The Dutch bank reported an operating income of €1.7bn for the second quarter of 2021, a 13% decline compared to €1.9bn for the same period last year
ABN AMRO reports €390m net profit for Q2 2021. (Credit: ABN AMRO Bank N.V.)
ABN AMRO Bank has reported a net profit of €393m for the second quarter ended 30 June 2021, compared to a net loss of €5m for the corresponding quarter last year.
The Dutch bank reported an operating income of €1.7bn for the second quarter (Q2) of 2021, a 13% decline compared to €1.9bn for the same period in 2020.
ABN AMRO reported operating expenses of €1.2bn for Q2 2021, a 2% increase compared to €1.1bn for the corresponding period last year.
The bank reported a cost-to-income ratio of 70.9% for Q2 2021, which increased compared to 60.4% for the corresponding quarter in 2020.
ABN AMRO CEO Robert Swaak said: “Society is gradually opening up as vaccination programmes across Europe are steadily progressing and restrictions are easing. Extensive government support measures have enabled the Dutch economy to hold up relatively well.
“As a result of the improved macroeconomic outlook we again saw a release of impairments in the second quarter.
“Demand for corporate loans in the Netherlands is still muted as strong government support continues, but it is showing signs of stabilising and the pipeline is improving.”
ABN AMRO’s Retail Banking business reported a net profit of €163m for Q2 2021, a 10% decrease compared to €180m for the same period of 2020.
The bank’s Commercial Banking division reported a net profit of €156m for Q2 2021, an increase of 93% compared to €81m for the same quarter last year.
Its Private Banking unit reported a net profit of €52m for Q2 2021, compared to €19m for the same period last year.
The bank is committed to paying the final 2019 dividend of €0.68 per share in October 2021 and to resuming payment of dividend at a ratio of 50% of net profit.