ABN Posts In-Line 2017: Sale of Private Banking Business in Asia Contributed to Strong Net Income
No-moat ABN Amro posted decent 2017 operating results that were mainly in line with our expectations. Reported net income for the full year came in at EUR 2.8 billion, an increase of 55% versus last year. While the net income boost was partly attributable to a lower base in 2016 due to a provision related to derivatives for small and midsize enterprises, it also stemmed from higher operating income, supported by a gain on the divestment of its private banking operations in Asia, lower costs (whi...
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