ABN AMRO has posted a net profit of €642m for the second quarter of 2024 (Q2 2024), a 26% decrease compared to €870m for the same quarter of the previous year.
In the preceding quarter, that is Q1 2024, the Dutch banking group reported a net profit of €674m.
The lender’s operating income for the reported quarter was €2.17bn, 2% lower compared to the operating income of €2.22bn in Q2 2023.
In Q2 2024, ABN AMRO had earnings per share of €0.73, a decline of 25% compared to €0.98 in the corresponding quarter of the prior year.
The Dutch bank’s operating expenses for the reported quarter were €1.26bn, 11% higher compared to €1.14bn in Q2 2023.
ABN AMRO reported a net interest income (NII) of €1.61bn in Q2 2024, almost identical to €1.62bn in the second quarter of the previous year.
In the reported quarter, the bank showcased a 10.8% return on equity.
For the first half of 2024, ABN AMRO’s net profit amounted to €1.31bn, a decline of 6% compared to €1.4bn in the first six months of 2023.
The Dutch lender posted an operating income of €4.4bn for H1 2024, which is identical to that of H1 2023.
ABN AMRO CEO Robert Swaak said: “The second quarter marked another strong quarter for ABN AMRO, both with regard to our financial results and also in delivering better services and products and supporting clients in their sustainability transition.
“Our results continue to benefit from the good performance of the Dutch economy. Unemployment is still historically low and the labour market remains tight.
“Inflation is continuing its downward trend, leading the ECB to lower its deposit rate for the first time in years. Wages are rising and have now largely caught up with inflation.”
Last month, ABN AMRO Bank officially completed its previously announced acquisition of mobile brokerage company BUX for an undisclosed sum.
Through the deal, the Dutch bank aims to strengthen its digital offering apart from providing a unique and comprehensive investment proposition while BUX will gain access to resources, investment expertise, and support to continue its growth and innovation.
