STOCKHOLM: The top Nordic bank Nordea posted on Thursday a stronger than expected 15-percent increase in net profit to 740 million euros ($1.1 billion).
Analysts surveyed by Dow Jones Newswires had expected Nordea, the biggest bank in Sweden and in the entire Nordic region, to post net earnings of 693 million.
Net banking income, a key measure of the profitability of retail lending activities, rose seven percent to 1.32 billion euros.
"Our relationship strategy and solid operating platform continue to deliver," chief executive Christian Clausen said in a statement.
"Income is at record level. Both operating and risk-adjusted profit increased more than 10% from the first quarter last year."
The results didn't particularly excite investors as the bank's shares were off 0.3 percent at 1100 GMT in a market also down 0.3 percent.
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