Nordea Finance, the finance arm of Nordic bank Nordea, saw the new business volumes of its asset finance segment fall by 6.2% to 618m in the first quarter of the year, compared to the 659m recorded in the same period in 2014.
Equipment finance new business volumes were 11% lower year-on-year, reaching 267m in Q1 2015.
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Overall, Nordea Group has witnessed an increase of 27% in operating profit in the first three month of the year compared to the same period last year, operational profit rose to 1.408bn from 1.106bn. Over the same period, operating income increased by 9% to 2.714bn.
While lending to households increased, lending to corporates declined marginally from 81bn in the first quarter of 2014 to 80.6bn in Q1 2015.
In addition, the assets under the group’s management grew to a record high of 290bn.
Chief executive officer at Nordea Bank, Christian Clausen’s said: "The first quarter was characterised by an increased activity where we have been successful in capturing business opportunities, leading to a strong growth of revenues. Exceptionally low interest rates put pressure on our net interest margins but also create higher demand for our products and services in other parts of the bank. The increased volatility leads to greater need for our risk management solutions among our corporate and institutional customers, and we continue to see very strong interest in our savings and investment offerings throughout Europe."
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