STOCKHOLM--Nordea Bank Abp on Thursday posted forecast-beating fourth-quarter net profits thanks to higher lending and lower loan losses.
The Helsinki-based bank posted net profit of 725 million euros ($872.2 million) from EUR753 million for the same period a year earlier. Analysts polled by FactSet had expected net profit of EUR699 million.
Net interest income rose to EUR1.17 billion from EUR1.11 billion. Analysts had expected EUR1.17 billion. Loan losses fell to EUR58 million from EUR102 million.
Nordea said it is targeting total costs for 2021 below EUR4.6 billion and it is progressing well toward meeting its 2022 financial target for a return on equity above 10% and a cost-to-income ratio of 50%.
Nordea's common equity Tier 1 ratio--a key measure of financial strength--rose to 17.1% at the end of the quarter from 16.3% a year earlier.
It proposed a dividend of EUR0.39 a share for 2020.
In addition, the board will decide in February on paying EUR0.07 as the first installment of the delayed 2019 dividend, with the remaining EUR0.33 of the 2019 dividend proposed to be paid after September 2021.
Nordea has set a long-term objective to become a net-zero-emissions bank by 2050 at the latest. It has set a mid-term objective to reduce carbon emissions from its lending and investment portfolios by 40%-50% by 2030.
Write to Dominic Chopping at dominic.chopping@wsj.com
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