Reports

ABN AMRO's Net Profit Rises; Reshuffles Board

Tom Burroughes Group Editor 7 November 2018

ABN AMRO's Net Profit Rises; Reshuffles Board

The lender became the latest major European lender to report Q3 financial figures.

Netherlands-listed ABN AMRO, which provides services including private banking, today reported a net profit of €725 million ($829.9 million) in the three months to the end of September, an 8 per cent year-on-year rise.

Net interest income was up by 4 per cent year-on-year, the bank said, driven by Dutch economic growth.

The cost/income ratio over the first nine months was 55.3 per cent and the return on equity was 13.1 per cent.

The bank said that its Common Equity Tier 1 capital ratio – a common measure of a lender’s financial strength – was 18.6 per cent in the quarter.

Separately, the bank said that Steven ten Have and Frederieke Leeflang have announced they are leaving its supervisory board in 2019 to enable the appointment of Anna Storåkers and Michiel Lap. They will be nominated next April to serve for four years; their appointments are subject to regulatory clearance.

Storåkers spent the past nine years years working for Nordea, where she gained extensive experience in retail banking. Lap has been working for international banks for many years, mainly in corporate and investment banking in London, including at Morgan Stanley and Goldman Sachs. Since 2015, he has been a supervisory board member at Arcadis.

"I fully respect Steven ten Have and Frederieke Leeflang's decision to step down in order to allow the supervisory board to take on members with more banking expertise. On behalf of the supervisory board, I would like to thank them for their valuable contributions in the past few years,” Tom de Swaan, chairman of the supervisory board, said.

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