ABN Amro has lost nearly one billion euros in first half
Posted by adminABN Amro, nationalized by the Netherlands at the height of the crisis, said Thursday that most of the charges related to the integration of Fortis Bank Nederland was behind her while reporting a half year loss of nearly one billion euros.
The bank warned in May it expected to massive losses for the first half of the year due to a very high volume of loads.
It launched in June a new warning, explaining that its losses would be higher still, because of additional charges that Fortis would go for legal reasons.
On Thursday, the number one Dutch asset management and retail banking from third countries, has not yielded much information on the reasons for these provisions, but said they were "connected with international activities conducted in the past. "
The state has spent more than 26 billion euros to buy ABN Amro and support, making this rescue one of the most expensive in the world.Its managing director Gerrit Zalm said it was unlikely that the taxpayer comes one day even.
The owner of the bank said on Thursday he expected that the integration of schools is finalized by the end of 2012 and the government should find a way out for the group between 2013 and 2015.
The CFO Jan van Rutte meanwhile estimated that the costs of integration were mostly gone.The operation, however, should lead the bank to pass a new charge of 400 million euros in the second half.
Current profit stood at 325 million euros during the first half, partly due to higher net income from interest, while the impairment of assets decreased by more than half.
ABN Amro, however, reported a net loss of 968 million euros, including a charge of integration of 481 million euros and 812 million loss on assets sold to Deutsche Bank under any injunctions European competition authorities.
She also had to spend 265 million euros in additional legal expenses.