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ABN AMRO GROUP NV ABN AMRO GROU (0RDM.IL)

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7.39-0.03 (-0.35%)
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  • ABN Amro warns of ballooning provisions after $1.2 billion first-quarter hit
    Reuters

    ABN Amro warns of ballooning provisions after $1.2 billion first-quarter hit

    Dutch bank ABN Amro warned provisions for souring loans could balloon to 2.5 billion euros ($2.71 billion) this year as the coronavirus crisis and oil price crash triggered a higher-than-expected first quarter loss. The lender, which has one of the biggest exposures in Europe to the global oil-and-gas industry, racked up losses in the first quarter when some of its trading clients ran into trouble due to market volatility. Chief Executive Officer Robert Swaak, who took the helm last month, said he was ramping up a review of ABN Amro's investment bank to be completed by August.

  • ABN Amro warns on first quarter loss, scraps dividend
    Reuters

    ABN Amro warns on first quarter loss, scraps dividend

    Dutch bank ABN Amro <ABNd.AS> said on Monday it expected the economic impact of the coronavirus outbreak to drive it to a loss in the first quarter, while it scrapped dividend payouts until at least Oct. 1. ABN Amro said last week that its clearing business had suffered a net loss of around $200 million during the market turmoil sparked by the coronavirus pandemic. It added that the economic fallout of the fight against the coronavirus had significantly increased its costs overall, which would lead to a loss in the first three months of the year.

  • ABN Amro takes $200 million hit on U.S. client felled by market turmoil
    Reuters

    ABN Amro takes $200 million hit on U.S. client felled by market turmoil

    ABN Amro's <ABNd.AS> clearing business has suffered a net loss of around $200 million (168 million pounds) after an unidentified U.S. client got into difficulties during the market turmoil sparked by the coronavirus pandemic, the Dutch bank said on Thursday. Shares in the bank fell around 5% after it said it was forced to liquidate the U.S. client's position, after the customer - which traded U.S. options and futures - failed to meet minimum risk and margin requirements. ABN said the pretax loss was about $250 million and it would book the provision for the loss in its first quarter results.