ABN AMRO reports net profit of EUR 759 million for Q3 2023
ABN AMRO reports net profit of EUR 759 million for Q3 2023
Q3 - Highlights of the quarter
- Strong result, with a net profit of EUR 759 million and an ROE of 13.6%, supported by high other income and impairment releases
- NII lower compared with Q2 due to deposit migration to higher yielding products, a shift to other income, limited asset margin pressure and lower results in trading activities
- Business momentum remains good; our mortgage loan book increased by EUR 0.4 billion and our corporate loan book by EUR 0.3 billion. Mortgage market share increased to 15%
- Costs remain under control; expected costs for 2023 lowered to between EUR 5.1 and EUR 5.2 billion
- Credit quality remains strong, with impairment releases of EUR 21 million
- Solid capital position; fully-loaded Basel III CET1 ratio of 15.0% and Basel IV CET1 ratio of around 16%
- CEO’s term extended by four years, until 2028
Robert Swaak, CEO:
'In the third quarter, we once again delivered a strong financial result with continued high net interest income (NII) compared with last year, supported by high other income and impairment releases. The Dutch economy is cooling down and uncertainty about the economy and inflation remains, while I continue to be concerned about the ongoing uncertainty in the geopolitical environment. Slowing economic growth contrasts with our strong business momentum. Demand for credit remains good and both our mortgage and corporate loan books increased. Our market share in mortgages increased to 15%, while house prices are rising due to improved affordability.
Net profit in the third quarter was EUR 759 million and our return on equity (ROE) was 13.6%. At EUR 1,533 million, NII was 20% higher than last year. Compared with the previous quarter, NII was affected by deposit migration to higher yielding products, a shift to other income, limited asset margin pressure and lower results in trading activities. Costs were higher than in Q2, mainly due to regulatory levies. We now expect lower full-year costs for 2023, between EUR 5.1 and EUR 5.2 billion, due to good cost control and a delay in investments mainly given the tight labour market. While we remain committed to cost discipline, we expect higher costs for data capabilities, further digitalisation of processes and Sustainable Finance Regulation in the coming year.
Credit quality remained strong in Q3 with impairment releases of EUR 21 million. The releases were largely at Corporate Banking and partly offset by an increase in the management overlay for mortgages. The impact of the economic slowdown on our loan portfolio so far has been limited, while buffers remain in place against uncertainties in the economic outlook. Risk-weighted assets increased by EUR 2.1 billion. This was mainly due to model updates as part of our ongoing review of models, partly offset by business developments. Our capital position remains strong, with a fully-loaded Basel III CET1 ratio of 15.0% and a Basel IV CET1 ratio of around 16%. We will update our financial targets and our capital framework at the Q4 results.
Higher interest rates have supported the profitability of banks in the past few quarters, triggering public discussions about savings rates. Strong, safe and profitable banks are important for society as they support economic growth by financing companies and investments, facilitate the payment system and help prevent financial crime. We remain focused on fulfilling our role in society, contributing to the real economy with safe and secure banking and supporting our clients in the transition to a sustainable economy. We recently established a Supervisory Board Sustainability Committee responsible for supervising sustainability aspects of our strategy and policies, including our climate strategy. We are still making steady progress on the execution of our climate strategy and will communicate new carbon reduction targets for next sectors in our annual report published in March 2024.
We look forward to appointing Ferdinand Vaandrager as our Chief Financial Officer and Ton van Nimwegen as our Chief Operations Officer after the close of our extraordinary general meeting next week. Tanja Cuppen, our Chief Risk Officer, has informed us that she will not be available for a third term and will leave the bank in April 2024.
I am pleased that the Dutch government’s stake in ABN AMRO is now below 50%. We have made huge strides with the bank since 2010. We are now a stable bank with a strong focus on clients’ interests, laying a healthy foundation for further reduction of the State’s shareholding. I am honoured by the trust the Supervisory Board has placed in me and by the opportunity to lead this great bank for another four years. I am proud of what we, together with all our colleagues, have achieved for all our stakeholders. I would like to thank our clients and our people foremost for their unwavering commitment as we continue our journey as a personal bank in the digital age.’
Key figures and indicators
(in EUR millions)
|Q3 2023||Q3 2022||Change||Q2 2023||Change|
|Impairment charges on financial instruments||-21||7||-69||69%|
|Income tax expenses||246||159||55%||285||-14%|
|Profit/(loss) for the period||759||743||2%||870||-13%|
|Return on average Equity||13.6%||13.9%||16.2%|
|ABN AMRO Press Office|
Jarco de Swart
Senior Press Officer
+31 20 6288900
|ABN AMRO Investor Relations|
Investor Relations email@example.com
+31 20 6282282
This press release is published by ABN AMRO Bank N.V. and contains inside information within the meaning of article 7 (1) to (4) of Regulation (EU) No 596/2014 (Market Abuse Regulation)
AttachmentTo view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Oxurion Receives Transparency Notifications from Atlas Special Opportunities LLC1.12.2023 19:00:00 CET | Press release
Regulated Information Leuven, BELGIUM, Boston, MA, US – December 1, 2023 – 7.00 PM CET Oxurion NV (Euronext Brussels: OXUR), a biopharmaceutical company developing next generation standard of care ophthalmic therapies, with clinical stage assets in vascular retinal disorders, today announced that, pursuant to Belgian Transparency legislation1 it has received transparency notifications as follows: Oxurion received a first transparency notification on November 22, 2023, from Atlas Special Opportunities, LLC indicating that as of November 13, 2023, it held 0 shares of the then outstanding 3,112,043,514 shares, and therefore crossed below the threshold (3%) by virtue of the sale of voting securities. See Annex 1. Oxurion received a second transparency notification on November 29, 2023, from Atlas Special Opportunities, LLC indicating that as of November 17, 2023, it held 241,545,893 shares of the then outstanding 3,489,458,972 shares, and therefore crossed above the threshold (5%) by virtu
Havila Kystruten AS: Regnskap for tredje kvartal 20231.12.2023 18:34:33 CET | Pressemelding
September var første måned med full drift av alle fire skip. Til tross for forsinkelse av Havila Polaris og Havila Pollux i Q3, ble gjennomsnittlig belegg 70 % og gjennomsnittlig lugarrate kr 4 466. Inntektene er naturligvis preget av forsinkelsene og lavere enn forventet, men selskapet ser en positiv inntektsutvikling fra 2. kvartal og videre ut året. I forbindelse med refinansiering er driftskostnadene påvirket av ekstraordinære kostnader knyttet til juridiske og finansielle rådgivere. Regnskap og balanse påvirkes av valutasvingningene, og selskapet sikrer sine valutaforpliktelser med salg i valuta. Selskapet legger til grunn en normalisert drift av fire skip fremover, uten ekstraordinære kostnader. Selskapet har ambisjoner om et gjennomsnittlig belegg på 80 % for 2024, hvorav 45 % av all kapasitet allerede er solgt. Interessen for Havila Kystruten øker stadig i både inn- og utland, og positive tilbakemeldinger om produkt og konsept mottas på daglig basis. Resultat for 3. kvartal 202
Havila Kystruten : Third quarter 2023 accounts1.12.2023 18:34:33 CET | Press release
September marked the first month of full operation for all four ships. Despite the delays with Havila Polaris and Havila Pollux in Q3, the average occupancy rate reached 70%, with an average cabin rate of NOK 4,466. Revenues are naturally affected by the delays and lower than expected, but the company sees a positive revenue trend from the 2nd quarter and onward throughout the year. In connection with refinancing, operating costs were affected by extraordinary expenses related to legal and financial advisors. Currency fluctuations have had an impact on the financial statements and balance sheet, and the company is hedging its currency commitments through currency sales. The company assumes normalized operation of four ships going forward, without extraordinary costs. The company aims for an average occupancy rate of 80% for 2024, with 45% of all capacity already sold. Interest in Havila Kystruten is continually growing both domestically and internationally, with positive feedback on th
Resultat af aktietilbagekøb1.12.2023 17:41:01 CET | pressemeddelelse
Selskabet meddelte i selskabsmeddelelse 30/2023, at man havde besluttet at iværksætte et aktietilbagekøb på køb af optil 1.000.000 aktier til kurs 2.50 svarende til maksimalt DKK 2.5 mio. i perioden 22. november – 1. december 2023, begge dage inklusive. I hele perioden har der været indlagt en synlig stående budordrer i kurs 2.50, så markedet løbende har kunne følge tilbagekøbets udvikling, og som det også fremgik af selskabsmeddelelse 30/2023, så stod alle insidere tilbage for selskabets aktionærer, så insidere som ønskede at sælge aktier kun kunne tilbagesælge aktier den sidste dag, dvs. fra og med fredag d. 1. december 2023 kl. 09.00. Resultatet af insidernes evt. frasalg vil fremgå af en separat meddelelse. Resultatet af aktietilbagekøbsprogrammet blev at selskabet har tilbagekøbt 19.687 aktier til kurs 2.50 svarende til DKK 49.217,50. Selskabet ejer pr. dags dato totalt 4.854.063 egne aktier svarende til 9,06 % af selskabets aktiekapital. Det samlede antal aktier i virksomheden er
Registration of share capital increase in IDEX Biometrics 1 Dec 20231.12.2023 17:30:00 CET | Press release
Reference is made to the notice on 21 November 2023 regarding employees having exercised 389,608 incentive subscription rights at NOK 0.15 per share. The capital increase has been registered and the shares will be delivered soonest. Following the issue, the company's share capital is NOK 209,551,597.20 divided into 1,397,010,648 shares, each with a nominal value of NOK 0.15. For further information contact: Marianne Bøe, Investor Relations E-mail: firstname.lastname@example.org Tel: +47 918 00186 About IDEX Biometrics IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As