Dutch bank ABN Amro reported a net loss of €54mn ($66mn). The losses were mainly on account of accepting a settlement offer of €480mn ($580mn) from the Dutch Public Prosecution Service as the outcome of an anti-money laundering (AML) investigation. ABN said that excluding the AML fine, they reported a €426mn ($515mn) net profit. The ex-AML profits were helped by net release of impairments of €77mn (93mn) for the quarter vs. 1Q2020’s €1.1bn ($1.3bn) addition. On the other hand, net interest income fell 11% YoY while fee income rose 5%. Its cost of risk fell to -13bp as compared to 132bp in 1Q2020 and 35bp in the previous quarter. The bank’s CET1 dropped by 30bp vs. end-2020 to stand at a healthy 17.4%.
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