October 24, 2018 / 4:51 AM / 10 months ago

Nordea Q3 profit misses market expectations

HELSINKI, Oct 24 (Reuters) - Nordea, the Nordic region’s biggest bank, posted on Wednesday a bigger than expected drop in third-quarter operating profit, citing difficult market conditions and lower corporate activity.

Operating profit at Nordea, which earlier this month moved its headquarters to Finland from Sweden, fell 21 percent from a year ago to 866 million euros ($993 million), missing analysts’ average expectation of 930 million euros in a Reuters poll.

“We are not satisfied with the revenue development. Net interest income was stable, while fees and commission and specifically net fair value were weak,” CEO Casper von Koskull said in a statement. ($1 = 0.8718 euros) (Reporting by Jussi Rosendahl and Anne Kauranen)

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