ABN Amro: posts small loss for 2020

(CercleFinance.com) - ABN Amro posted a 45 million euro net loss for 2020, mainly due to high impairments, but said it was "cautiously optimistic" about its prospects as it executes its new strategy.


The Dutch lender said it made a profit of 54 million euros in the fourth quarter, reflecting "solid" operational performance and lower impairments.

However, net interest income continued to suffer from pressure on deposit margins and lower corporate loan volumes, partly due to the wind-down of its non-core investment businesses, it said.

ABN - which aspires to become "a personal bank in the digital age" focused on the Netherlands and Northwest Europe - said the Dutch economy remains resilient, and expects that the roll-out of the vaccination programme will drive a strong economic rebound in the second half of the year.

The bank said it also expects lower impairments than in 2020.

Its shares fell almost 3% in Amsterdam after the report.

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