Nordea cost cutting boosts profit
23 Oct 2013, 13:23
Published: 23 Oct 2013 13:23 GMT+02:00
- Sweden earns $3.4 billion in Nordea share sale (25 Sep 13)
- Nordic banking giant Nordea posts profits drop (17 Jul 13)
- Nordea tracked clients in secret 'black book' (13 May 13)
The net profit increase did not live up to the expectations of analysts interviewed by Dow Jones Newswires, who reckoned with $1.093 billion earnings for this quarter, compared to the same period of 2012.
Revenues during the quarter remained practically unchanged at $3.336 billion, a one-percent rise from a year earlier.
"For income, we have a maintained focus on attracting new customers, improving cross-selling and adjusting pricing," chief executive Christian Clausen said.
Cross-selling refers to the practice of selling new products to existing customers.
"We have conducted gross cost savings of around four percent since third quarter of 2012. This has been offsetting cost inflation, investments and regulatory costs," Clausen said.
"Given our outlook of a low growth environment, further efficiency improvement continues to be high on the agenda."