ABN AMRO reports first-quarter 2012 underlying profit of EUR 486 million
Underlying net profit, which excludes integration and separation-related expenses, was EUR 486 million in Q1 2012, compared with a profit of EUR 583 million in Q1 2011
This decline was mainly the result of an increase in loan impairments and a slight decrease in revenues
Reported net profit amounted to EUR 454 million for Q1 2012 compared with a profit of EUR 539 million in Q1 2011. In Q4 2011, the underlying net loss was EUR 23 million and the reported net loss was EUR 121 million
The underlying cost/income ratio in Q1 2012 and Q1 2011 was 58%. Excluding one-off items the cost/income ratio would have been 60% in both quarters
The remaining integration activities are on track and are expected to be finalised by year-end
The Core Tier 1 ratio was 10.6%, the Tier 1 ratio was 12.9%, and the total capital ratio was 16.5% on 31 March 2012
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