» swings in the market «

Interim report January – June 2012

financial overview (january-june)

operating profit

145.5 (166.0)

million Swedish kronor

net savings

5.6 (6.3)

billion Swedish kronor

total savings capital

96.0 (102.7)

billion Swedish kronor

number of active customers

355,100 (330,400)

number of trades

7,027,800 (7,275,400)

cost coverage

96 (92)

Percent

• Operating income decreased by 8 percent to SEK 498.3 million (541.7)

• Profit after tax fell by 15 percent to SEK 113.9 million (134.5)

• EPS before dilution were down by 15 percent to SEK 0.65 (0.77)

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events (april-june)

• Decreased risk appetite among savers

• Retained flexibility on cost side

• Håkan Nyberg begins 9 August

• Private banking launched in Denmark

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customers and accounts 4

Accounts/customer (Q2 2012): 1.20

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 6 months 6 months 12m rolling 12 months

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

Net interest income 132.3 139.3 269.6 272.9 544.0 547.3

Net commission income 80.6 92.5 187.7 225.4 422.6 460.3

Other income 20.5 19.8 40.9 43.4 74.2 76.7

Total operating income 233.4 251.6 498.3 541.7 1,040.8 1,084.2

General administrativ e expenses -141.2 -145.2 -276.9 -294.6 -550.8 -568.5

Depreciation and amortization -15.8 -17.6 -31.3 -36.2 -64.5 -69.3

Other operating expenses -11.6 -10.6 -21.7 -21.7 -54.1 -54.1

Total operating expenses -168.7 -173.4 -330.0 -352.5 -669.4 -691.9

Profit before credit losses 64.7 78.2 168.2 189.2 371.4 392.3

Net credit losses -11.8 -11.5 -22.8 -23.2 -40.5 -40.9

Operating profit 52.9 66.7 145.5 166.0 330.9 351.5

Tax on profit for the period -11.6 -11.0 -31.6 -31.6 -81.4 -81.3

Profit for the period 41.3 55.7 113.9 134.5 249.5 270.1

Earnings per share before dilution 0.24 0.32 0.65 0.77 1.43 1.54

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Consolidated Statement of Financial Position (SEK million) 30/06/2012 30/06/2011 31/12/2011

Loans to credit institutions 1,135 535 1,838

Loans to the public 4,977 5,657 4,630

Financial assets 5,802 4,690 5,172

Financial assets - policy holders bearing the risk 18,043 19,338 16,463

Tangible and intangible assets 527 568 546

Other assets 524 310 413

Total assets 31,008 31,098 29,062

Deposits and borrowing by the public 10,571 9,809 10,708

Liabilities to policyholders 18,044 19,340 16,465

Other liabilities 958 649 460

Shareholders' equity 1,436 1,300 1,429

Total liabilities and shareholders' equity 31,008 31,098 29,062

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Capital requirements for the financial conglomerate (SEK million) 30/06/2012 30/06/2011 31/12/2011

Shareholder's equity, Group 1,394.3 1,300.0 1,429.3

Plus debenture loan 175.7 175.7 175.7

Less assumed div idend for the current financial year -29.0 -53.8 -113.8

Less intangible fixed assets and deferred tax receiv ables -495.5 -536.5 -513.3

Capital base 1,045.5 885.4 977.9

Capital requirement for regulated units within the banking and securities sector 499.7 488.9 465.8

Theoretical solv ency requirement for non-regulated units in the largest financial sector 2.1 2.1 1.6

Capital requirement for regulated units within the insurance sector 30.7 25.9 26.0

Capital requirement 532.5 516.9 493.4

Capital surplus 513.0 368.5 484.5

Capital coverage ratio 1.96 1.71 1.98

leading bank for savings in the nordic region

strategic priorities

• Most satisfied customers

• Strong brand

• Improved profit levels

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more information:

org.nordnet.se

become a customer:

nordnet.se/no/fi/dk

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