Nordea Makes It Three Out of Three This Year With Another Weak Quarter; FVE Lowered to SEK 104
Most Swedish banks under our coverage are primarily focused on costs and have fared well with this strategy in recent years. However, the latest quarterly results show that lower expenses alone do not lead to the holy grail of profitability. This has also proved true for Nordea. Third-quarter results continued a trend of lower costs compared with the year-ago period, but weak interest and fee and commission income more than offset any achieved efficiency gains. Net interest income was down 10% r...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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