Second Quarter Results 2013

18.07.2013

Second Quarter Results 2013

Strengthened customer relations, flat costs and higher capital.

 

CEO Christian Clausen’s comments on the results:
“In the uncertain macroeconomic environment, we continue to deliver on our plan on income initiatives, cost efficiency and improved capital position. In the second quarter, 23,000 new relationship customers were welcomed to Nordea and we have reinforced our position as the leading corporate bank in the Nordics and Baltics.

The recently published Prospera survey shows that large companies in the Nordics rank us the best bank in the Nordics, which was confirmed by the Euromoney awards “Best Bank” and “Best Investment Bank” in the Nordics and Baltics.

Total expenses have been unchanged for 11 consecutive quarters. Core tier one capital ratio improved to 14.0% and the pro forma Basel III core tier 1 capital ratio is at least 14.0%.

We see a continued stabilisation of our credit quality. Loan losses declined to 22 basis points in the second quarter 2013. Loan losses in Denmark and shipping declined.”

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

Half year 2013 vs. Half year 2012 (Second quarter 2013 vs. First quarter 2013)¹:

  • Total operating income unchanged (down 1%)
  • Operating profit unchanged (up 1%)
  • Core tier 1 capital ratio up to 14.0% from 11.8% (up from 13.2%)
  • Cost/income ratio up to 51% (down to 50%)
  • Loan loss ratio of 23 basis points, down from 24 basis points (down to 22 basis points)
  • Return on equity 11.3%, down from 12.1% (up to 11.5% from 11.1%)

Summary key figures, continued operations[1], EURm

Q2
2013

Q1
2013

Ch.
%

Q2
2012

Ch.
%

H1
2013

H1
2012

Ch.
%

Net interest income

1,391

1,358

2

1,415

-2

2,749

2,788

-1

Total operating income

2,490

2,506

-1

2,546

-2

4,996

5,016

0

Profit before loan losses

1,234

1,239

0

1,287

-4

2,473

2,513

-2

Net loan losses

-186

-198

-6

-203

-8

-384

-418

-8

Loan loss ratio (ann.), bps

22

23

24

23

24

Operating profit

1,048

1,041

1

1,084

-3

2,089

2,095

0

Risk-adjusted profit

853

854

0

867

-2

1,707

1,678

2

Diluted EPS (cont. oper.), EUR

0.20

0.19

0.20

0.39

0.39

Diluted EPS (total oper.), EUR

0.19

0.20

0.21

0.39

0.40

Return on equity, %

11.5

11.1

12.5

11.3

12.1



[1] Key figures for continued operations, following the agreement to divest the Polish banking, financing and life insurance operations.


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