Dutch banking and insurance company SNS Reaal booked a loss of EUR 30 mln in the first half compared to a profit of EUR 226 mln in the same period a year ago. The first-half loss was significantly narrower, however, than the EUR 730 mln it lost in the second half of 2008.
Dutch banking and insurance company SNS Reaal booked a loss of EUR 30 mln in the first half compared to a profit of EUR 226 mln in the same period a year ago. The first-half loss was significantly narrower, however, than the EUR 730 mln it lost in the second half of 2008.
The company said it would have been profitable but for a goodwill impairment of EUR 55 mln in its property finance business. Following a review SNS Reaal said it will focus that business exclusively on the Dutch domestic market, gradually winding down its international operations in coming years.
SNS received a EUR 750 mln loan from the Dutch government last October as part of a wave of intervention in financial companies.
