ABN AMRO: Modest Q4 2020 Profit - Outlook Still Subdued
ABN AMRO Bank N.V. (ABN AMRO or the Bank) reported a net profit of EUR 54 million in Q4 2020, narrowing the net loss for the full year 2020 (FY20) to EUR 45 million. Revenues weakened Quarter-on-Quarter (QoQ) and Year-on-Year (YoY) for Q4 and FY20 due to various factors, including the wind-down of the non-core Corporate and Investment Banking (CIB) portfolio, margin compression, lower loan volumes, and a decline in fees and other income. Operating expenses were up 1% YoY for Q4 2020 and unchanged YoY for the full year. Provisions declined during the fourth quarter and at EUR 2.3 billion were below the guidance of EUR 2.5 billion for the full year. The non-core Corporate & Institutional Banking (CIB) portfolio has been cut in half since Q1 2020 to EUR 9.7 billion and has been capital accretive.
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