Dutch bank ANB-Amro today reporteda 12 per cent fall in first-quarter net profit to euro 683 million, undermined by the US slowdown and a decline in the telecoms sector.
It was the first time the company had published first-quarter figures. Pre-tax profit dropped 22 per cent to euro 1 billion.
ABN-Amro chairman Mr Rijkman Groenink said the bank's business had been hit by the slowdown of the US economy and a downturn in the telecommunications sector.
He said: "Given the economic uncertainties it is difficult to predict how the remainder of the year will transpire."
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"If the conditions remain it would be hard to rival the company's record profits for 2000," Mr Groenink added.
AFP