Thu, 21 Jul, 2016 12:03:08 AM Positive results posted in Q2 despite Panama Papers revelations FTimes – STT Report, Jul 21 Nordea Country Manager Ari Kaperi disclosed the bank's interim report at a press conference in Helsinki on Wednesday. Photo – Lehtikuva. Nordea bank has blocked 68 accounts on suspicion of tax evasion following the scam revealed by Panama Papers, reported national broadcaster Yle.
An internal investigation in this regard also said that its Luxembourg branch would not help cus-tomers anymore to run offshore structures.
Most of the 68 suspended accounts, which are now being investigated as to whether the owners adhered to Nordea’s policies on tax evasion, date from the period before 2013, said Yle quoting the report.
Meanwhile, the largest bank in the Nordic region Nordea posted strong results in spring despite the Panama Papers scandal and the financial marker unrest.
However, the operating profit of the financial group, excluding the non-recurring items in April-June, declined by 13 percent to 1.07 billion euros compared to the corresponding period of last year.
The operating profit of sale of Visa Europe shares together with accrued one-time items fell by only a percent to 1.22 billion euros, compared to 1.24 billion euros in the corresponding period of last year. The non-recurring items amounted to 151 million euros.
Nordea President and CEO Casper von Koskull expects net interest income to improve in the second half of 2016.
Konsull said that expenses have developed according to plans and credit quality has remained stable. Konsull also said that Nordea can now start to report progress on its simplification procedure and compliance procedures.
The compliance programme refers to the financial group's internal practices aimed at ensuring that practices are in accordance with the laws and ethical practices.
Nordea’s operating profit in Finland in April-June period dropped by 10 percent to 125 million euros.
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