ABN Amro Q3 profit up 19%; job cuts loom

Paris

ABN Amro Group NV, the state-controlled Dutch lender that returned to the stock market last year, has reported a 19 per cent jump in third- quarter profit and says it will cut 1,500 jobs as it steps up cost reductions.

Underlying net income, which strips out one-time items, rose to 607 million euros (S$922 million) from 509 million euros a year earlier, the Amsterdam-based company said in a statement on Wednesday. That beat the 454 million euro average of six analyst estimates compiled by Bloomberg.