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Profits for Big Banks

Published onsdag 26 oktober 2005 kl 11.40
Nordea CEO Lars G. Nordström presenting the third quarter report

The Nordic region’s biggest bank, Nordea, posted stronger than expected third quarter operating results Tuesday.

Earnings before interest and taxes were up 24 percent from the same period last year.

Shares in Sweden’s third largest bank, Handelsbanken, slipped Tuesday, despite record quarterly profits.

Analysts had hoped the bank would abandon plans to demutualise its life insurance unit SPP. But Handelsbanken announced it will go ahead with the plan on January 1st, injecting more than one and a half billion dollars into SPP.

The news overshadowed better than expected third quarter pre-tax earnings of 500 million dollars.

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