Interim Report January - March 2008

Growth strategy on track - income growth continued and profit before
loan losses increased
 
* Income EUR 1,961m (EUR 1,873m in the first quarter 2007), up 5%
* Net interest income EUR 1,181m (EUR 1,004m), up 18%
* Risk-adjusted profit EUR 584m (EUR 576m), up 1%
* Profit before loan losses EUR 906m (EUR 881m), up 3%
* Loan losses EUR -21m (positive EUR 13m)
* Net profit EUR 687m (EUR 701m), down 2%
* Return on equity 15.8% (18.0%)
* Earnings per share EUR 0.26 (EUR 0.27)
 
Continued strong growth in volumes and high customer activity,
despite challenging markets
 
* Total lending up 14%
* Corporate lending up 18%
* Total deposits up 12%, of which volumes in savings accounts up 21%
* Number of Gold customers up 7%, number of Private Banking customers
  up 13%
* Increased lending margins
* Strong development in the customer-driven capital markets
  activities
* Strong income growth in New European Markets
 
 "I am pleased, that we in a period with increasing turbulence and
challenging financial markets have been able to continue to grow our
business, increase revenues and improve the result before loan
losses. This is due to a combination of a strong balance sheet,
limited exposure to the market turmoil and the continued successful
execution of our organic growth strategy. The report shows that we
are on track with our long-term targets and that we are consistently
following our plans when it comes to both income growth and cost
development. All banks now experience increasing funding costs, and
increased uncertainty related to the macroeconomic outlook. However,
so far we see no evidence of a slowdown in customer activities and we
maintain our financial outlook for 2008", says Christian Clausen,
President and Group CEO of Nordea.
 
For further information:

Christian Clausen, President and     +46 8 614 7804  
Group CEO
Arne Liljedahl, Group CFO/EVP        +46 8 614 7996  
Johan Ekwall, Head of Investor       +46 8 614 7852 (or +46 70 607 92
Relations                                           69)
Lauri Peltola, Head of External      +358 9 165     (or +358 50 570
Communications                       42325          5606)

 
 
The complete report including tables can be downloaded from the
attached link. The report is also available on the Internet at
www.nordea.com.