14.02.202406:29:00UTC+00ABN AMRO Q4 Profit Climbs, Sees Flat Net Interest Income In FY24; Plans EUR 500 Mln Buyback

ABN AMRO Holding N.V., a prominent Dutch bank, announced on Wednesday a significant 54 percent increase in net profits for the fourth quarter, reaching 545 million euros, a noteworthy rise from last year's 354 million euros.

The operating result also experienced a 12 percent growth compared to the same period last year, going from 580 million euros. Operating income surged 10 percent, from 1.86 billion euros to 2.04 billion euros this year.

Despite certain challenges, such as minor pressure on mortgages and consumer loans and a loss in the European Central Bank's (ECB) minimum reserve requirement compensation, net interest income for the quarter remained steady at 1.50 billion euros.

Looking towards fiscal 2024, ABN AMRO expects the net interest income to align with 2023's 6.3 billion euros.

Additionally, in accordance with its capital framework, ABN AMRO has recommended a final cash dividend equivalent to 0.89 euro per share. The bank also publicized a third share buyback of 500 million euros.