Nordea Q3 Up Supported by NII Growth, Lower Costs and Loan Loss Reversals
Nordea Bank Abp (Nordea or the Bank) reported a net profit of EUR 837 million in Q3 2020 up from EUR 243 million in Q2 2020. On an underlying basis, net profit was up 25% Year-on-Year (YoY). The result was mainly driven by higher revenues, lower operating costs and loan loss reversals, leading to a Return-on-Equity (ROE) of 10.6% in Q3 2020, in line with the management's target for 2022. On the other hand, we note net profit in 9M 2020 decreased by 19% YoY on an underlying basis [Q3 interim report, p.7/63] hindered by higher loan loss provisions. ROE in 9M 2020 was 6.5% compared to 8.1% in 9M 2019.
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