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Nordea third-quarter profit rises by 21%
BC, Riga, 22.10.2014.
Print version
Print versionNordic banking group Nordea on Wednesday reported a 21% increase in third-quarter profit year-on-year, citing higher revenue from fees and commissions, reports LETA/DPA.
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Net profit for the quarter was EUR 938 million, as compared to EUR 776 million in the same period last year.
The group's income for the period was EUR 2.75 billion, up 12% on the second quarter.
Nordea said more customers were using online banking, and it needed to adjust to this trend. Parts of the IT system needed to be replaced, leading to a write-down of EUR 344 million.
Analysts had not predicted this cost, and the share price dipped almost 2% in early trading on the Stockholm bourse.
The Stockholm-based group's loan losses were EUR 112 million, down 17% on the previous quarter.
Nordea was founded in 2000, emerging from the 1997 merger of the Merita Bank of Finland and Nordbanken of Sweden.
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