Dutch securities services group KAS Bank says its overall 2003 net profit fell to E13.2 m from E53.8m in 2002 -– though it says things are on an upward trend.
Income from custody services and related investment management services slipped 3% to E22.9m.
“In the course of the second half-year, new clients amply compensated for the fall in assets under custody due to the departure of one large client earlier that year,” Amsterdam-based KAS says. Assets under custody rose 23% to E243bn.
Income from clearing, settlement and electronic information services was down to E26.m from E35.1m. This was due to fewer transactions and the “cautious investment style by institutional investors and private clients”.
Spokesman Bob Goulooze says: “We know that we are on an upward trend. We expect the first half of this year to be better than the second half of last year.”
The bank said it has been hit by an “unprecedented and turbulent period” in the European securities industry. “For KAS BANK, this resulted in the loss of a small number of global clients, as reported earlier, significantly affecting the results.