ABN Amro booked a loss of €395m in the first three months of this year, the first time in 6.5 years that the bank has failed to turn a profit.

The bank, which is still 56% in the hands of the Dutch government, booked net profit of €478m in the same period last year.

ABN Amro warned earlier that it would post a loss in the 2020 first quarter, due in part to problems with a US investment fund. That led to a loss of €183m. A further €225m loss is due to ‘potential fraud’ involving a Singapore-based oil trader.

The bank said in a statement it is currently reviewing its corporate and institutional banking (CIB) activities, where both loss-making activities took place. It is also setting more money aside in case corporate and retail clients cannot repay loans due to the coronavirus crisis.

‘My priorities in the coming period, in addition to the CIB review, are to navigate the Covid-19 crisis and to focus on anti-money laundering activities,’ new chief executive Robert Swaak said.

‘In addition, we will review our strategy to ensure we deliver on our three strategic pillars going forward and will provide an update after the summer, also addressing operational efficiency, financial targets and capital.’

The bank is still waiting for the result of a criminal investigation launched in September over alleged failures to carry out proper money laundering checks.

ABN Amro booked net profit of €2bn last year, 13% down on 2018 and well below expectations. Low interest rates and bad loans outside the Netherlands were largely behind the downturn.