Nordea: Interim Report Third Quarter 2002

STOCKHOLM, Sweden, October 22, 2002 (PRIMEZONE) -- Nordea (Stockholm:NDA) (London:NDAq) announces Interim Report Third Quarter 2002


 Stable overall development
 - Operating profit EUR 399m, up 18% compared to second quarter
 - Total income EUR 1,406m, down 1% on second quarter, showing
   growth in net interest income and reduced commission income
 - Total expenses unchanged compared to second quarter
 - Loan losses EUR 66m (EUR 56m) corresponding to 0.18% of loans,
   annualised
 - Operating profit from insurance hit by weak equity markets
 - Net profit of EUR 193m (EUR 107m) influenced by a further pension
   foundation allocation of EUR 120m

 Increased focus and speed
 - Lars G Nordstrom appointed new Group CEO
 - Changed composition of Group Executive Management
 - New unit, Group Processing and Technology, established to coordinate
   and speed-up the integration and unification to improve efficiency

 Continuous improvements of performance will be given top priority
 going forward
 - Credit portfolio - stable quality
 - Capital markets exposure - reduced volatility
 - Cost efficiency - improvement needed
 - Capital efficiency - strengthening the balance sheet

"The overall stable development in our business results despitedifficult market conditions is of course positive, but going forward ahigher cost efficiency and continued improvements of performance will beour top priority. Increased focus and speed in everything we doincluding integration and unification will contribute to improveefficiency and results," said Lars G Nordstrom, Group CEO of Nordea

Nordea: Interim Report Third Quarter 2002

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