Abn Amro Sec Trading Loss At Rs 2.42 Crore
ABN Amro Securities (India), the primary dealer arm of ABN Amro Bank, has registered a trading loss of Rs 2.42 crore for the financial year ended March 31, 2003.
This has pulled down the profit before tax of the entity to Rs 21 lakh for the year. Net profit including provisions written back stood at Rs 86 lakh.
Industry sources attributed the trading loss to sudden volatility in the debt market in the fourth quarter when the Iraq war broke out.
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The primary dealer reportedly was caught off-guard in corporate papers.