Fourth Quarter and Year-end Report 2010
Record level income, operating profit and customer satisfaction
CEO Christian Clausen’s comment to the report:
”Nordea’s growth strategy delivers another strong quarter. Operating profit reached a record level and total income exceeded last quarter’s all-time-high. For the full year, operating profit has increased by 18%.
In 2010, Nordea welcomed 200,000 new Gold and Private Banking customers and our customer satisfaction increased to an all-time high level. Marked progress in our relationship-building with both household and corporate customers has led to increased customer activity in all segments.
2010 was a milestone on the journey towards Great Nordea. In parallel with strong results, we have strengthened our market position and improved our capital, liquidity and funding positions to meet the requirements of the future regulatory framework.”
(For further viewpoints, see CEO comments, page 2)
Fourth quarter (full-year 2010):
· Total income up 6% in the fourth quarter (up 3% in full-year 2010)
· Number of Gold and Private Banking customers up 47,000 in the fourth quarter
(up 200,000 in 2010, a 7% growth rate)
· Net loan losses 23 basis points in the fourth quarter (31 basis points in 2010)
· Operating profit up 12% in the fourth quarter (up 18% in full-year 2010)
· Return on equity 12.8% in the fourth quarter (11.5% in 2010)
· Proposed dividend EUR 0.29 per share (last year EUR 0.25)
|
Summary key figures, EURm |
Q4 2010 |
Q3 2010 |
Ch.% |
Q4 2009 |
Ch.% |
2010 |
2009 |
Ch.% |
|
| Net interest income | 1,365 | 1,310 | 4 | 1,299 | 5 | 5,159 | 5,281 | -2 | |
| Total operating income | 2,507 | 2,363 | 6 | 2,158 | 16 | 9,334 | 9,073 | 3 | |
| Profit before loan losses | 1,237 | 1,167 | 6 | 939 | 32 | 4,518 | 4,561 | -1 | |
| Net loan losses | -166 | -207 | -20 | -347 | -52 | -879 | -1,486 | -41 | |
| Loan loss ratio annualised, bps | 23 | 29 | 52 | 31 | 56 | ||||
| Operating profit | 1,071 | 960 | 12 | 592 | 81 | 3,639 | 3,075 | 18 | |
| Risk-adjusted profit | 721 | 707 | 2 | 533 | 35 | 2,622 | 2,786 | -6 | |
| Diluted earnings per share, EUR | 0.19 | 0.18 | 0.11 | 0.66 | 0.60 | ||||
| Return on equity, % | 12.8 | 12.2 | 8.1 | 11.5 | 11.3 | ||||
Currency rates used for DKK, NOK and SEK for 2010 are for income statement items 7.45, 8.01 and 9.55 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)
Nordea’s vision is to be a Great European bank, acknowledged for its people, creating superior value for customers and shareholders. We are making it possible for our customers to reach their goals by providing a wide range of products, services and solutions within banking, asset management and insurance. Nordea has around 11 million customers, approx. 1,400 branch offices, a leading net banking position and a total market capitalisation of EUR 36bn. The Nordea share is listed on the NASDAQ OMX Nordic Exchange in Stockholm, Helsinki and Copenhagen.
www.nordea.com
