Nordea, the Scandinavian bank group, has reported no change in its total income for the first quarter of 2011 (€2.510 billion, around $3.178 billion) compared with the fourth quarter of 2010, although the firm posted a 9 per cent increase in total income year-on-year.

Meanwhile, the firm noted a 7 per cent increase in risk-adjusted profit quarter-on-quarter and 14 per cent year-on-year, amounting to €771 million for the first quarter of 2011.

The number of “gold” and private banking customers went up by 47,000 quarter-on-quarter (up 6 per cent) and by 210,000 year-on-year (up 8 per cent).

“European banks face large challenges with the costs of new regulation. Nordea is committed to take the necessary steps to maintain its position in the top league. In our New Normal plan, we will focus on increased ROE and take measures to increase capital and cost efficiency," said chief executive Christian Clausen.

As part of these plans Nordea is to establish three main business areas, retail banking, wholesale banking and wealth management.

Torsten Hagen Jørgensen and Peter Nyegaard have been appointed to become new members of the group executive management as Peter Schütze, latterly head of Nordic Banking, retires.

Nordea's new organisational structure, to be implemented by 1 June, will be planned in detail during May.