Nordea’s profit was SEK nine billion, down from 13 billion a year ago. Nordea’s CEO Casper von Koskull claims to still be quite satisfied.
– I think it is an acceptable and okay results given the tough environment we are in, he said.
how can you say that it is acceptable when the profits went down so much?
– the quarter of last year was exceptional so it is not right to compare only there. When we have negative interest rates, low growth and low demand – then you have to say that it is a good result.
In the early , last year it was more optimistic among companies and individuals. Exchange was up, but the first quarter of this year was down, and the year began with a proper turbulence in global markets.
And the interest rates are lower now than last year, partly because of the Riksbank’s negative interest rates, something banks say they lose money on.
Also bank SEB published its report today. And there was actually a loss of one and a half billion. But it depends on an accounting maneuver that the Bank will reorganize itself.
But even if you look at the business itself, the result is considerably worse than last year, four and a half billion to almost six a year ago.
– the big difference is that customer activity is much lower, that is what we earn in commissions has declined sharply in the quarter and that customers also not been as active on borrowing money. There is a fairly large degree of caution in this quarter. We are a commercial bank, we are dependent on customers being active, says SEB Chief Executive Officer Annika Falkengren.
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