ABN AMRO Group reports third quarter 2009 financial results

Press release -

ABN AMRO reports a loss for the third quarter of EUR 1,015 million, with modestly negative results for the Dutch State acquired businesses of EUR 32 million and a loss of EUR 873 million for the RBS acquired businesses.

  • The future ABN AMRO Bank continues to show a stable performance and reports a net positive cumulative result for the first three quarters of 2009.
  • The results of the RBS acquired businesses continue to be impacted by financial and credit market volatility and business transfers, however results in respect of the businesses that remain in the future RBS N.V. have improved, in particular in the equities and global transaction banking businesses.
  • ABN AMRO Group is making good progress on the separation into two independent banks, the future ABN AMRO Bank N.V., owned by the Dutch State and the future RBS N.V., owned by the RBS Group.

Third quarter 2009 update
ABN AMRO Group has recorded a loss for the period of EUR 1,015 million for the third quarter 2009 increasing the year to date loss for the nine months to 30 September 2009 to EUR 3,662 million.

The Group's third quarter 2009 loss from continuing operations has decreased compared to the second quarter 2009, following an increase in operating income combined with lower operating expenses and lower loan impairments. This reflects the continued recovery of the financial markets in the third quarter and current signs of a stabilisation of the economic climate. The Group's loss from continuing operations for the quarter comprises a loss of EUR 873 million attributable to the Royal Bank of Scotland Group plc (RBS) acquired businesses, a loss of EUR 32 million attributable to the Dutch State acquired businesses and a loss of EUR 111 million attributable to the Group's Central Items, including the limited positive results allocated to Santander's remaining interest in ABN AMRO.

The Group's year to date loss from continuing operations amounted to EUR 3,762 million. The results were slightly positive for the Dutch State acquired businesses at EUR 45 million. A loss of EUR 3,636 million was attributable to the RBS acquired businesses and a loss of EUR 171 million to Central Items, including a gain for Santander's remaining interest in ABN AMRO.

An overview of the results and financial position of the Dutch State acquired businesses is included in Appendix I, an overview of the results and financial position of the RBS acquired businesses is included in Appendix II and a summary of the Group results and financial position is included in Appendix III of this release. Due to the transfer of certain assets to RBS plc and new business now being written in RBS plc for activities that are discontinued in the RBS acquired businesses, the results of this segment are not representative of the business that will remain after separation. For further information regarding the results of the RBS Group, please refer to the RBS Press Release published on 6 November 2009 available on the RBS Group website (www.rbs.com).

Documents

Read more about

Join the discussion

ABN AMRO would like to know your opinion, so below this article you can react to this article via Disqus. By doing so, you agree to the conditions for reacting to articles on our website.

Filter on