Profits up at Nordea bank on ‘record’ income

Profits up at Nordea bank on 'record' income
The top Nordic bank Nordea posted Thursday a stronger than expected 15-percent increase in net profit to €740 million ($1.1 billion).

“We’re getting more customers, doing more deals with clients and have ever-stronger client relations,” chief executive Christian Clausen said in a press conference on Thursday.

Analysts surveyed by Dow Jones Newswires had expected Nordea, the biggest bank in Sweden and in the entire Nordic region, to post net earnings of 693 million.

Net banking income, a key measure of the profitability of retail lending activities, rose seven percent to €1.32 billion.

“Our relationship strategy and solid operating platform continue to deliver,” Clausen said in a statement.

“Income is at record level. Both operating and risk-adjusted profit increased more than 10 percent from the first quarter last year.”

The results didn’t particularly excite investors as the bank’s shares were off 0.3 percent at 1100 GMT in a market also down 0.3 percent.

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