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Nordea Annual Report 2016

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Nordea Annual Report 2016 Annual Report 2016 Report Annual Annual Report 2016 Casper von Koskull, President and CEO Letter Group CEO, and Torsten Hagen Jørgensen, Group COO and Deputy CEO. Page 6 Strengthened customer relationships built on 6 core capabilities and a winning culture. Page 19 Long-term Personal Banking ambition to be Wholesale Banking No. 1 in profitability, customer and employee satisfaction. Page 11 19 Wealth Management 11 Commercial & Business Banking Largest private bank, asset manager and 23 life and pensions provider. Page 23 Leading position in corporate banking in 15 the Nordics with best in class advisory and digital experience. Page 15 Annual Report 2016 Contents 4 Leading platform 6 CEO letter 8 Nordea Investment Case – Strategic Priorities 01 Business Areas 72 Group Corporate Centre 92 The Nordea share and ratings 23 Financial targets 33 Our people shape the future 34 Sustainability Board of Directors’ report 36 Financial Review 2016 40 Business area results 43 Risk, Liquidity and Capital management 59 Corporate Governance Report 66 Remuneration 69 Proposed distribution of earnings Financial statements 71 Financial statements Nordea Group 84 Notes to Group financial statements 175 Financial statements Parent company 186 Notes to Parent company financial statements 227 Signing of the Annual Report 228 Auditor’s report Organisation 232 Board of Directors 234 Group Executive Management 235 Legal structure 235 Group Organisation 236 Annual General Meeting 236 Financial calendar This Annual Report contains forward-looking statements macro economic development, (ii) change in the competitive that reflect management’s current views with respect to climate, (iii) change in the regulatory environment and other certain future events and potential financial performance. government actions and (iv) change in interest rate level and Although Nordea believes that the expectations reflected in foreign exchange rate levels. This report does not imply that such forward-looking statements are reasonable, no assur- Nordea has undertaken to revise these forward-looking state- ance can be given that such expectations will prove to have ments, beyond what is required by applicable law or appli- been correct. Accordingly, results could differ materially from cable stock exchange regulations if and when circumstances those set out in the forward-looking statements as a result of arise that will lead to changes compared to the date when various factors. Important factors that may cause such a these statements were provided. difference for Nordea include, but are not limited to: (i) the Annual Report 2016 Position and strengths 4 Leading platform Nordea has a superior customer franchise Customer relationships and market position Household Household customers customers No. of relation- Market NORWAY ships (mill) position 0.9 #2 Total: 10 #1 94 #2 Corporates & Corporates & Institutions Institutions No. of Market relation ships (th) position Total: 540 #1 FINLAND SWEDEN 2.8 #1–2 4.2 #2–3 157 #1 201 #1–2 DENMARK 1.7 #2 49 #1–2 Nordea has a superior customer franchise and a unique position in the Nordics Leading financial services platform in the Nordic region Online advisory meetings Transactions, m Best Bank in the Nordic region, Online meetings share of total meetings Q4 2010 – Q4 2016 Global Finance excl. corporate customers. Multi Asset Manager Netbank of the year, Financial News 62 17% 14% Transaction Banking Award for the Nordic region 2016, Mobile The Banker 30 Branches Award BA4 2 Dec 2015 Dec 2016 Annual Report 2016 Position and strengths 5 Nordea is the most diversified bank in the Nordics with strong capital generation Relative RoE performance1 Through a well diversified business, Nordea has delivered competitive returns with the lowest risk in the Nordics. Nordea rolling 4 quarters 11.6% 11.4% Nordic peers rolling 4 quarters 1) 2013–2016. Excl. non-recurring items. 2014 2015 2016 Quarterly CET1 ratio volatility1, % Quarterly net profit volatility1, % 1.00 127 0.89 73 0.51 0.40 54 0.34 36 0.20 23 18 Nordea Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Nordea Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 1) 2006 – 2016. Calculated as quarter on quarter volatility in CET1 ratio, adjusted 1) 2006 – 2016. so that the volatility effect of those instances where the CET1 ratio increases between quarters is excluded. Capital generation and dividend growth Over the past decade, Nordea has consistently generated new capital while growing 47 dividends. 43 39 1 13% 37 Acc. dividend, EURbn CAGR 35 Acc. equity, EURbn 31 29 26 20 18 15 12 1) CAGR 2005–2016, adjusted for EUR 2.5bn rights issue in 2009. Equity columns represents end-of- period equity less dividends for the year. No assumption on reinvestment rate for paid out dividends. 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 DPS (euro cents) 29 26 34 43 62 64 65 Annual Report 2016 CEO letter 6 Towards One Nordea – an agile and robust bank engaging with its customers Dear Shareholder, Making the Bank more accessible functional integration of IPB in Global The past year was challenging with Towards the summer, Retail Banking Private Banking and the relevant recordlow interest rates, unexpected was divided into two new business Wealth Management support areas. We political events and increasing turmoil areas – Personal Banking and Commer- were commended in February when around the globe. What we learnt from cial & Business Banking. This change Euromoney named Nordea the best 2016 is that global developments are will adapt the organisation more clearly provider of private banking services in becoming even more impossible to pre- to different customer needs, sharpen the Nordic region and the Baltics for the dict. We have to prepare for the unex- customer focus and strengthen execu- eighth year in a row. pected even more carefully. tion capacity in each of the two new In Nordea Life & Pension in Denmark, Another lesson from last year was business areas. we welcomed our customers as co - increasing awareness of the importance Digitalisation remained a main driver owners when Foreningen NLP bought a of business ethics and being a respon- in the business areas and our custom- minority stake in the company. For the sible corporate citizen. We will not be ers’ usage of online and mobile solu- benefit of customers and the company, able to make the full transformation tions is growing rapidly. Customers we will, in a co-ownership structure, fur- journey unless we also unite around a need to be able to reach us anytime, ther strengthen our position in Denmark. strong culture, based on ethics and anywhere. The eBranches and remote compliance. meetings are key initiatives to improve Leading position in corporate Throughout 2016 we continued to accessibility for customers. Our team- advisory services confirmed deliver on our transformation agenda. based advisory format enables custom- In our Wholesale Banking business, the An important step was taken at the ers to obtain competent help easily by a successful trends of recent years contin- beginning of June when the first prod- renewed advisory model. One out of six ued. In 2016 the leading position in cor- uct on our core banking platform suc- customer meetings is now held online porate advisory services in the Nordics cessfully went live. And, a historical and the number of remote advisors was confirmed. In terms of deal value, milestone was reached on 2 January available to serve our personal banking we were ranked number four in Europe 2017 when we converted our subsidiary customers across the Nordics increased and the clear number one in the Nordics banks in Denmark, Finland, and Norway to 300 from 100 last year. as global co-ordinator of IPOs. As an into branches of Nordea Bank AB. The In October we joined a partnership example we were joint global leader of mergers will enable maintaining a “One for MobilePay in Denmark and Norway DONG Energy IPO, the largest IPO glob- Bank” operating model and focusing on through which we provide our custom- ally in 2016. delivering the best possible experience ers in Norway and Denmark with easy We received several number 1 rank- to our customers. At the end of the day, access to a user-friendly mobile pay- ings in customer surveys from Prospera everything we do aims to increase cus- ment solution that is subject to constant and Greenwich as well as leading tomer satisfaction. innovation. league table positions. Another achieve- Another important business event ment was that Nordea Equity Research was that, in the summer, Nordea and Most popular was ranked number 1 in the Thomson DNB entered into an agreement to com- fund provider in Europe Reuters Analyst Awards 2016. bine their operations in Estonia, Latvia In Wealth Management, total assets A key factor for our successes is our and Lithuania, enabling us to become under management increased to an all- highly engaged people, whose skills the main bank for customers in the time high and surpassed a milestone of lead customers to choose us as their Baltics. EUR 300 billion. Nordea is by far the preferred speaking partner. In an unstable environment we largest Wealth Manager in the Nordics. continued to be one of the most stable We also continued to be a successful Integrating sustainability banks in Europe, without a single quar- player on the European fund markets, into all parts of the bank ter of losses in the past ten years. In exporting our financial services beyond In 2016 Nordea continued the imple- addition, our balance sheet is among the Nordics. Throughout most of 2016, mentation of its proactive sustainability the strongest of European banks, which Nordea Asset Management was the approach, acknowledging the impor- is reflected through some of the highest most popular fund provider in Europe, tance of integrating sustainability into credit ratings.
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