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Dutch bank ABN Amro fourth-quarter profit drops less than expected

ABN Amro, the Dutch bank, reported a smaller-than-expected drop in its fourth-quarter profit for 2024, with net profit falling to 510 million euros from 555 million euros the previous year. This decline was primarily due to higher costs and increased impairments, although these were partially offset by a significant rise in net interest income. The bank's net interest income increased by 21% to 1.53 billion euros, driven by higher interest rates. However, operating expenses rose by 10% to 1.56 billion euros, and impairments on loans jumped to 331 million euros from 12 million euros, reflecting a more cautious economic outlook. Despite these challenges, ABN Amro's performance was better than anticipated, with analysts expecting a net profit of 457 million euros. The bank also announced a share buyback program of up to 500 million euros, signaling confidence in its financial stability.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/dutch-bank-abn-amro-fourth-quarter-profit-drops-less-than-expected-2025-02-12/ ]