A higher risk provision for bad loans caused the Dutch bank ABN Amro a slump in profits in the third quarter. The net result fell by almost half to 301 million euros, as ABN announced. ABN had to set aside EUR 270 million for impending loan defaults, more than twice as much as in the same period of the previous year. But analysts had expected an even higher risk provision and an even stronger decline in profits.
“Although the charges were lower than in the previous quarters, we remain cautious,” said ABN CEO Robert Swaak. For 2020, he expects risk provisioning of 2.5 billion euros. That is around 500 million euros less than before.
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