Nordea profits over 10 billion in Q1

In the first quarter, Nordea bank’s profits surged to €1.35 billion, equivalent to about 10.15 billion Danish kroner, a near 19% increase from last year. Higher interest rates have significantly lifted the bank’s revenue, with interest income climbing 11% to roughly 14.6 billion kroner. Expenses declined by 9% due to reduced fees. CEO Frank Vang-Jensen noted a ‘strong start to the year,’ despite economic challenges and inflation in the Nordics, while recognizing ongoing geopolitics, such as the war in Ukraine, as sources of uncertainty. Nordea, with operations across the Nordic region, has also acquired Danske Bank’s Norwegian customer base. The bank maintains its outlook for 2024, expecting over 15% return on equity after achieving 18.1% this quarter.