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Giant bank,  Nordea seen profits five beyond expectation

Wednesday, 19 October 2011
Giant banking group, Nordea reports a profit of 566 million euros, corresponding to approximately Skr 5.2 million, for the third quarter of 2011. That compares with profit of 960 million euros a year ago.

Analysts had, according to Reuters, on average, had expected an operating profit of 738 million euros.
Net interest income rose to 1.379 million euros from 1.31 million euros. Net commission income rose to 582 million, from EUR 525 million.
Total revenues amounted to 2.091 million euros, compared to 2 363 million the same period the year before.


Costs rose to 1.413 million euros, from 1.196 million euros. Loan losses fell to EUR112 million, from EUR 207 million.

"Although this is one of the worst quarters ever in the global financial markets, Nordea developing was robust," writes CEO Christian Clausen in the interim report.
The financial turmoil impact on operating income is limited, he continues.
"The customer-related business continued to grow, and revenues and earnings will remain at high levels," writes Mr. Clausen.
He also points out that the operating profit for the first nine months increased by five percent compared with 2010, excluding costs for Nordea's restructuring.

The banking giant plans according to previous statements in 2011 and 2012 to reduce its workforce by 2,000, of which between 500 and 650 will go in Denmark, Finland and Sweden,  and between 200 and 300 in Norway.
During the third quarter restructuring charges of EUR 171 million was recorded.
By Scancomark.se Team

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