Income EUR 3,830m, up 8% (EUR 3,534m in the first half year of 2006)
Costs EUR 2,000m, up 6% (EUR 1,878m)
Profit before loan losses EUR 1,830m up 11% (EUR 1,656m)
Risk-adjusted profit EUR 1,197m, up 17% (EUR 1,024m)
Operating profit EUR 1,873m, up 5% (EUR 1,780m)
Net profit EUR 1,517m, up 8% (EUR 1,405m)
Return on equity 19.5% (21.2%)
Cost/income ratio down to 52% (53%)
Positive net loan losses of EUR 41m (EUR 120m)
Earnings per share EUR 0.58, up 8% (EUR 0.54)
Continued strong growth in business volumes
Total lending up 15%
Mortgage lending up 14%
SME lending up 16%
Consumer lending up 14% - non-collateralised consumer lending up 17%
Total deposits up 11%
Volumes in savings accounts up 15%
Number of gold customers up 8%
Number of credit cards increased by 43%
Strong asset growth in Private Banking
Increased cross-selling of Markets’ products to SMEs
“Our organic growth strategy consistently delivers strong results. Total income and the number of customers in prioritised segments as well as our business volumes continue to increase according to our growth plan. The gap between growth in income and costs has widened in the second quarter, indicating that we are on track to meet our full year target of 3-4%-points excluding banking operations in Russia. The implementation of our new operating model and subsequent adjustments of the organisation is progressing according to plan while the strong business momentum is maintained", says Christian Clausen, President and Group CEO of Nordea.
