SNS Reaal first half below expectations
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Add as a favourite source on Google Add DutchNews as a favourite source on GoogleBanking and insurance group SNS Reaal posted net profit of €29m in the first six months of 2010, well up on 2009’s €30m loss but far below analysts’ expectations.
Excluding one-offs, largely due to property finance goodwill writedowns, net profit reached €87m, below the Reuters’ poll average of €97m.
‘In the first half year of 2010, SNS Property Finance had to report a loss of €189m, due to a continued high level of impairments on international loans and an additional goodwill impairment of €68m,’ the banking group said in a statement.
According to Reuters, SNS also said it is not currently in discussions with the government about repaying the €565m in state aid that it still owes. SNS was given a €750m bail out in October 2008.
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