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