IBOS member Nordea has today announced its Q2 2018 financial results, highlighting a net interest income of 1,073m EUR and a total operating profit of 1,328m EUR.
Nordea’s Q2 2018 was eventful in terms of geopolitics and saw an escalation of trade tensions. Net interest income in local currencies increased 2% from Q1 2018, mainly due to a refund of resolution fees in Finland and a lower fee in Sweden.
Net interest income for Commercial & Business Banking was also up in local currencies from Q1 2018, driven by a positive impact from state guarantee fees and day effect.
In comparison to the first half year 2018 to the first half year 2017, total income was up 2% in local currencies and unchanged in EUR from the prior year and operating profit was up 16% in local currencies and 14% in EUR from the previous year. Net profit increased 22% in local currencies in 20% in EUR and amounted in 1,905m EUR.
Below are the financial highlights of Q2 2018:
- Total operating income increased 6%, and increased 8% in local currencies
- Total expenses decreased 11%, and decreased 8% in local currencies
- Operating profit increased 31%, and increased 34% in local currencies
- Common Equity Tier 1 (CET1) capital ratio sits at 19.9%, up from 19.2%
- Cost/income ratio down to 45% from 54%
- Loan loss ratio of 10 bps, down from 13 bps
- Return on equity 13.9%, up from 9.5%
- Diluted EPS EUR 0.27 vs. EUR 0.18
Read the full financial report via Nordea here.