ABN in profit miss, C Agricole restructuring approved

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ABN Amro Group reported a 32% drop in fourth-quarter profit, missing estimates, as lending income declined and regulatory costs rose after its comeback as a publicly traded company.

Bloomberg News reports that net income declined to 272 million euros ($304 million), compared with 400 million euros a year ago, the Amsterdam-based lender said Wednesday.

That fell short of 320 million euros, the average of seven analyst estimates compiled by Bloomberg. Regulatory costs, including a bank tax and contributions to national funds for winding down banks and insuring deposits, rose to 220 million euros from 91 million euros a year ago.

In the meantime, Bloomberg also reports that Credit Agricole said it will sell back stakes in more than three dozen French regional banks to shore up capital and pave the way for all-cash dividends, while posting fourth-quarter earnings that beat analysts’ estimates.

The 18 billion-euro ($20 billion) transaction will increase Credit Agricole’s common equity tier 1 ratio, a gauge of financial strength, to 11 percent as of the start of 2016, the France-based bank said in a statement Wednesday.

ABN Amro Profit Misses Estimates as Lending Income Declines

Credit Agricole Approves Restructuring to Free Up Capital

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