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direct/ FORTIS (BE) - First Quarter Results 2007: Sustained commercial momentum across Banking and Insurance sees strong start

05-11-2007 05:28 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: FORTIS (BE)

Robust first quarter result at EUR 1.2 billion

-- Sustained strong commercial momentum across banking and insurance
* Underlying loan growth up 13%, or EUR 28 billion, compared to end of first quarter 2006, driven by commercial loans and mortgages
* Net inflow in funds under management since end of first quarter 2006 at EUR 14.5 billion; total FUM climbs 14% to EUR 197 billion
* Life gross inflow rises 40% to EUR 3.9 billion, thanks to strong sales in Belgium and the Netherlands
* Non-Life gross written premiums up 12% to EUR 1.8 billion, driven by all regions and product classes
* Improved customer satisfaction at Retail Banking Belgium in the first quarter of 2007
* Retail Banking adds 211 points of sale in the first quarter of 2007, 186 of which are Dominet sales points in Poland

-- Fortis´s first-quarter 2007 net profit at EUR 1,167 million versus EUR 1,328 million for the first quarter of 2006
* Banking: Excluding the impact of the non-qualifying hedge, stable net profit of EUR 903 million despite lower capital gains
- Sustained growth of net interest income and net commissions and fees, together accounting for three-quarters of total banking income
- Excellent trading result, benefiting from solid client activity and increased volatility
- Non-business-related impact of non-qualifying hedge on net profit was EUR 120 million in the first quarter of 2006. This accounts almost entirely for the 13% drop in net profit
* Insurance: net profit up 4% to EUR 352 million
- Life net profit rises 22% to EUR 271 million, driven by all regions
- Non-Life net profit lower at EUR 81 million, as a result of EUR 86 million pre-tax impact of Windstorm Kyrill; underlying profit up thanks to volume growth and higher investment results

-- Fortis´s first-quarter 2007 net profit up 56% on fourth quarter of 2006
* Banking: net profit soars 79% thanks to strong growth momentum in all revenue lines, resulting in a 12% rise in total income, lower impairments on loans and a 5% decrease in expenses
* Insurance: net profit increases 6%, as 10% rise in Life net profit more than offsets decline at Non-Life

Press Contacts:
Brussels: +32 (0)2 565 35 84
Utrecht: +31 (0)30 226 32 19

Investor Relations:
Brussels: +32 (0)2 565 53 78
Utrecht: +31 (0)30 226 32 20

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