ABN Amro shares drop as billions set aside for future loan losses
The Dutch bank says provisions could rise to €2.5bn for the full year due to exposure to two clients, with Covid-19 making repayments harder
13 May 2020 - 18:31
Amsterdam — ABN Amro Bank’s new CEO will review the bank’s strategy after the Dutch lender posted its first loss since 2013 and set aside almost twice as much as expected to cover future loan losses.
The bank made €1.1bn of provisions to account for loans going bad and said the figure may rise to €2.5bn for the full year. The net loss of €395m was driven by the provisions and its exposure to two clients. CEO Robert Swaak, just three weeks into the job, said reviewing the investment bank will be a top priority...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.