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STOCKHOLM, April 29 Nordea, the Nordic
region's biggest bank by market value, said on Tuesday activity
in its corporate advisory business had picked up as its
first-quarter operating profit topped forecasts.
Operating profit for the period was 1.11 billion euros ($1.5
billion) compared with a mean forecast for 1.09 billion seen in
a Reuters poll of analysts and a year-ago 1.04 billion.
"The activity level in our corporate advisory operations has
picked up in the beginning of 2014 and remains strong in the
savings area," CEO Christian Clausen said in a statement.
"However, lending demand is subdued and interest rates
remain at very low levels. In this environment we continue to
execute on our cost and capital efficiency programmes..."
The bank is in the midst of accelerating a cost savings
programme to create 900 million euros in savings by 2015.
($1 = 0.7319 euros)