First Quarter Report 2011

Solid quarter

CEO Christian Clausen's comment to the report:
"I am proud to present another strong quarter. Our relationship strategy and
solid operating platform continue to deliver. Income is at record level. Both
operating and risk-adjusted profit increased more than 10% from the first
quarter last year.

European banks face large challenges with the costs of new regulation. Nordea is
committed to take the necessary steps to maintain its position in the top
league. In our New Normal plan, we will focus on increased ROE and take measures
to increase capital and cost efficiency."

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


First quarter 2011 vs first quarter 2010 (vs fourth quarter 2010):
  * Total income up 9% (0%)
  * Risk-adjusted profit up 14% (up 7%)
  * Number of Gold and Private Banking customers up 210,000 or 8%
    (up 47,000, a 6% growth rate)
  * Net loan losses 22 basis points, 31 basis points including a one-off Danish
    deposit guarantee fund provision (23 bps in the fourth quarter, 37 bps in
    the first quarter 2010)
  * Core tier 1 capital ratio 10.7% excluding transition rules (10.3% in the
    fourth quarter, 10.1% in the first quarter 2010)
  * Return on equity 12.0% (12.8% in the fourth quarter, 11.3% in the first
    quarter 2010)


+-------------------------------+-------+-------+----+-------+----+
|Summary key figures, EURm      |Q1 2011|Q4 2010|Ch.%|Q1 2010|Ch.%|
+-------------------------------+-------+-------+----+-------+----+
|Net interest income            |  1,324|  1,365|  -3|  1,235|   7|
+-------------------------------+-------+-------+----+-------+----+
|Total operating income         |  2,510|  2,507|   0|  2,303|   9|
+-------------------------------+-------+-------+----+-------+----+
|Profit before loan losses      |  1,245|  1,237|   1|  1,139|   9|
+-------------------------------+-------+-------+----+-------+----+
|Net loan losses                |   -242|   -166|  46|   -261|  -7|
+-------------------------------+-------+-------+----+-------+----+
|Loan loss ratio annualised, bps|     31|     23|    |     37|    |
+-------------------------------+-------+-------+----+-------+----+
|Operating profit               |  1,003|  1,071|  -6|    878|  14|
+-------------------------------+-------+-------+----+-------+----+
|Risk-adjusted profit           |    771|    721|   7|    678|  14|
+-------------------------------+-------+-------+----+-------+----+
|Diluted earnings per share, EUR|   0.18|   0.19|    |   0.16|    |
+-------------------------------+-------+-------+----+-------+----+
|Return on equity, %            |   12.0|   12.8|    |   11.3|    |
+-------------------------------+-------+-------+----+-------+----+


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)

[HUG#1509951]