The retail banking arm of Dutch lender ABN Amro has posted an underlying profit of EUR319m for the third quarter of 2015, down 5% compared to EUR336m in the year-ago quarter.
The unit’s operating income decreased 1% to EUR988m from EUR994m in the third quarter of 2014. Net interest income stood at EUR853m compared to EUR855m a year ago.
Go deeper with GlobalData
The retail banking arm’s operating expenses increased 7% to EUR510m from EUR475m in the third quarter of 2014.
Overall, the group’s underlying profit for the quarter was EUR509m, a rise of 13% from EUR450m in the year-ago quarter.
ABN AMRO Group chairman of the managing board Gerrit Zalm said: "In the third quarter of 2015 we raised our financial targets, posted a good set of financial results, successfully raised EUR 1 billion of Additional Tier 1 capital and continued preparing for the bank’s intended IPO.
"First of all, this past September we announced that we had raised two of the three financial targets and added a new one following a careful review of our financial performance. The current targets are a fully-loaded Common Equity Tier 1 ratio of 11.5-13.5%, a cost/income ratio of 56-60% by 2017, a return on equity of 10-13% in the coming years and, as a new target, a dividend payout ratio as from and over the full year 2017 of 50%."
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
