Fourth Quarter and Full Year Results 2012

08.02.2013

Fourth Quarter and Full Year Results 2012

Strong capital position, flat costs and growing income

CEO Christian Clausen’s comment to the results:

«In 2012, we had more customers, more capital and higher profit than ever before. We are ahead of the plan that was established in 2011. On that foundation, we will shape the future of Nordea, with closer customer relationships, unchanged costs and increased return on equity.

85,000 new relationship customers and more business with our customers have led to an increased income in the quarter and the year. The flat cost target was achieved in 2012. Despite lending growth of 3%, risk-weighted assets were reduced by 9%.

Return on equity increased in 2012 to 11.6% and the core tier 1 capital ratio increased to 13.1%. Dividend is proposed to be EUR 0.34, which corresponds to a payout-ratio of 44%, in line with our policy. ».

Full year 2012 vs full year 2011 (fourth quarter 2012 vs third quarter 2012):

  • Total operating income up 8% (up 7%), operating profit up 11%* (up 15%)
  • Core tier 1 capital ratio up to 13.1% from 11.2% excl. transition rules (up from 12.2%)
  • Loan loss ratio 28 basis points, up from 23 basis points (down to 29 bps from 30 bps)
  • Assets under Management EUR 218bn, up 16% (up 4%)
  • Return on equity 11.6%, up from 11.1%* (up to 12.1% from 10.1%)
  • Proposed dividend EUR 0.34 (last year EUR 0.26)
  • Ambitious financial target and new capital policy established

Summary key figures,EURmQ4 2012Q3 2012Ch. %Q4 2011Ch. %20122011Ch. %

Net interest income

1,429 

1,441

-1

1,427

0

5,752

5,456

5

Total operating income 

2,630

2,469

7

2,558

3

10,236 

9,501

8

Profit before loan losses

1,303

1,176

11

1,292

1

5,050

4,282

18 

Net loan losses

-244

-254

-4

-263

-7

-933

-735

27 

Loan loss ratio (ann.), bps

29

30

33 

28

23

Operating profit

1,059

922

15

1,029

4,117

3,547 

16 

Operating profit, adjusted

3,718*

11*

Risk-adjusted profit

846

749

13 

815

4

3,245

2,714 

20

Diluted EPS, EUR

0.21

0.17

0.19

0.78

0.65

Return on equity, %

12.1

10.1 

12.3

11.6

10.6

Return on equity, adjusted, %

11.1*

*Excluding restructuring provision in the third quarter 2011 of EUR 171m.


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