OREANDA-NEWS. January 27, 2012. CEO Christian Clausen’s comment to the report:
"Our focused relationship strategy and New Normal plan has delivered increased efficiency in cost, capital, liquidity and funding while we have maintained strong income growth and solid profit development, reported the press-centre of Nordea Bank.

We have reached a record number of relationship customers and all-time-high total income for both the last quarter and the full year 2011. Cost growth has been reduced and total expenses were at the same level in the fourth quarter as one year before.

Great customer experiences remain our most important value and constitute the key to our relationship strategy and strong financial results also in the new normal. Our ambition is to both mitigate the impact from the new regulations for the customers and develop our products, services and advice even further".

Fourth quarter 2011 vs third quarter 2011 (full year 2011 vs 2010):

Total operating income up 22% (up 2%)

Operating profit up 40%* (up 2%*)

Cost / income ratio 49% (55%)

Net loan losses up to 33 basis points from 14 basis points (down to 23 basis points from 31 basis points last year)

Core tier 1 capital ratio increased to 11.2% excluding transition rules (up from 10.3% one year ago)

Return on equity 12.3%, up from 8.5%* in the third quarter (down to 11.1%* from 11.5% in 2010)

*Excluding restructuring provision in the third quarter of EUR 171m.