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Nordea: Fourth Quarter and Full Year Results 2016

CEO Casper von Koskull's comments on the results:

"2016 has probably been the most eventful year in the history of
Nordea. On top of macro and regulatory challenges for the sector,
Nordea has addressed significant media attention and started to
implement a profound transformational change agenda. Two major
achievements have been the creation of a new legal structure and
launching a term deposit product on the new core banking platform.
Despite a challenging revenue situation in 2016, we have throughout
the year improved our net interest margin; for 2016, the inflow to
our Assets under Management reached an all-time high, and we have
confirmed our leading Nordic position in corporate advisory
operations. Cost performance and credit quality are in line with our
guidance. Our CET1 ratio improved 190 bps in 2016 to 18.4%, and RoE
was 11.5%1,2. Nordea's Board of Directors proposes a dividend per
share of EUR 0.65.

We also expect 2017 to be eventful, and we are well-prepared to deal
with the challenges. Our strategic direction is clear. Our strong
balance sheet and robust business model will enable us to further
invest in our platform and thereby transform the bank. We continue to
focus on the creation of a fully digital platform, improving customer
satisfaction and transforming the organisation to be best in class in
compliance, with a strong ethics and a values culture that can fulfil
our obligations to society and deliver value to our customers and

Full year 2016 vs. Full year 2015[1,2] (Fourth quarter 2016 vs. Fourth
quarter 2015[1,2])

· Net interest income EUR 4,727m, -5%; -3% in local currencies (0%,
0% in local currencies)

· Total operating income[1] EUR 9,754m, -2%; -1% in local
currencies (+5%, +5% in local currencies)

· Total expenses[2] EUR 4,886m, +4%; +5% in local currencies (+9%,
+10% in local currencies)

· Profit before loan losses EUR 5,127m, -1%; 0% in local currencies
(+18%, +17% in local currencies)

· Net loan losses EUR 502m, +5%; +9% in local currencies (-9%, -6%
in local currencies)

· Operating profit[1,2] EUR 4,366m, -9%; -8% in local currencies
(+2%, +2% in local currencies)

· Common Equity Tier 1 capital ratio 18.4%, up from 16.5% (up 190
bps from 16.5%)

· Cost/income ratio[1,2] 50%, up from 47% (up 2%-points from 49%)
· Loan loss ratio[2] of 15 bps, up from 14 bps (down 1 bps from 17

· Return on equity[1,2] 11.5%, down from 12.3% (up 140 bps from

· Diluted EPS EUR 0.93 vs. EUR 0.91 (EUR 0.27 vs. EUR 0.21)
Exchange rates used for Q4 2016 for income statement items are for DKK
7.4453, NOK 9.2943 and SEK 9.4675.

[1] Excl. non-recurring items (Q4 2015: gain from divestment of
Nordea's merchant acquiring business to Nets of EUR 176m before tax,
Q2 2016: gain related to Visa Inc.'s acquisition of Visa Europe
amounting to EUR 151m net of tax, Q4 2016: additional gain related to
Visa of EUR 22m before tax).

[2] Excl. non-recurring items (Q4 2015: restructuring charge of EUR
263m before tax, Q4 2016: gain in staff costs related to change in
pension agreement in Norway of EUR 86m before tax).

For further information:

Casper von Koskull, President and Group CEO, +46 10 157 1020
Torsten Hagen Jørgensen, Deputy CEO and Group COO, +45 5547 2200
Rodney Alfvén, Head of Investor Relations, +46 72 235 05 15
Helga Baagøe, Acting Head of Group Communications, +46 721 411 807

Latest interim results

The information in this press release is such, which Nordea Bank AB
(publ) is obliged to make public pursuant to the EU Market Abuse
Regulation and the Swedish Securities Markets Act. The information
was submitted for publication, through the agency of the contact
persons set out above, at 07.00 CET on 26 January 2017.


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