Antwerp Diamond Bank, Closing Down July 1, Reports €15.4 Million Loss FY 2014

Finance and Trade
21/05/2015 21:11

In a press release, the Antwerp Diamond Bank, a fully owned subsidiary of the KBC Bank, released its results for FY 2014, stating that in line with macroeconomic trends, ADB suffered a €15.4 million loss after tax, citing various elements that contributed to the loss. Lower debtors as well as lower reinvestments on the interbank market and in securities resulted in a balance sheet total of €1.375 million (-19%), while run down provisions and extraordinary advisory costs related to the intended divestment (€17 million), caused ADB's CIR to increase to 72%.

In september, KBC announced it would run down the credit portfolio and activities of ADB gradually, on July 1st 2015, ADB will be merged and absorbed by KBC.