Finnish bank Nordea up 27% quarterly profit – Kommersant
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Today, one of the largest banks in Northern Europe, the Finnish Nordea, informed, that in the second quarter its net profit reached €1.33 billion – 27% more than a year earlier. Net interest income grew by 40%, which exceeded the forecasts of analysts surveyed Bloomberg.
Operating income was €1.72 billion, up 26% year-on-year and ahead of analysts’ forecasts Refinitivewhich had expected €1.7bn. The bank said that rising discount rates helped it improve the profitability of its operations and perform better than expected.
As a result, Nordea increased its forecasts for return on capital this year from the previous 13% to 15%, which will be the highest since 2008. After the publication of financial statements, Nordea quotes rose in price by 1%.
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