Fortis, the Belgo-Dutch financial services group, has issued a profits warning on the back of poor credit investments in the last quarter of 2001.

The firm expects its annual results, due to be released in March, will show a 7% fall in profits across the group. This contrasts sharply with figures for the first three quarters of 2001, when net operating profits increased 4% to €2.1bn ($1.8bn).