BusinessDespite loan losses increasing dramatically for the bank between 2008 and 2009, Q4 figures drop slightly on Q3
The Nordic region’s biggest bank, Nordea, reported a 13 percent drop on net profits for the financial crisis affected year of 2009 compared to the previous year, and it is warning that loan losses could continue to be substantial for the coming year.
Although Nordea’s total operating income was up 11 percent on the previous year and its operating profits were up 18 percent to €4.5 billion, the bank was left with an 8 percent drop in profits when the loan losses were taken into account.
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