April 25, 2018 / 5:25 AM / a year ago

Nordea Q1 profit tops forecast, cautious on revenue guidance

STOCKHOLM, April 25 (Reuters) - Nordea, the Nordic region’s biggest bank by market value, reported first-quarter operating profit above market expectations on Wednesday but cautioned that reaching its 2018 revenue outlook was looking more challenging.

“As the underlying revenues in the first quarter were softer than expected it is more challenging to reach our full-year revenue guidance,” Nordea CEO Casper von Koskull wrote in the report.

Nordea’s revenue guidance was for slightly higher revenue in 2018 compared to 2017. He said he was confident that net profit would grow in 2018 compared to 2017, as previously stated.

Operating profit for the period was 1.07 billion euros ($1.31 billion) compared with a mean forecast for 1.00 billion seen in a Reuters poll of analysts and a year-ago 1.10 billion. ($1 = 0.8185 euros) (Reporting by Johan Ahlander; editing by Niklas Pollard)

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