The Dutch bank announced a €4.5m net profit for the third quarter of 2003, in line with expectations.
This was marked improvement on the result for Q3 of last year, which was a profit of €3.3m and included a €2.2m tax windfall.
Kas Bank attributed the good results to a healthy growth in commission income of 15 per cent, a decline in expenses of 3 per cent and a net special receipt of €500,000.
The firm is simultaneously celebrating the “completion” of its service range for German securities banks for German and cross border settlement on and off exchange transactions.
The last addition was an intra-German Xontro settlement system.
Laurens Vis, managing director at Amsterdam-based Kas Bank, revealed that he was putting extra emphasis on such value added services because he believes that in three to five years they will bring in 50 per cent of fee income.
See Value Added Services feature, pp60-61
