The bank said most of the fall was down to lower net gains and restructuring costs. Later this Nordea will outsource some of its IT development to India .
The bank still netted profits of 2.3 billion euros for the whole of 2009.
The head of Nordea, Christian Clausen said it had been a "one of the most challenging years for decades."
Profit margins for SEB were higher than expected for the fourth quarter. SEB reported operating profits above forecasts but reports show operating profits sliding to 564m kronor ($76 million) from the same quarter last year of 4.3 billion kronor.