Nordea profit up on business boom despite rise in costs

The Nordea Bank AB logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/File Photo

  • Net profit 1.03 bln euros v analysts forecast of 868 mln
  • Positive adjustment on loans
  • Costs seen up to 4.6 bln vs previous guidance of below 4.6 bln
  • Waiting to pay dividend (0.72 euros), preparing share buy-backs
  • Shares up 3%

STOCKHOLM, July 21 (Reuters) – Nordea Bank (NDAFI.HE) beat second-quarter profit expectations on Wednesday as a booming mortgage market and higher assets under management offset increased costs at the Nordic region’s biggest lender.

Sweden’s banks have all seen increased demand for wealth management and strong business activity, particularly in real estate and card payments, as the vaccine rollout blunted the coronavirus, paving the way back to normal operations.

“Restrictions are easing, vaccination programmes are progressing well, and a return to more normal activity is under way,”…

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