25/08/2011
By Matt Ritchie
KAS Bank has reported reduced revenue and profit for the first half of the year, citing lower volumes and prices in a “slightly improved” interest rate environment.
Profit for the first half was €10.0 million, down from €11.0 million for the corresponding period last year. Revenue fell 3% to €60.8 million, while operating expenses fell to €48.2 million from €49.5 million in the same period last year.
KAS Bank has announced an interim dividend of €0.33 per ordinary share, the same value as for the first half last year.
Commenting on the results, chair of KAS Bank’s managing board Albert Röell said although there had been a modest fall in profit, the bank is not directly affected by the eurozone crisis and the associated market unrest.
“KAS Bank’s solvency position is robust, with a BIS ratio of 22%, and as of today we already meet the new Basel 3 rules. The launch of the app for pension funds, to be followed shortly by apps for insurance companies and investment funds, will further improve the standard of risk management and information management in the Netherlands.”
In commentary accompanying the results, KAS Bank said the outlook on financial markets remains volatile, and should they deteriorate there is a risk of impairment losses on investment and loan portfolios.
As a result of market uncertainty, the board elected not to offer a firm forecast of full year results.
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