“Operating profit increased by 2 percent to EUR 1,361 million and exceeded the record level from the second quarter of 2021,” says Nordea’s President and CEO Frank Vang-Jensen in a comment.
Analysts had, according to Bloomberg, on average expected an operating profit of 1,272 million euros.
Net interest income rose to EUR 1,308 million, from EUR 1,232 million. Net commissions decreased to EUR 838 million, from EUR 878 million.
Total revenues amounted to EUR 2,444 million, compared with EUR 2,418 million in the corresponding period the year before. Here, expectations were EUR 2,419 million.
Loan losses amounted to EUR 56 million, last year the loan losses landed at EUR 51 million.
“We are well equipped to cope with more difficult financial conditions and support our customers. We expect to be able to benefit from the strength and breadth of our business as well as the higher interest rate situation, and we are determined to reach our financial goal for 2025,” says Vang-Jensen in a comment.
Nordea is also initiating a share repurchase worth up to EUR 1.5 billion.