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Bad loans and money laundering curbs take toll on ABN Amro

Reuters  |  AMSTERDAM 

By Bart H. MeijerAMSTERDAM (Reuters) - 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 ($358 million) 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 ...

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First Published: Wed, February 13 2019. 15:23 IST