Good Start To The Year
In the first quarter of 2009, Nordea Bank Polska SA earned PLN 26.5m in profit after tax, with operating income at PLN 130.8m.
• In Q1 2009, operating income reached PLN 130.8m comparing to PLN 99.7m in Q1 2008 (31% up).
• At the same time, operating expenses amounted to PLN 92.4m, 37.8% up on Q1 2008 (PLN 67m) due to the increased sales network, which grew by 69%.
In spite of the difficult market conditions and falling deposit margins, the bank recorded an increase in operating income. Operating expenses grew at a faster rate, but this was a consequence of increased staffing in connection with the opening of new offices, which there are 154 of at the moment. The bigger network should compensate the bank – in terms of income - for the falling demand for banking products and services.
Profit after tax at the same level as in Q1 2008
• In Q1 2009, profit before income tax approximated PLN 36.4m, compared with PLN 34m posted this time last year (7% up).
• Profit after tax amounted to PLN 26.5m while a year ago the figure was PLN 27.6m (a decrease of 4%).
Profit before income tax reached a good and stable level, despite the worsening economic situation, while profit after tax was comparable to the one posted after Q1 2008.
Lending and deposit activity increased
• Compared with the end of Q1 2008 (PLN 9.5bn), the total volume of lending at the end of march 2009 grew 54% to PLN 14.7bn.
• Total assets exceeded PLN 17bn, which was PLN 6.3bn more than at the end of Q1 2008 (PLN 10.7bn).
• Total liabilities increased 63% to PLN 15.9bn (PLN 9.8bn).
The bank’s business volume soared 58.7%, boosted by the increase in loans and advances to customers. The biggest change occurred in loans to private individuals (114% up). Similar was the case of customer deposits – private individuals’ deposits grew the most, by 44%.

- Nordea Bank Polska’s first-quarter results are positive. The financial results were also good at the Nordea Group –the net profit amounted 627 m.  We have once again proved, despite the turmoil in the financial sector, to be an institution consistently delivers profits, meets the obligations and fulfilling its development plans. We are continuing our project of establishment of new offices: our network consists now of 154 branch offices and this quarter we should add 9 more. The last branch office scheduled for this year will go operational in May. We expect the expansion of our sales network to lead to a further growth in the bank’s financial performance.” said WÅ‚odzimierz KiciÅ„ski, president of Nordea Bank Polska.

For further information, please, contact:
SÅ‚awomir Ronkowski (manager), phone: +58 669 12 32
Joanna Krawczyk-Golba, phone: +58 669 12 36
Marketing and Communication Department, Nordea Bank Polska SA