Nordea Bank Abp (NDA_DK.CO,NDA-DK.CO,NBNKF) on Thursday reported lower profit in its second quarter, impacted by lower net interest income and higher operating expenses. Concerns over higher trade tariffs and increasing geopolitical tensions leading to financial market turmoil had an effect on the quarterly results, the company added.
Nordea Bank also reiterated its outlook for fiscal 2025.
The Nordic financial services group posted second quarter profit of 1.22 billion euros or 0.35 euro per share, down 6 percent from 1.30 billion euros or 0.37 per share in the same period last year.
The company's operating profit came in at 1.60 billion euros in the second quarter, a 5 percent decline from 1.68 billion euros recorded in the year-ago period.
During the three-month period, net interest income fell 6 percent to 1.80 billion euros from 1.90 billion euros in the second quarter of 2024. Net fee and commission income declined slightly to 792 million euros from 795 million euros last year.
The company's total operating income was 2.91 billion euros in the second quarter, a 4 percent drop from 3.03 billion euros reported in the prior-year period.
Operating expenses widened 4 percent during the quarter to -1.33 billion euros from -1.28 billion euros in the same period a year ago.
Nordea Bank said that it launched a new 250 million euros share buy-back programme on June 16, and it is expected to be completed by September 30.
Looking ahead, the company said that the guidance of return on equity of more than 15 percent for fiscal 2025 remains unchanged.
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