First Quarter Report 2012

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

High earnings power and further progress in change agenda
CEO Christian Clausen’s comment to the report:
“Nordea’s strong business
momentum continues. We welcomed 22,000 new relationship customers from outside
the bank, our new apps more than doubled the number of active mobile bank
customers and we strengthened our market-leading position with the largest
corporates in the Nordic countries.

Profitability is maintained at a high
level, with ROE close to 12%. It is encouraging to see our earnings power
despite low interest rates, slow growth and the comprehensive change agenda we
are pursuing to build the future bank business model.

Costs are kept under
strict control and we have continued to build a stronger capital position and
balance sheet. In the quarter, our core tier 1 capital ratio increased by 0.4 %
-point to 11.6%.”
(For further viewpoints, see CEO comments, page 2)

First
quarter 2012 vs first quarter 2011 (first quarter 2012 vs fourth quarter
2011):

  · Net interest income up 7% (largely unchanged)
  · Operating
profit up 3% (up 1%)
  · Core tier 1 capital ratio increased to 11.6% excluding
transition rules from 10.7%
(up from 11.2% in the fourth quarter)
  · Cost /
income ratio unchanged at 50% (up from 49% in the fourth quarter)
  · Net loan
losses down to 26 basis points from 31 basis points
(down from 33 in the fourth
quarter)
  · Return on equity 11.7%, down from 12.0% in the first quarter
2011
(down from 12.3% in the fourth quarter)

+---------------------------+--
-----+-------+---+-------+---+
|Summary key                |Q1 2012|Q4
2011|Ch.|Q1 2011|Ch.|
|figures,                   |       |       |  %|       |
%|
|EURm                       |       |       |   |       |   |
+------------
---------------+-------+-------+---+-------+---+
|Net interest income        |
1,420|  1,427|  0|  1,324|  7|
+---------------------------+-------+-------+--
-+-------+---+
|Total operating income     |  2,531|  2,558| -1|  2,510|  1|
+
---------------------------+-------+-------+---+-------+---+
|Profit before
loan losses  |  1,255|  1,292| -3|  1,245|  1|
+---------------------------+---
----+-------+---+-------+---+
|Net loan losses            |   -218|   -263|-17|
-242|-10|
+---------------------------+-------+-------+---+-------+---+
|Loan
loss ratio (ann.), bps|     26|     33|   |     31|   |
+----------------------
-----+-------+-------+---+-------+---+
|Operating profit           |  1,037|
1,029|  1|  1,003|  3|
+---------------------------+-------+-------+---+------
-+---+
|Risk-adjusted profit       |    799|    815| -2|    771|  4|
+--------
-------------------+-------+-------+---+-------+---+
|Diluted EPS, EUR
|   0.19|   0.19|   |   0.18|   |
+---------------------------+-------+-------+
---+-------+---+
|Return on equity, %        |   11.7|   12.3|   |   12.0|
|
+---------------------------+-------+-------+---+-------+---+

Currency
rates used for DKK, NOK and SEK for the first quarter 2012 are for income
statement items 7.44, 7.59 and 8.85 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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