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 | Norway- Banking Group Nordea Q4 Profit on 1.1 Billion Dollars  | |
MENAFN - Saudi Press Agency
- 31/01/2013
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(MENAFN - Saudi Press Agency) Nordic banking group Nordea bucked the general economic slowdown in the region, reporting a 7-per-cent rise infourth quarter net profit, dpa quoted the group as saying Wednesday.
Net profit for the quarter was 842 million euros (1.1 billiondollars), compared to 786 million euros in the same period 2011.
The operating income for the period increased 7 per centyear-on-year to 2.63 billion euros.
For full year 2012, the bank reported a 16-per-cent rise inoperating profit to 4.1 billion euros, 'an all-time-high,' chiefexecutive Christian Clausen said.
The Stockholm-based group's loan losses in the fourth quarter were244 million euros, down 4 per cent compared to the third quarter.
Thelosses were mainly related to shipping and a weak real estate marketin Denmark.
Nordea was created in 2000, emerging from the 1997 merger of theMerita Bank of Finland and Nordbanken of Sweden.
It has about 11million customers and almost 1,000 branch offices.
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