The company wrote EUR500m off the value of its EUR1.4bn portfolio of Greek corporate bonds.
Operating income was EUR1.83bn for the third quarter of 2011, down 12%, compared to EUR2.07bn for the same period a year ago.
The company said its interest income and trading income also declined due to worsening market conditions.
ABN Amro Group chairman Gerrit Zalm said uncertainty as a result of the sovereign debt crisis and the impact thereof on the European economy, caused us to impair part of the EUR 1.4 billion Greek Government-Guaranteed Corporate Exposures.
"Although only a small underlying profit was recorded in Q3, year-to-date underlying profitability improved. This translates into an improvement of the underlying cost/income ratio for the first nine months to 63%. We remain cautious for the remainder of the year as we expect economic growth to turn negative," added Zalm.
In August 2011, ABN Amro Bank has planned to shed 2,350 jobs, which is about 9% of its workforce, in the next 3-4 years in a move to save costs.
