Nordea (OMX: NDA SEK, OMXH: NDA1V, OMX: NDA DKK)) said it is making progress towards New Normal. The company added 22 000 new customers in Q1 2012 and active mobile bank customer numbers doubled. Net interest income was up 7% year-on-year and flat sequentially at 1.42 billion €. Total operating income of 2.5 billion developed similarly. Quarterly operating profit remained above 1 billion and earnings per share were 0.19 Euro with return on equity near 12%.
The balance sheet strengthening is in full swing. Core Tier 1 capital ratio has increased to 11.6% (10.7% excluding transition rules). Net loan losses were down from Q4. Its stock market value is still up markedly for the day despite the wider market giving back some of the early gains.
The bank has been meeting with existing customers to go over their finances. Nordea has been aiming to brand itself as an institution that does not try to sell overly risky propositions to its customers. It also remains the market leader in Nordic country corporate merchant banking.
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