Fourth Quarter and Year-end Report 2010

09.02.2011

Fourth Quarter and Year-end Report 2010

Record level income, operating profit and customer satisfaction

CEO Christian Clausen's comment to the report:
«Nordea's growth strategy delivers another strong quarter. Operating profit reached a record level and total income exceeded last quarter's all-time-high. For the full year, operating profit has increased by 18%.

In 2010, Nordea welcomed 200,000 new Gold and Private Banking customers and our customer satisfaction increased to an all-time high level. Marked progress in our relationship-building with both household and corporate customers has led to increased customer activity in all segments.

2010 was a milestone on the journey towards Great Nordea. In parallel with strong results, we have strengthened our market position and improved our capital, liquidity and funding positions to meet the requirements of the future regulatory framework».

Fourth quarter (full-year 2010):

  • Total income up 6% in the fourth quarter (up 3% in full-year 2010);
  • Number of Gold and Private Banking customers up 47,000 in the fourth quarter (up 200,000 in 2010, a 7% growth rate);
  • Net loan losses 23 basis points in the fourth quarter (31 basis points in 2010);
  • Operating profit up 12% in the fourth quarter (up 18% in full-year 2010);
  • Return on equity 12.8% in the fourth quarter (11.5% in 2010);
  • Proposed dividend EUR 0.29 per share (last year EUR 0.25).

Summary key figures, EURm Q4 2010 Q3 2010Ch.%Q4 2009Ch.%20102009Ch.%

Net interest income

1,365

1,310

4

1,299

5

5,159

5,281

-2

Total operating income

2,507

2,363

6

2,158

16

9,3347

9,073

3

Profit before loan losses

1,237

1,167

6

939

32

4,518

4,561

-1

Net loan losses

-166

-207

-20

-347

-52

-879

-1,486

-41

Loan loss ratio annualised, bps

23

29

52

31

56

Operating profit

1,071

960

12

592

81

3,639

3,075

18

Risk-adjusted profit

721

707

2

533

35

2,622

2,786

-6

Diluted earnings per share, EUR

0.19

0.18

8.1

11.5

11.3

Return on equity, %

12.2

9.5

11.7

Fourd Quarter Report 2010 (PDF)


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