Merchant bank NIBC booked net profit of €15m over the first six months of this year, compared with earnings of €109m in the first half of 2008.

The earnings were pressured by lower interest income and write-offs stemming from the financial crisis.
‘While we are making progress and see positive signs in terms of operational performance, the financial and economic conditions remain challenging and continue to weigh on our results as anticipated,’ CEO Jeroen Drost said in a statement.