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Fortis 2007 Profit Down on Charges, Offset by Gains

BRUSSELS
Fri Mar 7, 2008 3:01am EST

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BRUSSELS (Reuters) - Dutch-Belgian financial services group Fortis (FOR.AS) reported a 2007 net profit of 3.99 billion euros ($6.1 billion), as impairments on risky investments were offset by gains on divestments and the acquisition of ABN AMRO's Dutch business.

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Full-year net profit fell 8 percent from 4.35 billion euros a year earlier, it said on Friday. Fortis reported an impairment of 1.5 billion euros on its exposure to subprime-related debt.

Fortis also reported a capital gain of 947 million euros on the sale of its CaiFor joint venture with Spain's La Caixa. Excluding this, Fortis had a profit of 3 billion euros.

Analysts were expecting Fortis to post a 2007 net profit of 4.16 billion euros, excluding divestments, according to the average in a Reuters survey of eight analysts.

ABN's contribution to Fortis' 2007 results, was 179 million euros for the duration that it was owned by Fortis, while ABN's profit for retail, asset management, corporate and private banking businesses in the Netherlands was 1.355 billion euros.

(Reporting by Reed Stevenson)
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