Press Release: ABN AMRO reports EUR 2,076 million underlying net profit for FY 2016, up 8% y-o-y
(Thomson Reuters ONE) -
ABN AMRO reports EUR 2,076 million underlying net profit for FY 2016, up 8% y-o-
y
* Underlying net profit for Q4 2016 of EUR 333 million, up 23% y-o-y, after
net restructuring costs of EUR 153 million
* In 2016, net interest income remained robust; fees and commissions were
lower than in 2015; costs were impacted by restructuring provisions; loan
impairments were low
* Underlying ROE for FY 2016 was 11.8% (FY 2015: 12.0%); the underlying
cost/income ratio was 65.9% (FY 2015: 61.8%) and excluding restructuring
costs 61.8%
* Fully-loaded CET1 ratio increased to 17.0% and the fully-loaded leverage
ratio improved to 3.9%
* Based on a reported EPS of EUR 1.87, a final dividend of EUR 0.44 per share
is being proposed, bringing the total 2016 dividend to EUR 0.84 per share
(FY 2015: EUR 0.81)
Kees van Dijkhuizen, CEO of ABN AMRO Group, comments:
'The fourth-quarter results are solid. We are a financially healthy and robust
bank. The underlying net profit was EUR 333 million for the fourth quarter and
EUR 2,076 million for the full year, an increase of 8% compared with 2015. This
past quarter we achieved loan growth in all of our major loan books: we were the
number one provider of new mortgages in the Netherlands for the second
consecutive year, the SME loan portfolio in the Netherlands grew modestly again
after years of decline, and we onboarded new corporate clients internationally.
As the cost/income ratio is still too high, we announced a restructuring plan in
the second half of 2016. The ROE was 11.8% and the capital position strengthened
further. We have increased the proposed dividend for full-year 2016 to EUR 0.84
per share. This is a payout ratio of 45% of the reported net profit.
We recently announced a new management structure, designed to make the bank even
more client-driven, agile and efficient. The new structure consists of a
statutory Executive Board and an Executive Committee. In the Executive
Committee, the number of business lines represented has doubled (Retail Banking,
Commercial Banking, Corporate & Institutional Banking and Private Banking). The
new management structure creates a stronger client focus and explicit dedication
to the business activities at senior executive level.
I want to thank our staff for their hard work and dedication to our clients and
the bank, and our clients for their business in this increasingly competitive
industry. I would also like to express my gratitude to the four members of the
Managing Board who have announced their departure in the past few months. Gerrit
Zalm, Caroline Princen, Chris Vogelzang and Joop Wijn made very valuable
contributions to rebuilding the new ABN AMRO.'
Key figures and
indicators
(in EUR Q3 FY
millions) Q4 2016 Q4 2015 Change 2016 Change FY 2016 2015 Change
----------------------------------------------------------------------------
Operating
income 2,195 2,052 7% 2,222 -1% 8,588 8,455 2%
Operating
expenses 1,706 1,528 12% 1,372 24% 5,657 5,228 8%
----------------------------------------------------------------------------
Operating
result 489 524 -7% 849 -42% 2,931 3,227 -9%
Impairment
charges on
loans and other
receivables 35 124 -72% 23 51% 114 505 -77%
Income tax
expenses 120 128 -6% 220 -45% 740 798 -7%
----------------------------------------------------------------------------
Underlying
profit/(loss)
for the
period(1) 333 272 23% 607 -45% 2,076 1,924 8%
Special items - - - - 271 -
----------------------------------------------------------------------------
Reported
profit/(loss)
for the period 333 272 23% 607 -45% 1,806 1,924 -6%
Underlying
cost/income
ratio 77.7% 74.5% 61.8% 65.9% 61.8%
---------
Underlying
return on
average Equity 7.3% 6.3% 13.8% 11.8% 12.0%
---------
Fully-loaded
CET1 ratio 17.0% 15.5% 16.6% 17.0% 15.5%
(1) Underlying results exclude special items which distort the underlying
trend. A detailed explanation of special items is provided in the Additional
financial information section.
Hans van Zon, head of Press & PR Dies Donker, head of Investor
Relations
pressrelations(at)nl.abnamro.com
investorrelations(at)nl.abnamro.com
+31 20 6288900 +31 20 6282282
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 Group Quarterly Report fourth quarter 2016:
http://hugin.info/172722/R/2078740/782406.pdf
Press Release ABN AMRO Q4 results 2016:
http://hugin.info/172722/R/2078740/782405.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions 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
Unternehmensinformation / Kurzprofil:
Datum: 15.02.2017 - 07:00 Uhr
Sprache: Deutsch
News-ID 524183
Anzahl Zeichen: 6171
contact information:
Town:
Amsterdam
Kategorie:
Business News
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