Dutch banks report first-quarter profits
Source: Agencies |
May 21, 2010, Friday
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Print Edition
Print Edition
THE state-owned Dutch banks ABN Amro and Fortis, which will be merged later this year, each reported a net profit for the first quarter yesterday, citing an improving economy.
The Dutch government said ABN Amro made a net profit of 178 million euros (US$220 million) in the first quarter, which it compared to a profit of 87 million euros in the same period a year ago. Fortis made profit of 73 million euros, compared with a loss of 6 million euros.
Both figures are pro-forma and may be adjusted later, the government said.
ABN Amro, once one of Europe's largest financial services groups, was midway through being acquired by a consortium led by Royal Bank of Scotland Plc when the financial crisis struck in October 2008. The Netherlands seized the Dutch assets of ABN Amro and of Belgium's Fortis NV to prevent a bankruptcy that would have crippled the country's financial system.
"Preliminary signs of a recovery of the Dutch economy are reflected in the first quarter results of both banks, resulting in a significantly improved performance year on year," Chief Executive Gerrit Zalm said.
He also credited cost-cutting, revenue growth and fewer bad loans.
The Dutch government said ABN Amro made a net profit of 178 million euros (US$220 million) in the first quarter, which it compared to a profit of 87 million euros in the same period a year ago. Fortis made profit of 73 million euros, compared with a loss of 6 million euros.
Both figures are pro-forma and may be adjusted later, the government said.
ABN Amro, once one of Europe's largest financial services groups, was midway through being acquired by a consortium led by Royal Bank of Scotland Plc when the financial crisis struck in October 2008. The Netherlands seized the Dutch assets of ABN Amro and of Belgium's Fortis NV to prevent a bankruptcy that would have crippled the country's financial system.
"Preliminary signs of a recovery of the Dutch economy are reflected in the first quarter results of both banks, resulting in a significantly improved performance year on year," Chief Executive Gerrit Zalm said.
He also credited cost-cutting, revenue growth and fewer bad loans.
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