Today presents Nordea’s first quarter report for 2015. CEO Christian Clausen begins her comments with the words: “the beginning of 2015 was exceptional.”
He refers to the sharp rise in volatility and customer activity in the capital markets.
Nordea’s revenue surged by 11 percent in local currencies compared to the same period in 2014.
Loan growth was 3 percent in local currencies compared to the same period in 2014.
The net interest margin is down 5 basis points to 103 basis points from the same period in 2014, due to pressure on deposit margins, says Christian Clausen.
He also states that assets under management have risen by 21 percent to 290 billion in twelve months. This is due to a “record high” net inflow.
He said that the net inflow into Nordea’s international fund sales are record high and the beginning of the year, noted Nordea Stable Return Fund, the highest net flow of all European funds.
Gross written premiums rose by 34 percent to 2.7 billion euros.
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Net result from items at fair value in the Wholesale Banking other, ie income from risk management in customer transactions, increased to 207 million euros from 37 million in the previous quarter.
Nordea’s FICC business (Fixed Income, Currencies and commodites) quoted one of its strongest quarter since the financial crisis, says Christian Clausen
Expenses decreased by 2 percent in local currencies compared with the first quarter of 2014.
“We are well in sync with our goal to reduce costs by 5 percent between 2013 and 2015. The cost / income ratio improved by 5 percentage points to 43.6 percent, “writes Christian Clausen.
The return on equity improved by 2.9 percentage points to 14.3 percent.
Net profit amounted to 1.082 billion euros, compared with 831 million euros the same period last year, which is a change of 30 percent.
The core tier the relation has improved by 100 basis points in twelve months to 15.6 percent.
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