Property problems drive SNS Reaal to a loss

Financial services group SNS Reaal posted a loss of €225m last year, due to losses on property financing and development.

SNS’s banking and insurance activities booked net profit of €368m but the property arm loss totalled €593m.
‘The measures we have taken in 2010 will help us to achieve a rebound to profitability and to increase our solvency in 2011. We maintain our ambition for a normalised net profit of approximately €400 million in the coming years’ said CEO Ronald Latenstein in a statement.
SNS Reaal is the only Dutch bank to post a loss last year, Nos television says.

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