ABN Amro: posts token loss in Q2
(CercleFinance.com) - ABN Amro has posted a net loss of 5 million euros for Q2 2020, against a profit of 693 million euros a year ago, mainly due to heavy impairment charges on financial instruments.
This loss also reflects a 22% decline in operating profit to 786 million euros, with the 8% drop in operating expenses not enough to offset the 15% fall in operating income to just under two billion euros.
"Even though in the Netherlands the impact of the soft lockdown on the economy was less severe than in many countries, Covid-19 has had a significant impact on our financial performance," said CEO, Robert Swaak.
Note that the share is up over 3% half an hour into trading on Wednesday.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
This loss also reflects a 22% decline in operating profit to 786 million euros, with the 8% drop in operating expenses not enough to offset the 15% fall in operating income to just under two billion euros.
"Even though in the Netherlands the impact of the soft lockdown on the economy was less severe than in many countries, Covid-19 has had a significant impact on our financial performance," said CEO, Robert Swaak.
Note that the share is up over 3% half an hour into trading on Wednesday.
Copyright (c) 2020 CercleFinance.com. All rights reserved.