ABN Amro Scraps Dividend After First Annual Loss in a Decade
- CEO focusing on savings, pull back from investment banking
- Bank impacted by covid and large one-off losses last year
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ABN Amro Bank NV scrapped its dividend for 2020 and posted its first annual loss in a decade as the pandemic weighed on lending income and the lender restructured its investment bank.
An unexpected profit of about 54 million euros ($65 million) in the fourth quarter wasn’t enough to save the Dutch lender from its first negative result since 2010. The bank last year was hit by losses at its clearing business and the meltdown of Singapore oil trading giant Hin Leong Trading Ltd., where it is one of the failed company’s biggest creditors.