(Bloomberg) -- Nordea Bank Abp’s profit beat estimates in the turbulent trading seen in the second quarter, as rising interest rates herald higher net interest income for the biggest Nordic bank.

Second-quarter net income came in at 1.05 billion euros ($1.1 billion), more than the 929 million euros estimated by 19 analysts in a Bloomberg survey. Net interest income came in at 1.31 billion euros, matching the analysts’ estimate. The bank reported continued growth in lending volumes led by the corporate sector.

“Higher interest rates will dampen economic activity, but should also be seen as a healthy adjustment that gradually returns us to more normalized market conditions,” Chief Executive Officer Frank Vang-Jensen said in a statement on Monday. 

“This will mean a more balanced mix of income, as we will once again be generating income from our large deposit base,” he added.

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