High business activity and record results from customer areas
Income EUR 3,953m (EUR 3,830m in the first half year 2007), up 3%
Limited impact from volatile and weakened financial markets
Net interest income EUR 2,411m (EUR 2,047m), up 18%
Profit before loan losses EUR 1,825m (EUR 1,830m)
Loan losses EUR 57m (positive EUR 41m), a loan loss ratio of 5 basis points
Risk-adjusted profit EUR 1,185m (EUR 1,197m), down 1%
Return on equity 16.0% (19.5%)
Earnings per share EUR 0.53 (EUR 0.58)
Nordea expects to deliver growth in risk-adjusted profit of approx. 5% for the full year (for full outlook for 2008, see page
7) Continued strong delivery from growth initiatives
Total lending up 16%
Corporate lending up 20%
Total deposits up 11%, of which savings accounts up 23%
Number of Gold customers up 6%, number of Private Banking customers up 12%
Increased corporate lending margins
Strong development in customer-driven capital markets activities
Strong profit growth in New European Markets, loan losses remained at a very low level
Efficiency gains from the future branch initiative - more time for advisory meetings
"I am pleased that we have been able to
maintain a high activity level and report record results in customer areas in a
period with weakened and volatile financial markets. This is due to a
combination of a focused organic growth strategy, a well diversified business
structure and lending book, and funding operations performing strongly. We
continue to deliver on our growth initiatives and we stand by our long-term
financial targets although increasing macroeconomic uncertainty and volatile
financial markets put some pressure on the short-term development of
risk-adjusted profit", says Christian Clausen, President and Group CEO of Nordea
