395 million-euro quarterly loss for ABN AMRO in exceptional circumstances
- Investor Relations
Today, our bank reported a loss of 395 million euros for the first quarter of 2020, due mainly to high loan impairments as a result of Covid-19, falling oil prices and volatile financial markets.
In the past weeks, over 20,000 ABN AMRO employees have helped our clients to soften the first blows dealt by the crisis. We’ve offered more than 100,000 individuals and businesses automatic deferral of principal and interest payments on their loans, and have helped thousands of companies with bridge loans. No-one can say with any certainty what impact the Covid-19 crisis will have on the global economy, but it’s clear it will be severe. In the past quarter, we set aside no less than 500 million euros for people and businesses immediately affected by the crisis. Luckily, our bank is in good shape – we have a large capital buffer with which we can absorb losses, now and in the future. That’s only natural because we consider it our responsibility to stand strong in the face of economic turbulence and to offer breathing space in this crisis.