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Dutch state bank ABN reports (EURO)213M profit in Q4

Dutch state bank ABN reports (EURO)213M profit in Q4

ABN Amro, the Dutch state bank, has reported a net profit of (EURO)213 million ($297 million) in the fourth quarter and says it plans to return to private ownership in 2014.
ABN gave no 2009 fourth quarter comparison but reported net profit of (EURO)341 million in the third quarter of 2010. It booked a (EURO)130 million gain that quarter from buying back its own debt at below face value.
In the fourth quarter ABN also took more provisions for bad loans, and had higher legal costs from integrating former ABN and Fortis operations.
ABN and the Dutch parts of its then-owner Fortis were nationalized in 2008 as Fortis slid toward a bankruptcy that threatened the national banking system.
ABN said Friday it cut 11 percent of staff this year and now employs 26,161.