BERLIN (dpa-AFX) - Nordea Bank Abp (NRDEF.PK) reported Thursday that its third-quarter net profit fell 6 percent to 1.27 billion euros from last year's 1.35 billion euros.
Earnings per share were 0.36 euro, down 5 percent from 0.38 euro a year ago.
Operating profit also declined 5 percent year-over-year to 1.63 billion euros.
In the quarter, total operating income, however, grew 2 percent to 3.01 billion euros from prior year's 2.95 billion euros, despite a 1 percent drop in net interest income to 1.88 billion euros, following policy rate reductions. Net fee and commission income continued to grow, up 4 percent.
Looking ahead for fiscal 2024, Nordea now expects a return on equity of above 16 percent, compared to previous outlook of above 15 percent.
Further, the firm remains confident in its ability to deliver a return on equity of above 15 percent for 2025.
The company also announced that it plans to launch a new share buy-back programme of 250 million euros during October, which will be completed by the end of February 2025.
Separately, Nordea Bank announced certain key management changes, which will take effect as of January 1, 2025.
Martin Persson,current Head of Large Corporates & Institutions, has been appointed Head of Asset & Wealth Management.
Petteri Änkila, current CEO of Nordea Life & Pension, will now be Head of Large Corporates & Institutions. Meanwhile, Snorre Storset will step down as Head of Asset & Wealth Management after nine years.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
