ABN Amro posts net gain for 2008 despite heavy operating losses

ABN Amro, partly owned by the Dutch government, reported an expected net profit of 3.5 billion euros for 2008. A 16.5 billion euro gross income, boosted by asset sales, outweighed a 13 billion euro loss from ongoing operations.

The operating loss stemmed largely from Royal Bank of Scotland's takeover of ABN Amro's Global Banking and Markets division. The portions held by the Dutch state, covering retail, commercial, and private banking in the Netherlands, remained profitable throughout the year.

Full results are due in March. RBS separately disclosed an anticipated annual loss of up to 28 billion pounds tied to the credit crisis and its share of the ABN Amro acquisition.

Historical summary. TurkishPress restated this wire report, first published in January 2009, in its own words.