Nordea says no to more loan customers – Aftenposten

We say no to more now than we did in the past, ” says adf. director Snorre Storset in Nordea Norway.

Many will borrow a lot in Norway with record low interest rates and steeply rising house prices.

Wednesday la Storset until 2016-the result for the whole of the nordic group and for the activities in Norway:

• With the exception of the doubles losses, in particular related to oljenæringene, visit Nordea Norway as a good clock. Inntektsposter and expenditure items in the resultatsammendraget frozen almost from 2015 to 2016. special items is then held outside the.

2016 was a Panama-years

last year, got As much publicity and criticism that the bank had helped hundreds of clients to establish companies in tax havens.

They were created by the law firm Mossack Fonseca, with headquarters in Panama.

In april of last year published more than 100 media organisations in around 80 countries a large leak from the law firm. The leak became known as the Panama Papers. In Norway was the Norwegian newspaper Aftenposten for the exposures.

Nordea in Denmark, informs on Tuesday that around 25,000 retail customers left the bank in the last year, writes the newspaper fyens.dk.

Nordea in Denmark, states in a presentation of the financial statements that the “stories in the media that Panama Papers affects both customer satisfaction and omdømmer”.

Fyens.dk uses the news agency Ritzau Finance as the source.

Stretch cords

Historically low interest rates stimulates lånelysten and reduces the desire in the put money in the bank.

– a part of the customers are there so that we think they stretch the elastic a bit too far. We must have a discussion with them about it is this apartment they should buy, or is there something that fits better with what they have that ability to pay, ” says Storset.

– Have your customers changed?

It has the really not. But we have seen a growth in both house prices and household debt is higher than income growth over several years. It makes it a little harder for a part of customers to actually get what they want have in loans, says Storset.

From the 1. January came new and tighter regulation for banks ‘ mortgage loans. Among other things, can not aggregate the loans to be higher than five times the gross income.

Storset think it’s a bit early to estimate the impact, but inefficient it is not.

– part of them we say no to being limited by boliglånsforskriften, ” he says.

Lost market share

the Result of to say no to multiple loan customers was lost market share in the market for lending to private individuals.

last year was The growth in total lending to households is around 6 per cent, considered in relation to 2015. At Nordea, the growth was in lending to households is only 3.6 per cent.

We focus on to have profitable growth in our lending. We look less at market share from quarter to quarter. Volume does not necessarily mean profitability, ” says Storset.

the Deposits sank

With low interest rates go the desire to have money in the bank the opposite way of lånelysten.

last year, sank deposits from retail customers in Norway with 0.8 percent. At the same time estimates the Statistics norway that people’s disposable income rose by 0.6 per cent.

Norway has a sparemønster which is very different from other countries. We’ve had a lot of money in the bank account and we invest in real estate. Now, when we have had an inflation rate that is far above what you get as interest in the bank, we see that more and more customers will discuss how they shall get some return, ” says Storset.

Then the solution is often to put even more money in the property or in the equity funds and bond funds.

We saw an increase in fondssparing in 4. quarter, ” says Storset.

Doubled losses

Which is Norway’s second largest bank release Nordea not away from the bad times in oljenæringene. It is in the oil and offshore losses are coming:

• With some small million in the difference was the operating profit before loss almost exactly the same last year as the year before on the hardly to 7.8 billion.
• Losses doubled from 770 million in 2015 to 1.538 million in the year-ago quarter.
• For Norway was therefore operating profit for loss reduced from 7,0 billion in 2015 to 6.2 billion in the year-ago quarter.

Norwegian oil loss weighs heavily

the Losses in Nordea Norway and accounted for a third of the losses in the entire Nordea group. In comparison, stood Nordea Norway for only 14 per cent of the group’s operating income, calculated exclusive of special items.

The Norwegian share of the total losses are therefore much higher than the weight of the Norwegian operations have in the group.

Surprised the rest

Storset says the losses were as expected, while the surprises were in the opposite direction.

What has surprised us positively is that it has gone so well in the rest of the Norwegian economy. The shock absorbers in the form of a weak dollar, low interest rates and increased oljepengebruk keep the Norwegian economy up, ” he says.

Storset expect that 2017 will be “tough” in the oil and offshore.

We do not believe the losses are on a much lower level than in 2016, he says.

He uses a værbilde to sum up the prospects.

– cloud cover letter for the Norwegian economy, but there is a risk of rain on the west coast!

Nordea is the Nordic region’s largest bank with operations concentrated in the nordic countries and in the Baltic region.

For the entire group decreased the operating profit after a loss of 4.8 billion euros (43 billion) in 2015 to barely 4.4 billion euro (barely 41 billion) in the year, adjusted for special items.

Overall loss in the group was almost unchanged around 500 million euros (4.6 billion).

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