Strict cost management and improved market conditions helped Nordea, the Nordic financial services company, to a first quarter net profits rise of 64% to €418m ($497m) compared to the same period last year. Total income rose 3% to €1.4bn.

Nordea has further increased its market share and now holds one in five of all Nordic investment fund assets. A reduction in overall staff numbers by 4,000 from last year helped bring total expenses down to €873m, a reduction of 5% from the same period last year and 10% compared with final quarter of last year.