April 30, 2019 / 4:46 AM / 3 months ago

CORRECTED-Regulatory costs hit Nordea Bank Q1 profit

(Corrects to say operating profit fell 36 percent year-on-year, not 12 percent, and interest income fell 5 percent, not 8 percent)

HELSINKI, April 30 (Reuters) - Nordea Bank, the Nordic region’s biggest lender, posted on Tuesday a bigger-than-expected drop in first-quarter operating profit, citing higher regulatory costs.

Operating profit fell 36 percent from a year earlier to 621 million euros ($695 million), missing analysts’ average expectation of 730 million in a Reuters poll of 19 analysts.

Interest income, the bank’s most important income line, fell 5 percent year-on-year to 1.06 billion euros, having been under pressure due to fierce competition in mortgages and household loans across the region. ($1 = 0.8941 euros) (Reporting by Anne Kauranen and Tarmo Virki; Editing by Subhranshu Sahu)

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