Second Quarter Report 2012

| Source: Nordea Bank AB (publ) Nordea Bank AB (publ) 

Strong income and solid cost control
CEO Christian Clausen’s comment to the report:
“We maintained good business momentum and increased return on equity despite
continued pressure on interest rates, financial turmoil and the slowdown in
European economic activity.

We have continued to make progress in building the future bank. The execution of
our New Normal plan has led to more business and growing income, while costs
have remained stable and efficiency in capital, liquidity and funding has
increased.

By taking early action, Nordea has maintained a strong rating and thus been able
to continue to support customers in developing their family finances or
corporate businesses. This is our most important contribution to growth and
development in the societies where we operate.”

(For further viewpoints, see CEO comments, page 2)


First half-year 2012 vs first half-year 2011 (second quarter 2012 vs first
quarter 2012):

  · Net interest income up 9% (up 3%)
  · Operating profit up 9% (up 6%)
  · Core tier 1 capital ratio increased to 11.8% excluding transition rules from
11.0% (up from 11.6% in the first quarter)
  · Cost / income ratio down to 50% (unchanged at 50%)
  · Net loan losses up to 26 basis points from 23 basis points (unchanged at 26
basis points)
  · Return on equity 12.1%, up from 11.7% (up to 12.5% from 11.7%)

+---------------------------+-----+-----+---+-----+---+-----+-----+---+
|Summary key figures,       |   Q2|   Q1|Ch.|   Q2|Ch.|   H1|   H1|Ch.|
|EURm                       | 2012| 2012|  %| 2011|  %| 2012| 2011|  %|
+---------------------------+-----+-----+---+-----+---+-----+-----+---+
|Net interest income        |1,462|1,420|  3|1,326| 10|2,882|2,650|  9|
+---------------------------+-----+-----+---+-----+---+-----+-----+---+
|Total operating income     |2,606|2,531|  3|2,342| 11|5,137|4,852|  6|
+---------------------------+-----+-----+---+-----+---+-----+-----+---+
|Profit before loan losses  |1,316|1,255|  5|1,067| 23|2,571|2,312| 11|
+---------------------------+-----+-----+---+-----+---+-----+-----+---+
|Net loan losses            | -217| -218|  0| -118| 84| -435| -360| 21|
+---------------------------+-----+-----+---+-----+---+-----+-----+---+
|Loan loss ratio (ann.), bps|   26|   26|   |   15|   |   26|   23|   |
+---------------------------+-----+-----+---+-----+---+-----+-----+---+
|Operating profit           |1,099|1,037|  6|  949| 16|2,136|1,952|  9|
+---------------------------+-----+-----+---+-----+---+-----+-----+---+
|Risk-adjusted profit       |  851|  799|  7|  643| 32|1,650|1,414| 17|
+---------------------------+-----+-----+---+-----+---+-----+-----+---+
|Diluted EPS, EUR           | 0.21| 0.19|   | 0.18|   | 0.40| 0.36|   |
+---------------------------+-----+-----+---+-----+---+-----+-----+---+
|Return on equity, %        | 12.5| 11.7|   | 11.5|   | 12.1| 11.7|   |
+---------------------------+-----+-----+---+-----+---+-----+-----+---+

Currency rates used for DKK, NOK and SEK for the second quarter 2012 are for
income statement items 7.44, 7.57 and 8.88 respectively.


For further information:
Christian Clausen, President and Group CEO, +46 8 614 7804
Fredrik Rystedt, Group CFO, +46 8 614 7812
Rodney Alfvén, Head of Investor Relations, +46 8 614 7880 (or +46 72 235 05 15)
Jan Larsson, Head of Group Identity & Communications, +46 8 614 7916 (or +46 70
593 34 12)

Go to IR Report pages  (http://www.nordea.com/1328362.html)

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