Nordea Q1 Profits Supported by Strong Revenue Generation and Lower Provisions
Nordea Bank Abp (Nordea or the Bank) reported net profit of EUR 788 million for Q1 2021 compared to EUR 460 million in Q1 2020, and EUR 725 million in Q4 2020. The results were mainly driven by a significant increase in operating profit and a decline in loan loss provisions. The Bank's statutory Return-on-Equity (ROE) increased to 9.4% in Q1 2021 from 5.9% in Q1 2020 and from 8.9% in Q4 2020. The ROE taking into account the amortised resolution fees was 11% in Q1 2021, increasing from 6.9% in Q1 2020 and 8.4% in Q4 2020. Nordea has a ROE target for 2022 of above 10%.
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