Nationalised bank ABN Amro on Friday reported it had made net profit of €689m in 2011 compared with a loss of €414m in 2010.
However underlying net profit was down 11% at €960m, pressured by €880m in pre-tax write-offs on Greek government loans, the bank said in a statement.
The bank booked a loss of €121m in the fourth quarter. The results were hit by the ‘rapidly deteriorating macro-economic environment’, the statement said. ‘Substantially higher loan impairments eroded the second-half profit completely. More than 80 percent of the full-year loan impairments were accounted for in the second half of 2011.’
ABN Amro is to pay a €250m dividend to the state.
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