Nordea has reported an increased total income of 6%, compared to the first quarter of 2016, mainly driven by net fee and commission income.
Assets under management reached a new all-time high level of EUR 330.1bn, mainly driven by a continued strong performance. Costs are also up by 5% in comparison to Q1 2016, which was mainly a result of Group projects, Compliance and Risk, as well as progress in Nordea’s investment programmes. The capital position continues to strengthen and the Common Equity Tier 1 ratio increased to 18.8%, compared to 18.4% at the end of 2016.
Casper von Koskull, CEO at Nordea, commented:
“Since 2009, we have seen a low-intensive but stable growth environment with constantly lower rates. We are witnessing the global recovery gaining strength and becoming more synchronised. Nevertheless, significant geopolitical risks remain.”
Below are the highlights of Nordea’s Q1 2017 results:
- Net interest income EUR 1,197m, +2%; 0% in local currencies
- Total operating income EUR 2,461m, +7%; +6% in local currencies
- Total expenses EUR 1,246m, +6%; +5% in local currencies
- Profit before loan losses EUR 1,215m, +9%; +7% in local currencies
- Net loan losses EUR 113m, +2%; +2% in local currencies
- Operating profit EUR 1,102m, +10%; +8% in local currencies
- Common Equity Tier 1 capital ratio 18.8%, up from 16.7%
- Cost/income ratio unchanged at 51%
- Loan loss ratio of 14 bps, up from 13 bps
- Return on equity 10.3%, up from 10.1%
Access the full press release via Nordea’s website here.