Summary Box: Dutch state bank ABN Amro posts $1.23B loss in 1H, blames restructuring costs

Summary Box: Dutch bank ABN Amro posts 1H loss

RESULTS: ABN Amro posted a first-half loss, due to hefty merger, legal and restructuring expenses.

BOTTOM LINE: The state-owned Dutch bank reported a net loss of €968 million ($1.23 billion) compared with net income of €420 million a year ago. Excluding one-time costs, ABN Amro said it would have earned €325 million ($414.2 million).

HISTORY: Fortis was part of a 3-way consortium that bought ABN Amro in late 2007 as part of the largest takeover in banking history. But then the financial crisis struck and depositors yanked savings from Fortis en masse. The Dutch government stepped in and nationalized both companies’ banking operations. The state has said it will eventually return ABN Amro to private ownership.