The second quarter profit from continuing operations deteriorated compared to the first quarter 2009 owing to increased loan impairments in the Dutch State-acquired businesses – which include the international private client businesses - and increased losses in the RBS-acquired businesses resulting from tightening of credit spreads and increased loan loss provisions, the company said in a statement.

The businesses acquired by the Dutch State, consisting of the Dutch commercial and retail banking and international private client and diamonds businesses, were impacted by lower operating income and higher loan impairments in the second quarter of 2009 than in the first and than in the comparable quarter in 2008.

The second quarter pre-tax loss in these businesses of  €43 million compared with figures of €126 million profit for the first quarter, €642 million for the second quarter of 2008 and €288 million for the first quarter last year.