Nordea reduces costs – Stock increases on the stock market

Net interest income amounted to 1,073 million euros, compared to 1,065 million euros, and loan losses amounted to 59 million euros. # 39; euros. Nordea's recurring revenues for 2018 are unlikely to reach the same level as in 2017.

He writes Casper von Koskull in the CEO

In conjunction with the financial statements of In 2017, the great Nordic bank expects higher revenues in 2018 by 2017. In the first quarter report, the CEO wrote that "it will be harder" to reach earnings forecasts for all of year with a low start to the year. 19659002] In the Interim Report, Casper von Koskull points out that Nordea has seen signs of higher activity in the second quarter "in some of our major markets."

"The volume of loans has stabilized and recovered in some sectors and advisory activities, while commissions and fees related to savings, as well as margins private sector credit remain under pressure, "he says

He points out that Nordea expects" moderate growth for the rest of the year "on the revenue side. of a higher net profit in 2018 compared to 2017 rest.

Nordea is also on track to reach the goal of 4.9 billion euros in 2018, he continues. As a "direct result of our cost initiatives", costs have decreased by 8% compared to the second quarter of 2017 and by 3% compared to the first quarter of 2017, added Casper von Koskull. Personal Banking and Wealth Management, have remained unchanged in Commercial and Commercial Banking. tures and declined slightly in Wholesale Banking. In the report, Casper von Koskull points out that Nordea saw signs of increased activity in the second quarter in some basic banking markets

"Loan volumes have stabilized and increased in some sectors, and it is going good for our capital market and advisory business, while the fees and savings commissions and lines of credit are under pressure, "he writes.

Casper von Koskull expects a Moderate growth for the remainder of the year 2018 higher net profit compared to 2017 remains

lower credit losses

Nordea's loan losses rose to 59 million euros (106 same period last year), lower than the consensus of 73 million euros net. 19659002] Nordea expects that the credit losses during the next quarter continue and the long-term average. Second quarter loans were 10 points against a long-term average of 16 points.