Nordea Bank AB’s (OMXS: NDA, OMXH: NDA1V) loan losses are at the lowest level since 2008 and loan quality has continued to improve. Second quarter operating profit was 949 million Euro up 30% from a year ago and down 5% compared to first quarter, mainly because trading result came back to earth from last quarter’s high level as market volatility and investors increasing risk aversion hit Nordea.
Deposit volumes and margins continued to increase and lending volumes increased with stable lending margins. Nordea has lower level in Treasury and reduced return on liquidity buffer. Core tier 1 capital ratio improved to 11% (9,3% including transitional rules).
Nordea gained 40 000 new Gold and Private Banking customers in the second quarter. Expenses were on par with Q1 as staff costs were down 3%. Nordea says that this result is a “good foundation for implementing new normal plan”. The stock looks set to open pretty much on yesterday’s level. Full interim report is available here.
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