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Nordea’s third-quarter operating earnings, reported on Thursday, topped market estimates, as the group’s interest income surged amid rampant inflation and aggressive central bank monetary policy tightening.

The Finnish banking group, which has sizeable presence in Norway, Finland, Sweden and Denmark, reported an operating profit of EUR 1.30 billion during the latest quarter, up from EUR 1.27 billion in the year-ago period.

Analysts on average had expected an operating profit of EUR 1.26 billion.

Nordea’s interest income went up 15% year-on-year to EUR 1.41 billion during the third quarter, while exceeding market expectations of EUR 1.35 billion.

Revenue from fees and commissions dropped 6% year-on-year to EUR 816 million.

Still, the banking group said the Nordic region was faced with higher macroeconomic uncertainty, rising inflation and weaker growth.

“The visibility is currently low and we expect the challenging environment to continue during the coming quarters,” Nordea’s Chief Executive Officer Frank Vang-Jensen said in a press release.

“However, we are well positioned to weather this environment and have a resilient business model.”

The group revised up its full-year outlook, as it now forecasts a cost-to-income ratio of 48% to 49%, compared with a prior forecast of 49% to 50%.

Full-year return on equity forecast was left without change at over 11%.

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