ABN AMRO reports net profit of EUR 725 million for Q3 2018
07 Noviembre 2018 - 12:00AM
ABN AMRO reports net profit of EUR 725 million for
Q3 2018
- Net profit of EUR 725 million
and ROE of 14.4% for Q3 2018
- Net interest income remained
strong, costs were well controlled (C/I ratio of 52.9%) and
impairments were below the previous two quarters
- Good progress on financial
targets over first 9M: C/I ratio of 55.3%, ROE of 13.1% and CET1
ratio of 18.6%. Hence, dividend accrual raised to 60% of 9M net
profit; final decision with the full year 2018 results
- Strategic focus on three
pillars: supporting our clients' transition to sustainability,
reinventing the customer experience, and building a future-proof
bank
- High score in RobecoSAM's annual
sustainability review
Kees van Dijkhuizen, CEO,
comments:
'ABN AMRO had a good third
quarter, with a net profit of EUR 725 million, an increase of 8% on
Q3 2017. Net interest income was up 4% year-on-year on the back of
a strong Dutch economy. Costs continued to benefit from cost-saving
programmes and impairments were lower than in the first two
quarters. We were pleased to see that we did well in the 2018
stress test for European banks.
We made good
progress on our financial targets. The cost/income ratio over the
first nine months was 55.3% and the return on equity (ROE) was
13.1%. Our capital position continued to strengthen and the CET1
ratio reached 18.6% in Q3 2018. Therefore, we have accrued 60% of
the year-to-date net profit to create flexibility to raise our
dividend pay-out ratio over 2018. We will make a final decision on
the pay-out ratio when we have our full-year 2018 results, also
taking into account the SREP requirements for 2019.
ABN AMRO was
again named one of the world's best-performing banks in terms of
sustainability, in RobecoSAM's annual sustainability review. This
score underlines that our bank is successfully making a serious
contribution to a sustainable society, and we can do more. To guide
us through change, we have defined a clear purpose: Banking for
better, for generations to come. And to continue creating lasting
value for all our stakeholders, we have refreshed our strategy and
will focus on three pillars: supporting our clients' transition to
sustainability; reinventing the customer experience; and building a
future-proof bank.
All in all, we
are on track and continue to move forward in achieving our
financial targets for 2020. We will present the refreshed strategic
priorities for the years ahead as well as our focus areas such as
IT, business outlook and capital position at our Investor Day on 16
November.'
Key figures and indicators
(in EUR millions) |
Q3 2018 |
Q3 2017 |
Change |
Q2 2018 |
Change |
9M
2018 |
9M 2017 |
Change |
Operating income |
2,318 |
2,123 |
9% |
2,288 |
1% |
6,935 |
6,861 |
1% |
Operating expenses |
1,227 |
1,209 |
2% |
1,261 |
-3% |
3,837 |
3,929 |
-2% |
Operating result |
1,091 |
914 |
19% |
1,027 |
6% |
3,098 |
2,932 |
6% |
Impairment charges on financial instruments |
106 |
5 |
|
134 |
-21% |
447 |
-29 |
|
Income tax expenses |
260 |
236 |
10% |
204 |
27% |
643 |
711 |
-10% |
Profit/(loss) for the period |
725 |
673 |
8% |
688 |
5% |
2,009 |
2,249 |
-11% |
|
|
|
|
|
|
|
|
|
Cost/income ratio |
52.9% |
56.9% |
|
55.1% |
|
55.3% |
57.3% |
|
Return on average Equity1 |
14.4% |
13.8% |
|
13.5% |
|
13.1% |
15.7% |
|
Fully-loaded CET1 ratio |
18.6% |
17.6% |
|
18.3% |
|
18.6% |
17.6% |
|
1 Based on profit for the period attributable to the owners
of the parent company.
|
|
|
ABN AMRO Investor
Relations
Dies Donker
hoofd Investor Relations
investorrelations@nl.abnamro.com
+31 20 6282282
ABN AMRO Press
Office
Jarco de Swart
senior press officer
pressrelations@nl.abnamro.com
+31 20 6288900
This press
release is published by ABN AMRO Group N.V. and contains inside
information within the meaning of article 7 (1) to (4) of
Regulation (EU) No 596/2014 (Market Abuse Regulation)
ABN AMRO reports net profit of EUR
725 mln for Q3 2018
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: ABN AMRO via Globenewswire
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