The Helsinki-based major bank Nordea's quarterly figures for the second quarter were in line with market expectations.
The bank reports an operating profit of 1.6 billion euro, just above the analysts' forecast of 1.53 billion euro. Just like competitors SEB and Handelsbanken, which reported earlier, the net interest income, i.e. what the bank earns on the difference between deposit and lending rates, is decreasing. The net interest income now amounts to 1.8 billion euro compared to 1.9 billion euro as an effect of the interest rates now falling.
"Overall, it was another stable quarter for Nordea and we are still on track to deliver a return on equity of over 15 percent, in line with the target we set three years ago", writes the company's CEO Frank Vang-Jensen in the interim report.
This means that the previous financial outlook for 2025 is now being retained. Nordea states at the same time that mortgages increased by 6 percent on an annual basis, driven by the operations in Norway and Sweden. Another sign that consumers have now become more active is that deposits from private customers increased by 8 percent.
"We also expect that lower inflation and lower interest rates will further stimulate customer activity as confidence returns", writes Frank Vang-Jensen.
