Fortis posts E4 billion nine-month net profit
Financial services firm Fortis has reported a net profit of E3.6 billion for the first nine months of the fiscal year, indicating an overall 19% growth, after posting the results of its third quarter.
Although the 19% growth leaves a positive stand for the Belgian-Dutch banking group, the Q3 report indicates a year on year decline, dropping to E593 million in comparison to the corresponding period the previous year, in which the company netted a profit of E620 million. Despite the decline in the third quarter, the banking division has seen an overall strong performance in the first three quarters. The increase in profit has been largely driven by treasury and trading results, predominantly in the second quarter. According to AFX news, Fortis has a target of raising 30% of its net operating profit outside the Benelux by 2009, with the current figure having reached 20% already. The group will release a full-year report on its results and long-term plans in March 2007.
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