Year 2008 was profitable for Nordea
February 10, 2009
Year 2008 was profitable for Nordea
End of the year profit for the member of a largest financial group in Nordic countries Nordea Bank Estonia was 357,3 million kroons, which is 15% more than in 2007.
Value of assets of Nordea Estonia grew last year 43% amounting to 45,8 milliard kroons at the end of 2008. The volume of loan and lease portfolio of Nordea Estonia was at the end of the year approximately 39 milliard kroons, compared to the 2007 the growth is 32%. Corporate sector banking grew 35% with a volume of portfolio 24,27 milliard kroons. Private sector grew 22% and the amount of protfolio rose 13,8 milliard kroons.
Volume of deposits of Nordea Estonia constituted 10,3 milliard kroons at the end of 2008. The annual growth of the volume of deposits was 24%, from this 55% of private customers and 52% corporate customers deposit portfolios. Loan porfolio showes continually a good quality, loan loss amounted to 0,234% from total volume of bank and lease portfolio.
At the end of December the Nordea Estonia had 97 178 clients, 22 offices and 516 employees. Nordea had issued 48 521 bank cards and had 40 656 netbank users.
According to Vahur Kraft, the Manager of Nordea Estonia, was the year utterly good for Nordea. „Pursuant to our strategical objectives, we increased availability of Nordea bank to our existing and new clients through different channels: expanded office network, increased amount of ATMs, elaborated our product portfolios and netbank, and entered to the market of pension funds,“ noted Kraft.
In the fall of the preceeding year the Nordea placed on the market BLACK credit card with intrinsic qualities of a product and acquired great popularity among corporate clients with Multi Currency Group Account, fast notification service and Nordic countries Corporate Netbank offer that enables to manage accounts online in all Nordic countries’ netbanks.
According to Kraft the bank will contsentrate in the current year to the development of existing database and consultation of clients. „Our priority is to offer complete bank services to our clients, giving them professional advice to manage their financial affairs and at the same time to be their reliable and fair partner,“ added Kraft.
Despite of the depression of the economic environment Nordea Group as a whole continued, similarly to Nordea Estonia, growth in different domains and presented especially good results in growth of loans and deposits and corporate banking. In 2008 the Nordea Group’s volume of deposits grew 12 % and profit 4%, amounting to 8,200 milliard euros. Profit of Nordea Group in 2008 was 3,396 milliard eruos.
„Considering turbulences in financial markets and global economic depression I am proud that Nordea can report strong results for 2008. Despite of an extremely difficult fourth quarter, our profit reached highest quartely results so far. Consequently to economic depression the precentage of loan losses began to grow as anticipated and will remain at a high level in 2009. We are planning to continue our integral growth strategy in the current year taking into account expected challenges and difficulties derived from economic environment and are concentrating foremost on management of risks and equity. Our intention is to maintain and enhance our position as one of the strongest banks in Europe,“ states Christian Clausen, President and CEO of Nordea Group.
Nordea Group’s economic results for 2008:
http://www.nordea.com/sitemod/upload/root/eu/interim/Q4_2008_UK.pdf
For further information :
Kristel Peikel
Press Manager of Nordea Bank Estonia
Tel: +372 6283556
GSM: + 372 5277046
