Dutch merchant bank NIBC booked a 58% fall in net profit over the first three months of this year. Earnings totalled €44m.

The 2006 figures were inflated by the sale of consultancy Harcourt but this year’s earnings were also made worse by a €29m write-off on its US investment portfolio.
CFO Kees van Dijkhuizen said the results were disappointing and action was being taken, including phasing out the US investment book.
The bank does not expect any further developments on its IPO plans until September at the earliest.