Profit Fortis shrunk (video)

Spent: 28 augusts 2003 08.28 last modified: 28 augusts 2003 13.27 UTRECHT - bank insurer Fortis has concluded the first six-month period with a nettowinst of 671 millions euro. That is 56 per cent less than a year ago. Especially the share portfolio pressed the result of the Dutch-Dutch-Belgian woman-Belgian concern. Video: Sale of a part of the share portfolio provided a loss mail on of 647 millions euro. Fortis sold for approximately 2 billion euro to proportions of, approximately a fiftieth of total. Fortis find the circumstances too uncertain to do a profit forecast for the complete year. Especially the developments on share grant hold back the venture of a forecast. The operational result decreased with 54 per cent to 683 millions euro. The insurance branch arrived by share sale in the red figures. Loss amounted to 34 millions euro. At the bank 851 millions euro concerning, a fall of 9 per cent remained. Against the expectation in Fortis had put more aside for bad loans. In sum Fortis reserved for that 363 millions euro, 104 millions euro more than in the same period a year ago. According to top man A. van Rossum share sales were necessary the venture ' to the volatiele adapt market elaborate present '. Fortis have charge of the weak economy according to him still and a weak grant climate, increased in spite of sets course. In the first trimester Fortis had deeply arrived in the rood by a loss of 1.2 billion euro on shares. Then it concerned complete papers loss: the shares were still in possession, but stood against a higher value in the books then their current rate. Also in 2002, cause that a large loss mail for Fortis. By a part of the shares to sell the financial concern risk now less runs. Other insurers had undertake the previous months similar action. Thus SNS sold reaal the major part of the share portfolio. Competitor ING could profit however up to of attracting grants. (c) DUTCH PRESS AGENCY
Source "profit Fortis shrunk (video)": nu.nl

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