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third quarter results

Nordea profits lower than expected

Published onsdag 19 oktober 2011 kl 11.04

Nordea, one of Sweden's largest banks, reports a major fall in profits - at just under US$ 782m, down from over US$ 1,326m for the same period last year.

According to Reuters' survey, analysts had expected the bank to make over US$ 200m more profits. The difference seems to be higher costs this year, although the company now has far fewer bad debts on its books.

The CEO, Christian Clausen, says that Nordea's developent is "robust" despite what he calls "one of the worst ever quarters on the financial markets".

The bank plans to lay off 2,000 employees, almost half of them in the Nordic region.

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