Dutch bank posts US$216m loss in Q4
Source: Agencies |
March 27, 2010, Saturday
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Print Edition
Print Edition
ABN Amro Bank NV, owned by the Dutch government, reported a net loss of 162 million euros (US$216 million) for the fourth quarter of 2009, blaming restructuring costs and costs associated with the failure of a local medium-sized bank in October.
ABN Amro lost 158 million euros in the fourth quarter a year ago. Chief Executive Gerrit Zalm said that the company has cut costs since then. At the end of the year it employed 23,300, down from 24,000.
"Profits and margins were under pressure as a result of the difficult market conditions," Zalm said in a statement. He added that provisions for bad loans were at "record highs."
The Netherlands nationalized the Dutch banking operations of ABN Amro Group and of their would-be acquirer Fortis in 2008 as Fortis teetered on the edge of bankruptcy.
ABN said fourth quarter 2009 results were hurt by costs of integrating the former Fortis operations. In addition, the loss includes a charge of 100 million euros to help reimburse depositors of bankrupt Dutch lender DSB.
The Dutch deposit insurance scheme requires all banks that operate in the Netherlands to help reimburse retail depositors when any bank fails.
ABN Amro lost 158 million euros in the fourth quarter a year ago. Chief Executive Gerrit Zalm said that the company has cut costs since then. At the end of the year it employed 23,300, down from 24,000.
"Profits and margins were under pressure as a result of the difficult market conditions," Zalm said in a statement. He added that provisions for bad loans were at "record highs."
The Netherlands nationalized the Dutch banking operations of ABN Amro Group and of their would-be acquirer Fortis in 2008 as Fortis teetered on the edge of bankruptcy.
ABN said fourth quarter 2009 results were hurt by costs of integrating the former Fortis operations. In addition, the loss includes a charge of 100 million euros to help reimburse depositors of bankrupt Dutch lender DSB.
The Dutch deposit insurance scheme requires all banks that operate in the Netherlands to help reimburse retail depositors when any bank fails.
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