Dutch financial services provider, ABN Amro published its results for the first quarter of 2022 today. For the reported period, ABN Amro’s fee income spiked by 10% compared to Q1 of 2021. The performance was driven by higher asset management fee income and strong growth across clearing.
Net profit for the first quarter of 2022 came in at EUR 295 million. Additionally, net interest income touched EUR 1,310 million, which was impacted by elevated hedging costs. ABN Amro’s credit quality during the reported period stayed strong. As far as the mortgage market share is concerned, the figure increased to 17%.
“Our world changed significantly in the last quarter. The war in Ukraine shook our sense of security and stability, causing further economic uncertainty and sharp inflation. We are extremely concerned about this conflict, which represents a direct assault on the principles of democracy and freedom. Our thoughts are with all those affected by the war, and we aim to provide support where possible,” Robert Swaak, the CEO of ABN Amro, commented.
“ABN Amro’s direct exposure to Russia is very limited, but we expect potential second-order effects to have an impact on our clients. We are closely monitoring the situation and proactively reaching out to clients,” Swaak added.
Earlier this year, ABN Amro expanded its collaboration with Temenos and signed a multi-year subscription extension.
Key Developments
During the first quarter of 2022, ABN Amro finalized its first share buyback program worth EUR 500 million. With a strong capital position, the Dutch financial services firm aims to achieve its future targets.
“We finalized our first EUR 500 million share buyback program last week and remain committed to returning capital to shareholders. We are well on track towards meeting our targets in 2024 as we continue our journey as a personal bank in the digital age,” Swaak added.
