Net profit up 34% to EUR 665m (EUR 495m in the first quarter of 2005)
Operating profit up 25% to EUR 858m (EUR 688m)
Income up 11% to EUR 1,759m (EUR 1,582m) – Net interest income up 3%
Costs up 3%
Cost/income ratio continues down to 53% from 57%
Positive net loan losses of EUR 31m (EUR 6m) – eighth consecutive quarter with positive net loan losses
Earnings per share EUR 0.26 (EUR 0.18), up 39%
Return on equity 20.0% (15.8%)
Growth strategy and business model pay off – profitable growth in business volumes
Strong sales to both corporate and personal customers – lending up 12%
Strategic focus on the savings area increasingly visible – Assets under management up 18% and deposits up 8%
Net written premiums in Life up 23%
Strong growth in sale of Markets' products – targeted activities towards small and medium-sized Nordic corporates
President and Group CEO of Nordea Lars G Nordström says:
"The successful execution of our growth strategy in continuing favourable market conditions combined with the strength of the Nordea business model has led to strong growth in all Business Areas. The gap between income and cost development has widened despite continued fierce competition and a moderate cost increase.
The eighth consecutive quarter with positive net loan losses reflects the strong credit quality in Nordea and the favourable macroeconomic environment.
Our results are well ahead of financial targets, and we will continue to capture profitable growth opportunities without compromising our strict cost and risk management. Should the macroeconomic environment change, Nordea has the flexibility and ability to adjust accordingly".
