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Nordea's Profit Beats Expectations, Outlook Improves

Industry: Investments and Asset Management
Current: Company Performance

Nordea reported operating results for the third quarter of 2022, which were better than market expectations due to an increase in interest income and an improved forecast for the year
The net income of Nordea decreased marginally but remained higher in the third quarter of 2022 than in the previous quarter
Despite increasing costs for consumers and businesses, a decline in the real estate market, and spiraling inflation, Nordic banks are reporting an increase in interest income

Nordea Announces Operating Results for Q3 2022

On October 20, 2022, the Finnish banking firm, Nordea, announced operating results for the third quarter of 2022 that were marginally higher than market estimates thanks to an increase in interest income and an improved outlook for the year. The net income of Nordea decreased marginally but remained higher in the third quarter of 2022 than in the previous quarter, according to GlobalData.

While Nordic banks are reporting an increase in interest income due to spiraling inflation and tightening monetary policy, loan losses barely increased from their current low levels despite higher expenses for consumers and companies as well as a downturn in the real estate market.

The Swedish competitor, Handelsbanken, announced record profitability earlier in the first week of October 20222, owing to an increase in interest income while assuring future credit quality. The Nordea group, which was formed by the merger of six Nordic banks just over 20 years ago, increased its outlook for the year.

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