ABN AMRO has posted a net profit of €397m for the fourth quarter of 2024 (Q4 2024), a 27% decrease compared to €545m for the same quarter of the previous year.
In the preceding quarter, that is Q3 2024, the Dutch banking group reported a net profit of €690m.
The lender’s operating income for the reported quarter was €2.24bn, an increase of 10% compared to the operating income of €2bn in Q4 2023.
In Q4 2024, ABN AMRO had earnings per share of €0.43, a decline of 28.3% compared to €0.6 in the corresponding quarter of the prior year.
The Dutch bank’s operating expenses for the reported quarter were €1.61bn, 10% higher compared to €1.46bn in Q4 2023.
ABN AMRO reported a net interest income (NII) of €1.66bn in Q4 2024, a growth of 2% compared to €1.5bn in the fourth quarter of the previous year.
In the reported quarter, the bank showcased a 6.2% return on equity.
For the full year 2024, ABN AMRO’s net profit amounted to €2.4bn, a decline of 11% compared to €2.69bn in 2023.
The Dutch lender posted an operating income of €8.86bn for 2024, which is 3% more than that of 2023.
ABN AMRO reported continued growth in its mortgage portfolio, with an increase of €1.1bn in Q4 and full-year growth exceeding €5bn, driven by a rising client base.
The bank also recorded a more than 7% annual increase in fee income, supported by improved performance across all client units and higher quarterly fee revenue.
ABN AMRO CEO Robert Swaak said: “The year saw further growth in our net interest income and fee income. With the Dutch mortgage market rebounding during 2024, we managed to increase our market share for new production from 16% to 19%.
“In 2024, we also managed to grow the corporate loan book in our transition themes; digital, new energies and mobility. Our underlying cost base was in line with our guidance of EUR 5.3 billion and our solid credit quality led to net impairment releases.”
