First Quarter Results 2015

CEO Christian Clausen’s comments on the results:
“The first quarter was characterised by an increased activity where we have been
successful in capturing business opportunities, leading to a strong growth of
revenues. Exceptionally low interest rates put pressure on our net interest
margins but also create higher demand for our products and services in other
parts of the bank. The increased volatility leads to greater need for our risk
management solutions among our corporate and institutional customers, and we
continue to see very strong interest in our savings and investment offerings
throughout Europe. Assets under management grew to a new record high level of
EUR 290bn. Costs came down as expected and credit quality remains solid.
Our customers appreciate our digital solutions and usage continues to increase.
In March one out of ten advisory meetings was an online meeting – almost triple
the level of December. We continuously invest in new digital solutions and
increasingly engage customers in evaluating new services, and as a response to
the changing customer behaviour we are also more fundamentally transforming the
bank by simplifying our operations and changing core systems the coming years.”
(For further viewpoints, see CEO comments on page 2)

First quarter 2015 vs. First quarter 2014 (First quarter 2015 vs. Fourth quarter
2014):

  · Total operating income +9%, in local currencies +11% (+8%)
  · Total expenses -4%, in local currencies -2% (-4%)
  · Operating profit +27%, in local currencies +29% (+22%)
  · Common equity tier 1 capital ratio 15.6%, up from 14.6% (down 10 bps from
15.7%)
  · Cost/income ratio down to 43.6% from 49.5% (down 5.2%-points from 48.8%)
  · Loan loss ratio of 14 basis points, down from 18 basis points (down 1 basis
point from 15 basis points)
  · Return on equity 14.3%, up from 11.4% (up to 14.3% from 11.8%)

+--------------------------+-----+-----+--+-----+---+----+
|Summary key figures,      |   Q1|   Q4|ch|   Q1| ch|loc.|
|continuing                | 2015| 2014| %| 2014|  %|curr|
|operations[1], EURm       |     |     |  |     |   |    |
+--------------------------+-----+-----+--+-----+---+----+
|Net interest income       |1,288|1,356|-5|1,362| -5|  -3|
+--------------------------+-----+-----+--+-----+---+----+
|Total operating income    |2,714|2,513| 8|2,501|  9|  11|
+--------------------------+-----+-----+--+-----+---+----+
|Profit before loan losses |1,530|1,286|19|1,264| 21|  23|
+--------------------------+-----+-----+--+-----+---+----+
|Net loan losses           | -122| -129|-5| -158|-23| -21|
+--------------------------+-----+-----+--+-----+---+----+
|Operating profit          |1,408|1,157|22|1,106| 27|  29|
+--------------------------+-----+-----+--+-----+---+----+
|Diluted EPS (total oper.),| 0.27| 0.22|23| 0.21| 29|  31|
|EUR                       |     |     |  |     |   |    |
+--------------------------+-----+-----+--+-----+---+----+
|Return on equity, %       | 14.3| 11.8|  | 11.4|   |    |
+--------------------------+-----+-----+--+-----+---+----+

Exchange rates used for Q1 2015 for income statement items are for DKK 7.45, NOK
8.73 and SEK 9.38, see also page 20
[1] Key figures for continuing operations, following the divestment of the
Polish banking, financing and life insurance operations.

For further information:
Christian Clausen, President and Group CEO, +46 8 614 7804
Rodney Alfvén, Head of Investor Relations, +46 72 235 05 15
Torsten Hagen Jørgensen, Group CFO, +45 5547 2200
Claus Christensen, Head of Group Communications, +45 25248993

Go to IR Report pages (http://www.nordea.com/804972.html)
The information provided in this press release is such that Nordea is required
to disclose pursuant to the Swedish Financial Instruments Trading Act (1991:980)
and/or the Swedish Securities Markets Act (2007:528).