ABN Amro profits rise in Q3

Nationalised bank ABN Amro booked net profit up 11% in the third quarter of this year, due to a one-off of €101m.

Third quarter net profit reached €390m, compared with €350m in the year earlier period. The one-off stems from money set aside as a write-off on Greek government loans which ABN Amro managed to sell after all.

Chief executive Gerrit Zalm said the results are ‘satisfactory’ given the difficulties still facing the Dutch economy.

There are signs the downturn may have bottomed out, Zalm said.

‘House prices stabilised during the third quarter. Consumer confidence is also improving, though is still clearly in negative territory. The industrial Purchasing Managers’ Index is at its highest level in two years,’ Zalm said. ‘We are, however, still very cautious.’

In the fourth quarter, the bank will be hit by the annual bank tax and ABN Amro expects higher loan impairments, Zalm said.

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