* Dutch bank tax to cost 112 mln euros in 2012
* Pension fund merger may also hit Q4 earnings
* Q3 underlying net 374 mln euros vs 9 mln last year
* 125 mln release of Greek provision helps Q3 profit
AMSTERDAM, Nov 16 Dutch state-owned bank ABN
AMRO warned on Friday that higher impairments on
loans and a 112 million euro ($143.27 million) bank tax would
hurt fourth-quarter results.
A merger of two bank pension funds could also hit earnings
in the October-to-December period of this year, said ABN AMRO,
which was nationalised by the Dutch state in 2008 at the height
of the credit crisis.
"In the Netherlands, the gross domestic product is lagging,
the number of bankruptcies is rising, the job market is under
pressure and the housing market is sluggish," ABN AMRO Chief
Executive Gerrit Zalm said in a statement.
ABN AMRO makes most of its profit and sales in the
Netherlands, whose economy contracted by 1.1 percent in the
third quarter and could fall into recession.
Earlier this year, the Dutch Senate approved a national bank
tax which will raise about 600 million euros annually.
ABN AMRO, the third-largest bank in the Netherlands measured
by balance sheet size, reported a strong rise in its underlying
net profit of 374 million euros in the third quarter, compared
with 9 million euros in the same period last year.
Underlying results exclude integration and separation costs
due to the ABN AMRO break-up following the takeover by Royal
Bank of Scotland, Santander and Fortis in 2007.
Last year, underlying net profit was hit by a 500 million
euro charge on Greek government-guaranteed corporate loans,
while this quarter there was a 125 million euro release of those
Greek provisions, ABN AMRO said.
($1 = 0.7817 euros)
(Reporting by Gilbert Kreijger; Editing by Helen