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Nordic banking giant Nordea reports above expected profits

Wednesday, 24 April 2013

Nordic regions' biggest bank Nordea AB, on Wednesday reported a consensus-beating rise in first-quarter net profit, blamed on narrowing loan losses. The bank said it expects credit quality to improve further in the current year.
Net interest income decreased 2percent compared to the previous quarter to EUR 1,400million, mainly due to two fewer days in the quarter. The net interest margin increased somewhat to 1.07 percent in the first quarter.

Deposit margins declined on the back of lower market interest rates, while  lending margins increased somewhat. Net interest income was also negatively affected by lower income on interest rate positions in Group Corporate Centre’s as yield curves have flattened.

Net loan losses narrowed to EUR199 million from EUR218 million, against expectations for EUR217 million.

Corporate lending volumes, excluding reverse repurchase agreements, were largely unchanged in local currencies at the end of the first quarter compared to the previous

quarter. The average corporate lending volume in the first quarter was 3 percent lower than in the previous quarter.
Household lending volumes were largely unchanged in local currencies compared to the previous quarter.
Net profit attributable to Nordea shareholders rose to EUR794 million from EUR773 million, against analysts' expectations for EUR753 million.

Read more from the press release from Nordea

by Scancomark.comTeam

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