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Nordea profit falls 28%

Nordea profit falls 28%

OSLO: Scandinavia’s biggest bank yesterday posted a 28 percent plunge in profits last quarter as revenue sank after negative rates and market selloffs created an inhospitable environment for the industry.

Nordea Bank AB reported net income of 782 million euros, missing the 792 million euro estimate of analysts surveyed by Bloomberg. Net interest income slipped 7 percent, while total operating income declined 16 percent, the bank said yesterday.

Operating costs declined 1 percent. Nordic banks are among the most exposed to negative interest rate policies, making it hard to generate income from traditional lending.