Helsinki (dpa -AfX) – The Scandinavian bank Nordea (Nordea Bank Abp Registered) also booked a decline in profits in the second quarter due to the reduced interest surplus. The surplus fell by seven percent compared to the same period last year to a good 1.2 billion euros, as the money house announced on Thursday in Helsinki. If the bank had not surprisingly dissolved provisions for possible credit cases, the decline would have been even higher. The news was difficult on the stock exchange.
The Nordea share lost almost four percent in the morning to 12.02 euros and was therefore the largest loser in the Eurozone Index EuroStoxx 50.
Analysts surveyed by the Bloomberg news agency had expected a stronger drop in profits in day -to -day business. However, it was only due to the dissolution of risk provision for lazy loans.
It looked rather poor on the revenue side: the interest surplus decreased by around 100 million to around 1.8 billion euros, and the total income of the bank dropped to 2.9 billion euros to a similar level. Nordea is under pressure in Sweden because of stricter competition among customer loans. At the same time, the multiple reduction in key interest rates by the European Central Bank presses the income.
Nordea boss Frank Vang-Jensen, however, sees the bank on course on its goals for the current year. Accordingly, the return on equity should reach more than 15 percent. In the past quarter it was 16.3 percent. Nordea is one of the leading banks in Northern Europe. It was created by the merger of several money houses from Denmark, Finland and Sweden./Stw/zb/men/stk
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