STOCKHOLM (AP) — Nordic banking group Nordea AB says its fourth-quarter net profit dropped by 8 percent because of subdued market growth.
The bank said its net profit fell to 773 million euros ($1.06 billion) from 842 million euros in the same period a year ago. Total revenue for the quarter fell by 4 percent to 2.47 billion euros from 2.57 billion euros, while the key net interest income rose by 1 percent to 1.39 billion.
Nordea CEO Christian Clausen said that although activity has picked up during the autumn, growth is subdued and the bank predicts "a prolonged period of low-growth environment with lower than normal interest rates."
He said Nordea has managed to keep its costs flat for the 13th consecutive quarter but will now accelerate efforts to cut costs further.