ABN Amro warns on first quarter loss, scraps dividend
Reuters
Published Mar 30, 2020 07:27
AMSTERDAM (Reuters) - Dutch bank ABN Amro (AS:ABNd) 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.
Following similar moves by the other two big banks in the Netherlands, ING (AS:INGA) and Rabobank[RABOVR.UL], ABN said it would follow the European Central Bank's advice to scrap dividend payouts until at least Oct. 1, to bolster its capital position.
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Written By: Reuters
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