ABN Amro Nederland books Q2 loss

The nationalised Dutch arm of ABN Amro bank booked a loss of €10m in the second quarter of this year, compared with net profit of €267m in the year earlier period.

The bank said the loss was due to provisions of €344m it had to take on bad loans as more companies and private individuals get into financial difficulties.
Over the first half as a whole, ABN Amro Nederland booked net profit of €77m compared with almost €500m in the first six months of 2008.
The ABN Amro group as a whole booked a loss of €1.bn for the second quarter, bringing its half year loss after tax to €2.6bn.
The bank said the loss was due entirely to parts of the group bought by Royal Bank of Scotland, part of the consortium which took over ABN Amro in 2007 for €71bn.
The Dutch government took over parts of ABN Amro last October when it nationalised Fortis Nederland – one of the other groups in the consortium – after it got into financial difficulty.
For the ABN Amro press release, click here

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