ABN AMRO net profit falls 13 percent in 2016's 1st quarter

AP News
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Posted: May 11, 2016 3:24 AM

THE HAGUE, Netherlands (AP) — Net profit at ABN AMRO dropped 13 percent in the first quarter of 2016 to 475 million euros ($541 million) as the Dutch bank suffered from volatile markets and negative interest rates.

Chairman of the managing board, Gerrit Zalm, said Wednesday that 2016 "got off to a challenging start due to turmoil in the financial markets, caused by concerns over the Chinese economy and initially a further decline in the oil price, combined with a further reduction in already negative interest rates."

Zalm says the bank is looking at ways to cut costs to make it "more agile, efficient and cost effective" while keeping pace with changes in regulations and digital innovations.