First Quarter Report 2011

28.04.2011

First Quarter Report 2011

Solid quarter

CEO Christian Clausen's comment to the report:
"I am proud to present another strong quarter. Our relationship strategy and solid operating platform continue to deliver. Income is at record level. Both operating and risk-adjusted profit increased more than 10% from the first quarter last year.

European banks face large challenges with the costs of new regulation. Nordea is committed to take the necessary steps to maintain its position in the top league. In our New Normal plan, we will focus on increased ROE and take measures to increase capital and cost efficiency."

(For further viewpoints, see CEO comments, page 2)

First quarter 2011 vs first quarter 2010 (vs fourth quarter 2010):

  • Total income up 9% (0%)
  • Risk-adjusted profit up 14% (up 7%)
  • Number of Gold and Private Banking customers up 210,000 or 8%
    (up 47,000, a 6% growth rate)
  • Net loan losses 22 basis points, 31 basis points including a one-off Danish deposit guarantee fund provision (23 bps in the fourth quarter, 37 bps in the first quarter 2010)
  • Core tier 1 capital ratio 10.7% excluding transition rules (10.3% in the fourth quarter, 10.1% in the first quarter 2010)
  • Return on equity 12.0% (12.8% in the fourth quarter, 11.3% in the first quarter 2010)

Summary key figures, EURm

Q1 2011

Q4 2010

Ch.%

Q1 2010

Ch.%

Net interest income

1,324

1,365

-3

1,235

7

Total operating income

2,510

2,507

0

2,303

9

Profit before loan losses

1,245

1,237

1

1,139

9

Net loan losses

-242

-166

46

-261

-7

Loan loss ratio annualised, bps

31

23


37


Operating profit

1,003

1,071

-6

878

14

Risk-adjusted profit

771

721

7

678

14

Diluted earnings per share, EUR

0.18

0.19


0.16


Return on equity, %

12.0

12.8


11.3


First Quarter Report 2011 (.PDF)


All news

 
© 2018  JSC Nordea Bank

Nordea Bank in social media