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STOCKHOLM, Jan 25 (Reuters) - Swedish banking group Nordea proposed on Thursday to raise its dividend marginally more than expected for 2017 even though profits for the fourth quarter fell short of analyst expectations.
The bank raised its proposed dividend to 0.68 euro per share, up from 0.65 euro last year and a tad higher than the 0.67 euro per share seen by analysts. The bank’s ambition is to achieve a yearly increase in dividend.
Nordea, the Nordic region’s biggest bank, said operating profit in the quarter fell to 796 million euros ($991 million)from 1.25 billion a year ago, below an average forecast of 900 million in a Reuters poll of analysts.
Nordea said low market volatility and reduced exposure to Russia, shipping and oil had impacted earning negatively.
“We are not satisfied with the development in profit during the latter part of 2017,” Nordea said in a statement.
Nordea said it was confident that net profit would grow in 2018, and that it expected to see slightly higher revenues, lower costs and a stable credit quality. ($1 = 0.8034 euros) (Reporting by Johan Ahlander; editing by Niklas Pollard)