The chief executive of Nordea bank, which hiked its dividend Wednesday, told CNBC that the Nordic lender has nothing to fear from Russia.
"We have a very sound business in Russia...the actual lending portfolio in Russia is healthy," Christian Clausen told CNBC Europe's "Squawk Box" Wednesday.
Although Nordea's loan loss provisions were "going up a little," Clausen said Nordea had performed a stress test among its customers in Russia which showed that it had "a very strong credit quality in Russia."
"So we're quite confident with our direct credit risk but of course what is uncertain is the geopolitical risk towards Russia but the lending portfolio as such, is healthy," he said.
He admitted that Nordea was reducing its Russia exposure "gradually for all sorts of reasons" but Nordea "was quite confident about our actual risks in Russia."
The Nordic region's biggest bank by market value reported underlying profit in line with expectations in the fourth quarter on Wednesday and raised its dividend.