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Nordea profits up

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10:35 CEST+02:00
Swedish-Finnish bank Nordea has said it made operating profits of €1.79 billion for the second quarter. The figure is an increase on the same period last year, when it made profits of €1.57 billion.

The bank's income rose 8 percent to €3.54 billion. Earnings per share were €0.54, up 20 percent on the first quarter of 2005.

The company declared that it had experienced profitable growth in all business areas. The number of core customers was up 6 percent, consumer lending was up 10 percent and the number of credit cards was up 30 percent.

The company said that the execution of its growth plans in Sweden, Poland and the Baltic countries was progressing.

"The strength of the Nordea business model and the execution of our growth strategy is consistently paying off and has, despite the capital market turbulence, resulted in a return on equity of 21.2% for the first half year of 2006 - well above our financial target," said Lars G Nordström, CEO of Nordea.

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