The bank reported an operating income of €1.8bn for the second quarter of 2022, a 9% increase compared to €1.7bn for the corresponding period of the previous year
ABN AMRO reports 21% increase in Q2 2022 net profit. (Credit: ABN AMRO Bank N.V)
Dutch lender ABN AMRO has reported a net profit of €475m, or €0.50 per share, for the second quarter of 2022, a 21% increase compared to €393m, or €0.39 per share, for the same quarter of the previous year.
The bank reported an operating income of €1.8bn for the second quarter (Q2) of 2022, a 9% increase compared to €1.7bn for the corresponding period of 2021.
Its operating expenses were €1.3bn for Q2 2022, an increase of 8% compared to €1.3bn for the same quarter of the previous year.
ABN AMRO CEO Robert Swaak said: “The second quarter continued to be dominated by the war in Ukraine, first and foremost a humanitarian tragedy.
“The war is also causing high inflation and lower consumer confidence, and in combination with further lockdowns in China and supply chain disruptions, the economic outlook has weakened.
“The weakened outlook is not yet reflected in economic activity and we delivered a good performance this past quarter.
“I am pleased that now the ECB has increased its interest rate, we can stop charging our clients negative rates on their savings as from October.
“In these challenging circumstances, we are well placed to stand by our clients, while we continue to transform the bank towards a more client-focused and simplified organisation.”
The group’s Personal & Business Banking has reported a net profit of €85m for Q2 2022, a 45% decrease compared to €155m for the same period of the previous year.
The bank’s Wealth Management division has reported a net income of €63m for Q2 2022, a 21% increase compared to €52m for the same quarter of 2021.
The Corporate Banking segment of ABN AMRO has reported a net profit of €359m for Q2 2022, a 122% increase compared to €162m for the same period of the previous year.