A string of the Netherlands’ biggest companies published their annual results on Thursday, including the third of three big Dutch banks.
Rabobank reported a 14% rise in underlying full-year profit, boosted by the rise in Dutch economic growth, higher lending and cost saving. Underlying profit topped €4bn, but net profit was down 9% at €2bn due to restructuring and other charges.
Rabobank said in December it would cut 9,000 jobs and the restructuring is ‘proceeding at high speed,’ chief executive Wiebe Draijer said in a statement.
Air France-KLM on the up
Airline Air France-KLM reported better than expected results for 2016 and said it had made a ‘resilient’ start to 2017. Net profit reached €792m, a rise of €674m on 2015, largely due to lower fuel prices.
The company said it had carried 93 million passengers in 2016, an increase of 4% on the year. Total revenues were down 3.3% at nearly €25bn. The company’s improved fortunes were largely due to its Dutch arm KLM.
Ziggo loses support
Telecoms company Ziggo lost a further 110,000 customers last year, taking turnover down 1.4% to €2.4bn. In particular, the company’s television-only clients have been switching to other providers.
Ziggo has been losing clients since merging with UPC in 2015. It has now merged with Vodafone Nederland, which is also losing customers.
Achmea profit warning
Insurance giant Achmea issued a profit warning on Thursday, saying it would post a loss of some €380m over 2016 following a string of setbacks.
Achmea posted a loss of €24m in the 2016 first half, which it blamed on a string of heavy hail storms. The company’s 2016 results will be published on March 14.