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NORDEA

Nordea profits up

Nordic bank Nordea has reported operating profits of €858 million for the first three months of the year. This compares with 2004 first quarter profits of €688 million.

Revenue rose 11 percent to €1.76 billion. Costs rose by three percent to €933 million. Net profit increased 34 percent to €665 milion.

The company, which has operations across the Nordic and Baltic regions, said that lending was up 12 percent, with strong sales to both corporate and personal customers.

The company met its aim of keeping the increase in revenue at least 5 percent higher than the increase in costs. It said it was increasingly convinced that it would fulfill this target for the fill year. The bank said it was calculating on a modest increase in costs for the full year.

TT/The Local

BANK

Police to investigate Nordea bank over money laundering

Danish police will investigate the Swedish bank Nordea after a year-long probe by regulators into money laundering led to "criticism" of its procedures, the bank said Friday.

Police to investigate Nordea bank over money laundering
Photo: Marcus Ericsson / TT

Detectives will examine how money laundering rules were followed at the bank's Danish subsidiary and could result in “sanctions”, Nordea said in a statement.

“We realize that we initially underestimated the complexity and the time it takes to change our procedures,” said Nordea chief executive Casper von Koskull.

The bank added that 850 Nordea employees are currently involved in the fight against money laundering which the bank plans to increase to 1,150 by the end of the year.

In May 2015 the bank was fined 50 million kronor (€5.4 million euros) – the maximum possible – by Swedish regulators who accused Nordea of “not following money laundering rules for several years” and failing to “evaluate the risks of (doing business with) certain clients”.