Nordea reports 2011 results
Nordea released its fourth quarter and full-year financial results for 2011. The bank reported increased total income and continued solid profit development.
Nordea, the largest bank in the Nordics, published its fourth quarter and full-year 2011 financial results on January 24, 2012. The bank stated that its strategies and plans have delivered efficiency in costs, capital, liquidity, and funding, while income and profit have developed strongly.
The bank announced it had achieved a record number of customer relationships and all-time high total income for both the last quarter and the full year 2011. Cost growth had slowed, with total expenses in the fourth quarter remaining at the same level as one year prior.
Total operating income for the fourth quarter rose 22% compared to the previous quarter, while full-year 2011 income increased by 2% year-on-year. Operating profit grew 40% in the fourth quarter, though it decreased by 3% for the full year. The cost-to-income ratio improved to 49% from 55% in 2010.
Net loan losses increased to 33 basis points from 14 basis points in the prior quarter. The bank's Core Tier 1 capital ratio rose to 11.2%, and return on equity (ROE) stood at 12.3% in the fourth quarter.