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Tuesday, January 23, 2018

ABN AMRO Group: Underlying net profit doubles in 2014

ABN AMRO Group released its results for fiscal 2014 on Friday, with the bank reporting approximately $1.77 billion in underlying net profit over the full year, with $455 million in the final quarter of the year.

"The full-year underlying net profit doubled (to approximately $1.77 billion) on the back of a better operating result and lower loan impairments, resulting in a return on equity (ROE) of 10.9 percent (inside the targeted range for 2017 of 9 percent to 12 percent)," Gerrit Zalm, chairman of ABN AMRO Group's managing board, said. "The cost/income ratio improved to 60 percent, at the upper end of the targeted range for 2017 of 56 percent to 60 percent, And lastly, the fully loaded CET1 ratio of 14.1 percent exceeded the target range for 2017 of 11.5 percent to 12.5 percent and provides us with a cushion for possible regulatory changes. Given the capital position, we propose a final dividend of ($313 million), bringing the total dividend for the full year 2014 to ($455 million)."

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