Year-end Report 2002

Improved results in the fourth quarter

*        Operating profit up by 12%
*        Total income increased 4%; higher net interest and commission
         income
*        Costs up 7% due to acquisition of LG Petro Bank and some
         restructuring costs in combination with seasonal effects
*        Loan losses maintained at a relatively low level
*        Net profit up 67% to EUR 323m


Challenging market conditions in 2002

*        Total income reduced by 4% and expenses increased by 2%
         adjusted for Postgirot Bank
*        Loan losses lower at EUR 261m or 0.19% of loans
*        Earnings per share EUR 0.30 (EUR 0.53)
*        Return on equity (excl. goodwill) 11.3% (19.2%)
*        Proposed dividend of EUR 0.23 per share - unchanged vs 2001


Improvements achieved- more to be done

*        Reduced earnings volatility - lower equity exposure & sale of
         general insurance
*        Capital efficiency improved - maintained financial strength
         despite loan growth and high proposed dividend payout
*        Stable credit quality -low loan losses & concentration on
         Nordic customers
*        Some cost initiatives taken - cost improvement is top priority
         in 2003

"Our 2002 results are acceptable under difficult market conditions, but
still not satisfactory. However, we have started to see improvements as
a consequence of the identification and focus on our short-term
priorities. We have reduced the earnings volatility and income has been
stable throughout the year. Risk-weighted assets were reduced despite
increased lending, and even though loan losses have increased slightly
in the fourth quarter, credit quality is satisfactory. Throughout the
organisation, ongoing integration and continuous improvement are
expected to ensure that costs will be unchanged in 2003 compared to
2002. In the present economic environment, profitability and capital
efficiency come before growth, and increased cost efficiency will be the
main focus area going forward", says Lars G Nordstrom, Group CEO of
Nordea.

Wednesday 19 February 2003

Lars G Nordstrom
Group Chief Executive Officer



-        A conference call with management will be arranged on 19
February 2003 at 5.00 pm, CET.
(Please dial + 44 (0) 20 7162 0183, password Nordea, 10 minutes in
advance.)
-        This year-end report is available on the Internet.
-        A slide presentation is available on the Internet.


For further information:
Arne Liljedahl, Group CFO/EVP      +46 8 614 7996  
Sigurd Carlsen, Head of Investor   +46 8 614 7852  (or +46 70 204 9878)
Relations
Erik Evren, Head of Group Media    +46 8 614 8611  (or +46 70 946 5389)
Relations


Financial calendar:
The Annual General Meeting will be held 24 April
The interim report first quarter 2003 will be published 7 May
The interim report second quarter 2003 will be published 20 August
The interim report third quarter 2003 will be published 29 October

The Nordea annual report will be available on www.nordea.com around 3
March.


This report is published in four additional language versions; Danish,
Finnish, Norwegian and Swedish. In the event of any inconsistencies
between those language versions and this English version, the English
version shall prevail.


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