Net profit up 68% to EUR 1,490m (EUR 887m in 2002).
Operating profit up 17% to EUR 1,812m (EUR 1,547m).
Total income largely unchanged at EUR 5,639m (EUR 5,670m).
Total costs down 2%.
Earnings per share EUR 0.51 (EUR 0.30).
Return on equity (excluding goodwill) 16.7% (11.3%).
Proposed dividend EUR 0.25 per share, an increase by 9%.
Underlying positive trend confirmed in Q4
Operating profit EUR 383m (EUR 470m in Q3).
Total income at EUR 1,399m (EUR 1,403m); net interest and commission income up.
Costs largely unchanged on a comparable basis taking reservation for profit sharing and start-up costs related to the joint venture with IBM into account.
Loan losses down to EUR 84m (EUR 89m).
Net profit EUR 202m (EUR 628m) reflecting write-down related to the real estate divestment process, and a deferred tax income in Q3.
Delivering on promises
Short-term top priorities have been addressed:
– volatility has been reduced and income maintained at a stable level;
– costs are kept well within the flat cost target - costs in 2004 expected to be unchanged compared to 2003;
– capital efficiency has improved;
– credit losses decreased slightly throughout the year - Credit portfolio in general in healthy shape;
– special attention on income development going forward.
"We have delivered on our promises. In November 2002 a number of short-term top priorities were identified and we started to improve our performance. When comparing Nordea today with Nordea a year ago, I see a bank that has undergone significant changes. Today we are more focused, changes are made at a more rapid speed and the concept of continuous improvement is internalised throughout the organisation. Having strengthened our platform our main focus going forward will be on continued strict cost and risk management and an increased attention on our income development," says Lars G Nordström, President and Group CEO of Nordea.
