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Nordea sees strong third quarter results amid Covid

The group said increased customer activity between July and September was behind the growth in revenue.

Kuvassa on Nordean konttori Helsingin Aleksanterinkadulla.
File photo of Nordea's offices on Aleksanterinkatu in Helsinki. Image: Silja Viitala / Yle

Nordea Bank, the largest financial services group in the Nordic countries, has announced a strong Q3 result, attributing a growth in revenue to increased customer activity.

"Our assessment is that we are growing faster than the market in several areas," President and CEO Frank Vang-Jensen wrote in a press release.

"Our customer satisfaction levels are higher now than prior to the outbreak," the company added in an interim report on Friday.

The financial group said that it saw record high operating profits in most business areas. Operating profit increasing by 24 percent compared to the third quarter of 2019, reaching just under 1.1 billion euros between July and September.

The report also highlighted an increase in mortgage lending volumes as well as rising demand for loans from small businesses as factors behind the strong result.

In addition, assets under management increased by four percent to 326 billion euros, "supported by the ongoing recovery of the financial markets and solid net inflows".

Nordea also announced that the group’s Board of Directors has decided not to make a decision on a dividend payment for the financial year 2019 before January 2021.

The situation will be reassessed in Q4 in line with any new recommendations from the European Central Bank.

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