ABN AMRO has reported a net profit of €552m, or €0.56 per share, for the quarter ended 31 December 2021, compared to €54m, or €0.03 per share, for the same period of the previous year.
The Dutch bank reported a profit before tax (PBT) of €729m for the fourth quarter (Q4) of 2021, compared to €180m for the same quarter in 2020.
Its operating income for the reported period was €2.3bn, a 27% increase compared to €1.8bn for the corresponding period of the previous year.
The investment bank reported operating expenses of €1.43bn for Q4 2021, a 2% increase compared to €1.40bn for the same quarter of the previous year.
ABN AMRO CEO Robert Swaak said: “As we began to emerge from the pandemic, 2021 was a year of economic recovery for the Netherlands. Demand for corporate lending was sustained in Q4 and client loans grew by EUR 4.3 billion.
“The increase in our mortgage market share from 14% to 16% in 2021 in a highly competitive market reflects the strong operational capabilities that result from strategic investments in our infrastructure.
“The wind-down of the CIB non-core portfolio has been largely completed, well ahead of schedule, improving the bank’s risk profile.
“We have resumed dividend payments and announced an inaugural share buyback programme as we are committed to returning capital to our shareholders.”
The company’s Retail Banking unit reported a loss of €18m for Q4 2021, compared to a net profit of €167m for the corresponding quarter in 2020.
Its Commercial Banking division’s loss for Q4 2021 was €8m, compared to a net profit of €4m for the same period of the previous year.
ABN AMRO’s Private Banking unit reported a net profit of €64m for the Q4 2021, a 109% increase compared to €31m for the respective quarter last year.
Its Corporate and Institutional Banking arm reported a net profit of €149m for Q4 2021, compared to a loss of €58m for the same quarter in 2020.
In addition to Q4 financial results, the company has also announced its plans to buy-back its own shares worth €500m.
