Friesland Bank booked net profit of €41m over the first six months of this year. In the same period in 2007, earnings were €106m, boosted by the sale of a stake in Kempen & Co.

Earnings were also down because of lower income from its stakes in Van Lanschot and BinckBank, Friesland said in a statement and warned that full year earnings would be lower than 2007.
Nevertheless, the bank improved its market position despite ‘turbulent conditions’, the statement said.