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Nordea profit impressive profits but failed to meet analysts' expectations



  

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Tuesday, 19 July 2011
Nordea Bank Group reported an operating profit of €949 million or about Skr8.76 billion in the second quarter. That compares with profit of €730 million a year ago.

Analysts had, according to Reuters, on average, had expected an operating profit of €958 million.
Net interest income rose to €1.326 million from €1.249 million. Net commission income rose to €623 million, from €538 million.

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Total revenues amounted to €2.342 million, compared with €2 161 million the same period the year before.
Expenses rose to €1.275 billion from €1.186 billion. Loan losses fell to €118 million, from €245 million.

Loans to mortgage borrowing grew during the quarter by two percent compared to the previous quarter. And according to the bank, the profit margin on the loan "on average was almost unchanged."
By Scancomark.se Team


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