Nordea: Interim Report First Quarter 2003


STOCKHOLM, Sweden, May 7, 2003 (PRIMEZONE) -- Nordea (Other OTC:NRDAF) (Other OTC:NRDEF):

Result influenced by lower interest rates

 - Operating profit EUR 380m (EUR 446m)
 - Total income decreased by 6% compared to fourth quarter
   following lower interest rates and weak equity markets
 - Total expenses down by 8%
 - Loan losses EUR 98m (EUR 76m), or 0.27% of loans and guarantees
 - Earnings per share EUR 0.09 (EUR 0.10)
 - Return on equity excluding goodwill 12.2% (15.3%)

 Areas of attention -- development on track
 - Reduced volatility - maintained low equity exposure
 - Capital efficiency maintained - strong capital position
 - Credit quality remains stable - loan losses in isolated areas
 - Cost level according to plan - Q1 costs 2% lower than quarterly
   average in 2002

 Increasing focus
 - Nordisk Renting sold to The Royal Bank of Scotland
 - Changed business model in investment banking activities
 - Further reduction of real estate exposure being prepared

"All in all we are on track regarding our plans in areas of special attention, but the financial results are not yet satisfactory. We have reduced earnings volatility and our capital efficiency has been maintained. The overall credit quality remains stable despite the increase in loan losses caused by a limited number of troubled cases. The cost development is in line with our plans for realising an unchanged cost level for the full year compared to 2002. I am convinced, that the efforts to improve our performance across the organisation will enable us to achieve our short-term goals," said Lars G Nordstrom, Group CEO of Nordea.

For further information:

 Arne Liljedahl,               +46 8 614 7996
 Group CFO/EVP
 Sigurd Carlsen,               +46 8 614 7852  (or +46 70 204 9878)
 Head of Investor Relations
 Erik Evren,                   +46 8 614 8611  (or +46 70 946 5389)
 Chief Communication Officer

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