STOCKHOLM, April 27 Nordea, the Nordic
region's biggest bank by market value, reported first-quarter
operating profit in line with market expectations on Thursday
and said it was looking into moving its headquarters from
Operating profit was 1.10 billion euros ($1.20 billion),
compared with a mean forecast for 1.07 billion euros seen in a
Reuters poll of analysts and a year-ago figure of 1.01 billion
"The low-intensive growth continued in the beginning of
2017, although we are now seeing good potential for a
synchronised recovery with improving growth prospect," CEO
Casper von Koskull said in a statement.
Net interest income, which includes income from mortgages
and loans to companies, rose to 1.20 billion euros from 1.17
billion euros a year ago, a tad higher than the expected 1.18
Nordea repeated it is looking into moving its headquarters
from Sweden to Denmark or Finland if the Swedish government
raises fees for the country's banking rescue fund.
"In recent years, the government policy in Sweden has become
increasingly unpredictable and deviates significantly from the
rest of EU, where most of our competitors are domiciled,"
The Swedish government proposed raising fees for the
resolution fund - used to bail out failing banks - in February
after a plan for a banking tax fell through. It would hit Nordea
harder than other Swedish banks as it has brought in its Nordic
subsidiaries into its Swedish corporate structure.
Net commission income rose to 866 million euros from 772
million euros a year ago, higher than the expected 831 million
Loan losses rose marginally to 113 million euros from 111
million euros a year ago, better than the expected 127 million
($1 = 0.9172 euros)
(Reporting by Johan Ahlander; Editing by Simon Johnson and