Contents Nordea Key figures and trends Group P&L Business - PowerPoint PPT Presentation

Income, insurance EURm 200 � Up almost 40% 180 185 � Premium growth 160 140 � Lower claims 138 134 120 129 � Increased efficiency 100 102 80 60 40 20 0 Q2/00* Q3/00* Q4/00 Q1/01 Q2/01 *Negative hurricane impact Q2/00 EUR 13m and Q3/00 EUR 10m

Expenses EURm 1000 � High activity in Q2 417 410 425 - customer-related 800 380 326 - integration process 600 � H1/01 up 3% on H1/00 560 adjusted for CBK 545 482 460 459 400 � Profit-related personnel expenses in the first half EUR 70m 200 0 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 Personnel Other

Total IT-related expenses* EURm 800 As % of total expenses 700 2000 22.7% 670 600 H1/01 20.4% 500 400 395 300 200 100 0 2000 H1/01 *Computer operations, service expenses, consultants and personnel

Loan losses EURm 400 � Loan losses 18 bp in 303 Q2 300 � Mainly related to 193 183 200 145 previously troubled 135 commitments 100 59 45 22 20 20 � Increase in country 0 risk reserve -100 � Overall credit quality -115 -125 -134 -138 -200 in essence unchanged -300 -281 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 Gross Reversals Net

Investment earnings EURm Q2/01 Q1/01 Q4/00 Q3/00 Q2/00 Treasury 25 68 34 30 105 Life insurance 19 -17 -2 15 3 General insurance 11 -32 -10 38 -17 Other 55 2 20 17 71 Investment earnings 110 21 42 100 162

Results by business area EURm 479 500 458 400 300 200 140 93 75 65 80 100 36 35 5 1 42 0 -14 -31 -100 Retail CIB Asset IB Life* General Treasury Mgmt* *Product result for Asset Management and Life Q1/01 Q2/01

Retail Banking operating profit EURm 500 � Operating profit up 5% 450 479 458 400 � C/I-ratio improved to 54% 423 350 � ROE 26% 351 345 300 � Volume increase for lending 250 200 and deposits 150 100 50 0 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01

Retail Banking operating profit by market Q2 Retail Retail Retail Retail Retail Retail EURm Banking DK FI NO SE P&B Net interest income 798 235 250 94 212 6 Non-interest income 303 84 74 39 102 4 Total income 1,101 319 324 133 314 10 Total expenses -599 -178 -157 -77 -180 -7 Profit before loan losses 502 141 167 56 134 3 Loan losses -23 -5 -9 -4 -2 -2 Operating profit 479 136 158 52 132 1 Cost/income ratio % 54 56 48 59 57 69 Return on equity % 26 24 39 16 23 6

Retail Banking lending EURbn 35 34.4 33.9 30 25 26.2 25.7 20 20.9 20.4 15 15.5 14.8 10 5 0 Denmark Finland Norway Sweden 31-03-01 30-06-01

Retail Banking deposits EURbn 25 20 20.0 19.1 15 16.0 15.7 13.5 12.8 10 8.6 8.4 5 0 Denmark Finland Norway Sweden 31-03-01 30-06-01

CIB operating profit EURm � Stable underlying development 160 140 � Income from Markets lower 120 compared with exceptional Q1 100 � Increased provisions for 80 certain previously recognised 140 60 119 114 troubled commitments 93 40 74 � ROE 12% 20 0 � C/I-ratio 46% Q2/00 Q3/00 Q4/00 Q1/01 Q2/01

CIB, Q2 2001 Shipping Corporate and Inter- EURm CIB Division Offshore national Markets* Total income 275 146 47 52 96 Total expenses -126 -55 -7 -22 -47 Profit before loan losses 149 91 40 30 49 Loan losses -50 -2 -12 -11 - Country risk -10 -10 Equity method 4 4 Operating profit 93 89 28 13 49 Cost/income ratio % 46 Return on equity % 12 *Product result: revenues and expenses allocated to customer responsible units

CIB lending volume EURbn 35 30 31.6 30.2 25 20 18.8 15 17.5 10 5 7.5 7.3 5.1 4.5 0 Corporate Division Shipping and International Total offshore 31-03-01 30-06-01

CIB net loan losses EURm Q2/01 Q1/01 Corporate division 2 -8 Shipping division 12 -16 International division 11 0 Acquisition finance 25 48 50 24 Country risk 10 6 Total 60 30

Asset Management, product result EURm 80 � Continued voltility in financial 75 75 70 markets affected AuM and 69 68 65 result 60 50 � AuM up 4% to EUR 101bn in Q2 40 30 Net inflow limited and � 29 28 27 20 25 dominated by fixed income 20 10 0 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 -of which operating profit

Assets under management, volumes EURbn 120 100 42 80 42,2 41.6 60 26.8 22.3 21.7 40 36 36 33.2 20 0 Q4/00 Q1/01 Q2/01 Mutual funds Private banking Investment management

Asset structure – mutual funds* EUR 31.7bn EUR 33.9bn March 2001 June 2001 Equity funds Equity funds 36% Fixed Fixed 36% income income funds funds 46% 47% Balanced Balanced funds funds 18% 17% * Excl. EUR 2.1bn and EUR 1.5bn outside Nordic countries

Mutual funds volumes and margins 30-06-01 Volumes, EURbn Margins Q2, % 20 1,4 18 1.33 18.2 1,2 16 1.14 14 1,0 1.08 12 0,8 10 9.8 8 0,6 6 0,4 * 4 0.40 4.2 0,2 2 1.7 0 0,0 DK FI NO SE DK FI NO SE * Net margin

Investment Banking operating profit EURm � Equities commission income 25 reduced 20 � High level of activity in Nordic M&A business 15 � Leading positions by market 22 shares on the Helsinki and 10 Copenhagen stock exchanges 12 5 5 2 1 0 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01

Nordea Securities EURm Q2/01 Q1/01 Equities 19 31 Corporate Finance 21 9 Other 2 -1 Total revenues 42 39 Total expenses -41 -34 Operating profit 1 5

Life Insurance and Pensions, product result EURm 25 � Product result improved to 23 20 EUR 42m 19 15 15 10 � Increase in premium income in 5 5 3 0 3 Denmark 0 -2 -5 � Favourable development in profit -10 on investment activities -17 -15 -20 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 Technical result Investment earnings

Life insurance and Pensions Q2 EURm Denmark Finland Norway Sweden Other Total Premiums gross 345 205 81 107 8 746 Of which traditional life insurance 323 175 56 42 4 600 unit link 22 30 25 65 4 146 Investment return 226 61 59 78 -4 420 Benefits -555 -236 -131 -175 -3 -1,100 Expenses -15 -5 -11 -10 -2 -43 Technical result 1 25 -2 0 -1 23 Investment earnings 11 2 5 0 1 19 Product result 12 27 3 0 0 42

Life and Pensions - investments EURbn 25 20 3,4 3,1 2,6 3,1 2,4 1,5 1,5 1,2 1,2 15 1,2 9 10,6 8,8 8,4 10,5 10 5 6,4 6 5,9 5,5 5 0 30-06-00 30-09-00 31-12-00 31-03-01 30-06-01 Shares Bonds Property Unit linked

General Insurance, operating profit EURm 50 � Growth in gross premiums 40 38 � Lower claims 30 20 25 � Increased efficiency 22 10 11 7 1 � Combined ratio improved to 0 -10 -13 100% -10 -17 -20 -32 -30 -40 Q2/00* Q3/00* Q4/00 Q1/01 Q2/01 Technical result Investment earnings * Negative hurricane impact Q2/00 EUR 13m and Q3/00 EUR 10m

Combined ratio by market % 120 115 107 107 100 106 103 101 101 100 96 92 80 60 40 20 0 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 Denmark Norway

General insurance EURm Q2/01 Q1/01 Premiums gross 453 428 Premiums net 375 358 Technical interest 31 27 Claims -285 -287 Expenses -96 -97 Technical result 25 1 Investment earnings 11 -32 Operating profit 36 -31

General Insurance Q2 EURm Denmark Norway Other Total Premiums gross 219 165 69 453 Premiums, net 197 125 53 375 Technical interest 14 14 3 31 Claims -152 -99 -34 -285 Expenses -50 -23 -23 -96 -1 25 Technical result 9 17 Investment earnings 14 -1 -2 11 -3 36 Operating profit 23 16

General Insurance - investments EURbn 3 2,5 0.404 0.407 0.409 0.407 1.713 1.711 0.412 1.754 2 1.518 1.438 1,5 1 0,5 0.514 0.498 0.444 0.427 0.412 0 30-06-00 30-09-00 31-12-00 31-03-01 30-06-01 Shares Bonds Property

Treasury operating profit EURm � Volatile financial markets 120 � Fixed income earnings negative 100 99 - partly balanced by equity 80 gains 68 60 � Gain on Atle shares EUR 57m 40 � Reduced risk exposure 35 34 34 20 12 0 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 Reclassification effect Q1/01

Treasury investment portfolio EURbn 13,5 0.4 0.4 13 0.4 12.9 12.9 0.4 12,5 12.6 12.4 12 0.4 11.7 11,5 11 10,5 30-06-00 30-09-00 31-12-00 31-03-01 30-06-01 Fixed income Equities

Balance sheet - key items EURbn, end of period June 01 March 01 Dec 00 Lending 135 131 129 Deposits 81 77 79 Shareholders’ equity 11 11 11 Total assets 233 233 224 Risk-weighted assets 135 136 132

Balance sheet structure - assets EURbn 140 135 129 120 100 80 60 40 20 28 28 23 23 22 21 21 15 7 5 0 Lending Interest Loans and Assets, Other assets, Other bearing advances to insurance banking securities credit inst. 31-12-00 30-06-01

Real estate holdings Book value, EURbn 30-06-01 31-03-01 31-12-00 Owner occupied properties* 1.4 1.4 1.4 Shares in real estate holding companies 0.4 0.4 0.4 Other property investments 0.5 0.5 0.6 Investments of the insurance companies 1.8 1.8 1.6 Total 4.1 4.1 4.0 *30.06.01: Finnish companies 0.42, CBK 0.17, Vesta 0.03, Unibank & Tryg-Baltica 0.42, Norbanken 0.33

Balance sheet structure – liabilities and equity EURbn 90 80 81 79 70 60 56 56 50 40 30 34 29 20 22 21 20 19 10 11 11 9 9 0 Deposits Debt securities Deposits by Other liabilities, Liabilities, Shareholder´s Other in issue credit inst. banking insurance equity 31-12-00 30-06-01

Lending and deposits EURbn Lending Deposits EURbn 100 140 135 131 120 129 80 81 79 77 100 110 109 67 60 65 80 60 40 40 20 20 0 0 30-06-00 30-09-00 31-12-00 31-03-01 30-06-01 0 0 0 1 1 0 0 0 0 0 - - - - - 6 9 2 3 6 0 0 1 0 0 - - - - - 0 0 1 1 0 3 3 3 3 3

Capital adequacy Tier1 ratio Total capital ratio % % 10 10 9 9 9.6 9.2 8 8 7 7 7.0 6 6 6.6 5 5 4 4 3 3 2 2 1 1 0 0 31-03-01 30-06-01 31-03-01 30-06-01

Capital base 30-06 -01 EURm Shareholder´s equity 11,136 Calculated dividend (40% of net profit) -352 Companies not included in the financial group -23 Shareholder´s equity in the capital base 10,761 Hybrid capital 811 Minority interests 311 Group goodwill -2,065 Other deductions -92 9,446 TIER 1 CAPITAL TIER 2 CAPITAL (subordinated debt) 5,177 Deductions for investments in insurance companies -1,473 Deductions for other investments -177 CAPITAL BASE 12,973

Loan portfolio by customer group (30-06-01) EUR 135bn Public sector 2% Households 37% Companies 61%

Lending to companies by industry (30-06-01) EUR 83bn Other companies 10% Construction Real estate 4% Agriculture 22% 4% Transport, communication 5% Business service 6% Manufacturing Shipping 19% 8% Commerce and Finance services 11% 11%

Lending to households (30-06-01) EUR 50bn Other loans 25% Mortgages 75%

Loan portfolio EUR bn 30-06-01 31-03-01 31-12-00 Chg Y/Y, % Households 50 49 49 2 Real estate 19 19 19 0 Construction 3 3 3 0 Transport, communication 4 4 4 0 Commerce and services 9 9 8 13 Manufacturing 16 15 15 7 Finance 9 6 5 80 Business service 5 5 4 25 Other companies 10 10 12 -17 Agriculture 3 3 3 0 Shipping 7 8 7 0 Total 135 131 129 5

Problem loans EURm 30-06-01 31-03-01 31-12-00 Doubtful loans, gross 3,040 3,059 3,053 Provisions -2,122 -2,218 -2,256 Doubtful loans, net 918 841 797 Loans with interest deferments 35 35 29 Problem loans, total 953 876 826 Provisions/doubtful loans, gross (%) 70 73 74 Doubtful loans,net/lending (%) 0.7 0.6 0.6

� Market shares � Financials � Nordea share � Netbanking � Other � Macro statistics

� Market shares

Market shares, household deposits % 40 35 34.9 34 30 25 23.4 23.0 20 21 20.5 15 10 9.0 8.9 5 0 Denmark Finland Norway Sweden Dec 2000 June 2001

Household deposits - market volume & share DKKb EURb Denmark Finland 28% 40% 400 50 26% 38% 300 40 24% 36% 30 200 22% 34% 20 100 20% 32% 10 0 18% 0 30% jun-00 mar-01 01-june jun-99 jun-00 jun-01 sep-00 dec-00 mar-00 mar-01 sep-99 dec-99 sep-00 dec-00 NOKb SEKb Norway Sweden 15% 25% 500 400 13% 23% 400 300 11% 21% 300 200 9% 19% 200 100 7% 100 17% 0 5% 0 15% jun-99 jun-00 jun-99 jun-00 jun-01 mar-00 mar-01 mar-00 mar-01 sep-99 dec-99 sep-00 dec-00 sep-99 dec-99 sep-00 dec-00 Market share Market volume

Market shares, corporate deposits % 60 50 50 48.1 40 30 25.4 20 23.7 17.8 16.9 14.7 14.5 10 0 Denmark Finland Norway Sweden Dec 2000 June 2001

Corporate deposits - market volume & share DKKbn EURbn Denmark Finland 300 29% 20 55% 27% 52% 15 200 25% 49% 10 23% 46% 100 5 21% 43% 0 19% 0 40% jun-00 01-june sep-00 dec-00 mar-01 jun-99 jun-00 jun-01 mar-00 mar-01 sep-99 dec-99 sep-00 dec-00 NOKbn SEKbn Norway Sweden 14% 20% 400 300 12% 18% 300 10% 16% 200 200 8% 14% 100 100 6% 12% 0 4% 0 10% jun-99 jun-00 jun-99 jun-00 jun-01 mar-00 mar-01 mar-00 mar-01 sep-99 dec-99 sep-00 dec-00 sep-99 dec-99 sep-00 dec-00 Market share Market volume

Market shares, household lending % 35 30 32 31.6 25 20 18.4 18.1 15 14.6 14.3 10 9.8 9.9 5 0 Denmark Finland Norway Sweden Dec 2000 June 2001

Household lending - market volume & share Denmark EURbn Finland DKKbn 40 37% 240 21% 35% 30 220 19% 33% 20 200 17% 31% 10 29% 180 15% 0 27% 1-6-00 1-7-00 1-8-00 1-9-00 1-10-00 1-11-00 1-12-00 1-1-01 1-2-01 1-3-01 1-4-01 1-5-01 1-6-01 1-6-99 1-9-99 1-12-99 1-3-00 1-6-00 1-9-00 1-12-00 1-3-01 1-6-01 Market volume Market share Market volume Market share Norway Sweden NOKbn SEKbn 11% 1 000 20% 500 10% 18% 400 750 9% 16% 300 500 8% 14% 200 250 7% 100 12% 0 6% 0 10% 1-6-99 1-8-99 1-10-99 1-12-99 1-2-00 1-4-00 1-6-00 1-8-00 1-10-00 1-12-00 1-2-01 1-4-01 1-6-99 1-8-99 1-10-99 1-12-99 1-2-00 1-4-00 1-6-00 1-8-00 1-10-00 1-12-00 1-2-01 1-4-01 Market volume Market share Market volume Market share

Market shares, corporate lending % 50 45 45.3 40 42.9 35 30 25 28,2 26.8 20 15 17.2 16.5 17.2 16.5 10 5 0 Denmark Finland Norway Sweden Dec 2000 June 2001

Corporate lending - market volume & share EURbn Denmark Finland 32% DKKbn 52% 300 30 30% 50% 250 48% 200 28% 20 46% 150 26% 44% 100 10 24% 50 42% 0 22% 0 40% 1-6-99 1-9-99 1-12-99 1-3-00 1-6-00 1-9-00 1-12-00 1-3-01 1-6-01 1-6-99 1-9-99 1-3-00 1-6-00 1-9-00 1-3-01 1-6-01 1-12-99 1-12-00 Market volume Market share Market volume Market share Norway Sweden NOKbn SEKbn 500 20% 1 750 20% 400 1 500 18% 18% 1 250 300 16% 16% 1 000 200 750 14% 14% 100 500 12% 0 12% 250 0 10% 1-6-99 1-9-99 1-12-99 1-3-00 1-6-00 1-9-00 1-12-00 1-3-01 1-6-99 1-8-99 1-10-99 1-12-99 1-2-00 1-4-00 1-6-00 1-8-00 1-10-00 1-12-00 1-2-01 1-4-01 1-6-01 Market volume Market share Market volume Market share

Mutual funds - market volume & Nordea´s market share Denmark Finland EURbn DKKbn 300 30% 16 34% 14 250 28% 32% 12 200 10 26% 30% 150 8 24% 28% 6 100 4 22% 26% 50 2 0 20% 0 24% 1-12-98 1-3-99 1-6-99 1-9-99 1-12-99 1-3-00 1-6-00 1-9-00 1-12-00 1-3-01 1-6-01 1-12-98 1-3-99 1-6-99 1-9-99 1-12-99 1-3-00 1-6-00 1-9-00 1-12-00 1-3-01 1-6-01 Market volume Market share Market volume Market share Sweden Norway NOKbn SEKbn 1000 24% 160 14% 140 800 22% 12% 120 600 20% 100 10% 80 400 18% 8% 60 40 200 16% 6% 20 0 14% 0 4% 8 9 9 9 9 0 0 0 0 1 1 1-12-98 1-3-99 1-6-99 1-9-99 1-12-99 1-3-00 1-6-00 1-9-00 1-12-00 1-3-01 1-6-01 9 9 9 9 9 0 0 0 0 0 0 - - - - - - - - - - - 2 3 6 9 2 3 6 9 2 3 6 1 1 1 - - - - - - - - 1 1 1 1 1 1 1 1 - - - 1 1 1 Market volume Market share Market volume Market share

Mutual funds, Nordic region Market volume and Nordea's market share 180 25% 160 23% 140 120 21% 100 80 19% 60 40 17% 20 0 15% 1-12-98 1-12-99 1-12-00 1-3-99 1-6-99 1-9-99 1-3-00 1-6-00 1-9-00 1-3-01 1-6-01 Market volume Market share, Nordea

Mutual funds, net inflow, Norway Market volume, Nordea volume, and accumulated market share ytd NOKm % 3500 70 3000 60 2500 50 2000 40 1500 30 1000 20 500 10 0 0 -500 -10 -1000 -20 -1500 -30 1-10-99 1-12-99 1-10-00 1-12-00 1-6-99 1-8-99 1-2-00 1-4-00 1-6-00 1-8-00 1-2-01 1-4-01 1-6-01 Market net inflow Nordea net inflow Nordea %

Mutual funds, net inflow, Finland Market volume, Nordea volume, and accumulated market share ytd EURm % 1000 40 800 32 600 24 400 16 200 8 0 0 -200 -8 -400 -16 9 9 0 0 9 9 0 0 0 0 1 1 1 9 9 9 9 0 0 0 0 0 0 0 0 0 - - - - - - - - - - - - - 6 8 0 2 2 4 6 8 0 2 2 4 6 1 1 1 1 - - - - - - - - - 1 1 1 1 1 1 1 1 1 - - - - 1 1 1 1 Market net inflow Nordea net inflow Nordea %

Mutual funds, net inflow, Sweden Market volume, Nordea volume, and accumulated market share ytd SEKm % 29bn 18bn 14 000 28 12 000 24 10 000 20 8 000 16 6 000 12 4 000 8 2 000 4 0 0 -2 000 -4 9 9 0 0 9 9 0 0 0 0 1 1 1 9 9 9 9 0 0 0 0 0 0 0 0 0 - - - - - - - - - - - - - 6 8 t 2 2 4 6 8 0 2 2 4 6 c 1 1 1 - - - - - - - - - o 1 1 1 1 1 1 1 1 1 - - - 1 1 1 Market net inflow Nordea net inflow Nordea %