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Nordea reports H1 profit up by 17%

Sweden-based Nordea Bank has reported net profit up 17% to E1.4 billion for the first half of the financial year, up from E1.2 billion for the previous corresponding period.

Earnings per share for the Nordic lender increased by 20% to E0.54 while operating profit was up 14% to E1.79 billion during the first six months. The bank said that profitable growth in all areas helped boost performance.

Consumer lending was up by 10% while the number of credit cards issued by the bank also increased by 30%. Return on equity was 21.2%, above the bank’s financial target, despite the recent capital market turbulence, Nordea said.

Lars Nordstrom, president and group CEO of Nordea, commented: I feel confident that we will be able to realize at least the same gap for the full year by continuing to capture profitable growth opportunities while maintaining our strict risk and cost management.

Should the capital market turbulence persist and the macroeconomic environment change, Nordea has the flexibility and ability to adjust accordingly.