Nordea Bank Abp · OMXHEX:NDA_FI
Nordea Bank Abp — Nordea — Q3 2001 Earnings Presentation
161 slides from Nordea Bank Abp's earnings presentation, Oct 30, 2001
Slide 1: Presentation for Investors October 2001
Presentation for Investors 30 October 2001 Nordea ™
Slide 2: Contents
Contents l Nordea l Key figures and trends l Group P&L l Business areas l Balance sheet l Asset quality, special feature presentation Q3/01 l Appendix 2
Slide 3: Nordea
Nordea™ Nordea
Slide 4: Our mission and vision
Our mission and vision Mission Making it possible. Vision We will be valued as the leading financial services group in the Nordic and Baltic financial markets with a substantial growth potential. We will be number one or number two or show superior profitable growth in every market and product area
Slide 5: Nordea Corporate Statement
Nordea Corporate Statement Mission Making it possible. Vision We will be valued as the leading financial services group in the Nordic and Baltic financial markets with a substantial growth potential. We will be number one or number two or show superior profitable growth in every market and product a
Slide 6: Strategic choices
Strategic choices l Universal multi-channel bank with bancassurance l Nordic and local • The Nordic countries are Nordea’s home market • Growth by share of wallet • The Baltic countries and Poland are Nordea’s emerging home market • Growth by share of market l Electronic and personal l Partnership l
Slide 7: Achievements
Achievements l Uniform financial language and reporting l Integrated risk management l Common Group strategy and policies l Group IT Strategy l BA integration and cross-border product launches l Legal structure to be aligned with BA structure l One-brand banking from December 2001 7
Slide 8: Integration progress - branding
Integration progress - branding l All retail banking operations will change branding to Nordea in December • Decision is based on careful commercial analyses • Integration is progressing ahead of schedule l Asset Management and Corporate and Institutional Banking adopted the Nordea brand early this
Slide 9: Nordea shall create value for shareholders
Nordea shall create value for shareholders in line with the best among European listed financial services companies Realised Targets Value drivers Performance indicators YtD 2000 2003 ü Profitability Total shareholder return…… 46.5 % Return on equity……………. 13.8 % 16.1 % >Euro rfr+8% ü Cost control R
Slide 10: Strong distribution network throughout the Nordic and Baltic Sea region
Strong distribution network throughout the Nordic and Baltic Sea region Finland Branch offices 464 Personnel 11,339 Sweden Branch offices 272 Helsinki Personnel 6,707 Bergen Stockholm Norway St Petersburg Branch offices 155 Oslo I-service centres 40 Tallinn Tartu Personnel 5,500 Copenhagen Gdynia Ri
Slide 11: Large banking customer base with high penetration in netbanking
Large banking customer base with high penetration in netbanking Baltic Sea Denmark Finland Norway Sweden region Total Retail customers (1.000) Household customers 1.700 3.100 500 3.600 50 8.900 Corporate customers 60 330 60 110 11 600 Netbanking customers (1.000) 335 1,090 170 910 7 2,510 Large Nord
Slide 12: Large insurance customer base with cross-selling potential
… and large insurance customer base with cross-selling potential Denmark Finland Norway Sweden Poland Total General insurance (1.000) Household customers 765 - 355 - 222 1.350 Corporate customers 180 - 45 - 20 250 Life insurance and pensions (1.000) Household customers 470 215 24 420 35 1.100 Corpor
Slide 13: The merger process to date
The merger process to date - establishing the pan-Nordic platform 1995-1996 1997 1998 1999 2000 Sweden Finland Denmark Norway CHRISTIANIA BANK OG KREDITKASSE 13
Slide 14: Top European banks by market cap
Top 25 European banks by market cap HSBC RBS UBS Lloyds TSB Barclays Credit Suisse HBOS BSCH BBVA BNP Paribas Deutsche Bank ABN AMRO Société Générale Abbey National Unicredito Italiano HVB San Paolo IMI Nordea Intesa BCI Den Danske Bank BCP Allied Irish Banks SHB KBC Mediobanca 0 10 20 30 40 50 60 7
Slide 15: Key figures and trends Q3 2001
Nordea™ Key figures and trends Q3 2001
Slide 16: Stable earnings
Stable earnings l Profit excl investment earnings EUR 1,530m Jan-Sep (EUR 1,501m Jan-Sep 2000) l Operating profit EUR 1,460m Jan-Sep (EUR 1,962m) l Costs down in third quarter l Earnings per share EUR 0.35 Jan-Sep (EUR 0.47) 16
Slide 17: Changed market conditions
Changed market conditions l Specific loan losses, mainly within acquisition finance in Denmark and on a very limited number of corporate customers, amounted to EUR 113m in Q3 l An additional provision of EUR 100m was made due to worsened economic outlook reflecting recent world events. l Assets unde
Slide 18: Second Wave Integration initiated
Second Wave Integration initiated l Realised merger synergies EUR 120m, target for 2001, EUR 145m - on track l Change in business organisation l The second wave of integration programme has been initiated, including a structural cost reduction programme to ensure the long-term target of a cost/incom
Slide 19: Review of strategic alternatives for General Insurance activities
Review of strategic alternatives for General Insurance activities l Dialogue with Tryg i Danmark smba on future ownership structure l The aim is to create a “Win-Win” - situation • Continued full cross selling potential • More efficient use of capital • New opportunities to participate in ongoing co
Slide 20: Business structure November 2001
Business structure 1 November 2001 Group CEO Group Staffs IT, HR, Identity and Communications and Legal Management secretariat Group Corporate Centre Finance/Planning, Treasury, Credit and Risk Control and IR Corporate and Asset Management and Retail Banking General Insurance Institutional Banking L
Slide 21: Group Executive Management
Group Executive Management l Group CEO Thorleif Krarup –Management Secretariat l Retail Banking Lars G Nordström l Corporate and Institutional Banking Markku Pohjola l Asset Management and Life Christian Clausen l Group Staffs Tom Ruud – IT, HR, Identity and Communications and Legal l Group Corporat
Slide 22: Core earnings
Core earnings EURm 800 700 l Stable underlying earnings 600 677 603 604 l Total income satisfactory in 500 524 570 555 400 454 473 light of market developments 300 356 200 l Costs reduced 228 100 100 42 21 110 l Loan losses include EUR 0 -100 -93 100m general provision -200 Q3/00 Q4/00 Q1/01 Q2/01 Q
Slide 23: Key figures
Key figures C/I Ratio, banking* Combined ratio, general % % insurance** 70 120 60 100 60 105 100 50 55 80 40 60 30 40 20 10 20 0 0 Q2/01 Q3/01 Q2/01 Q3/01 * Operating expenses excluding goodwill as a ** Claims and expenses as a percentage of net percentage of operating income and share of P/L from p
Slide 24: Key figures
Key figures Earnings per share Return on Equity EUR % 0,4 20 0,35 0.35 17.3 0,3 15 0,25 13.8 0,2 10 0,15 9.0 0,1 5 5.8 0,05 0.06 0 0 Jan-Sep Q3/01 Jan-Sep Q3/01 Return on equity Excl. goodwill 24
Slide 25: Group P & L Q3 2001
Nordea™ Group P & L Q3 2001
Slide 26: Income statement summary
Income statement summary EURm Q3/01 Q2/01 Change, % Income 1,487 1,620 -8 Expenses -947 -977 -3 Loan losses -213 -59 Equity method 29 20 45 Profit excl. investment earnings 356 604 -41 Investment earnings -93 110 Goodwill -35 -37 Operating profit 228 677 -66 26
Slide 27: Income statement summary
Income statement summary Jan-Sep Jan-Sep Change, Adj. for EURm 2001 2000 % CBK, % Income 4,666 3,908 19 8 Expenses -2,879 -2,413 19 3 Loan losses -317 -57 Equity method 60 63 -5 -15 Profit excl. investment earnings 1,530 1,501 2 -3 Investment earnings 38 531 -93 -93 Goodwill -108 -70 Operating profi
Slide 28: Income
Income EURm 1800 1600 1400 687 735 1200 631 627 1000 565 800 600 872 885 856 400 733 757 200 0 Q3/00 Q4/00 Q1/01 Q2/01 Q3/01 Net interest income Non-interest income 28
Slide 29: Net interest income
Net interest income EURm 1000 l Slightly reduced average 900 lending volumes during 872 885 800 856 the quarter 700 733 757 l Deposit margins 600 somewhat lower than in 500 Q2 400 300 l Margins on new loans to 200 the corporate sector gradually increasing 100 0 Q3/00 Q4/00 Q1/01 Q2/01 Q3/01 29
Slide 30: Commission income
Commission income EURm 400 l Falling stock exchange 380 360 indexes worldwide 368 370 361 340 l Turnover volumes 320 322 showed a marked 320 300 decrease in Q3 280 l Commissions from 260 240 payments continued to 220 increase 200 Q3/00 Q4/00 Q1/01 Q2/01 Q3/01 30
Slide 31: Commission income
Commission income EURm 500 48 42 55 400 44 81 75 91 30 84 73 300 68 79 60 56 55 200 117 103 129 127 130 100 122 130 113 116 104 0 -64 -74 -73 -73 -77 -100 Q3/00 Q4/00 Q1/01 Q2/01 Q3/01 Asset management Payments & deposits Brokerage Lending Other Expenses 31
Slide 32: Trading
Trading EURm 180 l Income from trading stable 160 156 at high level 140 120 128 131 l High quality earnings 100 108 – Customer driven 80 94 revenue stream 60 40 20 0 Q3/00 Q4/00 Q1/01 Q2/01 Q3/01 32
Slide 33: Income from insurance
Income from insurance EURm 200 l Lower premiums - Life 180 185 160 – Acquired portfolio 140 142 boosted premiums in Q2 120 129 134 l Higher claims - General 100 102 80 60 40 20 0 Q3/00* Q4/00 Q1/01 Q2/01 Q3/01 *Negative hurricane impact Q3/00 EUR 10 m 33
Slide 34: Expenses
Expenses EURm 1000 421 l Lower costs than in Q2 414 418 429 l Continued realisation of 800 331 synergies l Somewhat lower 600 activity level during the 541 556 529 summer 478 400 454 200 0 Q3/00 Q4/00 Q1/01 Q2/01 Q3/01 Personnel Other 34
Slide 35: Total IT-related expenses
Total IT-related expenses EURm 250 As % of total expenses 225 2000 22.7% Q1/01 20.2 % 200 202 200 193 Q2/01 20.7 % 175 Q3/01 21.1 % 150 125 100 Q1/01 Q2/01 Q3/01 *Computer operations, service expenses, consultants and personnel 35
Slide 36: Restructuring reserve
Restructuring reserve EURm Originally, Unidanmark 200 Utilised Q2/00 -16 Utilised Q3/00 -16 Utilised Q4/00 -39 Remaining reserve 129 Originally, CBK 90 Remaining reserve Jan 2001 219 Utilised Q1/01 -18 Utilised Q2/01 -24 Utilised Q3/01 -7 Remaining reserve Oct 2001 170 36
Slide 37: Loan losses
Loan losses EURm l Specific loan losses EUR 225 113m: 200 100 – Within acquisition finance in 175 Denmark 150 125 – Limited no. of corporate clients 100 113 l General provision EUR 100m 75 – Worsened economic outlook 50 59 45 25 l 0.33% ytd of total loans 20 22 0 Q3/00 Q1/01 Q3/01 General provision
Slide 38: Investment earnings
Investment earnings EURm Q3/01 Q2/01 Q1/01 Q4/00 Q3/00 Treasury 1 25 68 34 30 Life insurance -54 19 -17 -2 15 General insurance -35 11 -32 -10 38 Other -5 55 2 20 17 Investment earnings -93 110 21 42 100 38
Slide 39: Business areas
Nordea™ Business areas
Slide 40: Results by business area
Results by business area EURm 500 471 429 400 300 200 93 100 65 50 42 36 35 21 1 0 -4 -1 -24 -49 -100 -200 Retail CIB Asset IB Life* General Treasury Mgmt* *Product result for Asset Management and Life Q2/01 Q3/01 40
Slide 41: Retail Banking
Nordea™ Retail Banking
Slide 42: Retail Banking operating profit
Retail Banking operating profit EURm 500 l Stable performance 450 460 471 429 l Slight decrease in net 400 423 interest income due to 350 lower short-term interest 345 300 rates 250 l Net commissions affected 200 by the negative 150 development in the 100 financial markets 50 l Electronic services 0
Slide 43: Retail Banking operating profit by market
Retail Banking operating profit by market Retail EURm Banking DK FI NO SE P&B Operating profit 429 101 148 52 127 1 C/I ratio % 56 58 49 61 58 89 RoE % 22 18 35 15 21 5 43
Slide 44: Retail operating profit by market
Retail operating profit by market Retail DK FI NO SE P&B EURm Q3 Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q Q2 3 Net interest income 784 799 215 235 245 250 98 96 221 212 6 6 Non-interest income 271 301 69 84 68 74 39 37 93 102 2 4 Total income 1,055 1,100 284 319 313 324 137 133 314 314 8 10 Total expenses -592
Slide 45: Retail Banking lending
Retail Banking lending EURbn. End of period 40 35 34.4 34.9 30 25 26.2 26.3 20 20.9 21.2 15 15.9 15.4 10 5 0 Denmark Finland Norway Sweden Q2/01 Q3/01 45
Slide 46: Retail Banking deposits
Retail Banking deposits EURbn. End of period 25 20 20.0 20.0 15 15.7 16.1 13.5 13.5 10 8.6 8.7 5 0 Denmark Finland Norway Sweden Q2/01 Q3/01 46
Slide 47: Retail Banking deposits
Retail Banking deposits EURbn. End of September 25 20 8.1 15 3.9 2.3 10 5.7 6.2 5.9 1.1 2.8 5 5.3 6.1 4.8 5.9 0 Denmark Finland Norway Sweden Corporate Household - saving accounts Household - current accounts 47
Slide 48: Corporate and Institutional Banking (CIB)
Nordea Corporate and Institutional Banking (CIB)
Slide 49: CIB operating profit
CIB operating profit EURm 160 l Stable overall income and cost 140 140 development 120 119 100 l Custody income affected by 80 93 weak equity markets 60 74 l Increase in loan loss 40 20 provisions 0 l EUR 75m of general provision -4 -20 Q3/00 Q4/00 Q1/01 Q2/01 Q3/01 49
Slide 50: CIB operating profit by main area Q3
CIB operating profit by main area Q3 Corporate Shipping & Inter- EURm CIB Division Offshore national Other Markets Profit before 148 80 37 22 9 62 loan losses Loan losses -164 -33 -9 -6 -116 - Country risk 11 - - 10 1 - Equity method 1 - - - 1 - Operating profit -4 47 28 26 -105 62 C/I ratio % 46 50
Slide 51: CIB operating profit by main area
CIB operating profit by main area Corporate Shipping & Inter- CIB Division Offshore national Other Markets EURm Q3 Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q3 Q2 Total income 273 275 139 146 44 47 43 52 47 30 110 96 Total expenses -125 -126 -59 -55 -7 -7 -21 -22 -38 -42 -48 -47 Profit bef. loan loss 148 149 80 91
Slide 52: CIB net loan losses
CIB net loan losses EURm Q3/01 Q2/01 Q1/01 Corporate division 33 2 -8 Shipping division 9 12 -16 International division 6 11 0 Aquisition finance 41 25 48 Total 89 50 24 General provision 75 0 0 Country risk -11 10 6 Total 153 60 30 52
Slide 53: CIB lending volume
CIB lending volume EURbn. End of period 35 30 31.6 30.6 25 20 18.8 18.2 15 10 5 7.3 7.2 4.5 4.2 0 Corporate Division Shipping and International Total offshore Q2/01 Q3/01 53
Slide 54: Asset Management
Nordea™ Asset Management
Slide 55: Asset Management, product result
Asset Management, product result EURm 80 l Continued deterioration in 70 75 75 68 equity markets 60 65 l Assets under management 50 down 13% to EUR 87bn 50 40 l Inflows and customer 30 trading down, asset mix 28 20 25 27 shifting to fixed income 20 17 10 l European fund sales surpass Nordic for firs
Slide 56: Assets under management, volumes
Assets under management, volumes EURbn 120 100 80 33.2 42.2 37.1 60 21.7 22.3 40 19.5 41.6 36.0 20 30.6 0 Q1/01 Q2/01 Q3/01 Investment funds Private banking Investment management 56
Slide 57: Asset structure – Investment Management
Asset structure – Investment Management* Dec 2000 Sep 2001 EUR 75bn EUR 66bn Int'l. fixed Int'l. fixed Nordic income income equities Nordic 6% 10% equities 20% 28% Inter- national Int'l. equities equities 32% 28% Nordic Nordic fixed fixed income income 42% 34% *Gross figures 57
Slide 58: Asset structure – Investment Funds
Asset structure – Investment Funds June 2001 Sep 2001 EUR 36.0 bn EUR 30.6 bn Fixed income Fixed funds income 28% funds Equity 35% funds 49% Equity funds 55% Balanced funds Balanced 17% funds 16% 58
Slide 59: Investment Funds volumes and margins
Investment Funds volumes and margins Volumes, End of period, EURbn Margins % 20 1,6 18 1,4 18.2 1.44 16 1,2 1.32 14 15.1 1.15 12 1,0 1.09 1.14 1.01 10 0,8 9.8 8 0,6 8.3 6 0.60 0,4 0.5 4 4.2 3.9 0,2 2 1.7 1.4 0 0,0 DK FI NO SE DK* FI NO SE Q2/01 Q3/01 Jan-June Q3/01 * Net margin 59
Slide 60: Investment Banking
Nordea™ Investment Banking
Slide 61: Investment Banking operating profit
Investment Banking operating profit EURm 14 l Income from equities and 12 12 equity capital market 10 transactions declined 8 due to adverse market 6 conditions 4 5 l Nordic M&A transactions 2 2 1 on average smaller 0 -1 -2 Q3/00 Q4/00 Q1/01 Q2/01 Q3/01 61
Slide 62: Investment Banking
Investment Banking EURm Q3/01 Q2/01 Equities 17 20 Corporate Finance 10 22 Total revenues 27 42 Total expenses -28 -41 Operating profit -1 1 62
Slide 63: Equity market development
Equity market development Market volume Market index Q3 Change Q3 2001 Q3 vs Q2 2001 EURbn % % Denmark 13 -43 -19 Finland 39 -23 -27 Norway 13 -33 -24 Sweden 88 -24 -20 63
Slide 64: Life Insurance and Pensions
Nordea™ Life Insurance and Pensions
Slide 65: Life Insurance and Pensions, product result
Life Insurance and Pensions, product result EURm 30 l Lower premiums in the third 20 23 quarter primarily due to the 10 15 19 0 0 0 3 5 portfolio acquisition in second -2 -10 quarter -17 -20 l Negative investment earnings -30 -40 due to fall in equity prices -50 -54 -60 Q3/00 Q4/00 Q1/01 Q2/01 Q3/01
Slide 66: Life Insurance
Life Insurance 2001 2000 EURm Q3 Q2 Q1 Q4 Q3 - Premiums written, net 458 746 684 710 584 - Technical result 5 23 3 0 0 - Investment earnings -54 19 -17 -2 15 - Product result -49 42 -14 -2 15 66
Slide 67: Life insurance and Pensions Q3
Life insurance and Pensions Q3 EURm Denmark Finland Norway Sweden Other Total Premiums written net 160 165 69 59 5 458 Of which traditional life insurance 145 135 49 30 0 359 unit link 15 30 20 29 5 99 Investment return -355 -96 -70 -320 -7 -847 Benefits 213 -66 11 266 4 428 Expenses -13 -4 -10 -4 -
Slide 68: Life and Pensions - investments
Life and Pensions - investments EURbn. End of period 25 l Equities 20 3.4 – Predominantly listed equities 3.1 3.0 2.6 3.1 1.2 1.5 1.5 1.7 15 1.2 – 50/50 Nordic/international l Bonds 9.0 8.8 10.5 10.6 10 10.8 – ¾ Nordic issuers 6.4 – Primarily govmn’t & mortgage inst. 5 5.9 5.5 5.0 4.4 l Total portfo
Slide 69: General Insurance
Nordea™ General Insurance
Slide 70: General Insurance, operating profit
General Insurance, operating profit EURm 50 l Increased premiums 40 38 30 l Reduced expense ratio 20 25 l Higher claims 10 11 11 7 1 0 l Negative investment earnings -10 -10 -13 due to fall in equity prices -20 -32 -30 -35 -40 Q3/00 Q4/00 Q1/01 Q2/01 Q3/01 Technical result Investment earnings 70
Slide 71: Combined ratio by main market
Combined ratio by main market % 120 115 100 107 106 107 105 101 100 101 100 96 80 60 40 20 0 Q3/00 Q4/00 Q1/01 Q2/01 Q3/01 Denmark Norway 71
Slide 72: General insurance
General insurance EURm Q3/01 Q2/01 Q1/01 Premiums gross 470 453 428 Premiums net 379 375 358 Technical interest 27 31 27 Claims -302 -285 -287 Expenses -93 -96 -97 Technical result 11 25 1 Investment earnings -35 11 -32 Operating profit -24 36 -31 72
Slide 73: General Insurance Q3
General Insurance Q3 EURm Denmark Norway TBi Poland Other Total Premiums gross 220 176 56 17 - 470 Premiums, net 198 133 37 11 - 379 Technical interest 11 14 3 0 - 27 Claims -158 -106 -31 -7 - -302 Expenses -47 -27 -13 -4 -2 -93 Technical result 4 13 -4 0 -2 11 Investment earnings -16 -16 3 -2 -4 -3
Slide 74: General Insurance - investments
General Insurance - investments EURbn. End of period 3 l Equities: 2,5 0.4 0.4 – Predominantly listed equities 0.4 0.4 2 1.7 1.8 0.4 1.5 1.6 – 50/50 Nordic/international 1.4 1,5 l Bonds 1 – 2/3 Nordic issuers 0,5 – Primarily govmn’t & mortgage 0.5 0.4 0.4 0.4 0.4 inst. 0 l Total portfolio Q3/00 Q4/0
Slide 75: Treasury
Nordea™ Treasury
Slide 76: Treasury operating profit
Treasury operating profit EURm 90 l Volatile financial markets 80 68 l Reduced equity risk exposure 70 60 l Negatively affected by weak 50 equity markets 40 l Positively influenced by falling 30 34 34 35 interest rates 20 21 10 12 0 Q3/00 Q4/00 Q1/01 Q2/01 Q3/01 Reclassification effect Q1/01 76
Slide 77: Operating profit by main area
Operating profit by main area Investment & Risk Trading Internal Bank Total Fixed income Equity portfolios portfolios Q3/01 Q2/01 Q3/01 Q2/01 Q3/01 Q2/01 Q3/01 Q2/01 Income 65 -62 -60 89 25 18 Expenses -2 -2 -2 0 -5 -8 Profit excl. Investment earnings 20 10 20 10 Investment earnings 1 25 63 -64 -62
Slide 78: Treasury investment portfolio
Treasury investment portfolio EURbn. End of period 14 l Equities 13,5 0.9 0.8 13 – Listed, unlisted & private equity 1.0 12,5 12.9 12.9 funds 12.4 0.6 0.7 12 l Bonds 11.9 11,5 11.7 – ¾ Nordic issuers 11 10,5 – Primarily govmn´t & mortgage inst. 10 Q3/00 Q4/00 Q1/01 Q2/01 Q3/01 Fixed income Equities
Slide 79: Balance Sheet
Nordea™ Balance Sheet
Slide 80: Balance sheet - key items
Balance sheet - key items EURbn, end of period Sep 01 June 01 March 01 Lending 134 135 131 Deposits 81 81 77 Shareholders’ equity 11 11 11 Total assets 231 233 233 Risk-weighted assets 134 135 136 80
Slide 81: Balance sheet structure - assets
Balance sheet structure - assets EURbn End of period 140 134 120 129 100 80 60 40 20 28 29 23 22 22 22 19 15 7 5 0 Lending Interest Loans Assets, Other Other bearing and insurance assets, securities advances banking to credit inst. Q4/00 Q3/01 81
Slide 82: Real estate holdings
Real estate holdings End of period Book value, EURbn Q3/01 Q2/01 Q1/01 Owner occupied properties* 1.4 1.4 1.4 Shares in real estate holding companies 0.3 0.4 0.4 Other property investments 0.4 0.5 0.5 Investments of the insurance companies 1.9 1.8 1.8 Total 4.1 4.1 4.1 *30.09.01: Finnish companies 0
Slide 83: Balance sheet structure – liabilities and equity
Balance sheet structure – liabilities and equity EURbn. End of period 90 80 79 81 70 60 50 56 56 40 30 33 29 20 19 21 21 21 10 11 11 9 8 0 Deposits Debt Deposits by Other Liabilities, Shareholder´s Other securities in credit inst. liabilities, insurance equity issue banking Q4/00 Q3/01 83
Slide 84: Lending and deposits
Lending and deposits Lending Deposits EURbn. End of period EURbn 140 140 131 135 134 120 129 120 100 110 100 80 80 79 77 81 81 60 60 67 40 40 20 20 0 0 Q3/00 Q4/00 Q1/01 Q2/01 Q3/01 Q3/00 Q4/00 Q1/01 Q2/01 Q3/01 84
Slide 85: Capital adequacy
Capital adequacy Tier1 ratio Total capital ratio %. End of period % 10 10 9 9 9.4 9.3 8 8 7 7 6 6.8 6.9 6 5 5 4 4 3 3 2 2 1 1 0 0 Dec 00 Sept 01 Dec 00 Sept 01 85
Slide 86: Capital base
Capital base EURm End of Sep 01 Shareholder´s equity 11,181 Calculated dividend (40% of net profit) -352 Profit not included July–Sep -165 Companies not included in the financial group -23 Shareholder´s equity in the capital base 10,641 Hybrid capital 755 Minority interests 29 Group goodwill -2,090
Slide 87: Special feature presentation Q3/01
Special feature presentation Q3/01 87
Slide 88: Macroeconomic forecast – evolution of GDP growth outlook
Macroeconomic forecast – evolution of GDP growth outlook 2001 2002 Forecast made in: 05/01 08/01 09/01 05/01 08/01 09/01 USA 1.7 1.7 1.3 3.0 2.7 2.0 Euro area 2.5 1.8 1.6 2.9 2.4 2.1 Denmark 1.3 1.1 1.0 2.0 2.1 1.8 Finland 3.4 1.3 0.5 4.0 3.5 3.0 Norway 1.3 2.3 2.3 2.3 2.0 2.0 Sweden 2.3 1.5 1.2 3.2
Slide 89: What is different
What is different Early 90´s Today l Large current account deficit l Large surplus l Poor public sector finance l Solid public sector l Poor price competitiveness l Good competitiveness l High unemployment l Stable labour market l Fragmented and week financial sector l Consolidated and strong financ
Slide 90: Loan portfolio by customer group
Loan portfolio by customer group (End of September 01) EUR 134 bn Public sector 2% Consumer 37% Companies 61% 90
Slide 91: Lending to companies by industry
Lending to companies by industry (End of September 01) EUR 81bn Shipping Agriculture 7% 4% Real estate Other companies 23% 9% Construction 4% Business service Transport, 10% communication 5% Finance 9% Commerce and services Manufacturing 10% 19% 91
Slide 92: Loan portfolio
Loan portfolio End of period EUR bn Q3/01 Q2/01 Q1/01 Q4/00 Chg YtD, % Households 50 50 49 49 2 Real estate 19 19 19 19 0 Construction 3 3 3 3 0 Transport, 4 4 4 4 0 communication Commerce and services 8 9 9 8 0 Manufacturing 16 16 15 15 7 Finance 7 9 6 5 40 Business service 8 5 5 4 100 Other compan
Slide 93: Lending by geographical area
Lending by geographical area (End of September 01) EUR 134bn Asia Latin America 2% 1% Nordic countries USA Non-OECD 88% 2% 1% Other Other OECD 12% 1% The Baltic states and Poland 0.3% Other EU countries 5% 93
Slide 94: Lending to households
Lending to households (End of September 01) EUR 50bn Other loans comprise: Other loans l Consumer credits 25% l Car financing l Overdraft facilities l Credit cards Mortgages 75% 94
Slide 95: Nordea aircraft financing portfolio
Nordea aircraft financing portfolio Geographical distribution based on operator nationality (End of September 01) Total exposure approx EUR 900m 7% 2% 9% Nordic countries Other Europe Far East North America 22% 60% Other 95
Slide 96: Nordea telecom financing portfolio
Nordea telecom financing portfolio Divided by operators and manufactures (End of September 01) Total exposure approx EUR 6.8 bn Manu- l Exposure reduced by approx facturers 38% EUR 1bn in Q3/01 l Vast majority of exposure related to – major Nordic equipment manufacturers – major Nordic telecom opera
Slide 97: Nordea shipping portfolio
Nordea shipping portfolio Distribution by type of vessel (End of June 2001) Total exposure approx EUR 5.7bn Other dry cargo Combined 2% vessels 2% Crude tankers l Well diversified portfolio Pure car carries 17% 4% by type of vessel Reefers 5% l Focus on large industrial Chemical tankers Misc.loans p
Slide 98: Provisioning policy
Provisioning policy Credit monitoring l Customer rating of corporate clients l Common risk classification system l Quarterly review of loan portfolios l Credit review including action plan for troubled credits Provisioning l For loss classified commitments unsecured portion fully provided for l For
Slide 99: Problem loans
Problem loans EURm End of period Sep 01 June 01 March 01 Dec 00 Doubtful loans, gross 3,120 3,040 3,059 3,053 Provisions -2,267 -2,122 -2,218 -2,256 Doubtful loans, net 853 918 841 797 Loans with interest deferments 29 35 35 29 Problem loans, total 882 953 876 826 Provisions/doubtful loans, gross (%
Slide 100: Problem loans by industry
Problem loans by industry (End of Sep 01) EUR 882bn Finance Other companies 0% 19% Transport, Households communication 29% 1% Construction 1% Agriculture 2% Business service 6% Shipping Manufacturing 13% 8% Trade and Real estate services 12% 9% 100
Slide 101: Loan losses
Loan losses EURm 400 361 303 l Specific loan losses 300 EUR 113m: 213 183 193 200 – Within acquisition 135 finance in Denmark 100 45 59 20 22 – Limited no. of 0 corporate clients -100 l General provision -115 -138 -134 EUR 100m -148 -200 – Worsened economic -300 -281 outlook Q3/00 Q4/00 Q1/01 Q2/01
Slide 102: Industries to watch
Industries to watch l Transportation • airlines • transport of goods (bulk/ oil carriers, containers, road transport) l Service industries • leisure – hotel – cruise • durable goods consumption l Certain parts of manufacturing industry • export industries • sub contractors 102
Slide 103: Country specific comments
Country specific comments Denmark - High dependence on exports - Big service sector - Weaker balance sheets - Strong agriculture sector Finland - High export content in manufacturing industry - High dependence on Nokia - Strong balance sheets - EURO backing 103
Slide 104: Country specific comments
Country specific comments Norway - Shipping affected through lesser transport demand - Non-oil sector exposed - Highest currency/interest rate exposure - Oil/off-shore industry performing well Sweden - Sub contractors (telecom/auto) affected - Currency unrest - Property sector not seriously affected
Slide 105: Conclusion
Conclusion l Economic downturn will have affect on credit quality l Impact expected to be limited because of strong fundamentals l Bulk of the portfolio still unaffected – Household sector expected to maintain strong l Workout resources have been activated l Lending margins increasing, reflecting ch
Slide 106: Appendix
Appendix l Market shares l Financials l Nordea share l Netbanking l Other l Macro statistics 106
Slide 107: Appendix: Market shares
Nordea™ Appendix e Market shares
Slide 108: Market shares, household deposits
Market shares, household deposits % 40 35 34.9 33,9 30 25 20 23.4 22.8 21,1 20.4 15 10 9.0 8.9 5 0 Denmark Finland Norway Sweden Dec 2000 Aug 2001 108
Slide 109: Household deposits - market volume & share
Household deposits - market volume & share DKKb Denmark EURb Finland 40% 400 28% 50 38% 26% 40 300 36% 24% 30 200 34% 22% 20 100 10 32% 20% 0 30% 0 18% aug- nov- feb- maj- aug- nov- feb- maj- aug- jun-00 sep-00 dec-00 01-mar 01-june 99 99 00 00 00 00 01 01 01 NOKb Norway SEKb Sweden 15% 500 25% 400
Slide 110: Market shares, corporate deposits
Market shares, corporate deposits % 60 50 51,1 48.1 40 30 26.4 20 23.7 17.8 16.9 10 14.5 14.7 0 Denmark Finland Norway Sweden Dec 2000 Aug 2001 110
Slide 111: Corporate deposits - market volume & share
Corporate deposits - market volume & share DKKbn Denmark EURbn Finland 300 29% 20 55% 27% 52% 15 200 25% 49% 10 23% 46% 100 5 21% 43% 0 19% 0 40% jun-00 sep-00 dec-00 mar-01 01-june aug- nov- feb- maj- aug- nov- feb- maj- aug- 99 99 00 00 00 00 01 01 01 NOKbn Norway SEKbn Sweden 20% 400 20% 300 18%
Slide 112: Market shares, household lending
Market shares, household lending % 35 30 32 31.6 25 20 15 18.4 17.9 14.6 14.3 10 9.8 9.9 5 0 Denmark Finland Norway Sweden Dec 2000 Aug 2001 112
Slide 113: Household lending - market volume & share
Household lending - market volume & share DKKbn Denmark EURbn Finland 40 37% 240 21% 35% 30 33% 220 19% 20 31% 200 17% 10 29% 0 27% 180 15% aug- nov- feb- maj- aug- nov- feb- maj- aug- jun-00 sep-00 dec-00 mar-01 jun-01 99 99 00 00 00 00 01 01 01 NOKbn Norway SEKbn Sweden 11% 1000 20% 500 10% 18% 40
Slide 114: Market shares, corporate lending
Market shares, corporate lending % 50 45 40 45.3 43.0 35 30 25 27,7 26.8 20 15 17.1 17.5 16.5 10 14.8 5 0 Denmark Finland Norway Sweden Dec 2000 Aug 2001 114
Slide 115: Corporate lending - market volume & share
Corporate lending - market volume & share DKKbn Denmark EURbn Finland 32% 52% 300 30 50% 250 30% 48% 200 28% 20 46% 150 26% 10 44% 100 42% 50 24% 0 40% 0 22% aug- nov- feb- maj- aug- nov- feb- maj- aug- jun-00 sep-00 dec-00 mar-01 jun-01 99 99 00 00 00 00 01 01 01 NOKbn Norway SEKbn Sweden 20% 1 750
Slide 116: Mutual funds - market volume & Nordea's market share
Mutual funds - market volume & Nordea´s market share DKKbn Denmark EURbn Finland 32% 300 16 34% 30% 14 250 32% 28% 12 200 10 30% 150 26% 8 100 24% 6 28% 22% 4 50 26% 2 0 20% 0 24% dec-98 sep-99 jun-00 mar-01 dec-98 sep-99 jun-00 mar-01 NOKbn Norway SEKbn Sweden 160 14% 1000 24% 140 12% 800 22% 120 1
Slide 117: Mutual funds, Nordic region
Mutual funds, Nordic region Market volume and Nordea's market share 180 25% 160 140 23% 120 21% 100 80 19% 60 40 17% 20 0 15% dec-98 mar-99 jun-99 sep-99 dec-99 mar-00 jun-00 sep-00 dec-00 mar-01 jun-01 Market volume Market share, Nordea 117
Slide 118: Mutual funds, net inflow, Norway
Mutual funds, net inflow, Norway Market volume, Nordea volume, and accumulated market share ytd NOKm % 3 500 70 3 000 60 2 500 50 2 000 40 1 500 30 1 000 20 500 10 0 0 -500 -10 -1 000 -20 -1 500 -30 -2 000 -40 9 0 0 1 00 01 0 1 9 0 1 0 1 9 -0 l- 0 0 -0 l- 0 -0 -0 0 0 9 n- n- v- v- p- p- p- aj aj ar
Slide 119: Mutual funds, net inflow, Finland
Mutual funds, net inflow, Finland Market volume, Nordea volume, and accumulated market share ytd EURm % 1000 40 800 32 600 24 400 16 200 8 0 0 -200 -8 -400 -16 9 0 0 1 00 01 0 1 9 0 1 0 1 9 -0 0 -0 l- 0 l- 0 -0 -0 9 0 0 n- n- v- v- p- p- p- aj aj ar ar ju ju no no ja ja se se se m m m m Market net i
Slide 120: Mutual funds, net inflow, Sweden
Mutual funds, net inflow, Sweden Market volume, Nordea volume, and accumulated market share ytd SEKm 29bn 18bn % 14 000 28 12 000 24 10 000 20 8 000 16 6 000 12 4 000 8 2 000 4 0 0 -2 000 -4 9 9 9 0 0 0 0 0 0 1 1 1 1 1 -9 v- -0 -0 -0 -0 -0 v- 0 -0 -0 -0 -0 -0 p o ja n a r aj ju l p o ja n a r aj ju
Slide 121: Market share equity trading- Nordea Securities
Market share equity trading- Nordea Securities % 18 Equity market, volume Q3/01 EURbn 16 Denmark 13 17.0 16.8 15.7 Norway 13 14 12 12.7 Finland 39 10 Sweden 88 8 8.1 6 5.6 4 4.4 2 3.4 0 en i o lm nk sl ag ho lsi O ck nh He o pe St Co Jan-Dec 2000 Jan-Sept 2001 121
Slide 122: Appendix: Financials
Nordea™ Appendix e Financials
Slide 123: Operational income statement
Operational income statement EURm Q3/01 Q2/01 Q1/01 Q4/00 Q3/00 Net interest income 856 885 872 757 733 Commission income 322 370 361 368 320 Trading 131 128 156 94 108 Net income from insurance 142 185 134 129 102 Other 36 52 36 36 35 Income 1,487 1,620 1,559 1,384 1,298 Personnel expenses -529 -55
Slide 124: Statutory income statement
Statutory income statement Jan.-Sep Jan.-Sep EURm 2001 2000 Interest income 8,678 7,082 Interest expenses -5,902 -4,795 Net interest income 2,776 2,287 Dividends received 45 124 Net commission income 1,068 1,094 Net result from financial operations 258 310 Other operating income 213 125 Total operat
Slide 125: Reconciliation of operational and statutory accounts
Reconciliation of operational and statutory accounts Operational Trading Investment Insurance total Other Statutory EURm Jan-Sep 2001 income activities to own line adjustment Jan-Sep 2001 Net interest income 2,613 117 1) 46 6) 2,776 Dividends received 45 9) 45 Net commission income 1,053 15 2) 1,068
Slide 126: Reconciliation of operational and statutory accounts
Reconciliation of operational and statutory acounts 1. Net interest income from trading transactions in Nordea Markets (for 12. Net income from insurance (Life & General), investment activities only example interest related to swaps etc.), reclassified as trading income (including relevant costs), r
Slide 127: Expenses - breakdown
Expenses - breakdown EURm Q3/Q1 Q2/01 Q1/01 Q4/00 Q3/00 Personnel 1) 535 560 545 482 459 Information technology 2) 104 104 95 80 49 Marketing 25 25 29 41 21 Postage, telephone and office expenses 56 63 57 67 49 Rents, premises and real estate expenses 82 91 92 89 75 Other 157 143 146 156 141 Expense
Slide 128: Investment earnings - non-recurring items
Investment earnings - non-recurring items EURm Q3/01 Q2/01 Q1/01 Q4/00 Q3/00 Aleksia/Ilmarinen (Other) 40 Atle (Treasury) 57 Reclassification of securities 68 (Treasury) Total - 97 68 - - 128
Slide 129: Synergies under delivery
Synergies under delivery 2000 2001 Target 2003 EURm Actual Target Cost Revenue Total CIB 20 91 92 32 124 Retail banking - 5 10 30 90 Other business areas 3 15 20 37 57 IT - 12 55 - 55 Group treasury - 21 - 21 21 Other group functions - 1 13 - 13 Total 23 145 190 120 360 Realised end Q3 120 129
Slide 130: Bank ratings
Bank ratings Moody’s S&P Fitch IBCA BFSR Short Long Short Long Short Long Individ. Merita Bank B P-1 Aa3 A-1 A+ F1+ AA- B Nordbanken B P-1 Aa3 A-1 A+ F1+ AA- B Unibank B P-1 Aa3 A-1 A+ F1+ AA- B Christiania B- P-1 Aa3 A-1 A+ F1+ AA- B NB Hypotek P-1 Aa3 A-1 Unikreditt Aa1 Norgeskreditt P-1 A1 130
Slide 131: Insurance ratings
Insurance ratings Moody’s S&P A.M.Best Dansk Kautionsforsikrings-Aktieselskab A* A- (excellent) Tryg-Baltica Forsikring, internationalt A- (excellent) Forsikringsselskab A/S Tryg-Baltica Forsikring A/S A1 A- *positive outlook 131
Slide 132: Appendix: Nordea share
Nordea™ Appendix e Nordea share
Slide 133: Nordea vs DJ Stoxx European banks
Nordea vs DJ Stoxx European banks 6 March 2000* - 26 October 2001 180 160 140 120 100 80 60 Mar-00 Jun-00 Sep-00 Dec-00 Mar-01 Jun-01 Sep-01 Nordea DJ Stoxx European Banks * MNB/Unidanmark merger 133
Slide 134: Nordic bank shares, liquidity 2001
Nordic bank shares, liquidity 2001 EURm 2200 2000 1800 1600 1400 1200 1000 800 600 400 200 0 Jan Feb March April May June July Aug Sept Danske Bank SEB FSPB Handelsbanken Nordea 134
Slide 135: Ownership structure, September 30, 2001
Ownership structure, September 30, 2001 4.0% 1.8% 6.0% 27.3% 9.3% International investors Swedish institutions Swedish government Danish institutions Finnish institutions 12.9% Finnish public Danish public Swedish public 20.4% 18.3% Total number of shareholders 512,000 135
Slide 136: Largest registered shareholders
Largest registered shareholders September 30, 2001 Shareholder Number of shares Percent Swedish state 542,015,102 18.29 % Tryg Baltica smba 185,609,801 6.26 % Unidanmark Trust 102,529,423 3.46 % Alecta 81,332,579 2.74 % Robur fonder 59,660,700 2.01 % Nordea fonder 42,247,201 1.43 % SHB fonder 29,483
Slide 137: Number of shares
Number of shares Date Type of Subject Number of Outstanding transaction shares issued shares Jan, 2000 New issue Merita 815,800,287 2,091,067,728 April, 2000 New issue Unidanmark 869,776,488 2,960,844,216 June, 2000 New issue Unidanmark 18,348,501 2,979,192,717 2000 -2001 New issues Conversion* 3,07
Slide 138: Data per share
Data per share YtD 2000 1999* 1998 Dividend, SEK - 2.00 1.75 1.64 Shareholders equity per share, EUR 3.77 3.74 3.43 2.68 Earnings per share, EUR 0.35 0.58 0.55 0.53 P/E ratio 11.4 14.0 10.6 11.0 * Pro forma incl. Unidanmark 138
Slide 139: Appendix: Netbanking
Nordea™ Appendix e Netbanking
Slide 140: Penetration on the net
0 2 4 6 8 10 12 14 16 18 20 Ja % n- 0 Fe 1 b- 01 M ar -0 Ap 1 ril -0 M 1 ay - Ju 01 ne -0 Ju 1 ly- 0 Au 1 g- 0 Se 1 pt -0 Solo mutual funds penetration rate 1 Penetration on the net % Ja 0 10 20 30 40 50 60 70 n- 0 M 0 ar - M 00 ay - Ju 00 ly Se -00 pt -0 No 0 v- 0 Ja 0 n- 0 Executed trades M 1 ar -
Slide 141: Net customers
Ja 0 0,5 1 1,5 2 2,5 3 n- 0 M 0 Mill. ar - M 00 ay - Ju 00 ly Se -00 pt - N 00 ov - Ja 00 n- 0 M 1 ar - M 01 ay - Net customers Solo net banking customers Ju 01 ly Se -01 pt -0 1 Ja 0 50 100 150 200 250 300 n- 0 M 0 ar - Thousands M 00 ay - Ju 00 ly Se -00 pt -0 No 0 v- 0 Ja 0 n- 0 M 1 ar - M 01 ay
Slide 142: Payments and log-ons
Payments and log-ons Net bank payments Net bank log-ons Mill. Mill. 24 24 20 20 16 16 12 12 8 8 4 4 0 0 00 00 00 00 01 01 01 00 00 00 00 01 01 01 1/ 2/ 3/ 4/ 1/ 2/ 3/ 1/ 2/ 3/ 4/ 1/ 2/ 3/ Q Q Q Q Q Q Q Q Q Q Q Q Q Q Denmark Finland Norway Sweden Denmark Finland Norway Sweden 142
Slide 143: Payments, private customers
Payments, private customers Mill. 8 7 6 5 4 3 2 1 0 1 1 01 1 1 01 1 01 01 -0 -0 -0 -0 -0 n- g- b- ly- ar ay ril pt ne Ja Au Fe Ju Ap M Se M Ju Net Direct debit Envelope (Giro) Manual Others (ATMs etc.) 143
Slide 144: Appendix: Other
Nordea™ Appendix e Other
Slide 145: Legal structure as of October 1, 2001
Legal structure as of October 1, 2001 Nordea AB Merita Bank Plc Nordea Asset Mgt AB Nordea Companies Finland Sweden Denmark (NCD) A/S Various Nord- Christiania Various Unibank Tryg-Baltica subsidiaries banken AB Bank og subsidiaries A/S A/S Sweden Kreditkasse Denmark Denmark Various Various Various
Slide 146: Appendix: Macro statistics and estimates
Appendix l Macro statistics and estimates Source: Nordea Economic Research 146
Slide 147: Macro data
Macro data 2000 2001 2002 Gross domestic product DK 3.2 1.0 1.8 FI 5.7 0.5 3.0 NO 2.3 2.3 2.0 SE 3.6 1.2 2.0 Inflation DK 3.0 2.4 1.9 FI 3.4 2.8 2.0 NO 3.1 3.3 2.0 SE 1.3 2.7 1.9 Private consumption DK -0.1 1.0 1.9 FI 3.0 2.4 2.4 NO 2.3 2.3 2.0 SE 4.1 0.7 1.8 Unemployment DK 5.3 5.4 5.4 FI 9.8 9.2 9
Slide 148: Gross domestic product
Gross domestic product Change in % YoY 10 8 Estimate 6 4 2 0 Q1/90 Q1/95 Q1/00 -2 -4 -6 -8 Denmark Finland Norway Sweden 148
Slide 149: Inflation
Inflation % 14 12 10 8 6 4 2 0 -2 1990 1995 2000 Denmark Finland Norway Sweden 149
Slide 150: Private consumption
Private consumption Change in % YoY 10 8 6 4 2 0 Q1/90 Q1/91 Q1/92 Q1/93 Q1/94 Q1/95 Q1/96 Q1/97 Q1/98 Q1/99 Q1/00 Q1/01 -2 -4 -6 -8 Denmark Finland Norway Sweden 150
Slide 151: Household savings ratio
Household savings ratio % 12 10 8 6 4 2 0 1993 1994 1995 1996 1997 1998 1999 2000 Denmark Finland Norway Sweden 151
Slide 152: Unemployment
Unemployment % of labour force 20 18 16 14 12 10 8 6 4 2 0 Denmark Finland Norway Sweden 152
Slide 153: Credit growth Total lending to non-bank sector
Credit growth Total lending to non-bank sector Change in % YoY 15 10 5 0 ch ch ch ch ch ch pt pt pt pt pt Se Se Se Se Se ar ar ar ar ar ar M M M M M M -5 96 97 00 98 99 96 97 98 99 00 01 -10 Denmark Finland Norway Sweden 153
Slide 154: Bankruptcies
Bankruptcies Number of bankruptcies per month 1800 1600 1400 1200 1000 800 600 400 200 0 94 95 96 97 98 99 00 01 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ Q Q Q Q Q Q Q Q Denmark Finland Norway Sweden 154
Slide 155: Exchange rate, Euro/USD
2- 1 SEK -9 0,8 0,85 0,9 0,95 1 1,05 1,1 1,15 1,2 8 2- 4 -9 8 2- 7 -9 2- 8 10 -9 8 2- 1 -9 9 2- 4 -9 9 2- 7 -9 2- 9 10 -9 9 Euro/USD 2- 1 -0 0 2- 4 -0 0 Exchange rate, Euro/USD 2- 7 -0 2- 0 10 -0 0 2- 1 -0 1 2- 4 -0 1 2- 7 -0 2- 1 10 -0 1 155
Slide 156: Exchange rate, Euro/SEK
1- 1 -9 8 8,4 8,8 9,2 9,6 10 8 SEK 1- 4 -9 8 1- 7 -9 1- 8 10 -9 8 1- 1 -9 9 1- 4 -9 9 1- 7 -9 1- 9 10 -9 9 EUR/SEK 1- 1 -0 0 1- 4 -0 0 1- Exchange rate, Euro/SEK 7 -0 1- 0 10 -0 0 1- 1 -0 1 1- 4 -0 1 1- 7 -0 1- 1 10 -0 1 156
Slide 157: Exchange rate, Euro/NOK
2- 1 SEK -9 7 7,5 8 8,5 9 9,5 10 8 2- 4 -9 8 2- 7 -9 2- 8 10 -9 8 2- 1 -9 9 2- 4 -9 9 2- 7 -9 2- 9 10 -9 9 Euro/NOK 2- 1 -0 0 2- 4 Exchange rate, Euro/NOK -0 0 2- 7 -0 2- 0 10 -0 0 2- 1 -0 1 2- 4 -0 1 2- 7 -0 2- 1 10 -0 1 157
Slide 158: Stock exchange indices
31 -1 0 200 400 600 800 1000 1200 1400 1600 30 -97 -4 - 31 97 -7 31 - 9 -1 7 0 - 31 97 -1 Index 100 = 1990 HEX Index 30 -98 -4 - Oslo Total Index 31 98 -7 31 - 9 -1 8 0 - 31 98 -1 30 -99 -4 - 31 99 -7 31 - 9 -1 9 0 Stock exchange indices - 31 99 -1 30 -00 -4 - KFX Index 31 00 -7 31 - 0 -1 0 0 - 31 0
Slide 159: Government bond, 10 year
1- 1 -9 3 3,5 4 4,5 5 5,5 6 6,5 7 8 1- 4 -9 8 1- 7 -9 1- 8 10 -9 8 1- 1 Denmark -9 9 1- 4 -9 9 1- 7 Finland -9 1- 9 10 -9 9 1- 1 Norway -0 0 1- 4 -0 0 1- 7 Government bond, 10 year -0 Sweden 1- 0 10 -0 0 1- 1 -0 1 1- 4 -0 1 1- 7 -0 1 159
Slide 160: Money market, 3 months rates
1- 1 -9 2 3 4 5 6 7 8 9 8 1- 4 -9 8 1- 7 -9 1- 8 10 -9 8 1- Denmark 1 -9 9 1- 4 -9 9 Finland 1- 7 -9 1- 9 10 -9 9 Norway 1- 1 -0 0 1- 4 -0 0 1- Sweden 7 -0 1- 0 10 Money market, 3 months rates -0 0 1- 1 -0 1 1- 4 -0 1 1- 7 -0 1 160
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