Nordea's interim report shows an operating profit of SEK 6.4 billion for the first quarter of the year. This compares with a profit of SEK 6.6 billion for the same period last year. The expected operating profit was SEK 8.3 billion.
Loan losses rise from 42 million net to 154 million net, for Nordea.
According to CEO Frank Vang-Jensen, the corona pandemic has developed into a serious crisis that can change societies in the long term.
"Despite the tough market conditions, we are following the plans to achieve our financial goals, and I am pleased with the results for this quarter," Nordea CEO Frank Vang-Jensen writes in a press release.
Similar trend at SEB
Wallenbergsphere's major bank SEB reports an operating profit of SEK 2,950 million for the first quarter of the year. This can be compared to the profit of SEK 5,864 million for the period 2019.
Loan losses increased to SEK 1,494 million, from SEK 422 million.
"Credit quality remained strong, but the uncertain macroeconomic outlook and falling oil prices led to further provisions," SEB writes in the report.
Swedbank is forced to pay a fine after money laundering
For Swedbank, which reported earlier this week, the corona crisis together with the sanctions after money laundering in the Baltic countries has lowered the banking group's operating profit for the first quarter to a loss of SEK 1,289 million. Loan losses rise net to SEK 2,151 million, up from 218 million.