Nordea Bank Abp · OMXHEX:NDA_FI
Nordea Bank Abp — Nordea — FY2006 Earnings Presentation
135 slides from Nordea Bank Abp's earnings presentation, Feb 21, 2007
Slide 1: Investor Presentation 21 February 2007
Investor Presentation 21 February 2007
Slide 2: CEO Presentation
CEO Presentation
Slide 3: Record results following reinforced organic growth strategy
Record results following reinforced organic growth strategy – RoE at all time high 22.9% Operating profit up 25% to EUR 3,820m (EUR 3,048m) Net profit up 39% to EUR 3,153m (EUR 2,269m) Earnings per share EUR 1.21 (EUR 0.86) up 41% Total dividend per share EUR 0.49, up 40% corresponding to to
Slide 4: Strong momentum in all business areas
Strong momentum in all business areas Total lending up 14% Mortgage lending up 15% SME lending up 12% Consumer lending up 12% - non collateralised up 17% Number of credit cards increased by 25% Strong growth in Private Banking Increased cross-selling of Markets’ products to SMEs Stro
Slide 5: Continued growth in operating income
Continued growth in operating income YoY EURm Up 12% 7,500 7,377 Up 9% excl. sale of IMB shares 7,000 6,573 Steady increase in net interest income 6,500 6,127 Volume growth more than compensating for lending 6,000 margin pressure. 5,500 Improved deposit margins 5,000 4,500 Higher commiss
Slide 6: Higher share of income being non-interest income
Higher share of income being non-interest income EURm 7,000 Increased proportion of non- interest income 48% 6,000 Excl. IMB sale 46% 48% 5,000 43% 44% Individual client focused advice 4,000 and product offering increasingly 3,000 important 57% 56% 52% 2,000 A more capital efficient way to f
Slide 7: Revenue growth in Nordea
Revenue growth in Nordea EURm +175 7,377 +199 +168 +804 +224 6,573 + 38 Income Volumes, Savings: AM, Markets Gain from Other Income 2005 margins Life and savings sale of 2006 lending accounts IMB shares 7
Slide 8: Robust volume growth continues
Robust volume growth continues YoY Q4oQ3 Lending, total 14% 6% – Mortgage lending 15% 5% – Consumer lending* 12% 2% – of which non collateralised lending 17% 4% – SME lending 12% 7% – CIB lending excl. Markets 15% 16% Deposits, total 9% 6% – Household deposits 8% 1% – SME deposits 12% 8% – CIB depos
Slide 9: Reduced cost base since 2002 despite strong increase in business volumes
Reduced cost base since 2002* – despite strong increase in business volumes EURm EURbn 4000 3,903 3,835 3,822 Cost unchanged despite 3,675 225.0 3,655 214 lending growth of 50% 3500 and accumulated 3000 188 200.0 inflation of 13% in the 2500 period 175.0 161 2000 European average is 146 146 1500
Slide 10: Cost/income ratio continues downwards
Cost/income ratio continues downwards % Continued down to 52% in 2006 70 64 Income up 12% 63 60 Costs up 4% 60 56 Excl. gain from sale of IMB shares C/I 53% 52 50 Strong growth in revenues combined with continuous focus on 40 firm cost management 30 Profitable organic growth in focus 20
Slide 11: Gap between income and cost development
Gap between income and cost development Percentage points Reported gap of 8.0 percentage 10 points, excl. full impact from sale 9 8.0 of IMB 5.4 percentage points 8 Revenues up 12.2% 6.9 7 6.6 Expenses up 4.2% 6 5.4 Three years track record of 5 managing attractive gap between 4 revenue and
Slide 12: Operating profit
Operating profit YoY EURm Up 25% 4,000 3,820 Up 19% excl. gain from sale of IMB 3,500 shares 3,048 Increased focus on profitable organic 3,000 2,745 growth and cross-selling 2,500 Operating profit in Business Areas up 17% excl. gain from sale of IMB 2,000 shares 1,500 Strong performance in
Slide 13: Continuous increase in earnings per share - rolling 12 months
Continuous increase in earnings per share - rolling 12 months EUR 1.2 1.1 1.0 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0.0 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Reported Excl. gain from sale of IMB 13
Slide 14: Dividend up 40%
Dividend up 40% EURm EUR 1400 1.0 1,271 0.9 1200 0.8 1000 0.7 908 766 0.6 800 0.49 0.5 600 0.35 0.4 0.28 400 0.3 0.2 200 0.1 0 0.0 2004 2005 2006 Total amount EURm Dividend per share EUR 14
Slide 15: Key growth areas – organic growth strategy continues to pay off
Key growth areas – organic growth strategy continues to pay off Continue to leverage on strong position within long-term savings, eg Nordic Private Banking and Life insurance Increase in AuM - total net inflow 2006 EUR 4.1bn Recruitment of personal bank advisors, private bank advisors and fina
Slide 16: Gold and Private Banking customers are the engine for profitable growth
Gold and Private Banking customers are the engine for profitable growth Share of Retail Household income in 2006 64% Approx. EUR 3.0bn of Retail Banking’s income is generated from household customers 16% 9% 11% Gold customers generate two/thirds of the income Private Banking Gold Silver Bronze I
Slide 17: Strong success to date
Strong success to date Strong growth in business with Strong growth in Gold segment Gold customers generated by Dec 2005 to Dec 2006 14.8% Increase in number of customers 8.6% Increase in volume per customer 5.7% 161 Growth in number of customers 72 140 66 is a combined effect of 2.1 2.2 E
Slide 18: Strong revenue growth in all Retail corporate segments
Strong revenue growth in all Retail corporate segments Share of Retail Corporate income in 2006 55% Approx. EUR 2.0bn of Retail Banking income is derived from corporate 27% customers 18% The customers in segment Large account for half of the revenue Small Medium Large In total revenues from co
Slide 19: Private Banking long-term savings
Continue to leverage on strong position within long- term savings – Private Banking EURbn 50 45 9 Strong asset growth in Nordic Private 9 40 9 9 9 Banking 8 35 8 Net inflow in Q4 13% annualised 8 30 Result of roll-out of new common advisory 25 concepts, particularly in Norway and 20 39 42 Swed
Slide 20: Stepwise increase of premiums in Life
Continue to leverage on strong position within long term savings – stepwise increase of premiums in Life EURm Net written premiums up 22% 1,200 Unit linked share of premiums 42% 1,100 511 1,000 474 Increased penetration in the customer 900 390 404 base – successful cooperation between 800 198
Slide 21: Accelerated market position within consumer lending and cards
Accelerated market position within consumer lending and cards YoY Consumer lending up 12% EURbn Retail consumer lending Non collateralised up 17% 16 15.4 15.6 Approx. 500,000 new cards issued 14.9 14 13.2 13.5 13.8 13.9 14.2 In total 5.6 million cards issued 12 Of which approx. 11% credit
Slide 22: Increased cross-selling of Markets related products to SMEs
Increased cross-selling of Markets related products to SMEs Markets total revenue from Retail customers Successful penetration EURm 400 Leveraging Nordea’s customer base 373 SME segment still under penetrated 350 Focus on customer solutions rather 300 than product push 250 270 Strong conce
Slide 23: Increased investments to capture growth opportunities in fast growing markets
Increased investments to capture growth opportunities in fast growing markets Accelerated growth plan in Nordic markets, in particular Sweden In line with Nordeas’ profitable organic growth strategy Recruitment of personal bank advisors Investments in Private Banking Private bank advisors
Slide 24: Outlook
Outlook Based on solid macroeconomic forecasts for the Nordic area, double digit growth in business volumes is expected Despite the current pressure on lending margins Nordea expects the strong revenue growth to continue in 2007 Focus on risk-adjusted pricing combined with expected higher mark
Slide 25: Summary
Summary Record result following reinforced organic growth strategy Net profit up 39% Gap between revenue and cost growth 5.4 percentage points when excluding the full impact of IMB sale Reported Return on equity 22.9% Excl. gain from sale of IMB 21.5% Record dividend – EUR 0.49 per share
Slide 26: CFO Presentation
CFO Presentation
Slide 27: Income statement summary
Income statement summary EURm 2006 2005 Chg % Net interest income 3,869 3,663 6 Net fee and commission income 2,074 1,935 7 Net gains/losses on items at fair value 1,036 765 35 Equity method 80 67 19 Other income 318 143 122 Total operating income 7,377 6,573 12 Staff costs -2,251 -2,082 8 Other exp
Slide 28: Income statement summary
Income statement summary EURm Q4/06 Q3/06 Chg % Q4/05 Net interest income 1,006 979 3 933 Net fee and commission income 549 497 10 529 Net gains/losses on items at fair value 310 224 38 184 Equity method 8 17 -53 21 Other income 26 217 -88 29 Total operating income 1,899 1,934 -2 1,696 Staff costs -
Slide 29: Net interest income
Net interest income YoY Up 6% EURm 1,006 Volume growth compensated for 1,000 933 927 957 979 pressure on lending margins 913 920 900 Total lending up 14% 800 Mortgage lending up 15% 700 SME lending up 14% 600 Increased contribution from deposits 500 Margins recovering following higher
Slide 30: Change in net interest income
Change in net interest income EURm YoY Q4oQ3 Volume driven 328 22 -Lending volumes 264 19 -Deposit volumes 64 3 Margin driven -164 -7 -Lending margins -226 -17 -Deposit margins 62 10 Treasury 8 4 Other, net 34 8 Total 206 27 30
Slide 31: Net commission income
Net commission income YoY EURm Up 7% 600 Savings commissions up 9% Asset management commissions up 9% 549 529 500 507 521 497 Cards up 12% 484 469 Q4oQ3 400 Up 10% - recovered in Q4 after 300 market turmoil effects in Q3 Strong growth in savings related 200 commissions – up 19% Mainly
Slide 32: Breakdown of commission income - gross
Breakdown of commission income - gross EURm 400 360 359 320 338 335 319 325 280 306 301 281 240 200 197 183 187 160 175 177 177 171 162 120 80 90 98 88 91 82 87 86 87 40 51 59 49 48 41 45 32 36 0 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Savings related Payments related Lending related Other O
Slide 33: Customer business drives increase in net gains/losses
Customer business drives increase in net/gains losses YoY EURm Up 35% 290 270 277 Up 23% in Business Areas 250 251 Strong customer demand for structured products 230 230 210 220 Client driven FX and fixed income transactions 190 205 170 Strong contribution from Group 150 130 Treasury 110 Q
Slide 34: Increased revenues from net gains/losses in Business areas
Increased revenues from net/gains losses in Business areas Net/gains losses, EURm Q4/06 Q3/06 Q2/06 Q1/06 Q4/05 Retail 98 75 87 101 67 CIB 93 72 68 87 83 Asset Mgmt 6 7 4 8 10 Life 80 51 61 69 70 BAs 277 205 220 265 230 Group Treasury 44 8 7 40 -31 34
Slide 35: Total operating income
Total operating income YoY EURm Up 12% 2,000 1,934 1,899 Increased focus on top line growth 1,759 1,785 1,800 1,734 1,601 1,696 Steady increase in net interest income 1,600 Volume growth more than compensating for lending 1,400 margin pressure. Improved deposit margins 1,200 1,000 Commis
Slide 36: Expenses
Expenses YoY EURm Costs up 4% 1,016 1,000 956 933 945 928 Increases following 896 19 900 31 23 21 Investments in growth areas 23 31 800 391 Number of FTEs increases by approx 300 – mainly 393 367 372 355 P&B, Life and Growth plan Sweden 700 345 General wage increase approx 3.5% 600 606 V
Slide 37: Well controlled expense growth 2006
Well controlled expense growth 2006 Cost increase driven by 5% decision to invest in profitable 4.2% growth areas 4% Cost management well 2.9% established 3% 2% 1.3% 1% 0% Reported Excl. Variable Excl. Variable salaries and profit salaries, profit sharing sharing and investments in growth areas
Slide 38: Strong result and investments explains cost increase
Strong result and investments explains cost increase EURm 3,822 +46 +60 +48 +154 3,668 Expenses Increase in Investments in Other Expenses 2005 variable growth areas* 2006 salaries and profit sharing 38 Investments in areas like Growth Plan Sweden, Cards, Life, Private Banking
Slide 39: Staff costs
Staff costs +19 2,251 EURm +29 +48 +169 +73 No. of recruited 2,082 FTEs: approx. 2,400 No. of FTEs that has left: approx. 2,100 Staff costs Wage Higher Increase in Training Staff costs 2005 increases variable FTEs, net and other 2006 salaries and staff related profit sharing expenses 39
Slide 40: Number of FTEs
Number of FTEs 32,000 28,930 29,052 29,201 29,396 29,249 FTEs Q4/06 Q4/05 Chg YoY 28,000 Retail 17,578 17,360 +218 24,000 CIB 3,605 3,331 +274 of which P&B 1.758 1.502 +256 20,000 AM & Life 2,094 2,001 +93 16,000 BAs 23,277 22,692 +585 12,000 GPT 4,804 5,046 -242 Group Staffs 1,168 1,192 -24 8,000 G
Slide 41: Loan losses
Loan losses YoY EURm 20 Positive net loan losses reflecting low new provisions coupled with 0 -6 -7 recoveries maintained at a high level -20 -23 Credit quality remains strong in all -31 markets -40 Q4oQ3 -55 -60 Continued flow of recoveries and low new provisions -82 -80 -89 Large movements
Slide 42: Impaired loans
Impaired loans Net impaired loans as per cent of total lending: 18bp EURm. End of period Q4/06 Q3/06 Q2/06 Q1/06 Q4/05 Impaired loans, gross 1,492 1,604 1,675 1,712 1,819 Reserves -1,118 -1,188 -1,270 -1,371 -1,480 Impaired loans, net 374 416 405 341 340 Reserves/impaired loans, gross,% 74 74 76 8
Slide 43: New baseline impaired loans
New baseline impaired loans Nordea has of end of December 2006 changed the definition of impaired but performing loans. The change increases the size of impaired loans but leaving the allowances unchanged EURm 31 Dec 2006 31 Dec 2005 Impaired loans, gross, individually assessed 1,868 2,526 Allowan
Slide 44: Operating profit
Operating profit YoY Up 25% EURm Up 19% excl. gain from sale of IMB 1,100 1,063 shares 967 1,000 884 932 Operating profit in BAs up 17% excl. 900 858 864 gain from sale of IMB shares 800 748 688 728 Increased focus on profitable organic 700 growth and cross-selling 600 500 Strong performan
Slide 45: Net profit
Net profit YoY EURm 900 872 876 Up 39% 800 740 Operating profit up 25% 700 665 673 Strong gap between revenue and cost 600 563 growth combined with low tax rate 506 500 Effective tax rate 19% (excl tax-free 400 gain from IMB) following the revaluation of the deferred tax asset 300 in Finland
Slide 46: Return on equity
Return on equity % 25 Strong RoE - 22.9% 21.5% excl. gain from sale of IMB 22.9 20 21.5 At top level among Nordic peers 18.0 16.9 15 10 5 0 2004 2005 2006 Excl. gain from sale of IMB shares 46
Slide 47: Strong growth also in risk-adjusted EPS
Strong growth also in risk-adjusted EPS 1.4 1.21 1.2 1 0.86 0.81 0.8 0.67 0.6 0.4 0.2 0 Reported EPS, EUR EPS, risk adjusted, EUR 2005 2006 47
Slide 48: Risk-weighted assets (RWA)
Risk-weighted assets (RWA) YoY EURbn 200 RWA up 9% 180 185 185 Total lending up 14% 180 174 Q4oQ3 160 162 169 159 140 153 RWA unchanged 120 Nordeas’ model to calculate VaR has 100 been approved by FSA:s 80 Decreased RWA with approx. EUR 7bn 60 40 20 0 05 05 05 05 06 06 06 06 1/ 2/ 3/ 4/ 1/
Slide 49: Capital position
Capital position % 8 Tier 1 ratio 7.1% 7 Profitable volume growth 7.0 7.1 6.9 6.8 6.8 6.8 Total capital ratio at 9.8% 6 5 4 3 2 1 0 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 49
Slide 50: Return on risk weighted assets, rolling 4 quarters
Return on risk weighted assets, rolling 4 quarters EURbn % 192** 200 2.2 7 180 2.0 185 185 180 174 1.8 160 169 159 162 153 1.62 1.6 140 1.42 1.45 1.41 1.47 1.44 1.46 * 1.4 120 1.26 1.2 100 1.0 80 0.8 60 0.6 40 0.4 20 0.2 0 0.0 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 RWA Return on RWA * Excl.
Slide 51: Continuous strive for capital efficiency
Continuous strive for capital efficiency 20.0 18.2 18.0 (EURbn - End of year 2006) Tier 2 16.0 14.8 14.0 5.1 12.0 9.6 10.0 8.0 Tier 1 6.0 13.1 4.0 2.0 0.0 Capital base Regulatory Capital Economic Capital Tier 1+Tier2 (8% of RWA) How much capital does How much capital How much capital Nordea have? mu
Slide 52: Nordea expects to have excess capital after full implementation of Basel II
Nordea expects to have excess capital after full implementation of Basel II 20% reduction in RWA Implications for capital ratios 200 185 20.0 18.2 Expected 180 18.0 reduction RWA 160 148 16.0 Pillar 1; approx. 14.5 13.3 30% 140 14.0 13.1 9.8% 9.8% 120 12.0 Expected 10.5 EUR bn 9.0% reduction RWA
Slide 53: Nordea's new financial targets
Nordea’s new financial targets Long term financial targets Target In the top quartile of TSR (%) European peer group Risk adjusted profit (EUR m) Double in 7 years RoE (%) In line with top Nordic peers Capital structure policy Policy Dividend payout-ratio > 40% of net profit Tier 1 capital ratio > 6
Slide 54: Risk adjusted profit
Risk adjusted profit EURm Baseline 2006 Increased by 18% in 2006 Total income 7,377 non recurring items* -256 total operating expenses 3,822 expected losses 373 standard tax 819 Risk adjusted profit 2,107 * Includes sales gain and contribution under equity method from IMB and sales gain from Asiak
Slide 55: Business trends
Business trends
Slide 56: Total lending
Total lending EURbn 220 214 199 201 200 182 189 191 175 180 170 161 160 156 155 147 147 149 146 148 140 120 100 80 60 40 20 0 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Corporate Housing loans Other loans Public sector 56
Slide 57: Household mortgages, volumes and margins
Household mortgages, volumes and margins EURbn % 80 1.6 75 1.5 70 74.4 70.6 1.4 65 68.5 64.5 65.8 1.3 60 62.6 60.4 1.2 55 57.7 54.5 56.3 1.1 50 52.6 45 48.2 48.9 50.0 1.0 44.3 45.7 40 0.9 35 0.8 30 0.7 25 0.6 20 0.5 15 10 0.4 5 0.3 0 0.2 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3
Slide 58: Retail consumer lending, volumes and margins
Retail consumer lending, volumes and margins EURbn % 16 4.8 15.4 15.6 14 14.9 4.2 13.9 14.2 13.5 13.8 12.9 13.2 12 12.4 12.4 12.5 12.7 3.6 12.1 12.2 12.2 10 3.0 8 2.4 6 1.8 4 1.2 2 0.6 0 0.0 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 58
Slide 59: Lending to corporates (SME), volumes and margins
Lending to corporates (SME), volumes and margins EURbn % 80 1.4 78.4 70 73.2 73.4 1.3 70.0 70.9 67.9 64.0 65.3 60 1.2 61.0 57.3 57.3 57.4 58.1 58.5 56.7 56.3 50 1.1 40 1.0 30 0.9 20 0.8 10 0.7 0 0.6 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 59
Slide 60: CIB lending, volumes and margins
CIB lending, volumes and margins* EURbn % 30 1.5 28 1.4 26 1.3 24 1.2 22 23.3 23.6 1.1 22.6 22.6 22.3 20 21.7 21.4 21.4 21.7 21.2 1.0 20.3 20.8 18 19.0 0.9 18.4 18.1 18.0 16 0.8 14 0.7 12 0.6 10 0.5 8 0.4 6 0.3 4 0.2 2 0.1 0 0.0 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05
Slide 61: Total deposits
Total deposits EURbn 130 127 119 119 120 116 113 106 108 110 105 105 96 98 97 100 95 93 92 91 90 80 70 60 50 40 30 20 10 0 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Of which household deposits 61
Slide 62: Retail deposits, households, volumes and margins
Retail deposits, households, volumes and margins EURbn % 50 2.4 50.1 50.7 49.6 45 46.9 47.0 47.1 2.2 45.7 43.8 44.1 40 42.3 42.9 2.0 40.7 41.7 41.3 40.2 40.4 1.8 35 1.6 30 1.4 25 1.2 20 1.0 0.8 15 0.6 10 0.4 5 0.2 0 0.0 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2
Slide 63: Structural Interest Income Risk (SIIR)
Structural Interest Income Risk (SIIR) EURm, annualised effect on NII* Q4/06 Q3/06 Q4/05 Increasing market rates, 100bp 206 174 154 Decreasing market rates, 100bp -220 -165 -175 Increased SIIR following growth in assets and liabilities in Q4. Increased non- interest bearing liabilities Reduced d
Slide 64: Retail deposits, SME, volumes and margins
Retail deposits, SME, volumes and margins EURbn % 40 1.6 37.5 35 1.4 34.8 34.7 33.4 32.6 30 31.5 1.2 30.5 30.1 28.9 28.8 29.4 28.3 28.4 25 26.2 26.3 26.7 1.0 20 0.8 15 0.6 10 0.4 5 0.2 0 0.0 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 64
Slide 65: CIB, deposits, volumes and margins
CIB, deposits, volumes and margins* EURbn % 0.60 24 25.0 0.55 22 23.2 22.1 22.3 21.8 0.50 20 21.0 21.2 20.4 0.45 18 18.0 18.5 0.40 17.9 16 15.4 0.35 14 15.2 14.9 14.4 0.30 12 13.3 0.25 10 8 0.20 6 0.15 4 0.10 2 0.05 0 0.00 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06
Slide 66: Assets under management
Assets under management YoY EURbn 160 154 153 158 161 Up 9% 148 140 Strong growth in Nordic Private Banking up 23% 120 Asset growth from well 100 diversified sales platforms 80 Q4oQ3 60 Favourable equity markets 40 Net outflow due to one single mandate lost – strong underlying 20 trend 0 Q
Slide 67: Net inflows
Net inflows Net inflow in 2006 EUR 4.1bn Strong increase in Nordic Private Banking, Institutional clients and EURbn Life 5 3.4 4 3.3 Net outflow from Retail funds in 3 1.8 -4.4 2.0 Q4 of EUR 6.5bn 2 0.9 In the fourth quarter a mandate of 1 6.4bn was withdrawn, following a 0 new administrativ
Slide 68: Retail profit before loan losses
Retail profit before loan losses YoY profit up 13% EURm Key product areas showing double digit volume 700 growth 650 600 Strong improvement in result from deposits 600 583 585 550 577 Strong revenue growth from gold customers 556 500 450 Plan to capture untapped potential in 400 Sweden pro
Slide 69: CIB profit before loan losses
CIB profit before loan losses EURm 180 YoY profit up 21%, excl gain from sale 160 169 of IMB 160 159 140 145* High activity in all areas 144 120 Accelerated growth plan for Poland outlined 100 80 60 40 20 Key ratios Q4/06 Q4/05 FY 2006 0 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 C/I ratio, % 50 51 49* *Ex
Slide 70: Asset Management product result
Asset Management product result EURm 120 YoY product result up 23% 110 117 Up 46% Q4oQ3 100 Double digit income growth 90 96 93 Stronger sales of newly launched 80 85 80 products with better margins 70 60 Higher transaction and performance 50 fees 40 Positive trend within institutional 3
Slide 71: Life insurance, product result
Life insurance, product result Net written premiums up 22% EURm Up 54% in Q4 90 Unit link premiums up 52% 80 Accounting for 42% of total premiums 70 74 Fee based business model continues 60 to deliver 61 50 56 56 Strong investment result in Q4 52 40 Nordea Life and Pension became the l
Slide 72: Group Treasury, operating profit
Group Treasury, operating profit EURm 95 Strong improvements for both Group 75 Investment and Group Funding 42 Operating profit EUR 203m -more 55 than a doubling compared to 2005 Supported by successful positions in the 35 34 money and capital markets 21 32 39 Gross investment returns at 3.9
Slide 73: Summary
Summary Record result following reinforced organic growth strategy Net profit up 39% Gap between revenue and cost growth 5.4 percentage points when excluding the full impact of IMB sale Reported Return on equity 22.9% RoE excl. gain from sale of IMB 21.5% Record dividend – EUR 0.49 per s
Slide 74: Facts & figures
Facts & figures
Slide 75: Facts & Figures, content
Facts & Figures, content Credit quality Page 76 Economic capital Page 86 Business areas Page 89 Balance sheet Page 118 Market shares Page 121 Appendix Page 128 75
Slide 76: Credit quality
Credit quality
Slide 77: Loan portfolio by customer category
Loan portfolio by customer category* EURbn 113 110 105 105 100 101 100 97 91 93 90 85 84 83 84 82 80 78 79 80 70 74 71 66 68 60 63 65 58 60 50 55 56 53 48 49 50 40 44 46 30 20 20 20 21 21 22 17 17 17 18 19 19 10 14 15 15 16 16 0 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05
Slide 78: Loan portfolio by customer group
Loan portfolio by customer group End Q4/06, EUR 214.0bn End Q4/05, EUR 188.5bn Public Public sector sector 1.9% 2.1% Household Household customers customers 45.1% Companies Companies 44.9% 53.0% 53.0% 78
Slide 79: Lending to household customers
Lending to household customers End of Q4/06 EUR 96.4bn Other loans comprise Other loans consumer credits 22.8% investment credits car financing overdraft facilities credit cards home equity credits Housing loans 77.2% 79
Slide 80: Lending to companies by industry
Lending to companies by industry End of Q4/06 EUR 113.5bn Other 9% Renting,Consulting and other services Real estate 11% 27% Construction Finance 3% 11% Agriculture & Fishing 6% Transp. & Communication 5% Manufacturing 13% Shipping & Offshore 5% Commerce and services 10% 80
Slide 81: Loan portfolio in figures
Loan portfolio in figures EURbn Q4/06 Q3/06 Q2/06 Q1/06 Q4/05 Household customers 96.4 91.9 89.4 86.0 84.6 Real estate 30.7 28.6 28.0 26.8 26.2 Construction 3.4 3.3 3.6 2.9 2.9 Transport, communication 5.9 5.9 5.8 5.8 5.6 Trade and services 11.1 10.8 10.4 9.9 9.9 Manufacturing 15.0 14.6 14.5 14.0 13
Slide 82: Lending by geographical area
Lending by geographical area End of Q4/06 EUR 214.0bn Asia 1.0% Latin America USA 0.6% 0.7% Other non OECD 0.3% Nordic countries and Other Other OECD P&B 6.9% 0.6% 93.1% Slice 8 0.0% EU countries other 3.7% Nordic countries and P&B, EURbn Sweden 59.2 Denmark 58.1 Finland 42.4 Norway 34.7 82
Slide 83: Impaired loans
Impaired loans EURm. End of Q4/06 Gross Provisions Net Household customers 348 176 172 Manufacturing 391 348 43 Trade and services 151 107 44 Other companies 165 136 29 Real estate 94 65 29 Renting, Consulting and other services 147 126 21 Agriculture & Fishing 62 51 11 Construction 38 25 13 Transpo
Slide 84: New baseline impaired loans
New baseline impaired loans EURm. End of Q4/06 Gross Provisions Net Household customers 572 121 451 Manufacturing 405 213 192 Trade and services 213 107 106 Other companies 127 49 78 Real estate 129 57 72 Renting, Consulting and other services 189 113 76 Agriculture & Fishing 43 21 22 Construction 4
Slide 85: Loan losses
Loan losses YoY EURm Positive net loan losses reflecting low 299 330 new provisions coupled with 280 230 192 recoveries at a high level 180 156 Credit quality remains strong in all 130 92 86 80 58 markets 30 Q4oQ3 -20 -7 -70 -23 -31 -54 High recoveries in Q4, partly related -82 -120 -123 -89 t
Slide 86: Economic capital
Economic capital
Slide 87: Economic capital (EC)
Economic capital (EC) EURbn 10 9 9.2 9.3 EC per business area 8.9 9.0 9.0 8 (EURm) Q4/06 7 Retail Banking 5,890 6 CIB 1,962 5 Asset Mgmt 168 4 Life 1,035 3 Treasury 418 2 GPT 126 1 Other 1 0 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Total 9,600 87
Slide 88: Economic capital – distribution
Economic capital – distribution End of Q4/06 Asset Mgmt Treasury Other Life risk 4% Operational & Life 1% 1% Business risk 12% risk 9% 12% CIB 21% Retail Market risk Credit risk 61% 15% 63% 88
Slide 89: Retail Banking
Retail Banking
Slide 90: Retail Banking lending and deposit volumes
Retail Banking lending and deposit volumes Lending, EURbn Q4/06 Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Q2/05 Q1/05 Denmark 52.5 48.7 47.5 45.5 45.1 43.2 41.3 38.5 Finland 39.5 38.6 37.7 36.4 35.6 34.8 33.8 33.0 Norway 28.8 27.4 26.8 26.0 25.2 24.3 23.3 21.8 Sweden 51.1 48.8 49.1 46.5 46.1 45.2 43.3 44.0 Depo
Slide 91: Retail Banking breakdown of lending
Retail Banking breakdown of lending Denmark, EURbn Q4/06 Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Q2/05 Q1/05 Corporate 21.9 19.1 18.2 18.2 18.1 17.0 16.1 14.7 Household mortgages 22.5 21.8 20.8 20.3 19.6 18.8 17.9 17.2 Consumer lending 6.5 6.3 6.0 5.8 5.8 5.8 5.7 5.5 Finland, EURbn Q4/06 Q3/06 Q2/06 Q1/06 Q4/
Slide 92: Retail Banking breakdown of lending
Retail Banking breakdown of lending Norway, EURbn Q4/06 Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Q2/05 Q1/05 Corporate 13.3 12.7 12.7 12.3 12.0 11.5 11.1 10.6 Household mortgages 14.7 14.0 13.3 12.8 12.4 11.9 11.4 10.5 Consumer lending 1.0 1.0 1.0 0.9 0.9 0.8 0.8 0.7 Sweden, EURbn Q4/06 Q3/06 Q2/06 Q1/06 Q4/05
Slide 93: Retail Banking breakdown of deposits
Retail Banking breakdown of deposits Denmark, EURbn Q4/06 Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Q2/05 Q1/05 Corporate 8.3 8.3 8.0 7.8 7.8 8.0 7.2 6.8 Households, current 3.4 3.3 3.4 3.1 3.2 3.1 3.1 2.9 accounts Households, savings 10.0 9.9 9.9 9.5 9.4 9.5 9.0 8.4 accounts Finland, EURbn Q4/06 Q3/06 Q2/06 Q1
Slide 94: Retail Banking breakdown of deposits
Retail Banking breakdown of deposits Norway, EURbn Q4/06 Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Q2/05 Q1/05 Corporate 8.8 8.3 8.3 7.7 7.4 6.9 6.3 6.2 Households, current 2.0 2.1 2.2 2.0 1.8 1.7 1.7 1.4 accounts Households, savings 3.9 3.8 3.7 3.7 3.7 3.9 3.8 3.6 accounts Sweden, EURbn Q4/06 Q3/06 Q2/06 Q1/06
Slide 95: Retail Banking margins
Retail Banking margins % Q4/06 Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Q2/05 Q1/05 Lending to SME’s 0.92 0.95 0.98 1.00 1.04 1.06 1.09 1.13 Mortgages, households 0.57 0.63 0.70 0.75 0.76 0.81 0.85 0.92 Consumer loans, 3.46 3.53 3.61 3.66 3.74 3.81 4.04 4.07 households Deposits, SME’s 1. 06 1.03 1.02 1.01 1.05
Slide 96: Payments & transactions
Payments & transactions
Slide 97: E-banking customers and payments
97 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Mill. Feb-00 June- Oct-00 Feb-01 June- Oct-01 Feb-02 June-02 Oct-02 Feb-03 Jun-03 Oct-03 Feb-04 Jun-04 Oct-04 E-banking customers Feb-05 Jun-05 Oct-06 Feb-06 Jun-06 Oct-06 0 5 10 15 20 25 30 35 40 45 50 55 Mill. Q1/00 Q3/00 Q1/01 Q3/01 E-banking custome
Slide 98: Issued debit and credit cards
98 0.0 1.0 2.0 3.0 4.0 5.0 Mill. Jan-01 May-01 Sept-01 Jan-02 May-02 Sept-02 Jan-03 May-03 Debit cards Sep-03 Jan-04 May-04 Sep-04 Jan-05 May-05 Cards, all customers Sep-05 Issued debit and credit cards Credit cards Jan-06 May-06 Sep-06 0 20 40 60 80 100 120 140 160 180 Mill. Q1/01 Q3/01 Q1/02 Q3/02
Slide 99: Payment transactions, households
Payment transactions, households 200 180 160 140 120 100 80 60 40 20 0 Q1 03 Q2 03 Q3 03 Q4 03 Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06 Q4 06 Manual transactions Payment ATMs Card payments Cash withdrawal ATMs Direct debit Netbank payments 99
Slide 100: Payment transactions, households
Payment transactions, households Mill. 2006 2005 2004 2003 2002 2001 Manual transactions 108.9 124.6 129.1 137.7 150.6 166.2 Payterminals 16.3 19.7 23.6 27.1 31.7 34.3 Card payments 700.4 603.6 527.8 459.9 395.5 333.5 Cash withdrawal ATM 164.8 181.7 190.4 197.4 204.4 207.2 Direct debit 109.3 101.2 9
Slide 101: Corporate and Institutional Banking
Corporate and Institutional Banking
Slide 102: CIB lending and deposit volumes and margins
CIB lending and deposit volumes and margins Lending, EURbn Q4/06 Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Q2/05 Q1/05 Corporate Banking Division 12,7 12.0 12.7 12.0 11.1 10.9 12.0 12.8 Financial Institutions Division 1,5 1.3 1.5 2.0 1.7 1.8 2.0 2.0 International and Shipping 9,4 9.1 9.1 8.6 8.5 8.1 7.7 6.5 Div
Slide 103: Nordea operations in Poland and the Baltic countries
Nordea operations in Poland and the Baltic countries End of Q4/06 Estonia Latvia Lithuania Poland Total Customers 54,300 43,950 41,600 363,650 1,232,500* Branches/salespoints 17 17 11 45 90 Number of FTEs 316 364 195 887 1,775 Total assets, EURm 1,450 1,484 943 2,117 5,994 Commitments***, EURm 1,281
Slide 104: Asset Management & Life Insurance
Asset Management & Life Insurance
Slide 105: Breakdown of AuM by market and channels
Breakdown of AuM by market and channels Retail funds* Fund sales Q2/06 (sold through through Private Institutional Life & Total by EURbn own distribution) third-parties Banking customers Pensions market Denmark 12.0 - 17.9 11.5 18.6** 59.9 Finland 7.1 - 15.9 4.6 8.9** 36.5 Norway 1.8 - 2.2 3.8 5.0**
Slide 106: Asset Management – margins
Asset Management – margins* Q4oQ3 Bps 80 77 Income margin up 13bp, 71 70 70 63 66 64 Mainly due to high performance fee, based 60 on very good value adding performance 50 43 37 35 Operating expenses margin in line 40 30 32 30 30 with last quarter 20 10 Result margin record high 0 -10 Uncha
Slide 107: Asset structure
Asset structure* Q4/06 Q4/05 Int'l. fixed Int'l. fixed income income 13% 13% Nordic Nordic Nordic Nordic equities fixed equities fixed 15% income 14% income 44% 45% Int'l. Int'l. equities equities 28% 28% *Average AuM for Asset Management activities excl. Nordic Private Banking activities, in Q3 thi
Slide 108: European fund distribution
European fund distribution EURbn 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 -1,000 Q3/00 Q1/01 Q3/01 Q1/02 Q3/02 Q1/03 Q3/03 Q1/04 Q3/04 Q1/05 Q3/05 Q1/06 Q3/06 Inflow AuM 108
Slide 109: Life - breaking out profit drivers
Life - breaking out profit drivers Fee based on size of life provisions in “with profit” companies – DK, FI Fee contribution Profit-sharing from the Norwegian business (existing model, change pending) Contribution from cost 25% of surplus/deficit from cost result in DK, 100% from FI and SE res
Slide 110: Life - profit drivers
Life - profit drivers EURm Q4/06 Q3/06 Q2/06 Q1/06 Q4/05 Traditional insurance Fee contribution/profit sharing 61 34 35 36 33 Contribution from cost result -4 0 -4 -1 -1 Contribution from risk result 8 6 6 7 10 Inv. return on Shareholders Equity 13 6 1 0 1 Other profits 4 5 5 5 6 Total Profit Tradit
Slide 111: Life – net written premiums by market
Life – net written premiums by market EURm Q4/06 Q3/06 Q2/06 Q1/06 Q4/05 Denmark 328 244 262 237 296 Norway 205 134 205 236 147 Finland 238 151 221 241 273 Sweden 191 95 153 151 254 Other 150 97 124 107 111 Total 1.112 720 964 972 1,081 111
Slide 112: Life, investments
Life, investments EURbn Equities 35 32,5 31,1 predominantly listed equities 29,9 30,5 30,3 30 1/3 Nordic, 2/3 international 25 Bonds ¾ Nordic issuers 20 primarily govmn’t & mortgage inst. 15 10 5 0 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Equities Real Estate Alternative investments Bonds Unit link
Slide 113: Life - asset allocation
Life - asset allocation Total, EURbn Equities, % Q4/06 Q3/06 Q4/06 Q3/06 Denmark 14.4 14.0 29 27 Finland 8.6 8.3 22 21 Norway 4.7 4.4 19 17 Sweden 3.7 3.4 7 6 Total 32.5 31.1 22 21 113
Slide 114: Life - solvency situation
Life - solvency situation End of Q4/06 Required Actual Solvency Solvency in % of EURm solvency solvency buffer requirement Denmark 515 634 120 123 Finland 235 725 490 308 Norway* 154 335 181 217 Sweden** 69 148 79 215 * Excluding unit linked company ** Nordea Life Sweden I 114
Slide 115: Life – solvency sensitivity
Life – solvency sensitivity End of Q4/06 Denmark Finland Norway Sweden Solvency in % of requirement 123 308 217 215 Equities drop 12% 124 231 217 189 Interest rates down 50bp 121 333 217 214 Interest rates up 50bp 124 291 217 179 115
Slide 116: Life – financial buffers
Life – financial buffers EURm % of total provisions Q4/06 Q3/06 Q4/06 Q3/06 Denmark 1,474 1,318 13.1 11.7 Finland 361 286 6.8 5.3 Norway 232 157 6.4 4.6 Sweden 210 139 12.4 8.3 Total 2,277 1,901 10.4 8.7 116
Slide 117: Life – buffers in different scenarios
Life – buffers in different scenarios End of Q4/06 EURm Denmark Finland Norway Sweden Financial buffers, actual 1,474 361 232 210 Equities drop 12% 1,157 184 140 192 Interest rates down 50bp 1,394 419 235 151 Interest rates up 50bp 1,520 323 230 259 117
Slide 118: Balance sheet
Balance sheet
Slide 119: Balance sheet
Balance sheet 29 Dec 31 Dec EURm 2006 2005 Treasury bills and other eligible bills 6,678 7,095 Loans and receivables to credit institutions 26,792 31,578 Loans and receivables to the public 213,985 188,460 Derivatives 24,207 28,876 Other assets 75,228 69,355 Total assets 346,890 325,549 Deposits by
Slide 120: Capital base
Capital base EURm Q4/06 Q3/06 Q2/06 Q1/06 Q4/05 Core equity 15,271 14,288 13,479 13,572 12,918 Hybrid capital loans 1,458 1,457 1,458 1,462 1,472 Deferred tax assets -369 -275 -304 -308 -327 Goodwill 1,770 -1,765 -1,800 -1,795 -1,794 Other items net -1,443 -1,001 -634 -1,210 -831 Tier 1 capital 13,1
Slide 121: Market shares
Market shares
Slide 122: Market position in Nordic markets
Market position in Nordic markets Market shares Denmark Finland Norway Sweden Personal customers - mortgage lending 15.3% 31.2% 12.6% 15.5% - consumer lending 14.6% 30.8% 11.2% 9.6% - deposits 21.5% 32.9% 8.3% 17.8% Corporate customers - lending 19.7% 35.8% 16.3% 13.9% - deposits 21.8% 37.9% 17.2% 2
Slide 123: Personal customer deposits - market volume & share
123 N N ov 0 100 200 300 400 500 600 ov 0 100 200 300 400 500 600 J a -0 5 DKKbn Ja -03 n n M -0 NOKbn M -0 4 a 5 ar M r- 0 M -04 ay 5 ay - - J u 05 J u 04 S l-0 Se l-04 ep 5 p N - 05 N -04 o ov J a v-0 Ja -04 n n 5 M -0 M -0 5 ar a 5 M r- 0 M -05 ay 5 ay - - J u 05 J u 05 S l-0 Se l-05 ep 5 p N -0
Slide 124: Corporate deposits - market volume & share
124 N N ov ov 0 100 200 300 400 500 0 100 200 300 400 Ja -0 3 Ja -0 3 DKKbn NOKbn M n-0 M n-0 a 4 a 4 M r- 0 M r- 0 ay 4 ay 4 Ju -04 Ju -04 S l-0 S l-0 ep 4 ep 4 N - 04 o N - 04 o Ja v-0 Ja v-0 n 4 n 4 M -0 M -0 a 5 a 5 M r- 0 M r- 0 ay 5 ay 5 Ju -05 Ju -05 S l-0 S l-0 ep 5 ep 5 N -0 N -0 Norway Den
Slide 125: Personal customer lending - market volume & share
125 N No o v 0 100 200 300 400 500 0 200 400 600 800 1000 1200 J a -0 3 DKKbn Ja v-0 NOKbn n 3 M n-0 M -0 a 4 a 4 M r- 0 M r- 0 ay 4 ay 4 - J u -04 Ju 04 S -0l Se l-0 ep 4 p 4 N -0 No - 04 ov 4 Ja -0 4 J a v-0 n 4 M n-0 M -0 5 a 5 a M r- 0 M r- 0 ay 5 ay 5 Ju -05 J u -05 S l-0 Se l-0 ep 5 p 5 Norway
Slide 126: Mortgage lending households - market volume & share
126 N D o ec 0 200 400 600 800 1000 1200 0 200 400 600 800 1000 -0 DKKbn NOKbn Ja v-0 n 3 M 3 M -0 ar a 4 -0 M r- 0 Ju 4 ay 4 n- Ju -04 0 O 4 S l-0 ct ep 4 -0 N - 04 D 4 o ec Ja v-0 -0 4 M 4 M n-0 ar ar 5 -0 M -0 Ju 5 ay 5 n- 0 Ju -05 S 5 S l-0 ep ep 5 -0 N -0 D 5 Norway Denmark ov 5 ec Ja -0 5 -0 M
Slide 127: Corporate lending - market volume & share
127 N N ov ov 0 100 200 300 400 500 600 700 0 100 200 300 400 500 600 700 Ja -0 3 J a -0 3 DKKbn NOKbn M n-0 M n-0 a 4 a 4 M r- 0 M r- 0 ay 4 ay 4 Ju -04 Ju -04 S l-0 S l-0 ep 4 ep 4 N - 04 o No - 04 Ja v-0 J a v-0 n 4 n 4 M -0 M -0 a 5 a 5 M r- 0 M r- 0 ay 5 ay 5 Ju -05 Ju -05 S l-0 S l-0 ep 5 ep 5
Slide 128: Appendix
Appendix
Slide 129: Ratings
Ratings Moody’s S&P Fitch DBRS Short Long Short Long Short Long Short Long Nordea Bank AB P-1 Aa3 A-1+ AA- F1+ AA- R-1 (high) AA Nordea Bank D P-1 Aa3 A-1+ AA- F1+ AA- R-1 (high) AA Nordea Bank F P-1 Aa3 A-1+ AA- F1+ AA- R-1 (high) AA Nordea Bank N P-1 Aa3 A-1+ AA- F1+ AA- R-1 (high) AA Nordea Hypot
Slide 130: Total shareholder return (TSR) Ytd 2006
130 C 0 5 10 15 20 25 30 35 40 om SH m % er B zb A B an k N D AM an s k RO e B an k R B O S H B U O ni S cr e Sw dit ed o ba nk K B B C ar cl (1/1 2006 – 29/12 2006) ay s Ll Er o yd st e s Ba nk B A N lli P ed H Iri Dn s B yp ov h B e a So rei nk s c i n sb et e an G k Total shareholder return (TSR)
Slide 131: Largest registered shareholders, year end 2006
Largest registered shareholders, year end 2006 Shareholder Number of Percent of Change 30 days, shares, mill Nordea mill shares Swedish state 515.6 19.9 % 0.0 Nordea Denmark Fund 102.5 4.0 % 0.0 Robur Funds 65.3 2.5 % -2.7 Alecta 59.0 2.3 % -7.7 SHB/SPP Funds 56.5 2.2 % -1.1 AMF Pension 46.3 1.8 % 0
Slide 132: Market development – interest rates
Market development – interest rates Change % 30-09-06 31-12-06 Q4/06 Short, EUR (one week) 3.05 3.57 0.52 Long, EUR (5 years) 3.84 3.98 0.14 Short, DK 3.24 3.74 0.50 Long, DK 3.99 4.12 0.13 Short, NO 3.06 3.69 0.63 Long, NO 4.42 4.86 0.44 Short, SE 2.54 2.94 0.40 Long, SE 3.93 4.04 0.11 132
Slide 133: Macro data – Nordic market
Macro data – Nordic market % 2006e 2007e 2008e Gross domestic product DK 3.6 2.1 1.5 FI 5.6 3.2 3.6 NO 2.6 3.4 2.8 SE 4.3 3.4 2.5 Inflation DK 1.9 1.7 1.9 FI 1.6 1.8 1.6 NO 2.3 1.0 2.1 SE 1.4 1.4 1.3 Private consumption DK 3.9 2.6 1.6 FI 3.6 2.5 2.8 NO 4.0 3.2 2.1 SE 2.8 3.5 2.4 Unemployment DK 4.5
Slide 134: Financial calendar 2007
Financial calendar 2007 Q1 report 2007 will be published on 3 May www.nordea.com/ir 134
Slide 135: Disclaimer
Disclaimer Certain statements made in this presentation are forward looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results and performance to differ materially from any expected future results or