Nordea Posts Record Profit as Interest Rate Boost Continues
- Results indicate Europe’s banks still benefit from rate hikes
- Analysts expressed disappointment at lack of buyback details
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Nordea Bank Abp reported record profits in the first quarter as the tailwind from interest rates continues to lend support to the largest lender in the Nordic region.
Net interest income — or the difference Nordea earns from lending and pays for deposits — increased to €1.95 billion ($2.1 billion) for the three months through March, it said on Thursday. That pushed quarterly net income to an all-time high of €1.36 billion.