January – March 2013April 24, 2013

» Report presentation «

financial overview

January – March 2013

• Operating income decreased by 8 percent to SEK 244.0 million (264.9)

• Profit after tax fell by 21 percent to SEK 57.1 million (72.5)

• EPS before dilution were down by 21 percent to SEK 0.33 (0.41)

2

events during Q1

• Continuous growth in customers – close to 7,000 new customers in the

quarter

• High desire to save among individuals; net savings reached SEK 3.7 billion

• Nordnet first in the Nordic region to launch commission free monthly savings

in exchange traded funds

• Launch of Räntetorget – a portal for interest rates products from market

leading companies

3

customers and accounts

accounts/customer (Q1 2013): 1.22

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13

Active customers Active accounts

12M: + 22,800 / + 7%

12M: + 38,400 / +9%

4

net savings (SEK billion)

1.1

2.0

1.0

3.6

1.9

0.1

1.3

3.7

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13

12M: SEK 7.0 billion

5

trades (thousands)

3100

4185

38513973

3055

2841 2871

3531

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13

12M: 12,298

6

lending (SEK billion)

4.27

3.22 3.04

3.54

2.93 2.93 2.863.16

1.39

1.481.59

1.65

1.70 1.73 1.80

1.90

0.00

1.00

2.00

3.00

4.00

5.00

6.00

Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13

Margin lending Consumer loans

7

revenue development (SEK million)

139 132 142 137 132 126 126 119

93128 107 107

8179 77 101

20

1618 20

21

825

24

0

50

100

150

200

250

300

Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q412 Q1 13

Net interest income Net commission income Other income

12M: SEK 918 million

8

cost development (SEK million incl. credit losses)

185

175

182

172

181 179 179

174

100

110

120

130

140

150

160

170

180

190

Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13

9

operating profit excl. eo items (SEK million)

67

101

93 93

53

42

49

70

0%

5%

10%

15%

20%

25%

30%

35%

40%

0

20

40

60

80

100

120

Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13

Operating profit Operating margin

12M: SEK 214 million

10

income statement (SEK million)

3 months 3 months 12 m rolling 12 months

Consolidated Income Statement (SEK million) Jan-Mar 2013 Jan-Mar 2012 Apr-Mar 2013 Jan-Dec 2012

Net interest income 118.9 137.3 502.1 520.6

Net commission income 101.3 107.1 338.4 344.2

Other income 23.8 20.4 77.0 73.6

Total operating income 244.0 264.9 917.5 938.4

General adminstrativ e expenses -136 -136 -563 -562.3

Depreciation and amortization -16 -15 -64 -63

Other operating expenses -11 -10.1 -42 -41

Total operating expenses -163.1 -161.3 -668.3 -666.5

Profit before credit losses 80.9 103.6 249.3 271.9

Net credit losses -10.5 -11.0 -44.2 -44.7

Operating profit 70.4 92.6 205.1 227.2

Tax on profit for the period -13.3 -20.0 -31.5 -38.3

Profit for the period 57.1 72.5 173.5 188.9

Earnings before dilution 0.33 0.41 0.99 1.08

11

balance sheet (SEK million)

Consolidated Statement of Financial Position (SEK million) 31/03/2013 31/03/2012 31/12/2012

Loans to credit institutions 1,018 686 1,465

Loans to the public 5,303 5,388 4,737

Financial assets 5,935 5,345 5,388

Financial assets - policy holders bearing the risk 20,907 18,618 18,962

Tangible and intangible assets 489 537 507

Other assets 988 277 333

Total assets 34,640 30,850 31,392

Deposits and borrowing by the public 10,331 9,959 10,488

Liabilities to policyholders 20,908 18,619 18,962

Other liabilities 1,840 761 428

Shareholders' equity 1,561 1,510 1,514

Total liabilities and shareholders' equity 34,640 30,850 31,392

12

capital coverage (SEK million)

Capital requirements for the financial conglomerate (SEK million) 31/03/2013 31/03/2012 31/12/2012

Equity, Group 1,561.2 1,510.2 1,514.0

-57.1 - -

Plus subordinated liablities 175.7 175.7 175.7

Less proposed div idend for prev ious year -122.5 -113.8 -

Less expected div idend for current year - -29.0 -122.5

Less intangible fixed assets and deferred tax receiv ables -457.2 -507.2 -475.3

Capital base 1,100.1 1,035.9 1,091.9

Capital requirement for regulated units within the banking and securities sector 510.3 475.7 444.2

Theoretical solv ency requirement for non-regulated units in the largest financial sector 0.6 1.2 0.8

Capital requirement for regulated units within the insurance sector 32.2 31.1 32.2

Capital requirement 543.1 508.0 477.2

Capital surplus 557.0 527.9 614.7

Capital coverage ratio 2.03 2.04 2.29

13

looking ahead

• Continue to build our position as the leading online bank in the Nordics

• Continue to innovate around offerings within existing product areas

• Develop our online store to become more simple and intuitive

• Active cost management

• Scalable operating model

14

more information:

nordnetab.com

become a customer:

nordnet.se/no/fi/dk

follow:

nordnetbloggen.se and Twitter

@CEONordnet

15