Fortis Bank Nederland has posted first half of 2009 results. The bank has earned a net operating profit of €51 million, driven by retail banking and merchant banking. The total net profit for the first half of 2009 was €338 million.
Net operating profit of €51 million slightly higher than the second half of 2008 (€42 million), but significantly lower than the first half of 2008 (€562 million); net profit of €338 million positively impacted by gains on Fortis Capital Company of €271 million and recovered funds from the Madoff investment fraud of €16 million; the amount of loans granted to customers increased by 1.7% in the first half of 2009; an increase in client deposits of roughly €9 billion in the first half of 2009; the short-term funding facility of €34 billion granted by the Dutch State in October 2008 was fully repaid in the first half of 2009; changes in impairments in the first half of 2009 remained high at €195 million (€179 million including exceptional items); the availability of wholesale funding increased since January 2009. The average amount of funds raised in the wholesale market had increased on average to €18 billion in June 2009 from €12 billion in December 2008.
The bank has claimed that the separation from Fortis Bank and ASR Nederland is well on track, as well as preparations for the integration with ABN AMRO in accordance with the plans for the combined bank as announced by the transition team on 19 May 2009.
Jan van Rutte, chairman of the board of Fortis Bank Nederland, said: We have been working towards becoming fully independent from Fortis Group, launching new funding programmes to improve our liquidity position and preparing for integration into a new bank. The separation from Fortis Bank and ASR Nederland is well on track. All in all, we assume there will be constant pressure on our operating income, due to lower margins and fees.”
