Financial services group Fortis, currently embroiled in the takeover battle for ABN Amro, booked net profit of €1.16bn in the first three months of 2007, a decline of 12% on the year-earlier period.

Banking generated net earnings of €903m. Despite the decline, Fortis performed better than analysts had expected.
‘This means we have made the right strategic decision and are well on track to meet our 2011 targets,’ chairman Jean-Paul Votron said. Fortis is aiming for 15% earnings per share growth and to boost earnings from outside the Benelux from 20% to 30% of group earnings.