STOCKHOLM, Sweden, Aug. 22, 2002 (PRIMEZONE) -- Nordea:
Stable profit excluding investment earnings
- Operating profit before investment earnings EUR 409m,
unchanged compared to first quarter
- Total income EUR 1,513m, up 1% on first quarter, supported by
growth in loans and deposits, net interest income up 2%, and
strong commission income, up 4%
- Total expenses EUR 1,065m, up 3% on first quarter, reflecting
investments in the second wave of integration
- Satisfactory credit quality maintained
- Loan losses down to EUR 56m (EUR 63m) corresponding to 0.16%
of loans, annualised
- Operating profit of EUR 315m
Weak equity markets
- Investment earnings EUR -50m
- Financial buffers in Life operations satisfactory
- Pension fund allocation of EUR 152m, which reduced pre-tax
profit correspondingly
Integration and focus on core areas
- Sale of General Insurance expected to be completed in the
third quarter
- LG Petro Bank bid: all approvals in place, tender offer to be
launched
- Second wave programme consolidated into 15 main projects
"Stable development in our core earnings and a satisfactory credit quality form a strong basis for our business. The divestment of the General Insurance activities will further increase our earnings stability. While maintaining a sharp focus on cost control we are investing in future growth and increased efficiency," said Thorleif Krarup, Group CEO of Nordea.
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