Nordea needs to economise despite profits

Nordic-based bank reveals first quarter profits but total revenue remains the same

Denmark's second-largest bank, Nordea, revealed an 8.2 billion kroner profit for the first three months of 2014, a 6 percent rise on the same period last year, Børsen reports. 

But the Nordic-based bank still needs to make cut-backs following a year with lower demand for loans and record low interest rates.

Numbers nearly flat
A total net revenue of 10 billion kroner and operating income of 18 billion kroner were almost exactly the same as in the first quarter of 2013.

"As we experience low demand for loans and low rates, the total revenue remained unchained compared to the first quarter of 2013," the head of Nordea, Christian Clausen, wrote in a comment with the accounts. 

Nordea reduced costs by 2 percent over the first quarter and expects to have cut 6.7 billion kroner off its annual budget by the end of the year.