Fourth Quarter and Year-end Report 2009
(Thomson Reuters ONE) - Strong year - risk-adjusted profit up 22%· Income up 11% and risk-adjusted profit up 22% for the full year 2009.Nordea showed strong development in net interest income and net gains/losses andmoderate cost growth.· Strong development in the customer business in 2009. The number of Goldand Private Banking customers increased by 158,000 in the Group and householdlending market share in the Nordic countries increased. Income from corporatecustomers in the Group increased 8%, following strong business development inall areas.· Income and risk-adjusted profit were lower in the fourth quarter 2009.Income in Nordic Banking and Institutional & International Banking increased 5%in the fourth quarter compared to previous quarter. Net interest income remainedhigh and net fee and commission income continued to increase. However, lower netgains/ losses and restructuring costs related to Group initiatives led to loweroperating profit and risk-adjusted profit.· Continued stabilisation of credit quality and loan losses at expectedlevels. The loan loss ratio was in line with the outlook and was 52 basis pointsin fourth quarter and 54 basis points* in 2009. The growth rate in impairedloans decreased further to 7% in the quarter and the provisioning ratioincreased to 53% from 51%.· Group initiatives to support the prudent growth strategy 2010 to 2012.To capitalise on the strong momentum in the customer business, Nordea hasdecided to pursue a prudent growth strategy carefully balancing opportunitiesand risks, thereby continuing the journey towards Great Nordea. Building on thetrack record and experience from previous initiatives, Nordea will launch anumber of Group initiatives to further grow income, improve efficiency and ITperformance to contribute to Nordea's long-term financial targets and securecompliance.· Outlook. Nordea expects risk-adjusted profit to be lower in 2010compared to 2009, due to lower income in Treasury and Markets. The result effectfrom Group initiatives is expected to be neutral in 2010. The credit qualitycontinues to stabilise. However, loan losses could remain at a high level alsoin 2010, as it is difficult to forecast when loan losses will start to decline.(For full outlook, see page 11)"Nordea came out of 2009 in an even stronger position, despite one of the mostchallenging years for decades. Risk-adjusted profit increased 22% and ourcapital position and cost of funding are among the best in Europe. Ourcustomer-oriented values and relationship banking strategy have stood the testof the difficult market situation. By moving even closer to customers andhelping them find solutions in the recession, we strengthened our reputation andimproved customer satisfaction compared to competitors. We have established astrong platform to continue on a prudent growth track", says Christian Clausen,President and Group CEO of Nordea.+-------------------------------+-----+-----+----+-----+----+-------+----+----+|Summary key figures, EURm |Q4 09|Q3 09|Ch.%|Q4 08|Ch.%| 2009|2008|Ch.%|+-------------------------------+-----+-----+----+-----+----++------+----++---+|Net interest income |1,299|1,321| -2|1,386| -6| 5,281|5,093| 4|+-------------------------------+-----+-----+----+-----+-----+------+-----+---+|Total operating income |2,158|2,277| -5|2,251| -4| 9,073|8,200| 11|+-------------------------------+-----+-----+----+-----+-----+------+-----+---+|Profit before loan losses | 939|1,190| -21|1,101| -15| 4,561|3,862| 18|+-------------------------------+-----+-----+----+-----+-----+------+-----+---+|Net loan losses | -347| -358| -3| -320| 8|-1,486| -466| |+-------------------------------+-----+-----+----+-----+-----+------+-----+---+|Loan loss ratio annualised, bps| 52| 54| | 52| | 54*| 19| |+-------------------------------+-----+-----+----+-----+-----+------+-----+---+|Operating profit | 592| 832| -29| 781| -24| 3,075|3,396| -9|+-------------------------------+-----+-----+----+-----+-----+------+-----+---+|Cost/income ratio, % | 56| 48| | 51| | 50| 53| |+-------------------------------+-----+-----+----+-----+-----+------+-----+---+|Risk-adjusted profit | 533| 729| -27| 620| -14| 2,786|2,279| 22|+-------------------------------+-----+-----+----+-----+-----+------+-----+---+|Diluted earnings per share, EUR| 0.11| 0.15| | 0.19| | 0.60| 0.79| |+-------------------------------+-----+-----+----+-----+-----+------+-----+---+|Return on equity, % | 8.1| 11.7| | 14.4| | 11.3| 15.3| |+-------------------------------+-----+-----+----+-----+----++------+----++---+ | | | | | || | ||*) Excluding a one-off provision of EUR 47m concerning a contested legal claim.For further information, see page 53 for contact details.[HUG#1382605] Fourth Quarter and Year-end Report 2009 (PDF): http://hugin.info/1151/R/1382605/341509.pdf
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