Net profit 2004 up 28% to all-time high EUR 1,914m (EUR 1,490m in 2003).
Operating profit up 26% to EUR 2,284m (EUR 1,812m).
Total income up 1% to EUR 5,720m (EUR 5,639m), up 3% on a comparable basis.
Volume growth in all business areas.
Total costs down 5%.
Earnings per share at all-time high EUR 0.69 (EUR 0.51).
Return on equity (excluding goodwill) 20.2% (16.7%).
Strong income growth in the fourth quarter
Total income up 8% to EUR 1,504m (EUR 1,391m in third quarter).
Operating profit up 16% to EUR 636m (EUR 548m in third quarter).
Retail Banking increased operating profit for seventh quarter in a row.
Corporate and Institutional Banking's operating profit up 7%.
Assets under management up to all-time-high EUR 131bn; Asset Management result up 12%.
Positive net loan losses.
Strong capital position
Proposed dividend increased by 12% to EUR 0.28 (EUR 0.25), corresponding to a payout ratio of 40%.
Proposal to the AGM for new mandate to repurchase 10% of own shares.
Well positioned to capture growth
Increasing ambitions – new financial targets released in November.
Uniform customer programmes in all markets to further increase business with Nordea's large customer base.
Increased focus on customers and products.
"It is very encouraging that we continue to deliver strong results quarter after quarter. The 2004 result is a consequence of the efforts to focus on revenue growth, manage costs and leverage the advantages of size, scale and scope. For two consecutive years we have delivered total shareholder return ranking among the top three in our European peer group. The 8% increase in total income in the fourth quarter indicates that we are well positioned to capture growth opportunities and deliver on our increased ambition level," says Lars G Nordström, President and Group CEO of Nordea.
