BRUSSELS (Thomson Financial) - Fortis NV posted fourth quarter results which
just missed analyst estimates, though the Belgo-Dutch bancassurer said it chose
to use "very stringent" models to calculate its sub-prime exposure.
For the fourth quarter, net profit including exceptionals fell to 414 mln
eur from 749 mln last year, below estimates of 480-1,304 mln eur seen by
analysts polled by Thomson Financial News.
Over the full year, net profit slipped to 3.994 bln eur from 4.352 bln, in
line with forecasts of 3.08-4.11 bln.
The group said applied a 1.5 bln writedown to its full-year profit due to
its "prudent approach to impairments".
"Fortis... was not immune to the impact of the turmoil in global credit
markets, and, as highlighted in January, our financial results carry the burden
of impairments on our subprime CDO portfolio," CEO Jean-Paul Votron said in a
statement.
He confirmed his confidence in the group's solvency and liquidity position.
Votron also said the group would make divestments and seeking outside
financing priorities in 2008 in order to fund its buy of Dutch peer ABN Amro NV.
"Divestitures and outside participation in the capital of some of our
businesses will form a substantial part of the completion of the financing and
strengthening of our capital position... This is one of my key priorities for
2008," Votron said.
frances.robinson@thomson.com
fr/lam
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