ABN AMRO Q1 2023: Sound Results Boosted by Interest Income
ABN AMRO Bank N.V. (ABN AMRO or the Bank) reported net income of EUR 523 million in Q1 2023 and an annualized ROE of 9.6%, up significantly from 5.4% in Q1 2022. The results were mainly driven by a combination of higher interest revenues and, to a lesser extent, by lower loan loss provisions, which offset seasonally higher bank levies. Core revenues (interest income and fees) increased by 15% Quarter on Quarter (QOQ) and 11% Year on Year (YOY), while operating expenses rose slightly by 5% compared to Q4 2022. Loan loss provisions remained at a very low level in Q1 2023 adding only EUR 14 million, further down from EUR 32 million in Q4 2022. Asset quality, funding and capitalization remained stable and solid.
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