Fortis doubles expected Q2 results

Dutch-Belgian bank insurer Fortis booked better than expected results in the second quarter, announcing a net profit of €1.6bn, 16% higher than the same 2006 period. This is double what analysts expected, reports ANP news agency on Thursday.

Net profit from banking activities rose 28% to nearly €1.16bn in the April to June period giving Fortis the biggest quarterly profit ever in the banking sector, said ANP.
The insurance sector saw profit rise 17% to €413m.
In earlier statements Fortis has forecast annual profits of 15% in the period 2004 to 2011. Announcing the latest ‘outstanding results’ company chairman Jean-Paul Votron said he is confident this target will be met.
Fortis is currently involved in the takeover battle for the ABN Amro bank as part of a consortium with Royal Bank of Scotland and Spain’s Satander bank. In a statement Vorton said Fortis is ‘well on target to realise its plans within the expected timeframe’.

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