Nordea Bank AB (NDBAY.PK) Q2 2010 Earnings Call Transcript July 21, 2010 8:30 am ET Executives Rodney Alfven – Head, IR Christian Clausen – President and Group CEO Fredrik Rystedt – EVP and Group CFO Ari Kaperi – Group Chief Risk Officer Analysts Geoff Dawes – Macquarie Research Nick Davey – UBS Chintan Joshi – Nomura International Aaron Ibbotson – Goldman Sachs Matti Ahokas – Handelsbanken Fridtjof Berents – Arctic Securities Presentation Operator
Good day, ladies and gentlemen and welcome to the Nordea second quarter report 2010 international teleconference call. For your information, today's conference is being recorded. At this time, I would like to turn the conference over to your host today, Mr. Rodney Alfven. Please go ahead, sir. Rodney Alfven Thank you, and welcome to this telephone conference. Here from Nordea we are represented by CEO and President, Mr. Christian Clausen; Chief Risk Officer, Mr. Ari Kaperi; Chief Financial Officer, Mr. Fredrik Rystedt; and Senior IR Officer, Andreas Larsson. So, please, Christian, go ahead. Christian Clausen Yes, welcome, everyone. And I will repeat some of the key messages from today, and then we will go through the slides I'm sure you have in front of you. The key messages, we are delivering according to our plans and expectations from the beginning of the year and we want to underline the steady, strong customer business growth, which is bringing in more customers and more business. We see lower results from items at fair value, down from very high levels in Q1 and we have improved the outlook. The story is very much about the development of the customer business because that is quite notable. We have the income in the corporate 10%, the income in the household segment is up 7%, total income is down, reflecting the lower items at fair value, we have a large number of new Gold customers, 73,000, or up 2.5% in the quarter, lending volumes are up nicely, both in the quarter and on year-on-year and we see a stabilization of impaired loans and credit quality in general.