Strong capital position, flat costs and growing income
CEO Christian Clausen’s
comment to the results:
“In 2012, we had more customers, more capital and
higher profit than ever
before. We are ahead of the plan that was established
in 2011. On that
foundation, we will shape the future of Nordea, with closer
customer
relationships, unchanged costs and increased return on equity.

85,000
new relationship customers and more business with our customers have led
to an
increased income in the quarter and the year. The flat cost target was
achieved
in 2012. Despite lending growth of 3%, risk-weighted assets were
reduced by
9%.

Return on equity increased in 2012 to 11.6% and the core tier 1 capital
ratio
increased to 13.1%. Dividend is proposed to be EUR 0.34, which
corresponds to a
payout-ratio of 44%, in line with our policy.”

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

Full year 2012 vs full year 2011 (fourth
quarter 2012 vs third quarter 2012):

  · Total operating income up 8% (up 7%),
operating profit up 11%* (up 15%)
  · Core tier 1 capital ratio up to 13.1%
from 11.2% excl. transition rules (up
from 12.2%)
  · Loan loss ratio 28 basis
points, up from 23 basis points (down to 29 bps
from 30 bps)
  · Assets under
Management EUR 218bn, up 16% (up 4%)
  · Return on equity 11.6%, up from 11.1%*
(up to 12.1% from 10.1%)
  · Proposed dividend EUR 0.34 (last year EUR 0.26)
 
· Ambitious financial target and new capital policy
     established

+-----------------------------+-----+----++---+-----+---+------+---
     ---+---+
|Summary
key figures,         |   Q4|   Q3|Ch.|   Q4|Ch.|  2012|  2011|Ch.|
|EURm       
                 | 2012| 2012|  %| 2011|  %|      |      | 
     %|
+-----------------------------+-----+----++---+-----+---+------+------+---+
|
     Net
interest income          |1,429|1,441| -1|1,427|  0| 5,752| 5,456| 
     5|
+-----------------------------+-----+----++---+-----+---+------+------+---+
|
     Total
operating income       |2,630|2,469|  7|2,558|  3|10,236| 9,501| 
     8|
+-----------------------------+-----+----++---+-----+---+------+------+---+
|
     Profit
before loan losses    |1,303|1,176| 11|1,292|  1| 5,050| 4,282|
     18|
+-----------------------------+-----+----++---+-----+---+------+------+---+

     |Net
loan losses              | -244| -254| -4| -263| -7|  -933|  -735|
     27|
+-----------------------------+-----+----++---+-----+---+------+------+---+

     |Loan
loss ratio (ann.), bps  |   29|   30|   |   33|   |    28|    23|  
     |
+-----------------------------+-----+----++---+-----+---+------+------+---+
|O
     perating
profit             |1,059|  922| 15|1,029|  3| 4,117| 3,547|
     16|
+-----------------------------+-----+----++---+-----+---+------+------+---+

     |Operating
profit, adjusted   |     |     |   |     |   |    
      |3,718*|11*|
+-----------------------------+-----+----++---+-----+---+------+--
     ----+---+
|Risk-adjusted
profit         |  846| 749|  13|  815|  4| 3,245| 2,714|
     20|
+-----------------------------+-----+----++---+-----+---+------+------+---+

     |Diluted
EPS, EUR             | 0.21|0.17|    | 0.19|   |  0.78|  0.65| 
      |
+-----------------------------+-----+----++---+-----+---+------+------+---+
|
     Return
on equity, %          | 12.1|10.1|    | 12.3|   |  11.6|  10.6| 
      |
+-----------------------------+-----+----++---+-----+---+------+------+---+
|
     Return
on equity, adjusted, %|     |     |   |     |   |      | 11.1*| 
      |
+-----------------------------+-----+----++---+-----+---+------+------+---+


     
*
Excluding restructuring provision in the third quarter 2011 of EUR
171m.

Currency rates used for DKK, NOK and SEK for the fourth quarter 2012 are
for
income statement items 7.44, 7.48 and 8.71 respectively.

For further
information:
Christian Clausen, President and Group CEO, +46 8 614 7804
Torsten
Hagen Jørgensen, Group CFO, +46 8 614 7814
Rodney Alfvén, Head of Investor
Relations, +46 8 614 7880 (or +46 72 235 05 15)
Jan Larsson, Head of Group
Identity & Communications, +46 8 614 7916 (or +46 70
593 34 12)