OREANDA-NEWS. May 07, 2008.
Growth strategy on track - income growth continued and profit before loan losses increased, reported the press-centre of Nordea.

Income EUR 1,961m (EUR 1,873m in the first quarter 2007), up 5%

Net interest income EUR 1,181m (EUR 1,004m), up 18%

Risk-adjusted profit EUR 584m (EUR 576m), up 1%

Profit before loan losses EUR 906m (EUR 881m), up 3%

Loan losses EUR -21m (positive EUR 13m)

Net profit EUR 687m (EUR 701m), down 2%

Return on equity 15,8% (18,0%)

Earnings per share EUR 0,26 (EUR 0,27)

Continued strong growth in volumes and high customer activity, despite challenging markets

Total lending up 14%

Corporate lending up 18%

Total deposits up 12%, of which volumes in savings accounts up 21%

Number of Gold customers up 7%, number of Private Banking customers up 13%

Increased lending margins

Strong development in the customer-driven capital markets activities

Strong income growth in New European Markets

"I am pleased, that we in a period with increasing turbulence and challenging financial markets have been able to continue to grow our business, increase revenues and improve the result before loan losses. This is due to a combination of a strong balance sheet, limited exposure to the market turmoil and the continued successful execution of our organic growth strategy. The report shows that we are on track with our long-term targets and that we are consistently following our plans when it comes to both income growth and cost development. All banks now experience increasing funding costs, and increased uncertainty related to the macroeconomic outlook. However, so far we see no evidence of a slowdown in customer activities and we maintain our financial outlook for 2008", says Christian Clausen, President and Group CEO of Nordea.