Biggest Nordic Banks Hit by Selloff After Bleak Results

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The two biggest banks in the Nordic region saw their market values shrink on Tuesday after publishing first-quarter results that disappointed investors, Bloomberg News reported. Danske Bank A/S said it now expects net interest income to be lower this year than in 2018 as the higher cost of funding brought on by its money-laundering scandal erodes its top line. Its shares plunged more than 7 percent after the market opened in Copenhagen. At Nordea Bank Abp, net interest income missed market expectations amid growing pressure from its biggest investors to boost revenue. Its shares fell as much as 4 percent. Not that long ago, Nordic banks were seen as the darlings of European finance, boasting some of the region’s highest capital buffers and business models that seemed impervious to years of negative interest rates. But those days are over. Read more