ABN Amro’s Q3 profit drops 24% on higher costs for client oversight

AMSTERDAM, Nov 13 (Reuters) – Dutch bank ABN Amro reported on Wednesday a higher-than-expected 24% drop in third-quarter net profit as costs of client oversight rose amid an investigation into the lender’s alleged incapability to spot money laundering.

ABN Amro posted a net profit of 558 million euros ($614.9 million) for the quarter. Analysts polled by the company on average had predicted net earnings of 594 million euros, after a 738 million euros result a year earlier. ($1 = 0.9074 euros) (Reporting by Bart Meijer; Editing by Muralikumar Anantharaman)