• Income up 11% and risk-adjusted profit up 22% for the full year 2009. Nordea showed strong development in net interest income and net gains/losses and moderate cost growth.
• Strong development in the customer business in 2009. The number of Gold and Private Banking customers increased by 158,000 in the Group and household lending market share in the Nordic countries increased. Income from corporate customers in the Group increased 8%, following strong business development in all areas.
• Income and risk-adjusted profit were lower in the fourth quarter 2009. Income in Nordic Banking and Institutional & International Banking increased 5% in the fourth quarter compared to previous quarter. Net interest income remained high and net fee and commission income continued to increase. However, lower net gains/ losses and restructuring costs related to Group initiatives led to lower operating profit and risk-adjusted profit.
• Continued stabilisation of credit quality and loan losses at expected levels. The loan loss ratio was in line with the outlook and was 52 basis points in fourth quarter and 54 basis points* in 2009. The growth rate in impaired loans decreased further to 7% in the quarter and the provisioning ratio increased to 53% from 51%.
• Group initiatives to support the prudent growth strategy 2010 to 2012. To capitalise on the strong momentum in the customer business, Nordea has decided to pursue a prudent growth strategy carefully balancing opportunities and risks, thereby continuing the journey towards Great Nordea. Building on the track record and experience from previous initiatives, Nordea will launch a number of Group initiatives to further grow income, improve efficiency and IT performance to contribute to Nordea's long-term financial targets and secure compliance.
• Outlook. Nordea expects risk-adjusted profit to be lower in 2010 compared to 2009, due to lower income in Treasury and Markets. The result effect from Group initiatives is expected to be neutral in 2010. The credit quality continues to stabilise. However, loan losses could remain at a high level also in 2010, as it is difficult to forecast when loan losses will start to decline. (For full outlook, see page 11)

“Nordea came out of 2009 in an even stronger position, despite one of the most challenging years for decades. Risk-adjusted profit increased 22% and our capital position and cost of funding are among the best in Europe. Our customer-oriented values and relationship banking strategy have stood the test of the difficult market situation. By moving even closer to customers and helping them find solutions in the recession, we strengthened our reputation and improved customer satisfaction compared to competitors. We have established a strong platform to continue on a prudent growth track”, says Christian Clausen, President and Group CEO of Nordea.