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Nordea dividend cut as profit falls
Nordea, the Nordic region’s biggest bank by value, posted fourth-quarter operating profit that topped forecasts thanks to strong trading results, but trouble areas in Denmark and shipping led to bigger-than-expected credit losses. Operating profit for the period fell four per cent to €1.03bn. Nordea’s net loan losses in the fourth quarter were €263m compared with an expected €152m, a factor that could weigh on other Nordic banks which are set to report in the weeks ahead. Nordea, one of Europe’s top 10 lenders, also slashed its dividend by 10 per cent from the previous year to 26 cents and said it saw tough times ahead.