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ABN AMRO reports €595m net profit

Tom Belger | 14:28 Monday 21st May 2018

ABN AMRO has reported a net profit of €595m and return on equity (ROE) of 115% for Q1 2018.

The bank also said that net interest income had remained strong and was benefiting from loan growth, especially in Dutch SMEs and corporate loans.

ABN AMRO added that cost savings were coming through and that its IT transformation and business simplification was progressing well.

Kees van Dijkhuizen, CEO at ABN AMRO, said it was on track to achieve its strategic priorities and financial targets by 2020.

“In the past 18 months, we have realised over half of the €900m targeted costs savings and we are on track to achieve the remainder by 2020.

“We continue to execute the transformation plans of our core banking systems.

“We are confident in our current approach, where we continuously phase-in further modernisations and we do not intend to initiate a new core banking replacement.”

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