{"id":25573,"date":"2023-04-27T04:55:06","date_gmt":"2023-04-27T04:55:06","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/nordea-q1-profit-tops\/"},"modified":"2023-04-27T05:37:47","modified_gmt":"2023-04-27T05:37:47","slug":"nordea-q1-profit-tops","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/nordea-q1-profit-tops\/","title":{"rendered":"Nordea Q1 profit tops forecast as interest rates rise"},"content":{"rendered":"<p>HELSINKI (Reuters) -The Nordic region&#8217;s biggest lender Nordea posted a larger than expected gain in first-quarter operating profits on Thursday, on the back of rising interest rates and despite weaker Nordic currencies.<\/p>\n<p>The Finnish banking group reported an operating profit of 1.48 billion euros ($1.64 billion) in the quarter, up from 1.1 billion a year ago, beating the mean forecast of 1.36 billion in a Refinitiv poll of analysts.<\/p>\n<p>The rise in results followed a similar trend among other Nordic banks such as Swedish rival SEB, which on Wednesday beat market expectations and reported higher net interest income.<\/p>\n<p>&#8220;Despite slowing economic activity, our lending volumes continued to develop positively,&#8221; Chief Executive Frank Vang-Jensen said in a statement.<\/p>\n<p>\u00a0\u00a0\u00a0 The bank saw its net fee and commission income decline 8% year on year to 765 million euros. Net interest income climbed 35% to 1.77 billion euros.<\/p>\n<p>\u00a0\u00a0\u00a0 Nordea&#8217;s return on equity for the quarter increased to 17.1%  from 12.6% a year ago and the bank reiterated it expects it to exceed 13% for the full year 2023.<\/p>\n<p>Nordea said individual net loan losses remained low despite the Nordic economies slowing and kept its management judgement buffer unchanged at 585 million euros.    <\/p>\n<p>($1 = 0.9049 euros)<\/p>\n<p> (Reporting by Anne Kauranen, editing by Terje Solsvik)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/nordea-q1-profit-tops\/file-photo-nordea-bank-logo-is-seen-at-the-banks\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportEconomy\/tagreuters.com2023binary_LYNXMPEJ3Q040-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3Q040-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>HELSINKI (Reuters) -The Nordic region&#8217;s biggest lender Nordea posted a larger than expected gain in first-quarter operating profits on Thursday, on the back of rising interest rates and despite weaker Nordic currencies. The Finnish banking group reported an operating profit of 1.48 billion euros ($1.64 billion) in the quarter, up from 1.1 billion a year [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":25574,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1216],"tags":[],"class_list":["post-25573","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-economy"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportEconomy\/tagreuters.com2023binary_LYNXMPEJ3Q040-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/25573","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=25573"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/25573\/revisions"}],"predecessor-version":[{"id":25575,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/25573\/revisions\/25575"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/25574"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=25573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=25573"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=25573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}