July 19, 2018 / 5:18 AM / 3 months ago

Nordea Q2 profit narrowly tops forecast

STOCKHOLM, July 19 (Reuters) - Nordea, the Nordic region’s biggest bank, posted a slightly bigger than expected rise in second-quarter operating earnings on Thursday but said it was unlikely 2018 like-for-like revenues would reach last year’s level.

Operating profit at Nordea, which is set to move its headquarters to Helsinki later this year, rose to 1.33 billion euros ($1.55 billion) from a year-ago 1.01 billion to come in ahead of a mean forecast of 1.29 billion in a poll of analysts.

The results were buoyed by previously announced capital gains from the sales of its Danish life and pensions business and a stake in credit information agency UC.

“Although we expect some modest growth for the remainder of the year, given the slower first half of 2018, it is unlikely that the repeating revenues in 2018 will reach the 2017 level,” the company said in a statement.

“... but we still expect to report higher net profit in 2018 versus 2017.” ($1 = 0.8587 euros) (Reporting by Niklas Pollard, editing by Johannes Hellstrom)

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