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Friday, August 18, 2017

ABN-ARMO releases Q3 results

ABN-ARMO bank, which includes a Russian branch, released its third quarter results on Friday.

The Dutch-company boasted a net profit of $560 million over the course of the year thus far. Compared with the third quarter last year, profits increased by 56 percent, or $200.4 million, and the cost-to-income ratio decreased to 57 percent.

The bank also reported underlying return on equity to be 12.7 percent and its CET1 ratio was at 13 percent. Fully loaded it is 12.9 percent.

"Impairment charges for Q3 2014 trended lower, both annually and also compared with the previous quarter," Gerrit Zalm, chairman of the bank's management board, said. "Decreases were recorded in mortgages and [small and medium-sized enterprises] whereas impairments for mid-sized to large [corporations] increased as these tend to be more sizeable and volatile."

The bank will pay an interim dividend to shareholders equal to $157 million.

"Overall, we are pleased with the Q3 results and the fact that we comfortably passed the European Central Bank’s Asset Quality Review and stress test at the end of October," Zalm said.

Organizations in this story

ABN-AMRO Bank N.V. Gustav Mahlerlaan 10 Amsterdam, NH

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