Dutch state-owned bank ABN AMRO said first-quarter net profit fell 17 per cent to 415 million euros ($536 million), hit by higher bad debts due to the weak domestic economy.
"Loan impairments for SMEs (small and medium-sized enterprises) and retail clients (both the mortgage and consumer loan books) reflect the weak economic conditions and the rise in the unemployment level in the Netherlands," Chief Executive Gerrit Zalm said in a statement.
Read more: ABN Amro Q1 profit falls, hit by weak Dutch economy - Economic Times
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