Second Quarter Results 2015

CEO Christian Clausen’s comments on the results:
“After an exceptional start to the year, we saw in the second quarter a
stabilisation of net interest income, a somewhat lower customer activity level
in the capital markets, while the strong trend in the savings and investment
operations continued, confirming the strong customer demand for our advisory
expertise and products. For the first half of the year, total operating income
grew 7% in local currencies, while costs in local currencies were down more than
1%, and consequently our cost to income ratio has improved more than 4%-points.
Credit quality remains solid and loan losses are well below the 10-year average.
The return on equity improved 2.1%-points to 13.7% and the CET1 ratio increased
to 16.0%.
Our simplification programme and the work to build the Future Relationship Bank
are well on track, with the launch of the first products on our new payment
platform scheduled for the coming quarters. As part of the simplification of our
bank we have initiated a dialogue with the authorities in the Nordic countries
regarding simplifying our legal structure.”

(For further viewpoints, see CEO comments on page 2 of the interim report)
First half year 2015 vs. First half year 2014 (Second quarter 2015 vs. Second
quarter 2014)[1]:

  · Net interest income EUR 2,597m, -5%, in local currencies -3% (-3% in local
currencies)
  · Total operating income EUR 5,242m, +6%, in local currencies +7% (+4% in
local currencies)
  · Total expenses[2]  EUR 2,373m, -3%, in local currencies -1% (-1% in local
currencies)
  · Operating profit[2] EUR 2,644m, +19%, in local currencies +21% (+12% in
local currencies)
  · Common equity tier 1 capital ratio 16.0%, up from 15.2% (up 80 bps from
15.2%)
  · Cost/income ratio[2] down to 45% from 49% (down 2%-points from 49%)
  · Net loan losses EUR 225m, -23%, in local currencies -22% (-23% in local
currencies)
  · Loan loss ratio of 13 basis points, down from 17 basis points (down 4 basis
points to 12 basis points)
  · Return on equity[2] 13.7%, up from 11.6% (up 1.2%-points to 13.1%)
  · Diluted EPS (total operations) EUR 0.51 vs EUR 0.38 (EUR 0.24 vs EUR 0.17)

Exchange rates used for H1 2015 for income statement items are for DKK 7.46, NOK
8.65 and SEK 9.34
1) Key figures for continuing operations, following the divestment of the Polish
banking, financing and life insurance operations.
2) Excluding restructuring cost in Q2 2014 of EUR 190m.
Press and investor information:
-  Press conference with management: 16 July at 10.30 CET at Smålandsgatan 17,
Stockholm. Presentation will be conducted in English and can be viewed live on
www.nordea.com.
-  An international telephone conference for analysts with management: 16 July
at 14.30 CET.
Please dial +44(0)20 3427 1904, confirmation code 6812385#, no later than ten
minutes in advance. The telephone conference can be viewed live on
www.nordea.com. An indexed on-demand version will also be available on
www.nordea.com. A replay will be available until 23 July by dialling +44(0)20
3427 0598, access code 6812385#.
For further information:
Christian Clausen, President and Group CEO, +46 8 614 7804
Rodney Alfvén, Head of Investor Relations, +46 72 235 05 15
Torsten Hagen Jørgensen, Group CFO, +45 5547 2200
Claus Christensen, Head of Group Communications, +45 2524 8993

Latest interim results (http://www.nordea.com/en/investor-relations/reports-and
-presentations/latest-interim-results/index.html)

The information provided in this press release is such that Nordea is required
to disclose pursuant to the Swedish Financial Instruments Trading Act (1991:980)
and/or the Swedish Securities Markets Act (2007:528).

 (http://www.nordea.com/en/investor-relations/reports-and-presentations/latest
-interim-results/index.html)