Nordea profits hike surprises analysts

Nordea profits hike surprises analysts
Nordic banking giant Nordea on Wednesday reported a third quarter jump in profits of 14 percent, far in excess of analyst forecasts.

Nordea reported a net figure of €709 million ($978 million), from €624 million at the same time last year, attributing the rise to an increase the number of wealthy clients and to a relatively stable economic climate.

Net banking income, the profit from the cost of attracting deposits and the price of lending it out, a key measure for retail banks, was almost steady, slipping 1.0 percent to €1.31 billion.

The outcome exceeded the figure expected by analysts polled by Dow Jones Newswires who had expected the net profit to fall by about 9.0 percent to €571 million and net banking income to fall by 2.0 percent.

Chief executive Christian Clausen said: “Nordea had a strong quarter, with record level income and one of our highest operating profits ever.”

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