Fortis Q3 profits down at €797m

Fortis had a third quarter net profit of €797m, a small fall compared with the same period last year, the Belgian-Dutch banking and insurance company announced on Thursday.

Despite the unease in capital markets, Fortis is sticking to its earlier profit targets for the whole year. The bank has limited exposure to the current morass of high risk loans threatening many players in the sector, and a firm financial basis, it said in the Q3 report.
Large pay-outs for the big January storm in the Netherlands and floods in the UK this summer lowered profits from the insurance business.
Fortis also said it was concentrating on a ‘supple and careful transition’ regarding the integration of parts of ABN Amro into its own organisation.
The activities acquired from ABN Amro had performed well in Q3, said the company. A detailed plan of precisely how the banking consortium is splitting up ABN Amro will be presented to the Dutch central bank in mid-December.

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