April 29, 2020 / 4:38 AM / a month ago

BRIEF-Nordea Bank Q1 Operating Profit At EUR 599 Million, Below Expectations

April 29 (Reuters) - Nordea Bank Abp:

* FIRST QUARTER RESULTS 2020

* Q1 NET INTEREST INCOME EUR 1,109 MILLION VERSUS EUR 1,103 MILLION SEEN IN REFINITIV POLL

* Q1 NET FEE AND COMMISSION INCOME EUR 765 MILLION VERSUS EUR 732.6 MILLION SEEN IN REFINITIV POLL

* Q1 LOAN LOSSES EUR 154 MILLION VERSUS EUR 262.2 MILLION SEEN IN REFINITIV POLL

* Q1 OPERATING PROFIT EUR 599 MILLION VERSUS EUR 782.6 MILLION SEEN IN REFINITIV POLL

* NORDEA BANK ABP - DESPITE CHALLENGING MARKET CONDITIONS, WE ARE FOLLOWING OUR PLANS TO DELIVER OUR FINANCIAL TARGETS

* CREDIT QUALITY NEW: IT IS TOO EARLY TO GIVE AN OUTLOOK FOR LOAN LOSSES, AS ECONOMIC IMPACT OF COVID-19 IS STILL VERY UNCERTAIN

* OUR PORTFOLIO IS WELL DIVERSIFIED WITH LOW EXPOSURES TO INDUSTRIES EXPECTED TO BE IMMEDIATELY AFFECTED BY COVID-19

* WE REMAIN COMMITTED TO DELIVERING ON OUR FINANCIAL TARGETS IN 2022

* ON CORONAVIRUS: IT IS TOO EARLY TO CONCLUDE ON ECONOMIC CONSEQUENCES OF COVID-19 Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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