(Reuters) – Nordea reported quarterly operating profit on Monday that fell just short of expectations, as the Finnish bank said higher expenses and net loan losses were partly offset by higher revenue.
Operating profit at Scandinavia’s largest bank fell 2 percent year-on-year to 1.68 billion euros, below analysts’ expectations of 1.71 billion euros in a LSEG consensus.
Net interest income rose 4% year-on-year to €1.90 billion, also below analysts’ expectations of €1.92 billion.
“Inflation and continued significant investments in technology, data and risk management capabilities resulted in costs increasing by 6%, in line with Nordea’s plan,” the group said in a statement.
Return on equity (ROE) stood at 17.9% over the period and the group reiterated its forecast of ROE above 15% for the full year.
(Report by Elviira Luoma and Jesus Calero, by Elena Smirnova, edited by Augustin Turpin)
Copyright © 2024 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
