NETHERLANDS - Dutch financial services giant ABN AMRO has posted a net profit of over e1bn in the third quarter of the year while telecommunications firm KPN saw its profit after tax double to e288m.
ABN AMRO’s profit, up 26% compared with last year’s third quarter result, was strongly boosted by a e213m gain from the sale of Bank of Asia, the firm said.
Managing board chair Rijkman Groenink commented: “The group’s operating result in the third quarter was satisfactory.
“The improved operating performances of the Business Unit Netherlands and the Wholesale Clients Strategic Business Unit partly compensated for the results of the Business Uni North America, which were disappointing due to the significant deterioration in mortgage market conditions in the US compared with the previous quarter.”
ABN AMRO reiterated its full year forecast of at least a 10% rise in net profit compared with last year, in spite of the lower operating result expected.
Dutch firm KPN noted operating revenues decreased 2.1% from e3.082bn to e3.017bn.
Operating expenses decreased by 1.9% despite a e36m addition to the early retirement provision but the reduction was partially offset by the mobile division’s increased operating expenses of e120m due to increased marketing efforts in the Netherlands, Germany and Belgium, KPN said in its third quarter report.
KPN chief executive Ad Scheepbouwer said: “Our prime focus is now on our fixed income business where our objective is to maintain market share of our traditional business in a declining market and to aggressively build up our market share in new growth markets.
“I am please to say that KPN has proven to be both agile and resilient, maintaining a reasonable balance between market share and margin, while heavily investing in sales and revenue growth.”
This week's edition of Professional Pensions is out now.
Ben Gunnee reflects on 2018 and talks about the Fiduciary Management trends to keep an eye on in 2019
Lloyds Banking Group secured 630,000 new pension customers last year, according to its 2018 annual results.
Guy Opperman has rejected calls to speed up changes to auto-enrolment (AE) despite increasing pressure to boost contribution rates and overall savings pots.