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After tax and an allocation to the reserve provision for general
contingencies, net group profit was as follows:
1981 1980
Gross profit
Corporation tax
Addition to reserve
provisions for general
contingencies
Net group profit
66.1
18.5
32.5 51.0
f 15.1
69.9
29.0
14.0 43.0
f 26.9
Net group profit fell by 44 percent, partially due to a slightly lower gross
profit but mainly due to large additions to the reserve provision for
general contingencies. The reasons for this decision were explained in
the introduction to this report. Partially offsetting the reductions to net
profit was a decrease of corporation tax by 10.5 million guilders as a
result of the relatively larger share of tax-free profit in total results.
1981 gross profit figures include the results of FGH Finance nv (Curasao)
and FGH Realty Credit Corporation (USA). The results of both subsidiar
ies are consolidated in the annual accounts of Friesch-Groningsche
Hypotheekbank and affiliated banks.
The mortgage portfolio decreased by 42.5 million guilders in the year.
01 02 03 04 05 06 07 08 09 10 11 12 Index
Rate of exchange
developments at Amsterdam
134
132
in 1981, based on
i
settlement rates,
Wednesday-quotations
January 2= 100
r
A OH US dollar
r
Swiss franc
108
B0
v— ^bb Deutschmark
^^b Dutch guilder
- Belgian/Luxembourg franc
^^b British pound
MBB French franc
27
