Nordea announced the results of second quarter 2004

Strong results in first half of 2004

• Operating profit up 15% to EUR 1,100m (EUR 959m in first half year 2003).
• Net profit up 64% to EUR 1,082m (EUR 660m) including gain related to the completed real estate divestment process.
• Total income maintained at EUR 2,825m (EUR 2,837m), net interest and commission income up.
• Total expenses down 5% to EUR 1,722m (EUR 1,819m).
• Loan losses down 79% to EUR 39m (EUR 190m).
• Earnings per share EUR 0.39 (EUR 0.23).
• Return on equity (excl. goodwill) 23.1% (15.2%).

Solid underlying development in Q2

• Operating profit EUR 516m (EUR 584m in first quarter 2004).
• Net profit up 59% to EUR 664m (EUR 418m).
• Total income maintained and costs down 3%, net interest and commission income up.
• Trading income and investment earnings influenced by difficult market conditions.
• Life insurance result further improved.
• Positive net loan losses.

Growth in business volumes and increased focus

• Continued growth in lending to households, up 15% year-on-year.
• Lending to small and medium-sized corporate customers up 1%.
• Deposits up 7%.
• Assets under Management increased by 21% to EUR 123bn.
• Number of netbank customers up 9% to more than 3.8 million.
• Number of netbank payments up 17% to 42.4 million per quarter.
• Pioneering new model for equity research.