The Dutch ABN Amro announced that it will proceed with the purchase of own shares of 500 million Euros, as it announced higher than expected net profits of 552 million Euros in the second quarter, thanks to the financial recovery and the sale of its headquarters.
“ABN Amro plans to offer an attractive return to shareholders and this stock market is an important milestone,” said CEO Robert Swaak.
Largely state-owned ABN Amro said the capital adequacy ratio remained very strong, at 16.3% at the end of December, including the effects of the repurchase of shares, which will be completed in June.
The easing of coronavirus measures in the Netherlands has improved the financial health of ABN Amro’s customers in the last months of last year, while interest income fell less than expected.
Persistently low interest rates drove interest income lower by 1% year-on-year, bringing the full-year decline to 11%.
Profits in the last quarter of 2021 were also boosted significantly by net profits of € 245 million from the sale and lease of ABN headquarters in southern Amsterdam.
Analysts had forecast net profits of 451 million euros for the last quarter of 2021, higher than 54 million euros a year ago.
Source: Capital
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