private Banking customers increased by approx. 1,000 in the quarter. The number of large corporate customers continued to increase. Market shares have developed positively in most markets for both household and corporate customers compared to one year ago, primarily in lending and investments funds.* Outlook. Risk-adjusted profit is expected to be higher in 2009 compared to 2008. Full-year cost growth is expected to be at approx. the same level as in the first nine months. Loan losses in relation to lending are expected to remain broadly at the same level for the full year, even though the risk of somewhat higher loan losses remains. (For full outlook, see page 9)"Nordea continues to deliver strong income growth, increasingefficiency and stable loan losses in line with our decided riskprofile. It is very satisfactory that we continue to perform wellabove our long-term target of doubling risk-adjusted profit in sevenyears. The underlying business shows solid results with a strongincrease in number of customers. Overall risk levels have gone down,but the uncertainty of the strength of the economic recovery is high.Nordea will therefore, from a position of strength, proceed on aprudent organic growth path, with careful balance between risks andopportunities", says Christian Clausen, President and Group CEO ofNordea.+-------------------------------------------------------------------+| Summary key figures, | Q3 | Q2 | Change, | Q3 | Change, || EURm | 2009 | 2009 | % | 2008 | % ||-----------------------+-------+-------+---------+-------+---------|| Net interest income | 1,321 | 1,305 | 1 | 1,296 | 2 ||-----------------------+-------+-------+---------+-------+---------|| Total operating | | | | | || income | 2,277 | 2,359 | -3 | 1,996 | 14 ||-----------------------+-------+-------+---------+-------+---------|| Profit before loan | | | | | || losses | 1,190 | 1,243 | -4 | 936 | 27 ||-----------------------+-------+-------+---------+-------+---------|| Net loan losses | 358 | 425 | -16 | 89 | ||-----------------------+-------+-------+---------+-------+---------|| Loan loss ratio | | | | | || annualised, basis | | | | | || points | 54 | 57* | | 15 | ||-----------------------+-------+-------+---------+-------+---------|| Operating profit | 832 | 818 | 2 | 847 | -2 ||-----------------------+-------+-------+---------+-------+---------|| Cost/income ratio, % | 48 | 47 | | 53 | ||-----------------------+-------+-------+---------+-------+---------|| Risk-adjusted profit | 729 | 777 | -6 | 562 | 30 ||-----------------------+-------+-------+---------+-------+---------|| Diluted earnings per | | | | | || share, EUR | 0.15 | 0.15 | | 0.19 | ||-----------------------+-------+-------+---------+-------+---------|| Return on equity, % | 11.7 | 12.0 | | 15.0 | |+-------------------------------------------------------------------+*) Excluding a one-off provision of EUR 47m concerning a contestedlegal claim.For further information, see page 48 for contact details.http://hugin.info/1151/R/1350627/326006.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 28.10.2009 - 07:55 Uhr
Sprache: Deutsch
News-ID 7496
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 274 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Third Quarter Report 2009"
steht unter der journalistisch-redaktionellen Verantwortung von
Nordea (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
