Nordea Casper von Koskull
Nordeas Ex-CEO Casper von Koskull (Photo: Nordea)
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Nordea Bank’s net profit for the second quarter of 2017 is down 25 % from Q2 2016. Operating profit in the Shipping, Offshore & Oil Services slipped into the red.

Nordea’s second quarter total operating income was 2,407m, down 2% from Q2 2016. Total operating expenses went up[ds_preview] 7 % to 1,291 mill. €. Profit before loan losses was 1,116 mill. €  (-7%), net loan losses amounted to 106 mill. € (-17%). The bank reported an operating profit of 1,010 mill. € (-6%) and net profit was down 26% from the same period last year at 743 mill. €.

Total income from Shipping, Offshore & Oil Services was EUR 35m, down 56% from the previous quarter, mainly due to negative fair value credit adjustments within the offshore portfolio. Net interest income was down 3% reflecting lower average loan volumes and net fee and commission was down 9% compared to the previous quarter.
Net loan losses decreased to 39 mill. € in the second quarter from 58 mill. € in Q1. After a constant decrease over the last quarters, operating profit from Shipping, Offshore & Oil Services has now slipped from 6 mill. € in Q1 2017 to -20 mill. €.

Nordea shipping offshore oil services q2 2017
Source: Nordea

CEO Casper von Koskull’s comments on the results: »In the second quarter, we have seen evenly distributed growth in our four Nordic home markets. The overall economic situation remains very solid although the geopolitical environment is increasingly unstable.«