ABN AMRO group has reported a loss after tax of E1,761 million for the second quarter 2009 bringing the half year loss after tax to E2,647 million. The group’s second quarter 2009 profit has deteriorated compared to the first quarter 2009 due to increased loan impairments in the Dutch State acquired businesses and increased losses in the RBS acquired businesses resulting from tightening of credit spreads and increased loan loss provisions.
In the second quarter a loss after tax of E1,857 million from continuing operations was offset by a gain after tax on discontinued operations of E96 million. The group’s total loss after taxes comprises a loss after tax of E1,835 million attributable to the Royal Bank of Scotland Group (RBS) acquired businesses, a loss of E10 million attributable to the Dutch State acquired businesses, a loss of E12 million attributable to the group’s central items.
The group’s half year results are positive for the Dutch State acquired businesses with E77 million and include furthermore a loss after tax of E2,763 million attributable to the RBS acquired businesses and a loss after tax of E60 million for central items.
A gain of E96 million attributable to Banco Santander (Santander’s) remaining acquired businesses in ABN AMRO group is reported as profit from discontinued operations in the second quarter and E99 million for the half year.
At 30 June 2009, the group’s tier 1 ratio was 13.3% (31 December 2008: 10.9%) and the total capital ratio was 17.9% (31 December 2008: 14.4%). This reflects a reduction in risk weighted assets in the first half year 2009 and a E3 billion capital injection by its parent company RFS Holdings.
