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Nordea profits rise despite low loan demand

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Nordea profits rise despite low loan demand
08:02 CEST+02:00
Swedish bank Nordea announced on Tuesday that its first quarter operating profits were over €1.1 billion ($1.5 billion), an increase from the same period last year.
Nordea posted an operating profit of €1.1 million for the first quarter of 2014, up from €1.0 billion at the same time last year.
CEO Christian Clausen put the strong performance down to a pick-up in the bank's corporate advisory department.
"In the beginning of 2014, activity picked up in our corporate advisory business and remains strong in the savings area, leading to an improvement in net fee and commission income of 13 percent," he said in a statement.
He added that continued low lending demand and low interest rates, total income remained largely unchanged compared to the same time last year.
"In this low-growth environment, we continue to execute on our cost and capital efficiency programmes and capture business opportunities with our customers," Clausen added.
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