Slide 1: Investor Presentation 19 July 2007
Investor Presentation 19 July 2007
Slide 2: CEO Presentation
CEO Presentation
Slide 3: Growth strategy consistently delivers strong results
Growth strategy consistently delivers strong results Income EUR 3,830m, up 8% (EUR 3,534m in the first half year of 2006) Costs EUR 2,000m, up 6% (EUR 1.878m) Profit before loan losses EUR 1,830m up 11% (EUR 1,656m) Risk-adjusted profit EUR 1,197m, up 17% (EUR 1,024m) Operating profit EUR
Slide 4: On the route to Great Nordea
On the route to Great Nordea Profit orientation High ambitions Growth strategy Strong customer-orientated culture Operating model Values 4
Slide 5: Operating income up 8% H1 2007
Operating income up 8% H1 2007 Profit orientation High ambitions Growth strategy Strong customer-oriented culture YoY Operating model EURm Continued growth in Net interest income 1,957 2,000 1,898 1,873 – up 9% 1,780 1,800 1,734 Double-digit lending growth compensating for margin pressure 1,600
Slide 6: Moderate cost increase while investing in future growth
Moderate cost increase while investing in Profit orientation High ambitions Growth strategy future growth Strong customer-oriented culture Operating model Cost growth according to plan YoY 7% 6.3% 6% 5.4% Expense growth on track to meet full 5% year target 4% 3% Unchanged cost focus in parallel
Slide 7: Profit before loan losses up 11% H1 2007
Profit before loan losses up 11% H1 2007 Profit orientation High ambitions Growth strategy Strong customer-oriented culture Operating model EURm 1,100 Strong contribution from all Business 1,000 949 Areas – driven by revenue generation 882 881 900 835 806 Consistent delivery of growth initiative
Slide 8: Gap between income and cost growth on track
Gap between income and cost growth Profit orientation High ambitions Growth strategy on track Strong customer-oriented culture Operating model %-points Gap of 2.6%-points in H107 – excl. 8 banking operations in Russia 7 Income up 8.5% Expenses up 5.9% 6 5.4 Improved gap in Q2 vs Q1– in line
Slide 9: Cost/income ratio continued down
Cost/income ratio continued down Profit orientation High ambitions Growth strategy Strong customer-oriented culture Operating model % 70 64 63 60 60 56 Strong revenue generation 53 52 50 Moderate cost growth despite high activity level 40 Continued productivity gains 30 20 10 0 2002 2003 2004
Slide 10: Strong and well diversified credit portfolio
Strong and well diversified credit portfolio Profit orientation High ambitions Growth strategy Strong customer-oriented culture Net loan losses, EURm Operating model 0 -10 -13 -20 -30 Continued recoveries and limited new provisions in H1 -28 -40 -50 -60 -55 Credit quality remains stable cross se
Slide 11: Basel II approval in place for Corporate and Institutions
Basel II approval in place for Profit orientation High ambitions Growth strategy “Corporate and Institutions” Strong customer-oriented culture Operating model Nordea’s IRB model approved Corporate and Institutions Covering approx. 50% of Nordea’s total credit portfolio Standardised model for
Slide 12: Ambitious financial targets
Ambitious financial targets Profit orientation High ambitions Growth strategy Strong customer-oriented culture Operating model Long term financial targets Target In the top quartile of Total Shareholder Return (%) European peer group Risk adjusted profit (EUR m) Double in 7 years Return on Equity (%
Slide 13: Total shareholder return (TSR)
Profit orientation Total shareholder return (TSR) High ambitions Growth strategy Jan – June 2007 Strong customer-oriented culture Operating model % Top quartile 45 35 25 15 3.7 5 -5 -15 -25 ro D nk nd cr s s N k Ll k ito h s ed k r er C N B nB ke R en P B S a e de U o yd Sa la y an n bo n de O Am N
Slide 14: Risk Adjusted Profit up 17% H1 2007
Risk Adjusted Profit up 17% H1 2007 Profit orientation High ambitions Growth strategy Strong customer-oriented culture Operating model EURm % 30 600 Doubling of risk adjusted profit in 7 500 years implies a 10% growth in profit 20 every year 400 Strong revenue generation – organic 300 growth str
Slide 15: Return on equity (ROE) – Nordic Peers
Return on equity (ROE) – Nordic Peers Profit orientation High ambitions Growth strategy Strong customer-oriented culture Operating model % 25 23.6 Nordea’s RoE consistently above 22.4 22.6 21.1 21.5 Nordic average 20.2 20 19.7 Combined focus on 18 17.8 Organic growth Operational efficiency 1
Slide 16: Growth strategy continues to pay off
Growth strategy continues to pay off Profit orientation High ambitions Growth strategy Strong customer-oriented culture Each focus area has clearly identified initiatives Operating model Migrate customers up the Private Banking segments - Gold customers segments in focus Small & Medium Enterpr
Slide 17: Increasing number of customers in premium segments drives income growth
Increasing number of customers in Profit orientation High ambitions Growth strategy premium segments drives income growth Strong customer-oriented culture Operating model Gold segment YoY 15.2% 6.3% Strong growth in business with 8.4% 169 Gold customers generated by 71 146 2.4 67 Increased numbe
Slide 18: Continued revenue growth in all Retail corporate segments
Continued revenue growth in all Retail Profit orientation High ambitions Growth strategy corporate segments Strong customer-oriented culture Operating model Income growth YoY Strong revenue growth in all Retail 11% corporate segments Accelerating revenue growth Q2/Q1 8% Increase in both lendin
Slide 19: Successful penetration of SME segment
Successful penetration of SME segment Profit orientation High ambitions Growth strategy Strong customer-oriented culture Total revenues in Markets related to Retail Operating model corporate clients Increased penetration of Retail EURm 70 65 corporates of products from Nordea 60 57 56 Markets 50 5
Slide 20: Further strengthened position within long term savings
Further strengthened position within long Profit orientation High ambitions Growth strategy term savings Strong customer-oriented culture Operating model Accumulated net inflow (EURbn) 35 Net inflow in H1 2007 EUR 1.3bn Outflow in Q2 mainly on institutional clients 30 Strongest inflow within P
Slide 21: Improved market position within consumer lending and cards
Improved market position within consumer Profit orientation High ambitions Growth strategy lending and cards Strong customer-oriented culture Operating model YoY Retail consumer lending Lending Margin Consumer lending up 14% EURbn % Non-collateralised up 17% 17 Strong growth in home equity pro
Slide 22: Profitability in Life continues to improve
Profitability in Life continues to improve Profit orientation High ambitions Growth strategy Strong customer-oriented culture Life product result and 12-month rolling Gross Operating model Written Premiums (GWP) Product result up by 29% Q2/Q2 and EURm EURm-GWP 80 4,000 16% YoY 70 3,500 Swedish L
Slide 23: Strong revenue growth in Nordea Markets
Profit orientation Strong revenue growth in Nordea Markets High ambitions Growth strategy Strong customer-oriented culture Operating model Total revenues Nordea Markets EURm Customer activity continues at high 250 level 225 229 242 242 All segments showing high business 200 activity 194 175 180
Slide 24: Growth plan in Sweden well on track
Growth plan in Sweden well on track Profit orientation High ambitions Growth strategy Customer orientation Operating model Number of Gold customers up 6% in Q2 Gold customers Regional banks in Sweden annualised – accelerating growth rate 735 746 since launch of growth plan 725 714 719 Growth Pla
Slide 25: Growth in revenues from New European Markets
Growth in revenues from New European Profit orientation High ambitions Growth strategy Markets YoY Strong customer-oriented culture Operating model Total income New European Orgresbank consolidated in income statement as per Markets* EURm Q2 with revenues of EUR 19m 70 60 63 New European Markets
Slide 26: Updated vision and values to support growth strategy
Profit orientation Updated vision and values to support High ambitions Growth strategy growth strategy Strong customer-oriented culture Operating model Mission The leading Nordic bank, Vision acknowledged for its people creating superior value for customers and shareholders Great customer It’s all a
Slide 27: New operating model to support growth strategy
New operating model to support growth Profit orientation High ambitions Growth strategy strategy – implementation on track Strong customer-oriented culture Operating model Banking & Capital Group Services People & Identity Household & Corporate Nordic Banking Market Products & Technology Account Pro
Slide 28: Outlook 2007
Outlook 2007 The strong revenue growth is expected to continue in the second half of 2007 As previously stated cost increase for the full-year 2007 is expected to be of the same magnitude as in 2006, ie 4-5% Incl. Orgresbank and planned investments in Russia the cost increase is expected to be
Slide 29: Summary – Second Quarter 2007
Summary – Second Quarter 2007 Consistent delivery on organic growth strategy – on track with financial targets Revenues up 8% Profit before loan losses 11% Risk adjusted profit up 17% Gap between revenue and cost increase of 2.6%-points in H107 RoE 19.5% Double digit increase in busine
Slide 30: CFO Presentation
CFO Presentation
Slide 31: Income statement summary
Income statement summary EURm H1/07 H1/06 Chg % Net interest income 2,047 1,884 9 Net fee and commission income 1,083 1,028 5 Net gains/losses on items at fair value 609 502 21 Equity method 19 45 -58 Other income 72 75 -4 Total operating income 3,830 3,534 8 Staff costs -1,177 -1,095 7 Other expens
Slide 32: Income statement summary
Income statement summary EURm Q2/07 Q1/07 Chg % Q2/06 Net interest income 1,043 1,004 4 957 Net fee and commission income 548 535 2 521 Net gains/losses on items at fair value 318 291 9 223 Equity method 9 10 -10 25 Other income 39 33 18 54 Total operating income 1,957 1,873 4 1,780 Staff costs -592
Slide 33: Net interest income
Net interest income YoY Up 9% EURm 1,043 Significant contribution from deposit 1,006 1,004 Volumes and margins 957 979 1,000 Savings accounts up 15% 900 Total lending up 16% - 800 compensating for margin pressure 700 Negative impact from ALM strategy 600 – retail deposit hedge Negative
Slide 34: Robust volume growth continues in business areas
Robust volume growth continues in business areas YoY Q2oQ1 Lending, total* 16% 5% – Mortgage lending 14% 4% – Consumer lending** 14% 3% – of which non collateralised lending 17% 1% – SME lending 16% 5% – CIB lending* 27% 15% Deposits, total* 16% 7% – Household deposits 9% 5% – SME deposits 14% 7% –
Slide 35: Change in net interest income
Change in net interest income EURm YoY Q2oQ1 Volume driven 176 29 -Lending volumes 133 18 -Deposit volumes 43 11 Margin driven -77 5 -Lending margins -130 -4 -Deposit margins 53 9 Other, net 64 5 Total 163 39 35
Slide 36: Net commission income
Net commission income YoY EURm 600 Up 5% 549 548 Lending-related commissions 500 521 535 increased 18% reflecting strong 497 business activity 400 Savings-related commissions gross up 9% 300 AM commissions up 6% following growth in AuM Life commissions gross up 23% 200 Brokerage 7% Car
Slide 37: Net commission income – business trends
Net commission income – business trends The development in net commission income should be seen in light of business trends and Nordea’s strategy within the savings area Retail funds Outflow in Nordic Retail Funds partly into savings accounts with attractive rates Savings accounts The strong
Slide 38: Breakdown of commission income - gross
Breakdown of commission income - gross EURm 400 360 359 356 360 320 338 335 319 325 280 301 240 200 197 195 183 187 181 160 177 177 171 120 80 98 100 106 87 88 86 87 91 40 59 49 41 45 37 39 32 36 0 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Savings related Payments related Lending related Other
Slide 39: Customer business drives increase in net gains/losses
Customer business drives increase in net/gains losses YoY EURm 300 Up 21% 277 290 Up 14% in Business Areas 273 250 Increased penetration of Nordea’s SME customer base 200 220 High activity in household segment, mainly equity 205 products and structured products Q2oQ1 150 Up 9% 100 High r
Slide 40: Increased revenues from net gains/losses in Business areas
Increased revenues from net/gains losses in Business areas Net/gains losses, EURm Q2/07 Q1/07 Q4/06 Q3/06 Q2/06 Retail 107 89 90 75 88 CIB 108 124 102 81 77 Asset Mgmt 6 3 6 7 4 Life 69 57 80 51 61 BAs 290 273 277 205 220 Group Treasury 43 40 44 8 7 40
Slide 41: Operating income
Operating income YoY EURm Up 8% 1,957 2,000 1,780 1,898 1,873 Continued growth in Net interest 1,734 1,800 income – up 9% 1,600 Double-digit lending growth compensating for margin pressure 1,400 Increased deposit volumes and improved margins 1,200 Net commissions income up 5% 1,000 Reven
Slide 42: Revenue growth in Nordea
Revenue growth in Nordea 3,830 EURm +27 +79 +25 +83 +296 +79 3,534 +3 Income Lending, Savings: Markets Poland & Transaction Other Income H1 06 volumes AM, Life Baltics accounts H1 07 and margins and savings 42 accounts
Slide 43: Expenses
Expenses YoY EURm 1,016 Costs up 6.5% 992 1,008 1,000 945 928 5.9% excl. Orgresbank 19 24 25 900 21 Prioritised investments in growth areas 23 800 391 Excl. Orgresbank and variable salaries up 5.1% 383 391 372 355 700 Staff costs up 7.5% 600 Increase in FTE’s 606 585 592 500 552 550 Wa
Slide 44: Staff costs
Staff costs 1% 7.5% EURm 1,5% +11 1,177 1.8% +16 3.2% +20 +35 +82 No. of recruited FTEs: approx. 1,095 2,700* No. of FTEs that has left: approx. 2,200* Staff costs Wage Higher Increase in Training and Staff costs H1 06 increases variable FTEs, net other costs H1 07 salaries and related to the profit
Slide 45: Number of FTEs
Number of FTEs 32,500 FTEs Q2/07 Q2/06 Chg YoY % Retail 17,948 17,671 277 2 2,969 30,000 2,798 CIB 4,872 3,306 1,566 47 1,679 1,773 1,600 of which P&B 1,857 1,577 280 18 27,500 of which Orgresbank 1,113 0 1,113 AM & Life 2,068 2,054 14 1 25,000 BAs 24,888 23,031 1,857 8 27,894 27,717 27,601 27,584 2
Slide 46: Gap excluding operations in Russia
Gap excluding operations in Russia Income growth Banking operations in Russia % 9.6 Q2/07: Orgresbank revenues EUR 19m, 10 9 8.5 expenses EUR 12m 8 7.5 7 H1/06: IMB revenues EUR 22m 6 5 4 3 2 1 0 Q1 H1/07 Q2 Expense growth GAP, %-points % % 7 6.3 5 5.9 4.2 6 5.4 4 5 4 3 2.6 3 2 2 1.2 1 1 0 0 Q1
Slide 47: Loan losses, net
Loan losses, net EURm H1 20 Positive at EUR 41m reflecting continued recoveries and limited new 0 -7 -13 provisions -20 -23 -31 -28 Stable credit quality in all markets -40 -55 -60 -82 -80 -89 -100 -120 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 47
Slide 48: Net profit
Net profit YoY EURm Up 8% 900 876 816 Effective tax rate in the first-half 800 740 year was 19% 701 Revaluation of the deferred tax asset in 700 673 Finland 600 Reduction of corporate tax rate in Denmark down from 28% to 25% effective from 1 Jan 500 2007 Q2oQ1 400 Up 16% 300 Tax expenses
Slide 49: Growth in risk adjusted profit in line with long-term target
Growth in risk adjusted profit in line with long-term target EURm H1/07 H1/06 Chg % Total income 3,830 3,534 Non recurring items - -51 * Total operating expenses -2,000 -1,878 Expected losses -190 -185 Standard tax -443 -396 Risk adjusted profit 1,197 1,024 17 Cost of Equity 8.0% (7.5%) -404 -340 Ec
Slide 50: Profitability maintained at high level
Profitability maintained at high level % 24.1 H1 25 22.7 20.6 21.5 Widened gap between RoE and 20 19.5 RaRoCar demonstrates capital 18.0 efficient growth Higher liability margins 15 10 5 0 2005 2006 * H1 07 RoE RaRoCar ** * Excl. gain from sale of IMB shares 50 ** Risk-adjusted return on capital
Slide 51: Return on risk weighted assets benefits from Basel II
Return on risk weighted assets, rolling 4 quarters benefits from Basel II % EURbn 200 2.2 193 2.0 180 185 185 189 180 1.8 160 169 174 1.63 159 162 1.62 1.6 140 153 1.61 1.45 1.47 1.44 1.46 1.61 1.42 1.41 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 Q
Slide 52: Strong increase in risk-adjusted EPS
Strong increase in risk-adjusted EPS 0.7 0.58 0.6 0.54 0.5 0.46 0.40 0.4 0.3 0.2 0.1 0 Reported EPS, EUR EPS, risk adjusted, EUR H1 06 H1 07 52
Slide 53: Approval of Basel II impacting RWA
Approval of Basel II impacting RWA EURbn 200 193 200 189 RWA according to Basel I up 4% 185 185 176 180 180 Q2/Q1 to EUR 200bn 160 Basel II reduces RWA with 12% to 140 EUR 176bn 120 Floor rules gives reported RWA of 100 EUR 189bn – a reduction of 6% 80 60 40 20 0 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07
Slide 54: Improved capital position
Improved capital position % 8 7.7 Tier I 7.1% according to Basel II 7.1 7.1 6.9 7 6.8 6.8 6.8 Step one in Basel II implementation Core capital base EUR 13.5bn 6 5 Tier I excl. floor rules 7.7% 4 Tier I according to Basel I 6.8% 3 2 1 0 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Tier I Basel I Tier I Ba
Slide 55: Capital management
Capital management Economic Capital up 13% to EUR 10.3bn Increased credit risk exposure following increased lending of 16% Risk adjusted return (RaRoCar) continues to improve to 24.1% (22.6%) High level of RoE (19.5%) Capital to finance organic growth and add on acquisitions. Additional ex
Slide 56: Business trends
Business trends
Slide 57: Total lending
Total lending EURbn 230 222 220 214 201 199 200 189 191 182 175 180 170 161 156 155 160 147 147 149 146 148 140 120 100 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 Q1/07 Q2/07 Corporate Housing loans Other loans Public sector 57
Slide 58: Household mortgages, volumes and margins
Household mortgages, volumes and margins EURbn % 85 1.6 80 1.5 75 79.0 74.9 76.3 1.4 70 71.8 65 69.4 1.3 66.9 65.2 60 63.0 1.2 60.1 55 56.6 57.8 1.1 54.7 50 52.9 1.0 49.6 45 46.8 48.2 44.2 0.9 40 42.7 35 0.8 30 0.7 25 0.6 20 0.5 15 0.4 10 5 0.3 0 0.2 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q
Slide 59: Retail consumer lending, volumes and margins
Retail consumer lending, volumes and margins EURbn % 4.8 16.9 16 16.4 15.6 4.3 15.4 14.9 14 3.8 13.9 14.2 13.5 13.8 12.9 13.2 12 12.7 12.1 12.2 12.4 12.4 12.2 12.5 3.3 10 2.8 2.3 8 1.8 6 1.3 4 0.8 2 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 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06
Slide 60: Lending to corporates (SME), volumes and margins
Lending to corporates (SME), volumes and margins EURbn % 1.4 84.9 80 81.1 78.4 1.3 70 70.9 73.2 73.4 70.0 67.9 1.2 64.0 65.3 60 61.0 57.3 57.3 57.4 58.1 58.5 56.7 56.3 1.1 50 1.0 40 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 Q
Slide 61: CIB lending, volumes and margins
CIB lending, volumes and margins* EURbn % 30 1.5 28 1.4 26 27.5 1.3 24 24.5 1.2 23.3 23.6 22 22.6 22.6 1.1 22.3 21.7 21.4 21.4 21.7 20 20.3 20.8 21.2 1.0 18 18.4 19.0 0.9 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 Q
Slide 62: Total deposits
Total deposits EURbn 133 126 126 130 119 119 116 113 120 108 105 105 106 110 96 98 97 100 95 93 91 92 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 Q1/07 Q2/07 Of which household deposits 62
Slide 63: Retail deposits, households, volumes and margins
Retail deposits, households, volumes and margins EURbn % 55 54.1 2.4 50 50.7 51.4 49.6 50.1 2.2 45 45.7 46.9 47.0 47.1 2.0 43.8 44.1 42.3 42.9 40 40.7 41.7 41.3 1.8 40.2 40.4 35 1.6 30 1.4 1.2 25 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 Q
Slide 64: Retail deposits, SME, volumes and margins
Retail deposits, SME, volumes and margins EURbn % 40 1.6 39.9 37.5 37.3 35 1.4 34.8 34.7 33.4 32.6 30 30.5 31.5 1.2 29.4 30.1 28.3 28.4 28.9 28.8 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 Q1/
Slide 65: CIB, deposits, volumes and margins
CIB, deposits, volumes and margins* EURbn % 30 0.60 28 28.9 0.55 26 27.1 0.50 24 25.0 22 23.2 0.45 22.1 22.3 21.8 20 21.0 20.4 21.2 0.40 18 18.5 0.35 17.9 18.0 16 15.4 0.30 14 14.4 15.2 14.9 12 13.3 0.25 10 0.20 8 0.15 6 0.10 4 2 0.05 0 0.00 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/0
Slide 66: Structural Interest Income Risk (SIIR)
Structural Interest Income Risk (SIIR) EURm, annualised effect on NII* Q2/07 Q1/07 Q2/06 Increasing market rates, 100bp 249 220 175 Decreasing market rates, 100bp -279 -249 -189 • Increasing SIIR following higher deposit volumes *Approx. end of period SIIR is defined as the effect on net interest in
Slide 67: Assets under management
Assets under management YoY EURbn 180 163 165 Up 15% or EUR 21bn 158 160 149 Value appreciation accounting 50% of the 144 increase 140 Net inflow the remaining 50% 120 Assets in Nordic Private Banking 100 up 28% or EUR 10bn 80 Q2oQ1 60 AuM up 1.4% Value appreciation and net outflow 40 20
Slide 68: Net inflows
Net inflows EURbn H1 5 3.3 Net inflow EUR 1.3bn 4 2.6 Strong inflow in Nordic Private 1.8 3 2.0 -1.3 Banking, EUR 2.9bn 2 Q2 1 Net outflow EUR 1.3bn Loss of a few large mandates within -1 Institutional clients and European Fund Distribution -2 Minor outflow from Nordic Retail funds to -3 s
Slide 69: Retail Banking profit before loan losses
Retail Banking profit before loan losses Q2/Q2 Up 15% EURm Increased penetration of SME customers 700 650 679 Revenues up 9% 600 550 595 588 595 601 NII up 10% 500 Significant contribution from deposits 450 Increased revenues from mortgage book Q2/Q1 400 350 Commissions up 9% 300 Len
Slide 70: Retail Banking
Retail Banking Denmark Finland Norway Sweden EURm Q2/07 Chg Q2/07 Chg Q2/07 Chg Q2/07 Chg Total income 393 10% 395 20% 188 5% 391 9% Total expenses -189 6% -174 5% -106 6% -217 0% Profit before loan losses 204 15% 221 34% 82 4% 174 23% Operating profit 206 4% 234 44% 80 -6% 163 12% Q2/07 Q2/06 Q2/07
Slide 71: CIB profit before loan losses
CIB profit before loan losses Q2/Q2 EURm Up 11% High business activity 180 187 160 174 Revenues up 13% 157 158 Poland and Baltics up 42% 140 145 Shipping, Offshore and Oil divisions up 26% 120 FID revenues up 10% CBD largely unchanged adjusted for IMB and a 100 single large transaction
Slide 72: CIB
CIB CBD FID SOOSD P&B EURm Q2/07 Chg* Q2/07 Chg Q2/07 Chg Q2/07 Chg Total income 99 -15% 88 10% 63 26% 44 42% Total expenses -36 -3% -38 12% -11 0% -28 40% Profit before loan losses 63 -20% 50 9% 52 33% 16 45% Operating profit 59 -49% 50 9% 52 33% 16 78% Q2/07 Q2/06 Q2/07 Q2/06 Q2/07 Q2/06 Q2/07 Q2/
Slide 73: Orgresbank
Orgresbank EURm Q2 2007 Income statement consolidated from Net interest income 13 Q2 Net fee and commission income 2 Focus on Russian corporate Net gains/losses on items at fair value 3 customers, Nordic corporate Other income 1 customers and personal customers in Total income 19 high-end segmen
Slide 74: Asset Management product result
Asset Management product result Q2/Q2 EURm Product result up 26% 120 Improved revenue margin and stable 110 113 expense margin 100 100 103 Strict cost management 90 Q2oQ1 80 82 70 78 Product result up 3%, annualised 60 12% 50 Improved asset mix 40 30 20 10 Key ratios Q2/07 Q2/06 0 Q2/06 Q3
Slide 75: Life insurance, product result
Life insurance, product result Q2/Q2 Up 29% EURm 90 Stable growth in Gross written premiums 80 Strong sales in Denmark and Poland 70 74 67 Improved investment result 60 61 58 Moderate cost development 50 52 40 Swedish Life market still effected by the regulatory changes 30 20 Key ratios
Slide 76: Group Treasury, operating profit
Group Treasury, operating profit EURm YoY 80 Strong investment earnings Supported by gain in OMX Successful money market positions in 60 42 Group funding Q2/Q1 32 32 40 Strong operating result despite increasing interest rates 34 20 21 39 27 28 10 6 0 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Group Inve
Slide 77: CRO Presentation
CRO Presentation
Slide 78: Nordea's IRB model approved
Nordea’s IRB model approved Corporate and Institutions included in 2007 Approx. 50% of credit portfolio Retail portfolio gradually to be included under IRB foundation Credit Risk Corporate Foundation Foundation Foundation Advanced Institutions Foundation Foundation Foundation Advanced Retail S
Slide 79: Gradual reduction of RWA through 2010
Gradual reduction of RWA through 2010 Credit risk RWA Corporate & Inst. Portfolio* Total credit risk Total RWA (13)% (13)% Basel 1 (22)% floor Basel 1 Market floor risk (12)% Market risk (16)% Op risk (31)% (36)% Market risk Market Basel 1 FIRB IRB AIRB (35)% Op risk risk Retail (41)% Op risk Retail
Slide 80: Nordea expects excess capital after full implementation of Basel II in 2010
Nordea expects to have excess capital after full implementation of Basel II in 2010 20% reduction in RWA Implications for Tier I capital 20% expected 250 16.0 reduction in RWA by 2010 incl. Pillar 200 14.0 13.5 2 effects 200 12.0 10.9 Reducing required 160 10.0 capital by approx 150 EUR 2.6bn by
Slide 81: Capital Adequacy Situation - Overview
Capital Adequacy Situation- Overview H1 2007 RWA Credit risk 160.4 IRB Foundation 90.3 Standardised 66.9 Basel I reporting entities 3.2 RWA Market risk 4.3 Trading book VaR 0.8 Trading book non-VaR 3.3 FX risk, other 0.1 RWA Operational risk 11.0 Total RWA Basel II 175.6 Total RWA, incl. floor 189.4
Slide 82: Implications of Basel II for Nordea
Implications of Basel II for Nordea Reduction of required capital over time Enhanced business processes Efficient processes for credit granting Focus on capital efficiency Improved risk management processes based on Improved data quality Creates Unified processes value Risk based pri
Slide 83: Nordea's model for pricing of credits
Nordea’s model for pricing of credits Income Lending margin Fees and commission Cost of Capital Company ratings – point in time Economic Capital Defined cost of Equity Expected losses - historical data on default statistics Current assessment of expected losses is on average 17bp
Slide 84: Managing pricing over the economic cycle
Managing pricing over the economic cycle Avoid long maturities with fixed pricing Price step-ups Pricing grids based on rating or covenants Low hold levels on unsatisfactorily priced deals - syndications % 5 years interest rate 7 6 5 4 3 2 1 0 00-01-03 00-05-03 00-09-03 01-01-03 01-05-03 01-
Slide 85: Credit spreads likely to increase when economic cycle turns
Credit spreads likely to increase when economic cycle turns Increasing default rates Increasing cost of capital Improved risk adjusted prices expected Æ Pricing power in lending is contra cyclical Rating distribution, corporate and sovereign customers 30.000 25.000 Exposure (EUR mill.) 20.000
Slide 86: Loan portfolio by customer category
Loan portfolio by customer category* EURbn 123 119 120 113 110 105 105 100 101 100 97 91 93 90 85 84 82 83 84 78 79 80 80 80 70 74 76 71 60 65 66 68 63 58 60 50 55 56 53 48 49 50 40 44 46 30 20 23 23 19 19 20 20 21 21 22 10 16 16 17 17 17 18 14 15 15 0 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04
Slide 87: Loan portfolio by customer group
Loan portfolio by customer group End Q2/07, EUR 229.6bn End Q2/06, EUR 198.8bn Public Public sector sector 1.8% 2.1% Household Household customers customers 44.8% Companies Companies 45.0% 53.5% 52.9% 87
Slide 88: Lending to household customers
Lending to household customers End of Q2/07 EUR 102.6bn Other loans comprise Other loans Consumer credits 22.9% Investment credits Car financing Overdraft facilities Credit cards Home equity credits Housing loans 77.1% 88
Slide 89: Lending to companies by industry
Lending to companies by industry End of Q2/07 EUR 123.1bn Other 7% Renting,Consulting and other services 11% Real estate 27% Finance 11% Construction 3% Agriculture & Fishing 5% Transp. & Communication 5% Manufacturing 16% Shipping & Offshore 5% Commerce and services 10% 89
Slide 90: Loan portfolio in figures
Loan portfolio in figures EURbn Q2/07 Q1/07 Q4/06 Q3/06 Q2/06 Household customers 102.6 98.7 96.4 91.9 89.4 Real estate 32.5 31.6 30.7 28.6 28.0 Construction 3.9 3.6 3.4 3.3 3.6 Transport, communication 6.3 6.7 5.9 5.9 5.8 Trade and services 11.8 12.6 11.1 10.8 10.4 Manufacturing 19.4 17.5 15.0 14.6
Slide 91: Lending by geographical area
Lending by geographical area End of Q2/07 EUR 229.6bn Latin America 0.6% Asien USA 0.9% 1.1% Nordic countries and P&B Other OECD 92.5% 0.4% Other 7.5% Other non OECD 0.6% EU countries 3.9% Nordic countries and P&B, EURbn Denmark 62.5 Sweden 59.9 Finland 44.5 Norway 39.6 91 P&B 6.2
Slide 92: Impaired loans and total allowances
Impaired loans and total allowances EURm Q2 2007 Q4 2006 Q2 2006 Impaired loans, gross, individually assessed 1,352 1,616 1,606 Allowances for individually assessed loans 659 764 899 Impaired loans, net, individually assessed 693 852 707 Impaired loans, net / lending (%) 0.30 0.40 0.36 Allowances, i
Slide 93: Impaired loans
Impaired loans EURm. End of Q2/07 Gross Provisions Net Household customers 329 125 204 Manufacturing 312 181 131 Trade and services 190 88 102 Other companies 37 37 0 Real estate 103 42 61 Renting, Consulting and other services 180 102 78 Agriculture & Fishing 33 15 18 Construction 45 18 27 Transpor
Slide 94: Loan losses
Loan losses YoY EURm Continued flow of recoveries and low 299 330 new provisions Stable credit quality in all markets 180 126 86 101 58 30 -13 -28 -54 -120 -89 -82 -147 -140 -140 -129 -270 -420 -381 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Gross Reversals Net 94
Slide 95: Economic capital
Economic capital
Slide 96: Economic capital (EC)
Economic capital (EC) EURbn 11 10 10.3 EC per business area 9.9 9 9.6 (EURm) Q2/07 9.2 9.3 9.0 8 Retail Banking 6,356 7 CIB 2,118 6 Asset Mgmt 107 5 4 Life 1,157 3 Treasury 456 2 GPT 119 1 Other 3 0 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Total 10,315 96
Slide 97: Economic capital – distribution
Economic capital – distribution End of Q2/07 Operational Life risk Asset Mgmt & Treasury Other risk 1% Life 4% 1% 9% Business risk 12% 10% CIB Market risk 21% 15% Retail Credit risk 62% 65% 97
Slide 98: Facts & figures
Facts & figures
Slide 99: Facts & Figures, content
Facts & Figures, content Business areas Page 100 Balance sheet Page 129 Market position Page 132 Appendix Page 133 99
Slide 100: Retail Banking
Retail Banking
Slide 101: Retail Banking lending and deposit volumes
Retail Banking lending and deposit volumes Lending, EURbn Q2/07 Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Denmark 55.6 54.3 52.5 48.7 47.5 45.5 45.1 43.2 Finland 42.1 40.9 39.5 38.6 37.7 36.4 35.6 34.8 Norway 33.3 30.5 28.8 27.4 26.8 26.0 25.2 24.3 Sweden 52.8 51.2 51.1 48.8 48.3 46.5 46.1 45.2 Depo
Slide 102: Retail Banking breakdown of lending
Retail Banking breakdown of lending Denmark, EURbn Q2/07 Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Corporate 23.7 22.9 21.9 19.1 18.2 18.2 18.1 17.0 Household mortgages 23.7 23.1 22.5 21.8 20.8 20.3 19.6 18.8 Consumer lending 6.9 6.7 6.5 6.3 6.0 5.8 5.8 5.8 Finland, EURbn Q2/07 Q1/07 Q4/06 Q3/06 Q2/
Slide 103: Retail Banking breakdown of lending
Retail Banking breakdown of lending Norway, EURbn Q2/07 Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Corporate 16.2 14.3 13.3 12.7 12.7 12.3 12.0 11.5 Household mortgages 16.1 15.3 14.7 14.0 13.3 12.8 12.4 11.9 Consumer lending 1.1 1.1 1.0 1.0 1.0 0.9 0.9 0.8 Sweden, EURbn Q2/07 Q1/07 Q4/06 Q3/06 Q2/06
Slide 104: Retail Banking breakdown of deposits
Retail Banking breakdown of deposits Denmark, EURbn Q2/07 Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Corporate 9.3 8.4 8.3 8.3 8.0 7.8 7.8 8.0 Households, current 3.5 3.2 3.4 3.3 3.4 3.1 3.2 3.1 accounts Households, savings 11.2 10.7 10.0 9.9 9.9 9.5 9.4 9.5 accounts Finland, EURbn Q2/07 Q1/07 Q4/06
Slide 105: Retail Banking breakdown of deposits
Retail Banking breakdown of deposits Norway, EURbn Q2/07 Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Corporate 10.4 9.6 8.8 8.3 8.3 7.7 7.4 6.9 Households, current 2.2 1.9 2.0 2.1 2.2 2.0 1.8 1.7 accounts Households, savings 4.1 4.0 3.9 3.8 3.7 3.7 3.7 3.9 accounts Sweden, EURbn Q2/07 Q1/07 Q4/06 Q3/0
Slide 106: Retail Banking margins
Retail Banking margins % Q2/07 Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Lending to SME’s 0.89 0.90 0.92 0.95 0.98 1.00 1.04 1.06 Mortgages, households 0.57 0.56 0.57 0.63 0.70 0.75 0.76 0.81 Consumer loans, 3.09 3.25 3.46 3.53 3.61 3.66 3.75 3.80 households Deposits, SME’s 1.08 1.06 1. 06 1.03 1.02
Slide 107: Payments & transactions
Payments & transactions
Slide 108: E-banking customers and payments
108 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- Oct-02 Feb-03 Jun-03 Oct-03 Feb-04 Jun-04 Oct-04 Feb-05 E-banking customers Jun-05 Oct-06 Feb-06 Jun-06 Oct-06 Feb-07 Jun-07 0 5 10 15 20 25 30 35 40 45 50 55 60 Mill. Q1/00 Q3/00 Q1/01 Q3/01 E
Slide 109: Issued debit and credit cards
109 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 Sep-03 Debit cards Jan-04 May-04 Sep-04 Jan-05 May-05 Sep-05 Cards, all customers Jan-06 Issued debit and credit cards Credit cards May-06 Sep-06 Jan-06 May-06 0 20 40 60 80 100 120 140 160 180 200 220 Mill.
Slide 110: Payment transactions, households
Payment transactions, households 250 200 150 100 50 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 Q1 07 Q2 07 Manual transactions Payment ATMs Card payments Cash withdrawal ATMs Direct debit Netbank payments 110
Slide 111: Payment transactions, households
Payment transactions, households Mill. H1 07 2006 2005 2004 2003 2002 Manual transactions 51.5 108.7 124.6 129.1 137.7 150.6 Pay terminals 7.3 16.3 19.7 23.6 27.1 31.7 Card payments 395.2 735.1 621.0 527.8 459.9 395.5 Cash withdrawal ATM 80.0 164.8 181.7 190.4 197.4 204.4 Direct debit 57.2 106.3 101
Slide 112: Corporate and Institutional Banking
Corporate and Institutional Banking
Slide 113: CIB lending and deposit volumes and margins
CIB lending and deposit volumes and margins Lending, EURbn Q2/07 Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Corporate Banking Division 14.5 12.9 12.7 12.0 12.7 12.0 11.1 10.9 Financial Institutions Division 2.8 1.7 1.5 1.3 1.5 2.0 1.7 1.8 SOOS 10.2 9.9 9.4 9.1 9.1 8.6 8.5 8.1 Poland and Baltic 6.2 5.
Slide 114: Nordea operations in New European Markets
Nordea operations in New European Markets End of Q2/07 Estonia Latvia Lithuania Poland Russia Total Customers 59,250 51,950 62,600 387,300 29,300 1,319,4001 Branches/salespoints 18 19 12 48 35 132 Number of FTEs 301 385 222 937 1,113 2,969 Total assets, EURm 1,509 1,923 1,178 2,387 918 7,914 Commitm
Slide 115: Asset Management & Life Insurance
Asset Management & Life Insurance
Slide 116: Breakdown of AuM by market and channels
Breakdown of AuM by market and channels Retail funds* Fund sales Q2/07 (sold through through Private Institutional Life & Total by EURbn own distribution) third-parties Banking customers Pensions** market Denmark 8.7 - 19.5 11.7 18.8 58.7 Finland 7.9 - 16.9 5.5 9.2 39.5 Norway 1.9 - 2.8 3.7 5.4 13.8
Slide 117: Asset Management margins
Asset Management margins Bps 79 80 71 72 67 65 70 Improved income margin Q2/Q2 60 Underlying changes in income margin 50 43 37 mix – both management fee margins 40 36 32 31 and transaction income margins 30 improved, with management fee margin 20 improvements accounting for the 10 majority of th
Slide 118: Asset structure
Asset structure* Q2/07 Q2/06 Int'l. fixed Int'l. fixed income income 18% 14% Nordic fixed Nordic Nordic income equities fixed 41% 14% income Nordic 46% equities 15% Int'l. Int'l. equities equities 26% 26% *Average AuM for Asset Management activities excl. Nordic Private Banking activities. 118
Slide 119: European fund distribution
European fund distribution EURbn 8,000 7,000 6,000 5402 5,000 4,000 3,000 2,000 1,000 0 -1,000 666 Q1/02 Q3/02 Q1/03 Q3/03 Q1/04 Q3/04 Q1/05 Q3/05 Q1/06 Q3/06 Q1/07 Inflow AuM 119
Slide 120: 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 121: Life - profit drivers
Life - profit drivers EURm Q2/07 Q1/07 Q4/06 Q3/06 Q2/06 Traditional insurance Fee contribution/profit sharing 38 37 47 34 35 Contribution from cost result -1 -1 -4 0 -4 Contribution from risk result 7 5 9 6 6 Inv. return on Shareholders Equity 2 8 11 6 1 Other profits 10 -3 4 5 5 Total Profit Tradi
Slide 122: Life – net written premiums by market
Life – net written premiums by market EURm Q2/07 Q1/07 Q4/06 Q3/06 Q2/06 Denmark 299 329 328 244 262 Norway 154 257 205 134 205 Finland 178 213 238 151 221 Sweden 87 97 191 95 153 Other 98 125 150 97 124 Total 816 1.021 1.112 720 964 122
Slide 123: Life, investments
Life, investments EURbn 35 33.6 Equities 32.5 33.0 30.3 31.1 Predominantly listed equities 30 1/3 Nordic, 2/3 international 25 Bonds 20 3/4 Nordic issuers Primarily government and 15 mortgage institutions 10 5 0 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Equities Real Estate Alternative investments B
Slide 124: Life - asset allocation
Life - asset allocation Total, EURbn Equities, % Q2/07 Q1/07 Q2/07 Q1/07 Denmark 14.7 14.5 27 26 Finland 8.8 8.8 19 20 Norway 5.0 4.9 22 21 Sweden 3.7 3.6 13 13 Total 33.3 33.0 23 23 124
Slide 125: Life - solvency situation
Life - solvency situation End of Q2/07 Required Actual Solvency Solvency in % of EURm solvency solvency buffer requirement Denmark 517 669 152 129 Finland 232 779 548 337 Norway* 179 414 235 231 Sweden** 67 118 51 177 * Excluding unit linked company ** Nordea Life Sweden I 125
Slide 126: Life – solvency sensitivity
Life – solvency sensitivity End of Q2/07 Denmark Finland Norway Sweden Solvency in % of requirement 129 337 231 177 Equities drop 12% 125 261 231 146 Interest rates down 50bp 128 372 231 212 Interest rates up 50bp 129 303 231 142 126
Slide 127: Life – financial buffers
Life – financial buffers EURm % of total provisions Q2/07 Q1/07 Q2/07 Q1/07 Denmark 1,574 1,503 14.0 13.3 Finland 394 386 7.5 7.3 Norway 268 228 6.7 6.1 Sweden 267 220 16.9 13.6 Total 2,503 2,337 11.4 10.6 127
Slide 128: Life – buffers in different scenarios
Life – buffers in different scenarios End of Q2/07 EURm Denmark Finland Norway Sweden Financial buffers, actual 1,574 394 268 267 Equities drop 12% 1,311 218 179 246 Interest rates down 50bp 1,581 474 269 218 Interest rates up 50bp 1,521 314 267 309 128
Slide 129: Balance sheet
Balance sheet
Slide 130: Balance sheet
Balance sheet 30 June 29 Dec 30 June EURm 2007 2006 2006 Treasury bills and other eligible bills 8,513 6,678 7,653 Loans and receivables to credit institutions 28,561 26,792 27,301 Loans and receivables to the public 229,583 213,985 198,842 Derivatives 30,998 24,207 24,747 Other assets 77,348 75,228
Slide 131: Market position
Market position
Slide 132: Market position in Nordic markets
Market position in Nordic markets Market shares Denmark Finland Norway Sweden Personal customers - mortgage lending 15.4% 31.1% 12.0% 15.4% - consumer lending 14.3% 30.7% 11.4% 9.9% - deposits 21.3% 32.6% 8.4% 17.8% Corporate customers - lending 19.4% 35.4% 16.3% 13.5% - deposits 25.1% 38.5% 18.1% 1
Slide 133: Appendix
Appendix
Slide 134: Ratings
Ratings Moody’s S&P Fitch DBRS Short Long Short Long Short Long Short Long Nordea Bank AB P-1 Aa1 A-1+ AA- F1+ AA- R-1 (high) AA Nordea Bank D P-1 Aa1 A-1+ AA- F1+ AA- R-1 (high) AA Nordea Bank F P-1 Aa1 A-1+ AA- F1+ AA- R-1 (high) AA Nordea Bank N P-1 Aa1 A-1+ AA- F1+ AA- R-1 (high) AA Nordea Hypot
Slide 135: Total shareholder return (TSR) Ytd 2007
135 B an k % of -25 -15 -5 5 15 25 35 45 Irl A a nd lli ed H bo Iri h s s B a D nk an D s nB ke N O R SH B B ar c Sa la y nt s an Er de st e r Ba n (2/1 2007 – 29/6 2007) Sw ed k ba n Ll k U o yd ni cr s ed ito SE N B or de a R B 3.7 So O ci S et B e N G Total shareholder return (TSR) Ytd 2007 en P
Slide 136: Largest registered shareholders, end June 2007
Largest registered shareholders, end June 2007 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 Sampo Oyj 81.1 3.1 % 9.2 Robur Funds 65.4 2.5 % 1.6 SHB/SPP Funds 53.8 2.1 % 0.6 Alecta 46.8 1.8 % -1.4 A
Slide 137: Market development – interest rates
Market development – interest rates Change % 30-03-07 30-06-07 Q2/07 Short, EUR (one week) 3.77 4.01 0.24 Long, EUR (5 years) 4.12 4.77 0.65 Short, DK 3.95 4.26 0.31 Long, DK 4.27 4.95 0.68 Short, NO 4.05 4.43 0.38 Long, NO 5.11 5.74 0.63 Short, SE 3.28 3.47 0.19 Long, SE 4.18 4.81 0.63 137
Slide 138: Macro data – Nordic market
Macro data – Nordic market % 2006 2007e 2008e Gross domestic product DK 3.2 1.9 1.4 FI 5.5 3.5 3.3 NO 2.9 3.9 2.1 SE 4.4 3.3 2.8 Inflation DK 1.9 1.7 1.9 FI 1.6 2.0 1.9 NO 2.3 0.8 2.6 SE 1.4 1.9 1.4 Private consumption DK 3.4 1.9 1.5 FI 3.0 2.8 3.0 NO 4.3 4.0 2.0 SE 2.8 3.8 2.8 Unemployment DK 4.5 3
Slide 139: Financial calendar 2007
Financial calendar 2007 Q3 report 2007 will be published 25 October (please note change of date) www.nordea.com/ir 139
Slide 140: 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