UPDATE 1-ABN Amro reports net loss while weighing heavy money laundering fine

UPDATE 1-ABN Amro reports net loss while weighing heavy money laundering fine

Last year, ABN had said it would end all trade and commodity financing after a series of losses, exiting the United States, Asia, Australia and Brazil, except for clearing operations. Interest income, however, remained under pressure due to low rates and the wind-down of the corporate loan portfolio. Net loss in January-March period was roughly in line with analysts’ average expectations in a company-compiled poll. The lender had reported a loss of 395 million euros a year ago during the coronavirus outbreak.

“The Dutch economy continues to weather the COVID crisis relatively well. We expect a strong economic rebound later this year as lockdown restrictions ease.” “Operational performance was in line with previous quarters,” Chief Executive Officer Robert Swaak said.

The lender improved its market share of new mortgages amid the ongoing boom on the Dutch housing market, while economic recovery also meant it could release 77 million euros from its earlier provisions for bad loans. ABN Amro last month agreed to pay 480 million euros to Dutch prosecutors to settle a criminal investigation into its lax oversight of money laundering going on through its accounts.

Source www.reuters.com $1 = 0.8249 euros Reporting by Bart Meijer; Editing by Tom Hogue and Sherry Jacob-Phillips

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