Belgian-Dutch financial services group Fortis reported a 16 per cent year-on-year rise in second-quarter net profit today.
Net profit in the April-to-June period amounted to €1.616 billion compared with €1.39 billion in the same period last year and the average forecast of €1.273 billion.
Fortis, which has said it is targeting compound annual growth in net profit per share of at least 15 per cent over the 2004 to 2011 period, said its results strengthened its confidence in its long-term targets.
Profit in the banking division came in at €1.159 billion, up from €1.015 billion in the same period last year, lifted by higher treasury and financial markets results.
Insurance profit totalled €413 million, up from €381 million.
Fortis, which has announced aggressive expansion targets, is bidding for Dutch bank ABN Amro in a consortium with Royal Bank of Scotland and Spain's Santander.