Sweden's Nordea today posted a 4.5% rise in first-quarter net profits thanks to new customers and fewer loan losses.
The bank is the largest bank in the Nordic region in terms of market capitalisation.
The Stockholm headquartered group said net profit rose to 773 million krona in the quarter.
That was up slightly from the 740 million recorded in the same three months a year earlier.
Most of the increase was generated by an influx of new customers, though the bank also managed to cut costs with its staff reduction programme, which it said it is currently "somewhat ahead" of schedule.
Nordea's cost-cutting programme includes laying off around 2,000 employees in 2011 and 2012.
Net interest income, the bank's main source of income, also improved in the three-month period, increasing to 1.4 billion krona from 1.3 billion.
"Nordea's strong business momentum continues," CEO Christian Clausen said in a prepared statement, pointing to the bank's ability to attract more than 20,000 new customers from outside the banking group in the period.
He also pointed to the success of the bank's new mobile application, saying it "more than doubled the number of active mobile bank customers."
Net loan losses improved in the quarter, shrinking to 218 million from 242 million.
But, it said, there are still two areas it needs to keep a sharp eye on - Denmark and shipping. While Denmark has been hit by a weak housing market, with falling house prices, the shipping sector, and in particular the tanker market, is struggling on the back of overcapacity and lower global demand, it said.
