Third Quarter Results 2016

CEO Casper von Koskull’s comments on the results:

“The third quarter was characterised by a stable environment with low volatility
on financial markets but also continued low growth. Net interest income was down
4% in local currencies compared to the third quarter of 2015, but is up 1% from
the previous quarter, and we continue to believe that the trough levels are now
over. Net inflow to our assets under management was at an all-time-high of EUR
9.6bn and Nordea’s leading position in corporate advisory services was
confirmed. In terms of deal value, we are ranked as number two in Europe as
global co-ordinator of IPO’s. Total income increased by 10% compared to the
third quarter in 2015, and the cost-to-income ratio improved by 1.0%-point to
48.1%. Our credit quality remains solid with a loan loss level at the 10-year
average. Despite an increase in CET1 ratio of 160bps to 17.9%, the return on
equity improved 1.2%-points to 11.6% compared to the third quarter of 2015.

We are now one year into our business and culture transformation journey. We are
simplifying our legal structure, replacing the core banking platform and
investing in our compliance functions, as well as appointing world-class
experts, many of whom have an international background, to several key strategic
positions. The overall aim is to continue building the bank our customers want
us to be. ”

Third quarter 2016 vs. Third quarter 2015 (Third quarter vs. Second quarter[1])

  ·  Net interest income EUR 1,178m, -4%; -4% in local currencies (+1%, +1% in
local currencies)
  ·  Total operating income[1] EUR 2,466m, +9%; +10% in local currencies (+3%,
+3% in local currencies)
  ·  Total expenses EUR 1,183m, +7%; +8% in local currencies (-2%, -1% in local
currencies)
  ·  Profit before loan losses[1] EUR 1,283m, +12%; +12% in local currencies (
-5%, -5% in local currencies)
  ·  Net loan losses EUR 135m, +21%; +23% in local currencies (+6%, +5% in local
currencies)
  ·  Operating profit[1] EUR 1,148m, +11%; +11% in local currencies (+7%, +7% in
local currencies)
  ·  Common Equity Tier 1 capital ratio 17.9%, up from 16.3% (up 110 bps from
16.8%)
  ·  Cost/income ratio[1] 48%, down from 49% (down 2%-points from 50%)
  ·  Loan loss ratio of 16 bps, up from 13 bps (up 1 bps from 15 bps)
  ·  Return on equity[1] 11.6%, up from 10.4% (up 20 bps from 11.4%)
  ·  Diluted EPS EUR 0.22 vs. EUR 0.19 (EUR 0.22 vs. EUR 0.25)

Exchange rates used for Q3 2016 for income statement items are for DKK 7.4474,
NOK 9.3801 and SEK 9.3713.
[1] Excl. non-recurring items (Q2 2016: gain related to VISA Inc.'s acquisition
of VISA Europe amounted to EUR 151m, net of tax).

For further information:

Casper von Koskull, President   Torsten Hagen Jørgensen, Deputy
and Group CEO, +46 10 157 1020  CEO and Group COO, +45 5547 2200
Rodney Alfvén, Head of          Helga Baagøe, Acting Head of
Investor Relations, +46 72 235  Group Communications, +46 721
05 15                           411 807

Latest interim results (http://www.nordea.com/en/investor-relations/reports-and
-presentations/latest-interim-results/)


The information provided in this press release/report is such that Nordea is
required to disclose pursuant to the Swedish Financial Instruments Trading Act
(1991:980), the Swedish Securities Markets Act (2007:528) and/or Regulation (EU)
No 596/2014 on market abuse.