Nordea Bank Abp · OMXHEX:NDA_FI
Nordea Bank Abp — Q1 2002 Earnings Presentation
12 slides from Nordea Bank Abp's earnings presentation, Apr 24, 2002
Slide 1: Results first quarter 2002
Results first quarter 2002 24 April 2002
Slide 2: Stable underlying development
Stable underlying development l Total income up 3% compared to fourth quarter, total expenses were unchanged l Excluding Postgirot Bank expenses decreased by 4% l Underlying loan losses considerably reduced l Profit excluding investment earnings up 4% to EUR 409m l Investment earnings down to EUR 4m
Slide 3: Income statement summary
Income statement summary EURm Q1/02 Q4/01 Change, Change % excl PG, % Income 1,494 1,452 3 0 Expenses -1,037 -1,038 0 -4 Loan losses -63 -56 13 Equity method 15 35 -57 Profit excl. Investment earnings 409 393 4 2 Investment earnings 4 114 -96 Goodwill -42 -39 8 Operating profit 371 468 -21
Slide 4: Market development – stock market indexes
Market development – stock market indexes % 50 40 30 20 10 0 -10 -20 -30 -40 2001 Q4/01 Q1/02 Copenhagen Helsinki Oslo Stockholm Nasdaq Dow Jones
Slide 5: Market development – interest rates
Market development – interest rates Change Dec-01 Mar-02 % Q1/02 Short, EUR (3 months) 3.30 3.45 0.15 Long, EUR (5 years) 4.51 4.91 0.40 Short, DK 3.62 3.67 0.05 Long, DK 4.75 5.12 0.37 Short, NO 6.26 6.59 0.33 Long, NO 6.09 6.57 0.48 Short, SE 3.87 4.28 0.41 Long, SE 4.98 5.42 0.44
Slide 6: Market development - GDP
Market development - GDP % 2000 2001 2002e 2003e Denmark 3.0 0.9 1.4 2.1 Finland 5.6 0.7 2.8 4.2 Norway 2.3 1.4 2.2 2.0 Sweden 3.6 1.2 1.3 3.4 Source: Nordea Economic Research
Slide 7: Loan losses
Loan losses EURm 225 l Underlying loan losses 200 considerably reduced 100 175 l No major single provision 150 l No change in general 125 provisions 100 113 l Annualised loan loss level in 75 Q1, 0.18% 50 59 63 56 25 45 0 Q1/01 Q3/01 Q1/02 General provision
Slide 8: Tax effect
Tax effect EURm Q1/02 Q4/01 Change, % Operating profit 371 468 -21 Taxes -102 +55 Net profit 269 523 -49 Earnings per share, EUR 0.09 0.18 ROE excl. goodwill, % 13.0 24.5
Slide 9: Synergies on track
Synergies on track l Accumulated merger synergies of EUR 209m l Integration of Postgirot Bank ahead of plan l A number of “second wave projects” initiated
Slide 10: Second wave of integration
Second wave of integration l Group wide integration programme l Harvesting the full benefit of working cross border as an integrated group l Creating additional synergies in line with merger synergies within 3 years l Investments will be expensed on a running basis l Expenses related to three projec
Slide 11: Progress in strategic areas
Progress in strategic areas l Divestment of General Insurance continues according to plan l Almost 3 million e-banking customers at the end of March 2002, target for year-end raised to 3.3 million l Strong inflow, 13% (annualised), AuM increased to EUR 108bn
Slide 12: Results first quarter 2002
Results first quarter 2002 24 April 2002