NIBC Bank, the Dutch bank owned by a consortium led by private equity firm JC Flowers, swung from a â¬5m ($7.4m) loss in the first half of last year to a net profit of â¬109m in the same period this year, after the bank's US mortgage-backed securities were moved into a separate holding vehicle.
The securities, which were not included in NIBC Bank's accounts for the six months to the end of June, posted a â¬146m loss for the consortium. This was more than the â¬136m hit suffered by the bank on the assets in the same period last year which took it to the net loss.
