Nordea Bank lifts guidance, posts forecast-beating 2Q profit
Nordea Bank on Monday raised guidance and posted a forecast-beating second-quarter net profit as net-interest margins improved and corporate lending grew.
The Helsinki-based bank posted net profit attributable to shareholders of 1.34 billion euros , from EUR1.06 billion in the same period a year earlier, as net-interest income rose 40% to EUR1.83 billion. A poll of analysts by FactSet had forecast net profit of EUR1.26 billion and net interest income of EUR1.8 billion.
"It is clear that the economic slowdown and interest rate increases have had a negative impact on our business volume growth, mainly in mortgages," Chief Executive Frank Vang-Jensen said.Full-year 2023 return on equity is now expected to be above 15%, from above 13% previously. Nordea maintained its full-year 2025 financial target of return on equity above 13%, supported by a cost-to-income ratio of 45%-47% and an annual net loan loss ratio of around 10 basis points.
"We are reassessing our long-term financial target for 2025. We will provide a target update in conjunction with the release of our fourth quarter report," Vang-Jensen said.Write to Dominic Chopping at [email protected]
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