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Antwerp Diamond Bank Posts $15M Loss in 2009

Bank says declines reflect contraction within the diamond and jewelry industry.
May 9, 2010 4:44 AM   By Avi Krawitz
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RAPAPORT... The Antwerp Diamond Bank (ADB) reported a net loss of $15.3 million (EUR 12 million) in 2009, compared with the profit of $37.9 million (EUR 29.7 million) it posted for the previous year.

“For the first time in the last 25 years, ADB closed the fiscal year with a negative result,” the bank stated. “In line with luxury industry trends, its balance sheet total shrank by 24 percent to $1.66 billion (EUR 1.3 billion) and reflects the contraction of the economic activity within the diamond and diamond jewelry industry in particular.”

The bank said the loss came as a result of an impairment made for doubtful debtors of $68.9 million (EUR 54 million), which caused its long-term loan-loss ratio to rise from 0.17 percent to 0.59 percent. It added that a restructuring plan initiated in 2008 helped cut expenses 21 percent to $33.2 million (EUR 26 million).

ADB noted that management is confident the bank will return to positive results in 2010. The bank is the only lender that caters exclusively to the diamond and jewelry industry

LH
Tags: Avi Krawitz, Antwerp Diamond Bank, Avi Krawitz, Jewelry
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