ABN AMRO Bank (ABN) Q4 2024 earnings summary

Executive summary

• Q4 2024 net profit was EUR 397 million, with full-year net profit at EUR 2.4 billion and ROE of 10.1%.

• Mortgage portfolio grew by EUR 1.1 billion in Q4 and over EUR 5 billion for the year, with market share in new production at 18–19%.

• Net interest income for 2024 was EUR 6.5 billion, exceeding guidance and up 4% year-over-year.

• Fee income rose over 7% year-over-year, with all client units contributing.

• Basel III CET1 ratio at 14.5%, with a proposed final dividend of EUR 0.75 per share.

Financial highlights

• Underlying costs for 2024 were EUR 5.3–5.35 billion, in line with guidance.

• Q4 fee income reached EUR 500 million, a historic high, driven by corporate finance and clearing.

• Other income declined in Q4 due to negative treasury results and loan derecognition losses.

• Net impairment release of EUR 21 million for the year, with Q4 impairment charges at EUR 9 million.

• Cost/income ratio for 2024 was 61.7%.

Outlook and guidance

• 2025 net interest income expected between EUR 6.2 and 6.4 billion, reflecting lower interest rates.

• Costs for 2025 expected to remain broadly flat, excluding HAL acquisition impact.

• Cost of risk for 2025 expected below or through the cycle average of 15–20 basis points.

• Basel IV CET1 ratio estimated to remain similar to Basel III at around 14%.

• Further deposit growth anticipated, with a continued shift from time to demand deposits.