14 Feb 2019
Rising bad loans and a big investment in improving anti-money-laundering controls pushed fourth-quarter net profit from Dutch bank ABN Amro way below analysts’ expectations, prompting a sell-off in its shares.
Net profit plunged 42 percent to 316 million euros (278 million pounds) from 542 million euros a year earlier. That compares with an average expectation of 446 million euros in a Reuters poll of analysts.
“Net profit was impacted by elevated loan impairments in specific sectors,” Chief Executive Kees van Dijkhuizen said.
Shares in the company, in which the Dutch state remains the largest shareholder, fell by 7.2 percent to 20.32 euros by 0940 GMT.
– By Bart Meijer, Reuters, 13 February 2019.
Link to Reuters
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