THE HAGUE, Aug. 15 (Xinhua) -- The Dutch bank SNS REAAL suffered a total net loss of 1.59 billion euros (2.1 billion U.S. dollars) in the first half of this year, continuously burdened by depreciations in its real estate financing arm, the Dutch state owned bank announced on Thursday.
The company earlier expected that the total loss recorded in the first quarter did not bode well for the rest of the year, so the year 2013 might end up with a loss.
The core activities of SNS REAAL such as SNS Retail Bank and its insurance activities however reported a net profit for the first half of 204 million euros (270 million U.S dollars).
"During the second quarter SNS REAAL came into calmer waters. Most nationalization measures have been implemented," SNS Chairman of the Executive Board Gerard van Olphen said in a press release.
SNS, Netherlands fourth-largest bank, was nationalized last February to prevent a disorderly bankruptcy. It was brought down by its real estate financing arm Property Finance. The operation cost the state a total of 3.7 billion euros (4.9 billion U.S. dollars).
By December 2013 the transfer of Property Finance to a separate property management organization needs to be completed.