Nordea Bank AB 68YA 3rd Quarter Results

  Nordea Bank AB (68YA) - 3rd Quarter Results

RNS Number : 3931P
Nordea Bank AB
24 October 2012




                          Third Quarter Report 2012



New Normal plan delivers on cost, capital and income



CEO Christian Clausen's comment to the report:

"65,000 new household relationship customers and a further strengthening of
relations with corporate customers have led to the highest ever income and
operating profit in the first nine months of a year, despite the low interest
rates.

We continue to increase efficiency in line with our New Normal plan. Expenses
remained flat and the core tier 1 capital ratio increased to 12.2%. We are
fully compliant with liquidity requirements and have excellent access to the
international funding markets.

Income was lower than last quarter, but has never before been this high in a
third quarter. For the first three quarters of the year, income increased by
10% and operating profit by 14%."

(For further viewpoints, see CEO comments, page 2)



January-September 2012 vs Jan-Sep 2011 (third quarter 2012 vs second quarter
2012):

· Total operating income up 10% (down 5%)

· Operating profit up 14%* (down 16%)

· Core tier 1 capital ratio up to 12.2% from 11.0% excl. transition rules
(up from 11.8%)

· Cost/income ratio down to 51% from 54%* (up to 52% from 50%)

· Loan loss ratio up to 27 basis points from 20 basis points (up to 30
bps from 26 bps)

· Return on equity 11.4%, up from 10.6%* (down to 10.1% from 12.5%)

Summary key figures,    Q3 2012 Q2 2012      Q3 2011      Jan-Sep Jan-Sep
EURm                                    Ch.%         Ch.%    2012    2011 Ch.%
Net interest income       1,441   1,462   -1   1,379    4   4,323   4,029    7
Total operating income    2,469   2,606   -5   2,091   18   7,606   6,943   10
Profit before loan
losses                    1,176   1,316  -11     678   73   3,747   2,990   25
Net loan losses            -254    -217   17    -112  127    -689    -472   46
Loan loss ratio (ann.),
bps                          30      26          14           27      20
Operating profit            922   1,099  -16     566   63   3,058   2,518   21
Operating profit,
adjusted                                     737*   25          2,689*   14
Risk-adjusted profit        749     851  -12     485   54   2,399   1,899   26
Diluted EPS, EUR           0.17    0.21         0.10         0.57    0.46
Return on equity, %        10.1 12.5            6.5         11.4    10.0
Return on equity,
adjusted, %                                  8.5*                10.6*

* Excluding restructuring provision in the third quarter 2011 of EUR 171m.

Currency rates used for DKK, NOK and SEK for the third quarter 2012 are for
income statement items 7.44, 7.51 and 8.73 respectively.



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 & Communications, +46 8 614 7916 (or +46
70 593 34 12)



http://www.rns-pdf.londonstockexchange.com/rns/3931P_-2012-10-24.pdf

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END


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