Nordea Reports Weak 1H 2019; We Lower our Fair Value Slightly
No-moat Nordea reported first-half 2019 net profit of EUR 1.1 billion, down 39% versus the same period in 2018. On a comparable basis, that is with one-off items excluded, net profits dropped 13%. The performance of Nordea is largely in line with our assumptions. Net interest income is slightly weaker than the prior year, largely owing to weakness in its wholesale operation. Year-to-date performance of total revenue, which is down 5%, is on target with our forecast for the full year. We're adjus...Nordea Bank is a financial services group based in Sweden. Co. has three business areas: retail banking, wholesale banking, and wealth management. Retail banking conducts a full service banking operation and serves household and corporate customers in the Nordic markets as well as the Baltic countries. Wholesale banking provides banking and other financial solutions to large Nordic and international corporate, institutional and public companies. Wealth management provides investment, savings and risk management products. It also manages customers' assets and provides financial advice to individuals and institutional investors.
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