Lower impairment charges for shaky loans plumped ABN Amro’s third-quarter profits, as hefty costs incurred earlier in the year on a series of loans ebbed away.
Impairment charges were down 21% to €106 million ($121 million) over the three months to end-September and have shrunk 49% from end-March. Pre-tax profits grew 6% to €1.1 billion on the quarter without taking into account these charges, but by 8% once these were factored in.
ABN Amro attributed the drop in impairments to lower charges
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