ABN Q3 profits fall on bad Greek corporate loans

AMSTERDAM (AP) — ABN Amro, which is owned by the Dutch state, saw its profits fell sharply in the third quarter as it wrote down the value of Greek bonds.

Profit slid to only euro9 million ($12 million) from euro443 million a year ago after it wrote euro500 million off the value of its euro1.4 billion portfolio of Greek corporate bonds guaranteed by Athens.

The company didn't discuss other exposures to bad debt in detail, but noted it holds euro26.4 billion in European government or government-backed bonds — more than half of it in the Netherlands and Germany.

"The macro environment became progressively challenging during the year," said ABN's chief executive Gerrit …