BELGIUM - Fortis' net operating profit for the first three quarters of 2001 amounted to EUR2.070m, a 4% increase over the corresponding period in 2000. Net profit, including non-operating items, advanced 19% to EUR2.505m
Earlier this year, Fortis said it would realise its financial target of a 12% increase in net operating profit per share if the economic environment did not deteriorate further. However, owing to the ongoing slowdown in the world economy and the weakness in financial markets, income from stock market-related business activities was lower than expected.
Moreover, the firm expects net capital gains to fall approximately EUR170m short of the figure foreseen for 2001. Fortis added that it will not realise significant additional capital gains in the present market conditions.
In spite of these expectations, Fortis expects net operating profit in 2001 to increase by 11% for 4Q 2001. As non-operating items are at the 2000 level, the increase in net profit per share will be at least 4%.
Fortis’ pre-tax profits for the first three quarters of 2001 was EUR3.238m, compared to EUR2.974m for first three quarters of 2000. Total assets under management for first three quarters of 2001 were EUR297.8m, compared with EUR313.8m for the year end 2000.
Net operating profit for the asset management operations for the first three quarters of 2001 was EUR33m, compared with EUR90m for the full year 2000.
Assets under management amounted to EUR298bn at the end of the third quarter, a 5% decrease compared to December 31, 2000. Total funds under management came to EUR134bn (down 15%).
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