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.”
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.