Main developments in the third quarter of 2003, compared to the third quarter of 2002:
Main developments in the first nine months of 2003, compared to the same period in 2002:
and fell by 4% in the first nine months of this year. These savings are on top of the 3% cost reduction
already realized in 2002. Total FTEs decreased by 3% to 63,931. In 2003, we remain on target to hold total
operating costs at the same level as 2002.
Fortis
Key figures
In EUR million |
Quarterly
|
Nine months | ||||||
|
Q3
2003 |
Q3
2002 |
change in % |
Q2
2003 |
change in % |
2003 |
2002 |
change in % |
Net operating profit before realized capital gains |
505 |
439 |
+15 |
540 |
(6) |
1,428 |
1,610 |
(11) |
Realized capital gains 1) |
33 |
28 |
+20 |
87 |
(62) |
533 |
247 |
* |
|
|
|
|
|
|
|
|
|
Net operating profit (excluding value adjustments on the equity portfolio) |
538 |
467 |
+16 |
627 |
(14) |
1,961 |
1,857 |
+6 |
Value adjustments on the equity portfolio |
155 |
(2,162) |
* |
509 |
* |
(585) |
(2,073) |
* |
Realized |
(109) |
(37) |
* |
(614) |
* |
(756) |
52 |
* |
Unrealized |
264 |
(2,125) |
|
1,123 |
(77) |
171 |
(2,125) |
* |
|
|
|
|
|
|
|
|
|
Net operating profit |
693 |
(1,695) |
* |
1,136 |
(39) |
1,376 |
(216) |
* |
|
|
|
|
|
|
|
|
|
Non operating items |
(16) |
89 |
* |
(12) |
* |
(28) |
129 |
* |
|
|
|
|
|
|
|
|
|
Net profit |
677 |
(1,606) |
* |
1,124 |
(40) |
1,348 |
(87) |
* |
1) After tax, excluding equity portfolio.
Fortis CEO Anton van Rossum comments:
"In the third quarter our operating and net profit increased significantly. Our result benefited from an improvement in the quality of earnings in our banking activities, as a result of improved margins and reduced costs, and from continued good performance in insurance, on the back of the Non-Life activities. We are conscious though that we still have more to do in increasing our returns.
For the first nine months of 2003, Fortis delivered a solid performance compared to last year when our results were affected by a strong decline in stock market levels. We have been able to manage our costs and have further improved our solvency position.
We are seeing signs of a slow recovery in the economic environment. The year to date operating performance and the improving markets give me confidence that we can look forward to a satisfactory full year profit performance in 2003".
Press Contacts:
|
|
|
|
Brussels:
|
+32 2 565 35 84 |
Utrecht: |
+31 30 257 65 49 |
Investor Relations:
|
|
|
|
Brussels: |
+32 2 510 53 37 |
Utrecht: |
+31 30 257 65 46 |
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