ABN AMRO Press Release
ABN AMRO reports EUR 607 million underlying net profit for Q3 2016, up 19% y-o-y
ABN AMRO reports EUR 607 million underlying net profit for Q3 2016, up 19% y-o-y
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Underlying net profit for Q3 2016 of EUR 607 million, up 19% y-o-y, includes a restructuring charge of EUR 108 million (net of tax) and a EUR 52 million (net of tax) revaluation gain on our stake in Equens
Gerrit Zalm, Chairman of the Managing Board of ABN AMRO Group, comments:
'Our underlying net profit increased by 19% compared with Q3 2015, to EUR 607 million, on continued robust net interest income, cost control and low impairments. The CET1 ratio increased to 16.6%, and the 9M 2016 ROE and C/I ratio were 13.4% and 61.8% respectively. We saw an increase in total client lending and deposit gathering this quarter.
Lesen Sie auch
In 2016 we updated and extended our strategic priorities and financial targets towards 2020. We concluded that the strategic foundations of being client-driven, having a moderate risk profile, investing in the future and our people, and pursuing sustainable growth remain firm. Our services are well recognised by our clients; for instance, our Mobile Banking app came in 6th place globally in an industry survey. We now want to take another step forward in delivering in-depth expertise in a digitally savvy way to our clients and will increase our expenditure on initiatives for growth, innovation and digitalisation by EUR 0.4 billion by 2020 compared with 2015. To finance these initiatives and offset cost inflation and levies of approximately EUR 0.5 billion, we target cost savings of a similar amount (EUR 0.9 billion) by 2020.