ABN AMRO re­ports net profit of 1,285 mil­lion in 2012

The Pak Banker - - FRONT PAGE -

ABN AMRO Bank re­ports full-year 2012 un­der­ly­ing net profit of EUR 1,285 mil­lion and EUR 84 mil­lion for Q4 2012. Un­der­ly­ing net profit, ex­clud­ing sep­a­ra­tion and in­te­gra­tion-re­lated ex­penses, was EUR 1,285 mil­lion in 2012, com­pared with EUR 960 mil­lion in 2011.

Im­pair­ments were lower as 2012 in­cluded a EUR 125 mil­lion pre-tax re­lease of Greek im­pair­ments com­pared with a EUR 880 mil­lion pre-tax charge in 2011. Ex­clud­ing the Greek ex­po­sures, im­pair­ments were sig­nif­i­cantly higher com­pared to 2011. The un­der­ly­ing cost/in­come ra­tio im­proved to 61%, down from 64% in 2011. Un­der­ly­ing net profit for Q4 2012 de­creased to EUR 84 mil­lion (from EUR 374 mil­lion for Q3 2012) as im­pair­ment charges more than dou­bled and the Dutch bank tax (EUR 112 mil­lion) was charged. Re­ported net profit in­creased to EUR 948 mil­lion for 2012. The re­ported net loss in Q4 was EUR 97 mil- lion and was due mainly to in­te­gra­tion costs. The core tier 1 ra­tio im­proved to 12.1%, tier 1 ra­tio to 12.9% and to­tal cap­i­tal ra­tio to 18.4%. The pro­posed div­i­dend to the or­di­nary share­holder is EUR 250 mil­lion. All in­te­gra­tion ac­tiv­i­ties were com­pleted in 2012. Ger­rit Zalm, Chair­man of ABN AMRO Group, said 2012 was an im­por­tant year, as it marked the fi­nal­i­sa­tion of the in­te­gra­tion. Four years ago we devel­oped plans for the in­te­gra­tion of ABN AMRO and For­tis Bank Ned­er­land. I am pleased to say that we have com­pleted this com­plex op­er­a­tion with rel­a­tively lit­tle in­con­ve­nience to our clients, on sched­ule and on bud­get and that this has yielded the ef­fi­ciency im­prove­ments en­vi­sioned at the out­set.

In the mean­time, we have been con­duct­ing our or­di­nary busi­ness in not-so-or­di­nary times. The eco­nomic en­vi­ron­ment con­tin­ued to be chal­leng­ing in 2012. De­spite th­ese cir­cum­stances, the bank de­liv­ered sat­is­fac­tory re­sults for full-year 2012.

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