Nordea Bank's operating profit falls slightly in second quarter

Nordea Bank reported Monday that its second-quarter earnings per share were €0.37 ($0.40), unchanged from a year ago.

Operating profit was down 2% to €1.68 billion from last year's €1.72 billion. Profit before loan losses was €1.75 billion, same as the prior year.

Total income improved 3% to €3.03 billion from the prior year's €2.96 billion.

Net interest income grew 4% and net fee and commission income returned to growth, up 6%.

Looking ahead for fiscal 2024, the Nordic financial services group continues to expect return on equity above 15%.

"Nordea has a strong and resilient business model with a very well-diversified loan portfolio across the Nordic region. This enables the bank to support its customers and deliver high-quality earnings, with high profitability and low volatility, through the economic cycle," a company statement said.