» satisfied customers in focus «

Interim report January – March 2012

Jacob Kaplan, acting CEO

live tweet: twitter.com/nordnet, #nnq112

financial overview (january-march)

operating profit

92.6 (99.3)

million Swedish kronor

net savings

3.6 (5.2)

billion Swedish kronor

total savings capital

101.0 (106.2)

billion Swedish kronor

number of active customers

350,700 (322,800)

number of trades

3,972,500 (4,175,300)

cost coverage

98 (90)

percent

• Operating income decreased by 9 percent to SEK 264.9 million (290.1)

• Profit after tax fell by 8 percent to SEK 72.5 million (78.8)

• EPS before dilution were down by 8 percent to SEK 0.41 (0.45)

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events (january-march)

• Market recovery

• Increasing market shares

• Bank/broker of the year in

Denmark for 4th consecutive year

• ISK launched in Sweden

• Håkan Nyberg appointed new

CEO (begins no later than

1 September)

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customers and accounts 4

Accounts/customer (Q1 2012): 1.19

number of trades (thousands)

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net savings (million)

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revenue development (million)

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cost development (million, incl. credit losses)

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operating profit excl. eo items (million)

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3 months 3 months 12m rolling 12 months

Consolidated Income Statement (SEK million) jan-mar 2012 jan-mar 2011 apr-mar 2012 jan-dec 2011

Net interest income 137.3 133.7 551.0 547.3

Net commission income 107.1 132.8 434.6 460.3

Other income 20.4 23.6 73.5 76.7

Total operating income 264.9 290.1 1,059.0 1,084.2

General administrativ e expenses -135.7 -149.4 -554.8 -568.5

Depreciation and amortization -15.5 -18.6 -66.2 -69.3

Other operating expenses -10.1 -11.1 -53.1 -54.1

Total operating expenses -161.3 -179.1 -674.1 -691.9

Profit before credit losses 103.6 111.0 384.9 392.3

Net credit losses -11.0 -11.7 -40.2 -40.9

Operating profit 92.6 99.3 344.7 351.5

Tax on profit for the period -20.0 -20.6 -80.8 -81.3

Profit for the period 72.5 78.8 263.9 270.1

Earnings per share before dilution 0.41 0.45 1.51 1.54

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Consolidated Statement of Financial Position (SEK million) 31/03/2012 31/03/2011 31/12/2011

Loans to credit institutions 686 803 1,838

Loans to the public 5,388 6,430 4,630

Financial assets 5,345 2,959 5,172

Financial assets - policy holders bearing the risk 18,618 19,639 16,463

Tangible and intangible assets 537 577 546

Other assets 277 355 413

Total assets 30,850 30,763 29,062

Deposits and borrowing by the public 9,959 9,042 10,708

Liabilities to policyholders 18,619 19,641 16,465

Other liabilities 761 766 460

Shareholders' equity 1,510 1,313 1,429

Total liabilities and shareholders' equity 30,850 30,763 29,062

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Capital requirements for the financial conglomerate (SEK million) 31/03/2012 31/03/2011 31/12/2011

Shareholder's equity, Group 1,510.2 1,313.4 1,429.3

Plus debenture loan 175.7 175.7 175.7

Less proposed div idend for the 2011 financial year -113.8 -87.5 -

Less assumed div idend for the 2012 financial year -29.0 -31.5 -113.8

Less intangible fixed assets and deferred tax receiv ables -507.2 -544.7 -513.3

Capital base 1,035.9 825.4 977.9

Capital requirement for regulated units within the banking and securities sector 475.7 483.6 467.3

Theoretical solv ency requirement for non-regulated units in the largest financial sector 1.2 2.0 1.6

Capital requirement for regulated units within the insurance sector 31.1 26.2 26.0

Capital requirement 508.0 511.8 494.9

Capital surplus 527.9 313.6 483.0

Capital coverage ratio 2.04 1.61 1.98

leading bank for savings in the nordic region

strategic priorities

• Most satisfied customers

• Strong brand

• Improved profit levels

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satisfied customers

more information:

org.nordnet.se

become a customer:

nordnet.se/no/fi/dk

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