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Sunday, January 21, 2018

ABN AMRO Group's profits up 8 percent in 2016

The bank's headquarters
ABN AMRO reported a net profit of $2.2 billion for fiscal year 2016, up 8 percent year over year.

The underlying net profit for the fourth quarter was $353.22 million, after net restructuring costs of $162.29 million.

Net interest income was strong for the year, with fees and commissions lower than in 2015.

"This past quarter we achieved loan growth in all of our major loan books," Kees van Dijkhuizen, CEO of ABN AMRO Group, said in a press release. "We were the number one provider of new mortgages in the Netherlands for the second consecutive year, the SME loan portfolio in the Netherlands grew modestly again after years of decline, and we onboarded new corporate clients internationally. As the cost/income ratio is still too high, we announced a restructuring plan in the second half of 2016. The return on investment was 11.8%."

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