The independent Friesland Bank has booked the first loss in its 95-year history because of the revaluation of its share portfolio, the company said in a statement on Thursday.

The bank booked a widely-predicted net loss of €75m. In 2007 the company booked net profit of €120m.
The bank said that given the current economic situation it would not give a concrete forecast for 2009 but said it expected further growth in its banking activities. Private savings held by the Friesland grew 18% last year to €2.7 bn while the bank attracted 19,000 new customers.