Nordea Bank AB (publ.) - Quarterly report

First Quarter Results 2014

CEO Christian Clausen's comments on the results:
“In the beginning of 2014, activity picked up in our corporate advisory business
and remains strong in the savings area, leading to an improvement in net fee and
commission income of 13%. As we continue to see low lending demand and low
interest rates, total income was largely unchanged compared to the first quarter
2013, although up 3% in local currencies. Operating profit increased by 6%,
thanks to improved efficiency and better credit quality and the cost/income
ratio decreased to 49% (51%). The fully loaded Basel III Common equity tier 1
capital ratio improved by 70 basis points to 14.6%.

In this low-growth environment, we continue to execute on our cost and capital
efficiency programmes and capture business opportunities with our customers.”

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

First quarter 2014 vs. First quarter 2013 (First quarter 2014 vs. Fourth quarter
2013)[1]:

  · Total operating income unchanged, in local currencies +3% (+1%, in local
currencies +2%)
  · Operating profit +6%, in local currencies +10% (+10%, in local currencies
+11%)
  · Fully loaded Basel III Common equity tier 1 capital ratio 14.6%, up from
12.1%[1] (up from 13.9%[1])
  · Cost/income ratio down to 49% from 51% (down from 52%)
  · Loan loss ratio of 18 basis points, down from 23 basis points (down from 21
bps)
  · Return on equity 11.4%, up from 11.1% (up from 10.5%)

+------------------------------+-----+-----+---+-----+---+-----+-----------+
|Summary key figures,          |   Q1|   Q4|Ch.|   Q1|Ch.|Ch. %|local curr.|
|continuing operations[2], EURm| 2014| 2013|  %| 2013|  %|Q1/Q4|      Q1/Q1|
+------------------------------+-----+-----+---+-----+---+-----+-----------+
|Net interest income           |1,362|1,390| -2|1,358|  0|   -1|          5|
+------------------------------+-----+-----+---+-----+---+-----+-----------+
|Total operating income        |2,501|2,469|  1|2,506|  0|    2|          3|
+------------------------------+-----+-----+---+-----+---+-----+-----------+
|Profit before loan losses     |1,264|1,186|  7|1,239|  2|    8|          5|
+------------------------------+-----+-----+---+-----+---+-----+-----------+
|Net loan losses               | -158| -180|-12| -198|-20|  -12|        -19|
+------------------------------+-----+-----+---+-----+---+-----+-----------+
|Loan loss ratio (ann.), bps   |   18|   21|   |   23|   |     |           |
+------------------------------+-----+-----+---+-----+---+-----+-----------+
|Operating profit              |1,106|1,006| 10|1,041|  6|   11|         10|
+------------------------------+-----+-----+---+-----+---+-----+-----------+
|Risk-adjusted profit          |  880|  821|  7|  854|  3|    7|          6|
+------------------------------+-----+-----+---+-----+---+-----+-----------+
|Diluted EPS (cont. oper.), EUR| 0.21| 0.19|   | 0.19|   |     |           |
+------------------------------+-----+-----+---+-----+---+-----+-----------+
|Diluted EPS (total oper.), EUR| 0.21| 0.19|   | 0.20|   |     |           |
+------------------------------+-----+-----+---+-----+---+-----+-----------+
|Return on equity, %           | 11.4| 10.5|   | 11.1|   |     |           |
+------------------------------+-----+-----+---+-----+---+-----+-----------+

Exchange rates used for Q1 2014 for income statement items are for DKK 7.46, NOK
8.35 and SEK 8.86, see also Note 1.
[1] Previously estimated ratios.
[2] Key figures for continuing operations, following the agreement to divest the
Polish banking, financing and life insurance operations.

For further information:
Christian Clausen, President and Group CEO, +46 8 614 7804
Torsten Hagen Jørgensen, Group CFO, +46 8 614 7814
Rodney Alfvén, Head of Investor Relations, +46 8 614 7880 (or +46 72 235 05 15)
Claus Christensen, Head of Group Identity & Communications (acting), +45
33331279 (or +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).

Attachments:

04292915.pdf