Economy

Nordea Q3 net profit rise by 13 pct

STOCKHOLM (AP) — Nordic banking group Nordea AB says its net profit rose by 13 percent in the third quarter to 776 million euros ($1.06 billion) from 688 million euros a year earlier.

CEO Christian Clausen said Wednesday results were primarily boosted by cost savings, lower loan losses and savings-related incomes, while interest rates remained low. Total revenue for the quarter increased by 1 percent to 2.43 billion euros from 2.41 billion, while the key net interest income slipped by 1 percent.

Clausen said consumers in the Nordic countries have been cautious, with an exceptionally high savings ratio and low consumption, but said he believes the "worst is now over" and that he expects an improved macro environment in the region in 2014.

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