Financial services group SNS Reaal booked a loss of €30m in the first six months of this year, largely due to write-offs on its property portfolio.
Analysts had expected a slight profit, the Financieele Dagblad reports.
The bank. which booked a €730m loss in the second half of last year, has had a €750m capital injection from the government to bail it out of trouble.
SNS could not say when it would begin repayments.
ING and Aegon, which have also had government cash, have already begun moves to pay back the cash.
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