ABN Amro incurs €208 million of impairment charges
ABN Amro’s first quarter profits hit by transition to IFRS 9 impairment methodology
ABN Amro’s net profit fell 3% year-on-year, as the bank absorbed impairment charges on loans of €208 million ($249 million) in the first quarter of 2018, following the adoption of new accounting standards.
Impairments were 230% greater than a year ago, when the bank posted losses of €63 million, and were the highest since the first quarter of 2015. The surge also increased the bank’s ‘cost of risk’ – annualised impairment charges divided by average loans – by 23 basis points, to 32bp in total
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