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January-September 2013 vs. Jan-Sep 2012 (Third quarter 2013 vs. Second quarter 2013):

  • Total operating income unchanged (-3 percent)
  • Operating profit +3 percent (-3 percent)
  • Core tier 1 capital ratio up to 14.4 percent from 12.2 percent (up from 14.0 percent)
  • Cost/income ratio unchanged at 51 percent (up to 51 percent from 50 percent)
  • Loan loss ratio of 22 basis points, down from 26 basis points (down to 20 basis points)
  • Return on equity 11.2 percent, down from 11.4 percent (down to 10.8 percent from 11.5 percent)

Nordea reports increased profits

Wednesday, 23 October 2013
Nordic biggest bank, Nordea reports operating income for the third quarter of 2013 of 1.021 million euros, against 910 euros same period a year ago.
Analysts had expected operating income of 1.038 billion euros, according to Six Market Estimates compilation of 22 bank analysts' forecasts.

After a quiet summer, economic activity has picked up lately, according to Nordea CEO Christian Clausen.Nordea

"We believe that the worst is over now and that the economic situation will be better in the Nordic region in 2014, "writes Christian Clausen in the bank's interim report.

Economic activity tends to be a bit sluggish in the third quarter, and it was also this year, he said. Activity levels improved during the latter part of the quarter, particularly in the business segment.

According to CEO Christian Clausen on the results, despite the current low-growth environment with low interest rates, Nordea’s income increased by 3percent in local currencies (up 1percent reported) compared to the third quarter 2012, primarily driven by savings-related income. Costs are down somewhat in local currencies (down 3percent reported) and loan losses are down by 26percent (28 percent), leading to a 15percent (12 percent) increase in operating profit. We have welcomed 87,000 new relationship customers in the last 12 months and World Finance has named us the Best banking Group in the Nordics.

Core tier 1 ratio has improved by 2.2 percent -points to 14.4percent mainly due to strong capital generation and strict volume discipline. Cost efficiency continues to be high on the agenda and we see our initiatives delivering better than expected.

Credit quality continues to improve, especially in Shipping. Loan losses in the Group decreased to 20 basis points and impaired loans were largely unchanged.

Full reports could be accessed here
By Scancomark.com Team

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