2012-01-24
EO Christian Clausen's comment to the report:
"Our focused relationship strategy and New Normal plan has
delivered increased efficiency in cost, capital, liquidity
and funding while we have maintained strong income growth
and solid profit development.
We have reached a record number of relationship customers
and all-time-high total income for both the last quarter
and the full year 2011. Cost growth has been reduced and
total expenses were at the same level in the fourth quarter
as one year before.
Great customer experiences remain our most important value
and constitute the key to our relationship strategy and
strong financial results also in the new normal. Our
ambition is to both mitigate the impact from the new
regulations for the customers and develop our products,
services and advice even further."
(For further viewpoints, see CEO comments, page 2)
Fourth quarter 2011 vs third quarter 2011 (full year 2011
vs 2010):
• Total operating income up 22% (up 2%)
• Operating profit up 40%* (up 2%*)
• Cost / income ratio 49% (55%)
• Net loan losses up to 33 basis points from 14 basis
points
(down to 23 basis points from 31 basis points last
year)
• Core tier 1 capital ratio increased to 11.2%
excluding transition rules
(up from 10.3% one year ago)
• Return on equity 12.3%, up from 8.5%* in the third
quarter
(down to 11.1%* from 11.5% in 2010)
*Excluding restructuring provision in the third quarter of
EUR 171m.
Currency rates used for DKK, NOK and SEK for 2011 are for
income statement items 7.45, 7.79 and 9.03
respectively.
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