ABN AMRO reports net profit of EUR 1.2 billion for FY2021 and announces share buyback
09 Février 2022 - 7:00AM
ABN AMRO reports net profit of EUR 1.2 billion for FY2021 and
announces share buyback
ABN AMRO reports net profit of
EUR 1.2 billion
for
FY2021
and announces share buyback
- Q4 2021 net
profit of
EUR 552 million
driven by strong fee income growth of 15%
compared with last year
and supported by sale and
leaseback of our
head
office
- Economic recovery continued, corporate loan
book grew more than
EUR 4 billion
- NII supported by qualification
for additional TLTRO
discount while deposit margin pressure
persists
- FY
costs in line
with EUR 5.3 billion
guidance, excluding AML settlement,
reflecting cost discipline
- Strong capital position, Basel III CET1 ratio of
16.3%
and Basel IV CET1 of around
16%
- Final dividend proposed of EUR
0.61 per share and
start of EUR 500
million share buyback programme
- CIB non-core wind-down largely
completed; continued strong
credit quality with FY cost of risk of around
nil
- Through-the-cycle cost of risk recalibrated to around
20 basis points, reflecting our
improved risk profile
Robert Swaak, CEO, comments:
‘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.
Net profit in Q4 was EUR 552 million, reflecting strong fee
income growth and the proceeds of the sale and leaseback of our
head office, while pressure on deposit margins persists. The
resulting return on equity (ROE) for Q4 was 10.8%. We met our cost
guidance of EUR 5.3 billion for 2021, excluding the AML settlement,
reflecting our focus on cost discipline. We have recalibrated the
through-the-cycle cost of risk to around 20 basis points. The
financial results for 2021 were marked by the low interest rate
environment and low impairments. The resulting ROE for 2021 was
5.8% (7.3% excluding CIB non-core). Our capital position remains
very strong, with a fully-loaded Basel III CET1 ratio of 16.3% and
a Basel IV CET1 ratio of around 16%. In line with our capital
framework, we propose a final dividend equivalent to EUR 0.61 per
share. In addition, we have announced a share buyback of EUR 500
million.
As a personal bank in the digital age we engage with our clients
on a ‘digital-first’ basis, embedding the customer experience.
Clients expect easy delivery in apps, fully digital services and
seamless self-service through a single channel. We provide
expertise when it matters, whether through tailored solutions, our
sector specialists, or personal interaction using video banking.
From Q3 2022 we will offer our full range of services remotely,
including cardless cash withdrawals and the possibility to
digitally open a joint account. As clients continue to shift to
digital, we will further rightsize our branch network in line with
client behaviour. We are committed to digital inclusion and have
therefore doubled the number of financial coaches available to
clients who need support.’
Key figures and indicators (in EUR millions) |
Q4
2021 |
Q4
2020 |
Change |
Q3
2021 |
Change |
FY
2021 |
FY 2020 |
Change |
Operating
income |
2,284 |
1,800 |
27% |
1,734 |
32% |
7,597 |
7,916 |
-4% |
Operating expenses |
1,433 |
1,401 |
2% |
1,301 |
10% |
5,806 |
5,256 |
10% |
Operating result |
851 |
400 |
113% |
432 |
97% |
1,791 |
2,660 |
-33% |
Impairment
charges on financial instruments |
121 |
220 |
-45% |
-12 |
|
-46 |
2,303 |
|
Income tax expenses |
177 |
126 |
40% |
102 |
75% |
604 |
401 |
50% |
Profit/(loss) for the period |
552 |
54 |
|
343 |
61% |
1,234 |
-45 |
|
|
|
|
|
|
|
|
|
|
Cost/income
ratio |
62.8% |
77.8% |
|
75.1% |
|
76.4% |
66.4% |
|
Return on
average Equity1 |
10.8% |
0.7% |
|
6.5% |
|
5.8% |
-0.8% |
|
Fully-loaded
CET1 ratio |
16.3% |
17.7% |
|
17.8% |
|
16.3% |
17.7% |
|
- Based on profit for the period attributable to the owners of
the parent company
|
|
ABN AMRO
Press OfficeJarco de SwartSenior Press
Officerpressrelations@nl.abnamro.com+31 20 6288900 |
ABN AMRO
Investor RelationsFerdinand Vaandrager Investor Relations
investorrelations@nl.abnamro.com+31 20 6282282 |
This press release is published by ABN AMRO Bank N.V. and
contains inside information within the meaning of article 7 (1) to
(4) of Regulation (EU) No 596/2014 (Market Abuse Regulation)
- ABN AMRO reports net profit of EUR 1.2 billion for FY2021 and
announces share buyback
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