The retail banking unit of Dutch lender ABN AMRO has posted underlying profit of €377m for the third quarter of 2017, a 15% increase compared to €328m in the previous year.
The bank attributed the rise in profit to lower expense levels and impairment releases.
Go deeper with GlobalData
Compared to the year ago, the unit’s net interest income increased 2% to €866m while operating income remained flat at €978m. Operating expenses at the unit were €499m, down 5% from €524m last year.
The retail banking segment’s cost/income ratio at the end of September 2017 was 51%, compared to 53.6% a year ago.
Overall, the banking group posted underlying profit of €673m for the third quarter of 2017, up 11% from €607m in the same quarter of 2016.
ABN AMRO CEO Kees van Dijkhuizen said: “ABN AMRO had a good third quarter. The Q3 2017 net profit came to EUR 673 million, up 11% year-on-year. All major loan books (the mortgage, commercial and corporate loan books) showed continued growth in constant currencies.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“Operating income showed a small decline year-on-year, due mainly to divested activities, lower Markets and Clearing fees, Private Equity results and accounting effects. Costs are trending down as the benefits from the IT transformation programme and cost-saving programmes are coming through.”
