ABN AMRO Group reports strong growth in underlying profit

Persbericht -

ABN AMRO Group reports strong growth in underlying profit to EUR 1,077 million in 2010.

  • Reported net loss for the period 2010 was EUR 414 million, due to the forced sale under the
    EC Remedy (EUR 812 million negative net-of-tax) and separation and integration costs (EUR
    679 million net-of-tax in total). Reported net profit for the period 2009 was EUR 274 million

  • Underlying net profit, which excludes the sale under the EC Remedy and separation and
    integration costs, amounted to EUR 1,077 million, compared with an underlying net profit of
    EUR 142 million in 2009

  • This increase was driven by higher operating income (+10%) and lower loan impairments
    (-47%), despite higher costs as a result of legal provisions and expenses (EUR 264 million netof-
    tax) as reported on previous occasions

  • The underlying cost/income ratio improved to 70% from 75% in 2009

  • At 31 December 2010, pro forma combined core Tier 1, Tier 1 and total capital ratio under
    Basel II were 10.4%, 12.8% and 16.6 % respectively

  • Reported Q4 2010 net profit was EUR 213 million compared with a reported Q3 2010 net profit
    of EUR 341 million; underlying Q4 2010 net profit amounted to EUR 309 million, compared with
    an underlying Q3 2010 net profit of EUR 443 million (including a net-of-tax gain on the
    buyback of own debt of EUR 130 million)

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