Profit for ABN AMRO’s wealth management arm in Q3 2023 was €98m, a fall from the €139m in Q3 2022 and the €135m in Q2 2023.

However, if taking the whole nine months of 2023 so far, profit totals €344m, a 33% rise from the €258m in the first nine months of 2022.

In addition, net interest income hit €235m in Q3 2023 for the wealth management side of ABN AMRO, a 14% increase year-on-year and a 7% drop compared to the previous quarter.

This was attributed to deposit volume flowing from current accounts and demand deposits to time deposits after increased interest on savings accounts.

Net new assets for the quarter totalled €1.9bn while client assets decreased by €2.6bn from the previous quarter.

ABN AMRO in Q3 2023

Profit for ABN AMRO as a whole was €759m, a 2% rise year-on-year, but a 13% drop from the previous quarter.

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Operating income also rose 2% year-on-year, from €2,162m to €2,211m.

Robert Swaak, chief executive, said: “In the third quarter, we once again delivered a strong financial result with continued high net interest income (NII) compared with last year, supported by high other income and impairment releases. The Dutch economy is cooling down and uncertainty about the economy and inflation remains, while I continue to be concerned about the ongoing uncertainty in the geopolitical environment.

“Slowing economic growth contrasts with our strong business momentum. Demand for credit remains good and both our mortgage and corporate loan books increased. Our market share in mortgages increased to 15%, while house prices are rising due to improved affordability.”

He continued: ” I am pleased that the Dutch government’s stake in ABN AMRO is now below 50%. We have made huge strides with the bank since 2010. We are now a stable bank with a strong focus on clients’ interests, laying a healthy foundation for further reduction of the State’s shareholding.

“I am honoured by the trust the Supervisory Board has placed in me and by the opportunity to lead this great bank for another four years. I am proud of what we, together with all our colleagues, have achieved for all our stakeholders. I would like to thank our clients and our people foremost for their unwavering commitment as we continue our journey as a personal bank in the digital age.”