Third quarter 2002 performance (compared to the second quarter of 2002):
Revenues lower, affected by adverse currency movements and difficult markets (-8.5%)
Operating expenses down driven by stringent cost control (-9.8%)
Operating result consequently lower (-5.4%)
Provisions substantially lower (-42.0%)
Net profit up 10.7%
Efficiency ratio has further improved by 1.0% to 69.5%
BIS tier 1 ratio at 7.00% despite substantial depreciation of the Brazilian real
'Overall performance in the third quarter was good, despite the negative impact of currencies and difficult market conditions. Measures taken during the course of the year and cost reductions associated with restructuring are beginning to have a substantial impact on our expense base.
The market conditions continue to be challenging; as such, we do not expect any improvement for the remainder of the year. However, given the resilience of the various businesses in which we operate and our performance to date, we are on course to achieving our goals as stated in the outlook for the year (given in February).'
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(source: ABN Amro)