ABN Amro: quarter weaker than expected; shares down
(CercleFinance.com) - ABN Amro has reported slightly lower than expected first-quarter profit on Wednesday, hit by falling revenue, which has sent its shares down over 2%.
The Dutch bank posted first-quarter net profit of 478 million euros, down 20% from the 595 million euros of the first quarter of 2018.
However, ABN Amro said that the first quarter of 2018 included significant gains on equity participations.
Operating income fell by 11%, to 2.08 billion euros.
On a brighter note, the group posted lower loan impairments compared with last year, partly due to active derisking of parts of its corporate and investment bank (CIB) loan portfolio.
However, the bank cited a "more demanding environment," with "rising regulatory and compliance costs."
The ABN Amro shares listed on Euronext Amsterdam were down 2.4% at 18.8 euros after these results.
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