ANPThe head office of ABN Amro
NOS Nieuws•vandaag, 07:59
ABN Amro posted a net profit of 870 million euros in the second quarter of this year. That is almost double the profit of 475 million a year ago. The bank benefited greatly from the rise in interest rates.
“We achieved a very strong financial result, driven by high net interest income,” said CEO Robert Swaak. The bank also benefited from the fact that few customers were unable to pay off their loans. As a result, less money had to be put in the ‘stroppot’ for bad loans. “Credit quality remained solid in the second quarter. The impact of the economic slowdown on our loan portfolio has been limited so far,” says Swaak.
Savings interest
Partly because the European Central Bank has raised interest rates, interest rates on, for example, business loans and mortgages have also risen. Savings interest rates are also rising, but at a slower pace. At ABN Amro you now usually receive 1.25 percent interest on your savings. The bank says that the profit margin on savings has increased.
ABN Amro is working to reduce costs, but that is not happening as quickly as expected. The bank attributes this to high inflation. It also still spends a lot of money on anti-money laundering checks.
“More effort than expected is needed to ensure that our ongoing anti-money laundering activities are at a sustainable, acceptable level and comply with regulatory requirements.” ABN Amro reached a settlement of 480 million euros with the judiciary two years ago, because the bank was too lax with money laundering checks. Since then, these controls have been stepped up considerably.
2023-08-09 05:59:42
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