Slide 1: Investor Presentation 3 May 2007
Investor Presentation 3 May 2007
Slide 2: CEO Presentation
CEO Presentation
Slide 3: Key messages
Key messages Organic growth strategy continues to pay off Income EUR 1,873m, up 8% excl. contribution from International Moscow bank (IMB). (EUR 1,754 in the first quarter 2006) Operating profit EUR 895m, up 6% excl. IMB last year (EUR 853m) Costs up 6% - investing for future growth Strong
Slide 4: Strong performance in strategic growth areas
Strong performance in strategic growth areas Total lending Markets result 242 225 199 201 214 222 Up 16% 250 229 Increased selling of 200 191 207 Markets products to Compensating 200 194 175 180 SME’s 150 for margin 150 125 pressure Strong revenues 100 100 with FX, fixed Strong growth 75 i
Slide 5: Operating income
Operating income YoY EURm Up 8% when excluding IMB 2006 Reported up 6% 2,000 1,898 1,754 1,780 1,873 Net interest income up 8% 1,800 1,734 Volume growth largely compensating for pressure on 1,600 lending margins 1,400 Commission income up 6% 1,200 Lending related commissions up 14% Car
Slide 6: Robust volume growth continues
Robust volume growth continues YoY Q1oQ4 Lending, total 16% 4% – Mortgage lending 14% 2% – Consumer lending* 16% 5% – of which non collateralised lending 22% 7% – SME lending 14% 4% – CIB lending excl. Markets 8% 4% Deposits, total 12% 0% – Household deposits 9% 1% – SME deposits 14% 0% – CIB deposi
Slide 7: Change in net interest income
Change in net interest income EURm YoY Q1oQ4 Volume driven 86 24 -Lending volumes 65 20 -Deposit volumes 21 4 Margin driven -47 -9 -Lending margins -75 -17 -Deposit margins 28 8 Treasury 8 -10 Other, net 30 -7 Total 77 -2 7
Slide 8: Cost/income ratio
Cost/income ratio % 70 64 63 60 60 Unchanged at 53% 56 53 53 Strong growth in revenues 50 Investments for future growth 40 30 20 10 0 2002 2003 2004 2005 2006 * Jan- Mar 07 * Excl. gain from sale of IMB shares 8
Slide 9: Gap between income and cost growth
Gap between income and cost growth Percentage points Gap of 1.2 percentage points in 10 Q1 – on track with financial 9 planning 8 Income up 7.5% 6.9 Expenses up 6.3% 7 6.6 6 Strong top line growth driven by 5.4 growth initiatives 5 4 Cost increase reflects investments in future growth 3
Slide 10: Well controlled expense growth
Well controlled expense growth Investments in prioritized 7% 6.3% growth areas 6% Increase in variable salaries 5.3% 5% Unchanged cost management 4% 3.7% alongside growth strategy On track with full year outlook 3% of cost increase of 4-5% 2% 1% 0% Reported Excl. variable Excl. variable sala
Slide 11: Operating profit
Operating profit YoY EURm Up 6% excluding contribution from 1,100 IMB in 2006 Reported up 5% 1,000 966 927 863 895 Strong profit trend continued in all 900 853 business areas 800 Lower loan loss recoveries in 2007 700 600 500 400 300 200 100 0 Q1/06 Q2/06 Q3/06 * Q4/06 Q1/07 * Excl. full imp
Slide 12: 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 Q1/07 Reported 12
Slide 13: Clearly identified strategic initiatives to support organic growth strategy
Clearly identified strategic initiatives – to support the organic growth strategy • Long term savings • Consumer credits and Cards Product areas in focus • Life insurance • Capital markets products • Private Banking Segments in focus • Gold customers • SME Geographical markets • Growth Plan Sweden i
Slide 14: Strengthened leadership within long term savings
Strengthened leadership within long term savings Accumulated net inflow (EURbn) Net inflow EUR 35bn 2003-2006 40 Private Banking EUR 14bn Retail funds EUR 13bn 35 European Fund Distribution EUR 1bn 30 Other EUR 7bn 25 Net inflow in Q1 2007 EUR 2.6bn 20 Majority of sales within innovati
Slide 15: Improved market position within consumer lending and cards
Improved market position within consumer lending and cards YoY Retail consumer lending Lending Margin Consumer lending up 16% EURbn % Non-collateralised up 22% 17 4.6 Approx. 540,000 new cards issued 16 16.4 15.6 4.0 In total 5.8 million cards issued 15 15.4 14.9 Of which approx. 16% credi
Slide 16: Continued stable result and increased premium income within Life
Continued stable result and increased premium income within Life Nordea Life & Pensions the largest Life product result and 12-month rolling Gross company on the Nordic market with a Written Premiums (GWP) market share of 10.8% EURm EURm-GWP 80 4,000 Net written premiums up 5% 70 3,500 Despite
Slide 17: Strong revenue growth in Nordea Markets
Strong revenue growth in Nordea Markets Strong revenue growth in Nordea Markets All time high revenues in Q1 EURm Customer activity continued at high 250 225 242 levels - increase in capital markets 229 200 207 transactions with large corporates 194 175 169 163 180 Increased cross-selling of M
Slide 18: Leverage strong position in long-term savings – Private Banking
Continue to leverage on strong position within long- term savings – Private Banking EURbn 60 55 Strong asset growth in Nordic Private 50 9 10 Banking 45 9 40 9 9 Net inflow in Q1 21% annualised 8 9 35 8 8 Result of roll-out of new common advisory 30 concepts, particularly in Norway and 25 Swed
Slide 19: Strong growth in revenues with existing customers
Strong growth in revenues with existing customers - segmentation strategy pays off Share of Retail Household income in Q1 2007 Private Banking reached 10% share 61% of Retail Household revenues for the first time 15% 15% Increased deposit revenues benefits 10% all segments Bronze Silver Gold Pri
Slide 20: Continued revenue growth in all Retail corporate segments
Continued revenue growth in all Retail corporate segments Share of Retail Corporate income Q1 2007 Large companies accounts for more 56% than 50% of new growth potential in all segments 18% 26% Solid revenue growth in all segments across markets One Nordic customer area Small Medium Large Ga
Slide 21: Geographical markets in focus
Geographical markets in focus Growth plan Sweden Accelerated growth plan in Nordic markets, in particular Sweden Focus on advisory services and product segments with growth potential 200 advisors recruited and trained in Retail banking last 12 months Poland and Baltic countries Continued
Slide 22: Orgresbank
Orgresbank Acquisition finalised in Q1 2007 Balance sheet consolidated in Nordea Group accounts per 31 March 2007 Strong financial performance in Q1 Total income EUR 18m (EUR 55m full year 2006) Total expenses EUR 10m (EUR 31m full year 2006) Orgresbank will capture growth in the Russian
Slide 23: The next step towards improved operational efficiency
The next step towards improved operational efficiency Unified customer Free up time for sales Unified product delivery processes processes • Future branch: • Increase the time • Product and delivery chain to Personal bank advisors reduce time-to-market of our • Straighten out work and relationship m
Slide 24: New operating model to support growth
New operating model to support growth Banking & Capital Group Services Nordic Banking Market Products & Technology People & Identity Segment Household and Corporate Account Products Group Corporate Centre Cash Management & Payments Capital Market Products Group Credit & Risk Private Banking Control
Slide 25: Outlook
Outlook Nordeas’ growth strategy continues to pay off and Nordea will continue to deliver on its financial targets Nordea believes that strong revenue growth will continue in 2007 As previously stated the cost increase for the full-year 2007 is expected to be of the same magnitude as in 2006,
Slide 26: Summary
Summary Organic growth strategy continues to pay off Revenues up 8% Total lending up 16% AuM up 12 % Strong performance in all business areas Cost management unchanged alongside growth plans Clearly identified strategic initiatives to improve performance further New organisation and
Slide 27: CFO Presentation
CFO Presentation
Slide 28: Income statement summary
Income statement summary EURm Q1/07 Q1/06 Chg %* Net interest income 1,004 927 8 Net fee and commission income 535 507 6 Net gains/losses on items at fair value 291 279 4 Equity method 10 20 25 Other income 33 21 57 Total operating income 1,873 1,754 8 Staff costs -585 -543 8 Other expenses -383 -36
Slide 29: Income statement summary
Income statement summary EURm Q1/07 Q4/06 Chg % Net interest income 1,004 1,006 0 Net fee and commission income 535 549 -3 Net gains/losses on items at fair value 291 310 -6 Equity method 10 7 43 Other income 33 26 27 Total operating income 1.873 1,898 -1 Staff costs -585 -606 -3 Other expenses -383
Slide 30: Net interest income
Net interest income YoY Up 8% EURm 1,006 1,004 Lending volume growth largely 1,000 957 979 compensated for margin pressure 927 900 Total lending up 16% SME lending up 14% 800 Consumer lending up 16% 700 Continued margin pressure 600 500 Both household and corporate deposits margins imp
Slide 31: Change in net interest income
Change in net interest income EURm YoY Q1oQ4 Volume driven 86 24 -Lending volumes 65 20 -Deposit volumes 21 4 Margin driven -47 -9 -Lending margins -75 -17 -Deposit margins 28 8 Treasury 8 -10 Other, net 30 -7 Total 77 -2 31
Slide 32: Net commission income
Net commission income YoY EURm Up 6% 600 Lending commissions up 14% 549 Following strong lending growth 535 500 507 521 497 Strong contribution from Acquisition Finance 400 Card commission up 9% Savings commission up 6% 300 Q1oQ4 Down 3% compared to strong Q4 200 Lending related comm
Slide 33: Breakdown of commission income - gross
Breakdown of commission income - gross EURm 400 360 359 356 320 338 335 319 325 280 306 301 240 200 197 183 187 181 160 175 177 177 171 120 80 98 91 100 90 87 88 86 87 40 59 49 48 41 45 32 36 37 0 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Savings related Payments related Lending related Other
Slide 34: Customer business drives increase in net gains/losses
Customer business drives increase in net/gains losses YoY EURm 300 Up 4% from a high level in the first quarter 2006 277 273 250 265 Up 3% in Business Areas Continued successful penetration of small and 220 200 205 medium-sized companies Growth in both fixed-income and equity products 150 Q1
Slide 35: Increased revenues from net gains/losses in Business areas
Increased revenues from net/gains losses in Business areas Net/gains losses, EURm Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Retail 89 98 75 87 92 CIB 124 93 72 68 96 Asset Mgmt 3 6 7 4 8 Life 57 80 51 61 69 BAs 273 277 205 220 265 Group Treasury 40 44 8 7 40 35
Slide 36: Operating income
Operating income YoY EURm Up 8% when excluding IMB Reported up 6% 2,000 1,898 1,873 Net interest income up 8% 1,800 1,754 1,780 1,734 * Volume growth largely compensating for pressure on 1,600 lending margins Increased contribution from deposits 1,400 1,200 Commission income up 6% 1,000
Slide 37: Revenue growth in Nordea
Revenue growth in Nordea 1,873 EURm +23 +36 +12 +119 +35 +23 1,754 -10 Income Volumes, Savings: Markets Poland & Transaction Other Income Jan-Mar 06 margins AM, Life Baltics accounts Jan-Mar 07 lending and savings 37 accounts
Slide 38: Expenses
Expenses YoY EURm Costs up 6% 1,016 992 928 Investments in growth areas 1,000 933 945 19 24 Increased variable salaries 900 23 21 23 800 391 Cost increase in business areas 4% 383 367 372 355 Basel II and other strategic projects explains the 700 remaining increase 600 606 500 543 552 550
Slide 39: Investments in future growth
Investments in future growth EURm 6.3% 1.6% 2.1% +15 1.6% +20 992 Cost increase less than 1.0% +15 2% when excluding +9 +59 investments and 933 variable salaries Expenses Increase in Investments Basel II and Other Expenses Jan-Mar 06 variable in growth other Jan-Mar 07 salaries and areas* strategi
Slide 40: Staff costs
Staff costs 1.5% 8% EURm 1% +8 585 1.5% +5 4% +9 +20 +42 No. of recruited FTEs: approx. 543 2,500 No. of FTEs that has left: approx. 2,200 Staff costs Wage Higher Increase in Training and Staff costs Q1 2006 increases variable FTEs, net other costs Q1 2007 salaries and related to the profit sharing
Slide 41: Number of FTEs
Number of FTEs 32,000 FTEs Q1/07 Q1/06 Chg YoY 29,052 29,201 29,396 29,249 29,383 Retail 17,738 17.511 227 28,000 CIB 3,614 3,236 378 24,000 of which P&B 1,762 1,415 347 20,000 AM & Life 2,076 2,038 38 BAs 23,428 22,785 646 16,000 GPT 4,803 5,125 -322 12,000 Group Staffs 1,152 1,142 10 Group 8,000 5
Slide 42: Loan losses
Loan losses YoY EURm 20 Recoveries maintained at high level and limited new provisions 0 -7 -13 Provisions include EUR 20m for -20 -23 collectively assessed loans related to -31 the property market in the Baltics -40 Provision reflects increased macro-economic risk in -55 the region -60 Nord
Slide 43: Impaired loans
Impaired loans EURm Q1 2007 Q4 2006 Q1 2006 Impaired loans, gross, individually assessed 1,355 1,616 1,681 Allowances for individually assessed loans 668 -764 975 Impaired loans, net, individually assessed 687 852 706 Impaired loans, net / lending (%) 0.31% 0.40% 0.37% Allowances, individually asses
Slide 44: Net profit
Net profit YoY EURm 900 876 Up 7% excluding IMB Reported up 5% 800 740 665 673 701 Effective tax rate 22% following 700 revaluation of the deferred tax 600 asset in Finland Q1oQ4 500 400 Down 20% Lower loan loss reversals in Q1 EUR 13m 300 (EUR 82m) Low tax cost in Q4 200 100 Profit be
Slide 45: Improved profitability
Improved profitability % 25 23.7 Strong RoE at 18% - Q1/06 20% 22.7 21.5 Higher equity 2007 20.6 20 Risk adjusted return on capital at risk 18.0 18.0 continues to improve 23.7% (23.0%) 15 10 5 0 2005 2006 * Jan-Mar 07 RoE RaRoCar ** *Excl. gain from sale of IMB shares 45 ** Risk-adjusted retur
Slide 46: Growth in risk adjusted profit in line with long-term target
Growth in risk adjusted profit in line with long-term target EURm Q1/07 Q1/06 Chg % Total income 1,873 1,754 non recurring items 0 12 (*) total operating expenses 992 933 expected losses 93 91 standard tax 213 201 Risk adjusted profit 575 517 11 cost of equity 8.0% (7.5%) 198 169 Economic Profit 378
Slide 47: Strong increase in risk-adjusted EPS
Strong increase in risk-adjusted EPS 0.3 0.27 0.26 0.25 0.22 0.20 0.2 0.15 0.1 0.05 0 Reported EPS, EUR EPS, risk adjusted, EUR Jan- Mar 06 Jan-Mar 07 47
Slide 48: Risk-weighted assets (RWA)
Risk-weighted assets (RWA) EURbn RWA up 11%, EUR 8bn 200 193 Strong lending growth – mainly capital 180 174 180 185 185 intense lending 160 Non collateralised consumer lending up 22% 140 SME lending up 14% 120 CIB lending up 8% 100 Orgresbank included 80 60 40 20 0 Q1/06 Q2/06 Q3/06 Q4/0
Slide 49: Capital position
Capital position % 8 Tier 1 ratio 6.8% 7 7.1 Total impact of Orgresbank 15bps 6.8 6.8 6.9 6.8 6 Impact of changed regulations 5bps 5 Total capital ratio 9.4% 4 3 2 1 0 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 49
Slide 50: Return on risk weighted assets, rolling 4 quarters
Return on risk weighted assets, rolling 4 quarters EURbn % 200 2.2 180 193 2.0 185 185 180 174 1.8 160 169 159 162 153 1.62 1.61 1.6 140 1.42 1.45 1.47 1.44 1.46 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 Q3/06 Q4/06 Q1/07 RWA Return on RWA* *
Slide 51: Capital management
Capital management Equity up 18% YoY RoE 18% (20%) Economic Capital up 10% to EUR 9.9bn Increased credit risk exposure following increased lending of 16% Risk adjusted return (RaRoCar) continues to improve 23.7 % (23.0%) Tier 1 unchanged YoY at 6.8% RWA up 11% Effected by Orgresbank
Slide 52: Improved rating
Improved rating 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 Moody’s upgraded Nordea Bank AB two notches to Aa1 in March/April 52
Slide 53: Business trends
Business trends
Slide 54: Total lending
Total lending EURbn 222 214 220 199 201 200 189 191 182 175 180 170 161 156 155 160 147 147 149 146 148 140 120 100 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 Corporate Housing loans Other loans Public sector 54
Slide 55: Household mortgages, volumes and margins
Household mortgages, volumes and margins EURbn % 85 1.6 80 1.5 75 74.9 76.3 1.4 70 71.8 65 69.4 1.3 65.2 66.9 60 63.0 1.2 55 60.1 1.1 56.6 57.8 50 52.9 54.7 1.0 45 48.2 49.6 46.8 0.9 40 42.7 44.2 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 Q1/05
Slide 56: Retail consumer lending, volumes and margins
Retail consumer lending, volumes and margins EURbn % 4.8 16 16.4 15.6 4.3 15.4 14 14.9 13.9 14.2 3.8 13.5 13.8 12.9 13.2 12 12.4 12.4 12.5 12.7 3.3 12.1 12.2 12.2 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 Q4/06
Slide 57: Lending to corporates (SME), volumes and margins
Lending to corporates (SME), volumes and margins EURbn % 1.4 80 81.1 78.4 1.3 70 73.2 73.4 70.0 70.9 67.9 64.0 65.3 1.2 60 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
Slide 58: CIB lending, volumes and margins
CIB lending, volumes and margins* EURbn % 30 1.5 28 1.4 26 1.3 24 1.2 24.5 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
Slide 59: Total deposits
Total deposits EURbn 130 126 126 119 119 120 116 113 108 110 105 105 106 100 96 98 97 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 Of which household deposits 59
Slide 60: Retail deposits, households, volumes and margins
Retail deposits, households, volumes and margins EURbn % 50 51.4 2.4 49.6 50.1 50.7 45 46.9 47.0 47.1 2.2 45.7 43.8 44.1 2.0 40 42.3 42.9 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/
Slide 61: Retail deposits, SME, volumes and margins
Retail deposits, SME, volumes and margins EURbn % 40 1.6 37.5 37.3 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 Q1/07 61
Slide 62: CIB, deposits, volumes and margins
CIB, deposits, volumes and margins* EURbn % 28 0.60 26 27.1 0.55 24 25.0 0.50 22 23.2 22.1 22.3 21.8 0.45 20 21.0 21.2 20.4 0.40 18 17.9 18.0 18.5 16 0.35 14 15.4 15.2 14.9 0.30 14.4 12 13.3 0.25 10 0.20 8 0.15 6 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
Slide 63: Structural Interest Income Risk (SIIR)
Structural Interest Income Risk (SIIR) EURm, annualised effect on NII* Q1/07 Q4/06 Q1/06 Increasing market rates, 100bp 220 206 131 Decreasing market rates, 100bp -249 -220 -161 Increased SIIR following higher business volumes Reduced duration in ALM programme *Approx. end of period SIIR is defi
Slide 64: Assets under management
Assets under management YoY EURbn 163 Up 12% 158 160 146 144 149 Continued strong growth in 140 Nordic Private Banking, up 23% 120 Volumes from Institutional 100 clients up 20% Q1oQ4 80 Up 3% 60 40 Nordic Private Banking up 6% 20 Continued inflow and strong markets explain the increase 0
Slide 65: Net inflows
Net inflows Q1/Q4 Net inflow EUR 2.6bn in Q1 7% annualised EURbn 5 Net inflow in Nordic Private 3.4 4 3.3 Banking EUR 1.2bn and 2,6 3 1.8 2.0 Institutional clients EUR 1.1bn 2 Continued growth of the Nordic customer 1 base 0 Net outflow from Retail funds of -1 EUR 0.3bn in Q1 -2 Outflow
Slide 66: Retail Banking profit before loan losses
Retail Banking profit before loan losses YoY EURm Revenues up 5% 700 Strongest growth in Finland (11%), Denmark and 650 Sweden up 6% and 55 respectively 600 595 595 601 Margin pressure in Norway – revenues down 5% 550 575 588 Improved deposit margins contributing to the income 500 growth in
Slide 67: Retail Banking
Retail Banking Denmark Finland Norway Sweden EURm Q1/07 Chg Q1/07 Chg Q1/07 Chg Q1/07 Chg Total income 371 6% 367 11% 175 -5% 365 3% Total expenses -192 6% -165 2% -104 9% -218 3% Profit before loan losses 179 5% 202 20% 71 -21% 147 4% Operating profit 179 1% 224 26% 71 -38% 151 6% Q1/07 Q1/06 Q1/07
Slide 68: CIB profit before loan losses
CIB profit before loan losses YoY EURm Revenues up 10% Up 15% excl. IMB 180 187 Strong growth in Poland and the Baltics, revenues 160 up 40% 164 157 158 Continued strong deal flow within FID 140 145 Shipping, Offshore and Oil divisions maintain at 120 high level 100 Profit before loan lo
Slide 69: CIB
CIB CBD FID SOOSD P&B EURm Q1/07 Chg* Q1/07 Chg Q1/07 Chg Q1/07 Chg Total income 106 3% 75 14% 53 2% 40 38% Total expenses -35 -5% -35 -5% -10 0% -24 26% Profit before loan losses 71 8% 40 38% 43 2% 16 60% Operating profit 71 31% 40 38% 43 2% 16 100% Q1/07 Q1/06 Q1/07 Q1/06 Q1/07 Q1/06 Q1/07 Q1/06 C
Slide 70: Asset Management product result
Asset Management product result YoY EURm Income up 7% 120 Management fees up 11%, driven by increased AuM 110 113 Transaction related income down 10% 100 Total income margin unchanged at 71bps 100 90 92 Product result up 9% 80 85 70 78 Continued growth within Nordic 60 Private Banking
Slide 71: Life insurance, product result
Life insurance, product result YoY Life premiums up 5% despite negative EURm sales effects on Swedish portfolio 90 from regulatory changes 80 A loss of more than 1/3 of the Swedish premium income 70 74 Compensated by strong premium growth in Denmark, Norway and Poland 60 61 58 Total investme
Slide 72: Group Treasury, operating profit
Group Treasury, operating profit EURm 80 Higher investments earnings and gross investment returns Investment return Q1 1.25% - 5.06% annualised, well above required rate of return of 4% 60 42 Strong funding activity 32 40 34 34 20 21 39 27 15 10 6 0 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Group Investme
Slide 73: Summary
Summary Organic growth strategy continues to pay off Revenues +8% Total lending +16% AuM +12 % Strong performance in all business areas Cost management unchanged alongside growth plans Clearly identified strategic initiatives to improve performance further New organisation and operat
Slide 74: Facts & figures
Facts & figures
Slide 75: Facts & Figures, content
Facts & Figures, content Credit quality Page 76 Economic capital Page 85 Business areas Page 88 Balance sheet Page 117 Market shares Page 120 Appendix Page 127 75
Slide 76: Credit quality
Credit quality
Slide 77: Loan portfolio by customer category
Loan portfolio by customer category* EURbn 119 120 113 110 105 105 100 101 100 97 91 93 90 85 84 82 83 84 78 79 80 80 79 70 74 71 66 68 60 63 65 58 60 50 55 56 53 48 49 50 40 44 46 30 20 24 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/
Slide 78: Loan portfolio by customer group
Loan portfolio by customer group End Q1/07, EUR 222.2bn End Q1/06, EUR 190.7bn Public Public sector sector 1.8% 2.1% Household Household customers customers 44.6% Companies Companies 45.0% 53.6% 52.9% 78
Slide 79: Lending to household customers
Lending to household customers End of Q1/07 EUR 98.7bn Other loans comprise Other loans 21.2% Consumer credits Investment credits Car financing Overdraft facilities Credit cards Home equity credits Housing loans 78.8% 79
Slide 80: Lending to companies by industry
Lending to companies by industry End of Q1/07 EUR 119.5bn Other 8% Renting,Consulting and other services 10% Real estate 26% Finance 11% Construction 3% Agriculture & Fishing 5% Transp. & Communication Manufacturing 6% 15% Shipping & Offshore 5% Commerce and services 11% 80
Slide 81: Loan portfolio in figures
Loan portfolio in figures EURbn Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Household customers 98,7 96.4 91.9 89.4 86.0 Real estate 31,6 30.7 28.6 28.0 26.8 Construction 3,6 3.4 3.3 3.6 2.9 Transport, communication 6,7 5.9 5.9 5.8 5.8 Trade and services 12,6 11.1 10.8 10.4 9.9 Manufacturing 17,5 15.0 14.6 14.5 1
Slide 82: Lending by geographical area
Lending by geographical area End of Q1/07 EUR 222.2bn Latin America Asien 0.7% 1.0% Other OECD Nordic countries and USA 0.4% P&B 1.0% 92.7% Other Other non OECD 7.3% 0.8% EU countries 3.4% Nordic countries and P&B, EURbn Denmark 60.7 Sweden 59.8 Finland 44.7 Norway 35.5 82 P&B 5.4
Slide 83: Impaired loans
Impaired loans EURm. End of Q1/07 Gross Provisions Net Household customers 322 124 198 Manufacturing 341 178 163 Trade and services 183 96 87 Other companies 35 13 22 Real estate 120 59 62 Renting, Consulting and other services 169 104 65 Agriculture & Fishing 35 17 17 Construction 47 21 26 Transpor
Slide 84: Loan losses
Loan losses YoY EURm Positive net loan losses reflecting 299 330 recoveries maintained at high level 280 230 192 and limited new provisions 180 126 Provisions include EUR 20m for 130 92 86 80 58 collectively assessed loan related to 30 the property market in the Baltics -20 -70 -23 -31 -13 -54 -
Slide 85: Economic capital
Economic capital
Slide 86: Economic capital (EC)
Economic capital (EC) EURbn 10 9.9 9 9.6 9.2 9.3 EC per business area 8.9 9.0 9.0 8 (EURm) Q1/07 7 Retail Banking 6.156 6 CIB 1.923 5 Asset Mgmt 124 4 Life 1,110 3 Treasury 453 2 GPT 116 1 Other 2 0 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Total 9,884 86
Slide 87: Economic capital – distribution
Economic capital – distribution End of Q1/07 Asset Mgmt Treasury Other Life risk Operational & Life 4% 1% Business 1% risk 12% risk 9% 12% CIB 21% Retail Market risk Credit risk 61% 15% 63% 87
Slide 88: Retail Banking
Retail Banking
Slide 89: Retail Banking lending and deposit volumes
Retail Banking lending and deposit volumes Lending, EURbn Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Q2/05 Denmark 54.3 52.5 48.7 47.5 45.5 45.1 43.2 41.3 Finland 40.9 39.5 38.6 37.7 36.4 35.6 34.8 33.8 Norway 30.5 28.8 27.4 26.8 26.0 25.2 24.3 23.3 Sweden 51.2 51.1 48.8 49.1 46.5 46.1 45.2 43.3 Depo
Slide 90: Retail Banking breakdown of lending
Retail Banking breakdown of lending Denmark, EURbn Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Q2/05 Corporate 22.9 21.9 19.1 18.2 18.2 18.1 17.0 16.1 Household mortgages 23.1 22.5 21.8 20.8 20.3 19.6 18.8 17.9 Consumer lending 6.7 6.5 6.3 6.0 5.8 5.8 5.8 5.7 Finland, EURbn Q1/07 Q4/06 Q3/06 Q2/06 Q1/
Slide 91: Retail Banking breakdown of lending
Retail Banking breakdown of lending Norway, EURbn Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Q2/05 Corporate 14.3 13.3 12.7 12.7 12.3 12.0 11.5 11.1 Household mortgages 15.3 14.7 14.0 13.3 12.8 12.4 11.9 11.4 Consumer lending 1.1 1.0 1.0 1.0 0.9 0.9 0.8 0.8 Sweden, EURbn Q1/07 Q4/06 Q3/06 Q2/06 Q1/06
Slide 92: Retail Banking breakdown of deposits
Retail Banking breakdown of deposits Denmark, EURbn Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Q2/05 Corporate 8.4 8.3 8.3 8.0 7.8 7.8 8.0 7.2 Households, current 3.2 3.4 3.3 3.4 3.1 3.2 3.1 3.1 accounts Households, savings 10.7 10.0 9.9 9.9 9.5 9.4 9.5 9.0 accounts Finland, EURbn Q1/07 Q4/06 Q3/06 Q
Slide 93: Retail Banking breakdown of deposits
Retail Banking breakdown of deposits Norway, EURbn Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Q2/05 Corporate 9.6 8.8 8.3 8.3 7.7 7.4 6.9 6.3 Households, current 1.9 2.0 2.1 2.2 2.0 1.8 1.7 1.7 accounts Households, savings 4.0 3.9 3.8 3.7 3.7 3.7 3.9 3.8 accounts Sweden, EURbn Q1/07 Q4/06 Q3/06 Q2/06
Slide 94: Retail Banking margins
Retail Banking margins % Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Q2/05 Lending to SME’s 0.90 0.92 0.95 0.98 1.00 1.04 1.06 1.09 Mortgages, households 0.56 0.57 0.63 0.70 0.75 0.76 0.81 0.85 Consumer loans, 3.25 3.46 3.53 3.61 3.66 3.74 3.81 4.04 households Deposits, SME’s 1.05 1. 06 1.03 1.02 1.01
Slide 95: Payments & transactions
Payments & transactions
Slide 96: E-banking customers and payments
96 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 0 5 10 15 20 25 30 35 40 45 50 55 Mill. Q1/00 Q3/00 Q1/01 Q3/01 E-banking cu
Slide 97: Issued cards and card payments
97 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 Issued debit and credit cards Credit cards Jan-06 May-06 Sep-06 Jan-06 0 20 40 60 80 100 120 140 160 180 Mill. Q1/01 Q3/01 Q1/0
Slide 98: 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 Q1 07 Manual transactions Payment ATMs Card payments Cash withdrawal ATMs Direct debit Netbank payments 98
Slide 99: Payment transactions, households
Payment transactions, households Mill. 2006 2005 2004 2003 2002 Q1/2007 Manual transactions 26.1 108.7 124.6 129.1 137.7 150.6 Payterminals 3.8 16.3 19.7 23.6 27.1 31.7 Card payments 188.8 735.1 621.0 527.8 459.9 395.5 Cash withdrawal ATM 36.5 164.8 181.7 190.4 197.4 204.4 Direct debit 28.7 106.3 10
Slide 100: Corporate and Institutional Banking
Corporate and Institutional Banking
Slide 101: CIB lending and deposit volumes and margins
CIB lending and deposit volumes and margins Lending, EURbn Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Q4/05 Q3/05 Q2/05 Corporate Banking Division 12.9 12.7 12.0 12.7 12.0 11.1 10.9 12.0 Financial Institutions Division 1.7 1.5 1.3 1.5 2.0 1.7 1.8 2.0 International and Shipping 9.9 9.4 9.1 9.1 8.6 8.5 8.1 7.7 Div
Slide 102: Nordea operations in Poland and the Baltic countries
Nordea operations in Poland and the Baltic countries End of Q1/07 Estonia Latvia Lithuania Poland Total Customers 55,050 47,500 57,350 374,850 1,263,750* Branches/salespoints 17 18 12 48 95 Number of FTEs 286 356 207 912 1,773 Total assets, EURm 1,374 1,612 1,076 2,203 6,265 Commitments***, EURm 1,2
Slide 103: Asset Management & Life Insurance
Asset Management & Life Insurance
Slide 104: Breakdown of AuM by market and channels
Breakdown of AuM by market and channels Retail funds* Fund sales Q1/07 (sold through through Private Institutional Life & Total by EURbn own distribution) third-parties Banking customers Pensions** market Denmark 8.7 - 18.7 12.1 18.7 58.2 Finland 7.5 - 16.5 4.9 9.1 38.0 Norway 1.8 - 2.6 3.6 5.3 13.3
Slide 105: Asset Management – margins
Asset Management – margins* Bps 79 80 71 71 67 65 70 Margins in line with first quarter last year 60 Underlying changes in income margin mix, 50 43 as management fee margins are up and 40 36 36 32 31 transaction income margins down 30 compared to first quarter last year 20 Minor change in asse
Slide 106: Asset structure
Asset structure* Q1/07 Q1/06 Int'l. fixed Int'l. fixed income income 17% 14% Nordic Nordic fixed Nordic fixed Nordic income equities income equities 41% 15% 43% 14% Int'l. Int'l. equities equities 28% 28% *Average AuM for Asset Management activities excl. Nordic Private Banking activities. 106
Slide 107: European fund distribution
European fund distribution EURbn 8,000 7,000 5798 6,000 5,000 4,000 3,000 2,000 1,000 115 0 -1,000 Q1/02 Q3/02 Q1/03 Q3/03 Q1/04 Q3/04 Q1/05 Q3/05 Q1/06 Q3/06 Q1/07 Inflow AuM 107
Slide 108: 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 109: Life - profit drivers
Life - profit drivers EURm Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Traditional insurance Fee contribution/profit sharing 37 47 34 35 36 Contribution from cost result -1 -4 0 -4 -1 Contribution from risk result 5 9 6 6 7 Inv. return on Shareholders Equity 8 11 6 1 0 Other profits -3 4 5 5 5 Total Profit Tradit
Slide 110: Life – net written premiums by market
Life – net written premiums by market EURm Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Denmark 329 328 244 262 237 Norway 257 205 134 205 236 Finland 213 238 151 221 241 Sweden 97 191 95 153 151 Other 125 150 97 124 107 Total 1.021 1.112 720 964 972 110
Slide 111: Life, investments
Life, investments EURbn Equities 35 32,5 33,0 31,1 predominantly listed equities 30,5 30,3 30 1/3 Nordic, 2/3 international 25 Bonds 3/4 Nordic issuers 20 primarily government and 15 mortgage institutions 10 5 0 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Equities Real Estate Alternative investments B
Slide 112: Life - asset allocation
Life - asset allocation Total, EURbn Equities, % Q1/07 Q4/06 Q1/07 Q4/06 Denmark 14.5 14.4 26 29 Finland 8.8 8.6 20 22 Norway 4.9 4.7 21 19 Sweden 3.6 3.7 13 7 Total 33.0 32.5 23 22 112
Slide 113: Life - solvency situation
Life - solvency situation End of Q1/07 Required Actual Solvency Solvency in % of EURm solvency solvency buffer requirement Denmark 510 648 139 127 Finland 232 749 517 323 Norway* 170 406 237 239 Sweden** 66 134 68 203 * Excluding unit linked company ** Nordea Life Sweden I 113
Slide 114: Life – solvency sensitivity
Life – solvency sensitivity End of Q1/07 Denmark Finland Norway Sweden Solvency in % of requirement 127 323 239 203 Equities drop 12% 125 247 239 183 Interest rates down 50bp 125 358 239 200 Interest rates up 50bp 128 290 239 157 114
Slide 115: Life – financial buffers
Life – financial buffers EURm % of total provisions Q1/07 Q4/06 Q1/07 Q4/06 Denmark 1,503 1,474 13.3 13.1 Finland 386 361 7.3 6.8 Norway 228 232 6.1 6.4 Sweden 220 210 13.6 12.4 Total 2,337 2,277 10.6 10.4 115
Slide 116: Life – buffers in different scenarios
Life – buffers in different scenarios End of Q1/07 EURm Denmark Finland Norway Sweden Financial buffers, actual 1,503 386 228 228 Equities drop 12% 1,207 209 151 214 Interest rates down 50bp 1,444 467 231 182 Interest rates up 50bp 1,518 309 226 267 116
Slide 117: Balance sheet
Balance sheet
Slide 118: Balance sheet
Balance sheet 31 Mar 29 Dec 31 Mar EURm 2007 2006 2006 Treasury bills and other eligible bills 8,137 6,678 6,884 Loans and receivables to credit institutions 27,502 26,792 31,819 Loans and receivables to the public 222,238 213,985 190,687 Derivatives 23,559 24,207 22,756 Other assets 75,908 75,228 6
Slide 119: Capital base
Capital base EURm Q1/07 Q4/06 Q3/06 Q2/06 Q1/06 Core equity 15,858 15,271 14,288 13,479 13,572 Hybrid capital loans 1,440 1,458 1,457 1,458 1,462 Deferred tax assets -340 -369 -275 -304 -308 Goodwill -1,951 1,770 -1,765 -1,800 -1,795 Other items net -1,905 -1,443 -1,001 -634 -1,210 Tier 1 capital 13
Slide 120: Market shares
Market shares
Slide 121: Market position in Nordic markets
Market position in Nordic markets Market shares Denmark Finland Norway Sweden Personal customers - mortgage lending 15.3% 31.2% 11.8% 15.4% - consumer lending 14.4% 30.8% 11.4% 9.7% - deposits 21.6% 32.5% 8.4% 17.8% Corporate customers - lending 19.6% 35.2% 16.3% 13.9% - deposits 23.2% 36.9% 16.2% 2
Slide 122: Personal customer deposits - market volume & share
122 Ja Fe n 0 100 200 300 400 500 600 b M -0 0 100 200 300 400 500 600 DKKbn Ap -04 ar 5 NOKbn r- M -0 Ju 04 ay 5 n J u -05 Au -0 4 g- S l-0 O 04 ep 5 ct N - 05 D -04 ov ec J a -0 5 Fe -04 b M n-0 Ap -05 a 5 r- M r- 0 Ju 05 ay 5 n - Au -0 5 J u 05 g- S l-0 O 05 ep 5 ct N - 05 D -05 ec o Norway Denma
Slide 123: Corporate deposits - market volume & share
123 Fe Ja b n 0 100 200 300 400 500 600 0 100 200 300 400 A - 04 M -0 4 DKKbn pr NOKbn ar Ju - 04 M -0 ay 4 A n-0 ug 4 - Ju 04 O - 04 S l-0 c ep 4 D t- 0 No - 04 ec 4 Fe -0 4 v Ja -0 4 b A - 05 p M n-0 a 5 Ju r- 05 M r- 0 ay 5 A n-0 ug 5 Ju -05 O - 05 Se l-0 c p 5 D t- 0 No - 05 ec 5 Fe -0 5 Norway
Slide 124: Personal customer lending - market volume & share
124 Fe Ja b n 0 100 200 300 400 500 M -0 0 200 400 600 800 1000 1200 DKKbn NOKbn A - 04 ar 4 pr M -0 Ju - 04 ay 4 A n-0 J u -04 ug 4 O - 04 S l-0 c ep 4 D t- 0 N - 04 ov ec 4 Fe -0 J a -0 4 b 4 M n-0 A - 05 p a 5 Ju r- 05 M r- 0 ay 5 A n-0 J u -05 ug 5 O -0 S l-0 c 5 ep 5 D t- 0 N - 05 ec 5 o Norway
Slide 125: Mortgage lending households - market volume & share
125 Fe D b ec 0 200 400 600 800 1000 1200 0 200 400 600 800 1000 -0 DKKbn NOKbn A - 04 pr M 3 Ju - 04 ar -0 A n-0 Ju 4 ug 4 n- O -0 c 4 0 O 4 D t- 0 ct ec 4 -0 Fe -0 4 D 4 b ec -0 A - 05 pr M 4 Ju - 05 ar -0 market volume base figures from Jan 06 The Central Bank of Norway has changed A n-0 Ju 5 ug
Slide 126: Corporate lending - market volume & share
126 Fe Ja b n 0 100 200 300 400 500 600 700 0 100 200 300 400 500 600 700 A - 04 M -0 4 a DKKbn pr NOKbn Ju - 04 M r- 0 ay 4 A n-0 Ju -04 ug 4 O - 04 S l-0 c ep 4 D t- 0 N - 04 ec 4 ov Fe -0 4 J a -0 4 b A - 05 p M n-0 a 5 Ju r- 05 M r- 0 ay 5 A n-0 ug 5 - Ju 05 O - 05 c S l-0 ep 5 D t- 0 No - 05 ec
Slide 127: Appendix
Appendix
Slide 128: 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 129: Total shareholder return (TSR) Ytd 2007
129 B an k % of -15 -5 5 15 25 35 Irl a nd A B N lli P ed H Iri B s h oS B D an nB ks So Sw NO ci R et edb e G a nk en er al e Er SH st B e (2/1 2007 – 2/4 2007) Ba nk K B BC ar cl ay s R B oS D L an lo y sk ds e B an k SE N B o U rde a Total shareholder return (TSR) Ytd 2007 C nic om re 6.7 H d yp
Slide 130: Largest registered shareholders, end March 2007
Largest registered shareholders, end March 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 71.9 2.8 % 37.3 Robur Funds 63.9 2.5 % 0.6 Alecta 62.0 2.4 % 1.0 SHB/SPP Funds 53.0 2.0 % -0.8
Slide 131: Market development – interest rates
Market development – interest rates Change % 31-12-06 30-03-07 Q1/07 Short, EUR (one week) 3.57 3.77 0.20 Long, EUR (5 years) 3.98 4.12 0.14 Short, DK 3.74 3.95 0.21 Long, DK 4.12 4.27 0.15 Short, NO 3.69 4.05 0.36 Long, NO 4.86 5.11 0.25 Short, SE 2.94 3.28 0.34 Long, SE 4.04 4.18 0.14 131
Slide 132: 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 133: Financial calendar 2007
Financial calendar 2007 Q2 report 2007 will be published 19 July Q3 report 2007 will be published 25 October (please note change of date) www.nordea.com/ir 133
Slide 134: 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