HELSINKI (dpa-AFX) - Nordea Bank Abp (NRDEF.PK) on Wednesday reported lower profit in the first quarter, impacted by lower net interest income and higher operating expenses.
Looking ahead, the company said that its fiscal 2025 outlook for a return on equity of above 15 percent remains unchanged.
The company's net profit for the first quarter declined 9 percent to 1.23 billion euros from 1.36 billion euros a year ago.
On a per share basis, earnings fell to 0.35 euro from 0.38 euro in the same quarter last year.
Operating profit was also down 9 percent to 1.61 billion euros from 1.76 billion euros in the last-year quarter.
The Nordic financial services group reported profit before loan losses of 1.62 billion euros, down 10 percent from last year's 1.79 billion euros.
During the three-month period, total operating expenses were 1.35 billion euros, higher than last year's 1.29 billion euros.
Nordea Bank reported total operating income of 2.97 billion euros, down 4 percent from last year's 3.09 billion euros.
Net interest income of 1.83 billion euros declined 6 percent from 1.95 billion euros in the previous-year period. Net fee and commission income, however, rose 4 percent to 793 million euros.
The company's return on equity with amortised resolution fees declined to 15.7 percent from 18.1 in the first quarter of 2024.
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