Higher profits than expected for Nordea – Västerbotten Courier

Economy. Large Bank Nordea reports a slightly better than expected earnings for the second quarter of this year. At the same time presented an internal investigation of the Bank’s handling of the letterbox in tax havens.

“Nordea has decided on a number of measures to immediately act on the conclusions and recommendations that come from the investigation,” writes Nordea in a press release.

According to Nordea study shows that Nordea Bank SA, Luxembourg (nBSA) has offered clients administrative services, but have not found anything that coats the employees would have initiated the formation of offshore structures, nor that they proactively would have assisted clients evade applicable taxes, according to Nordea.

“appropriate guidelines”

“nBSA have had appropriate guidelines and instructions for customer due diligence, anti-money laundering, tax reporting, compliance with tax laws, etc.,” writes Nordea, adding that nBSA have followed both the group directives, Luxembourg law and current guidelines.

Bank Group Nordea reports an operating profit of 1.223 billion euros, equivalent to about 11.6 billion, for the second quarter of 2016. that compares with profit of EUR 1 235 million corresponding period of 2015.

Analysts had, according to Reuters, on average, expected a profit of 1.157 billion euros.

net interest income fell to 1.172 billion euros , from 1.274 billion euros. Net commission income fell to 804 million euros, from 833 million euros.

The average forecast for net interest income stood at 1.176 billion euros, while net commission income stood at 800 million kronor, according to Reuters.

Tracks turning point

in total, Nordea’s revenue in the second quarter to 2.556 billion euros, compared with 2.523 billion euros a year ago.

the cost rose to 1.206 billion euros from 1185 million. Loan losses increased to 127 million euros, from 103 million euros.

“Margin pressure on net interest flattens out and we now predict a turning point with an improvement trend from the second half of 2016. Costs are developing according to plan and credit quality remains solid” writes CEO in a statement.