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Nordea announced operating profit of 866 million euros. On average, analysts expected operating profit of 930 million euros, according to the compilation by Infront Datas of 17 forecasts.
Wednesday were it's time for Nordea present its latest quarterly figures. Net interest income amounted to 1,072 million euros, which was in line with analysts' forecasts according to Infront data.
Net income was 684 million euros, 5% less than analysts' forecasts, which were 718 million. Revenues amounted to € 2,046 million, slightly less than expected of € 2,169 million.
"The third quarter was difficult and we are not satisfied with the evolution of revenues." The net interest income remained stable, while income from taxes and commissions and, especially, net gains and losses on items at fair value were low, mainly due to difficult market conditions and weaker activity, "commented Casper von Koskull. , CEO of Nordea, quarter.
Operating expenses amounted to 1,136 million euros, or 1,204 million euros in the third quarter of 2017. This figure was also higher than analysts' forecasts, which were 1,172 million euros.
"Our profitability improvement programs generated consistent earnings during the quarter, due to both fewer employees and lower costs." The quality of credit remains very good. "During the quarter, we made more modest arrangements for Danish farmers," writes Casper von Koskull.
Nordea's net income rises to at EUR 703 million, slightly below the analysts' forecast of EUR 774 million, while the credit loss reports amounted to EUR 44 million. Analysts had expected average loan losses of 67 million euros according to Infront Data.
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