Item
|
||
1
|
Press
release “ABN AMRO Group reports third quarter 2009 financial results”,
dated 25 November 2009
|
Press
Release
|
§
|
ABN AMRO reports a loss for the
third quarter of EUR 1,015 million, with modestly negative results for the
Dutch State acquired businesses of EUR 32 million and a loss of EUR 873
million for the RBS acquired
businesses.
|
§
|
The future ABN AMRO Bank
continues to show a stable performance and reports a net positive
cumulative result for the first three quarters of
2009.
|
§
|
The results of the RBS acquired
businesses continue to be impacted by financial and credit market
volatility and business transfers, however results in respect of the
businesses that remain in the future RBS N.V. have improved, in particular
in the equities and global transaction banking
businesses.
|
§
|
ABN AMRO Group is making good
progress on the separation into two independent banks, the future ABN AMRO
Bank N.V., owned by the Dutch State and the future RBS N.V., owned by the
RBS Group.
|
ABN AMRO
Group’s financial results included in this press release do not include
all the information and disclosures required in the annual financial
statements. This press release should be read in conjunction with the
Group’s Interim Financial Report for the six months ended 30 June 2009 and
also the audited financial statements as part of the Annual Report as at
31 December 2008 which was prepared in accordance with ‘International
Financial Reporting Standards (‘IFRS’) as issued by the International
Accounting Standards Board and IFRS as adopted by the European Union. In preparing
financial information in this press release, the same accounting policies
and methods of computation are followed as were applied in the preparation
of the Group’s financial statements for the year ended 31 December 2008,
except, where applicable, for the impact for the adoption of the Standards
and interpretations as described in the Group’s Interim Financial Report
for the six months ended 30 June 2009. All amounts in this press release
are unaudited. Small differences are possible in the tables due to
rounding.
Certain statements in this press
release are statements of future expectations and other forward-looking
statements. Such statements are based on current expectations, and by
their nature are subject to a number of risks and uncertainties that could
cause actual results and performance to differ materially from any
expected future results or performance, expressed or implied, by these
statements. Factors that could cause actual results to differ materially
from those estimated by the forward looking statements contained in this
document include, but are not limited to i) the extent and nature of
future developments and continued volatility in the credit markets and
their impact on the financial industry in general and ABN AMRO in
particular, ii) the effect on ABN AMRO’s capital of write downs in respect
of credit exposures, iii) risks related to ABN AMRO’s transition and
separation process following its acquisition by the consortium consisting
of The Royal Bank of Scotland Group plc (‘RBS’), the State of the
Netherlands (‘Dutch State’) and Banco Santander S.A. (‘Santander’), iv)
general economic conditions in the Netherlands and in other countries in
which ABN AMRO has significant business activities or investments, e.g.
the United Kingdom, including the impact of recessionary economic
conditions on ABN AMRO's revenues, liquidity and balance sheet, v) the
actions taken by governments and their agencies to support individual
banks and the banking system, vi) the monetary and interest rate policies
of the European Central Bank, the Board of Governors of the Federal
Reserve System and other G-7 central banks, vii) inflation or deflation,
viii) unanticipated turbulence in interest rates, foreign currency
exchange rates, capital markets, commodity prices and equity prices, ix)
changes in Dutch and foreign laws, regulations and taxes, x) changes in
competition and pricing environments, xi) natural and other disasters,
xii) the inability to hedge certain risks economically, xiii) the adequacy
of loss reserves, xiv) technological changes, xv) changes in consumer
spending and saving habits and xvi) the success of ABN AMRO in managing
the risks relating to the foregoing.
The forward-looking statements
made in this press release speak only as at the date of publication of
this press release. ABN AMRO does not intend to publicly update or revise
these forward-looking statements to reflect events or circumstances after
the date of this report, nor does ABN AMRO assume any responsibility to do
so.
|
ABN
AMRO Group Press Office
pressrelations@nl.abnamro.com
+31 20
6288900
|
RBS
Group Investor Relations
Investor.relations@rbs.com
+44 207 672
1758
RBS
Group Media Relations
+44 131 523
4414
|
APPENDIX
I
|
Financial
results and position of the Dutch State acquired
businesses
|
EUR
in millions
|
2009
|
2008
|
||||||||
YTD
|
Q3
|
Q2
|
YTD
|
Q3
|
||||||
Profit and
Loss
|
||||||||||
Net interest
income
|
2,130
|
681
|
675
|
2,407
|
787
|
|||||
Net fees and
commissions income
|
921
|
320
|
302
|
1,023
|
330
|
|||||
Net trading
income
|
15
|
(2)
|
(33)
|
141
|
50
|
|||||
Results from
financial transactions
|
259
|
55
|
151
|
139
|
22
|
|||||
Share of
result in equity accounted investments
|
64
|
15
|
49
|
39
|
(2)
|
|||||
Other
operating income
|
155
|
53
|
48
|
196
|
70
|
|||||
Income of
consolidated private equity holdings
|
321
|
96
|
102
|
-
|
-
|
|||||
Operating
income
|
3,865
|
1,218
|
1,294
|
3,945
|
1,257
|
|||||
Operating
expenses
|
2,963
|
997
|
991
|
2,742
|
931
|
|||||
Operating
result
|
902
|
221
|
303
|
1,203
|
326
|
|||||
Loan
impairments and other credit risk provisions
|
838
|
242
|
344
|
383
|
148
|
|||||
Operating
profit/(loss) before taxes
|
64
|
(21)
|
(41)
|
820
|
178
|
|||||
Tax
|
19
|
11
|
(31)
|
191
|
43
|
|||||
Profit/(loss)
from continuing operations
|
45
|
(32)
|
(10)
|
629
|
135
|
EUR
in millions
|
2009
|
2008
|
||||||||
YTD
|
Q3
|
Q2
|
YTD
|
Q3
|
||||||
Profit and
Loss
|
||||||||||
Net interest
income
|
11
|
4
|
3
|
-
|
-
|
|||||
Results from
financial transactions
|
(4)
|
(1)
|
(10)
|
-
|
-
|
|||||
Income of
consolidated private equity holdings
|
(321)
|
(96)
|
(102)
|
-
|
-
|
|||||
Operating
income
|
(314)
|
(93)
|
(109)
|
-
|
-
|
|||||
Operating
expenses
|
(312)
|
(93)
|
(107)
|
-
|
-
|
|||||
Operating
result
|
(2)
|
-
|
(2)
|
-
|
-
|
|||||
Loan
impairments and other credit risk provisions
|
-
|
-
|
-
|
-
|
-
|
|||||
Operating
profit/(loss) before taxes
|
(2)
|
-
|
(2)
|
-
|
-
|
|||||
Tax
|
(2)
|
-
|
(2)
|
-
|
-
|
EUR
in millions
|
2009
|
2008
|
||||||||
YTD
|
Q3
|
Q2
|
YTD
|
Q3
|
||||||
Profit and
Loss
|
||||||||||
Net interest
income
|
2,141
|
685
|
678
|
2,407
|
787
|
|||||
Net fees and
commissions income
|
921
|
320
|
302
|
1,023
|
330
|
|||||
Net trading
income
|
15
|
(2)
|
(33)
|
141
|
50
|
|||||
Results from
financial transactions
|
255
|
54
|
141
|
139
|
22
|
|||||
Share of
result in equity accounted investments
|
64
|
15
|
49
|
39
|
(2)
|
|||||
Other
operating income
|
155
|
53
|
48
|
196
|
70
|
|||||
Operating
income
|
3,551
|
1,125
|
1,185
|
3,945
|
1,257
|
|||||
Operating
expenses
|
2,651
|
904
|
884
|
2,742
|
931
|
|||||
Operating
result
|
900
|
221
|
301
|
1,203
|
326
|
|||||
Loan
impairments and other credit risk provisions
|
838
|
242
|
344
|
383
|
148
|
|||||
Operating
profit/(loss) before taxes
|
62
|
(21)
|
(43)
|
820
|
178
|
|||||
Tax
|
17
|
11
|
(33)
|
191
|
43
|
|||||
Profit/(loss)
from continuing operations
|
45
|
(32)
|
(10)
|
629
|
135
|
§
|
Operating income has decreased by
5% to EUR 1,125 million. The third quarter 2009 was affected by lower
asset and liability management results and some negative results related
to the recording of the impact of reserving methodologies for the
developing
financial
markets business of the future ABN AMRO
Bank, while the second quarter 2009
benefited from results on our participations in Delta Lloyd and
Equens.
|
§
|
The recovery of the interest rates
in the Dutch deposit and savings markets, as witnessed in the course of
the second quarter 2009, has continued in the third quarter and contributed to
slightly improved net
interest income. This improvement was partly offset by
additional interest expenses this quarter for the issued EUR 800 million
Mandatory Convertible
Tier-1 Security and
the purchased credit protection for a EUR 34.5 billion portfolio of
own originated residential mortgages to strengthen the capital of the Dutch
State acquired businesses.
|
§
|
Operating expenses include transition and integration
costs in both quarters and have remained relatively
stable.
|
§
|
Loan impairments have decreased by
EUR 102 million to EUR 242 million. The loan impairments predominantly comprise
specific provisions against commercial loan portfolios. The second quarter 2009 included
increased levels of incurred but not identified provisions on the basis of
an assessment of the economic climate and the expected
loan impairments for
the year. In light
of an unchanged
outlook for expected
loan impairments, the
incurred but not identified allowance remained stable in the third
quarter.
|
§
|
Year to date operating income has decreased by
10% to EUR 3,551 million compared to last year, mainly due to interest margin
pressure resulting in a decreased net interest
income.
|
§
|
The net fees and commissions
income level has decreased following lower average Assets under Management
levels compared to
last year, due to
lower values of investments.
|
§
|
Operating expenses have decreased
by 3% to EUR 2,651 million benefiting from cost management
actions and lower
personnel expenses (following decreased number of staff) partly offset by continuing transition and integration
costs in 2009 and in
the comparative year.
|
§
|
Loan impairments have increased by
EUR 455 million to EUR 838 million reflecting the challenging credit
environment in
2009 particularly regarding the commercial loan
portfolio.
|
EUR
in billions
|
Dutch
State Acquired Businesses
|
|||||
30
September 2009
|
30
June 2009
|
31
December 2008
|
||||
Assets
|
||||||
Cash and
balances with central banks
|
0.6
|
6.6
|
0.6
|
|||
Financial
assets held for trading
|
3.4
|
1.0
|
1.0
|
|||
Financial
investments
|
20.7
|
17.4
|
14.7
|
|||
Loans and
receivables - banks
|
17.9
|
18.8
|
7.5
|
|||
Loans and
receivables - customers
|
150.8
|
152.0
|
150.4
|
|||
Other
|
9.6
|
9.4
|
9.3
|
|||
Total
assets
|
203.0
|
205.2
|
183.5
|
|||
Liabilities
|
||||||
Financial
liabilities held for trading
|
2.6
|
0.7
|
0.3
|
|||
Due to
banks
|
1.8
|
3.2
|
0.7
|
|||
Due to
customers
|
140.5
|
143.0
|
122.0
|
|||
Issued debt
securities
|
28.2
|
29.4
|
31.2
|
|||
Other
|
17.8
|
17.5
|
16.4
|
|||
Subordinated
liabilities
|
5.2
|
4.5
|
5.9
|
|||
Total
liabilities
|
196.1
|
198.3
|
176.5
|
|||
Allocated
equity
|
6.9
|
6.9
|
7.0
|
|||
Total
allocated equity and liabilities
|
203.0
|
205.2
|
183.5
|
|||
Risk
Weighted Assets
|
76.8
|
95.0
|
91.7
|
|||
Assets
under Management
|
122.1
|
112.7
|
102.0
|
(1)
|
Loan and
receivables - banks includes EUR 16.4 billion (30 June 2009: EUR 13.1
billion and 31 December 2008: EUR 6.4 billion) of net intercompany
receivables.
|
(2)
|
Allocated
equity excludes the Dutch State’s share in the equity deficit related to
the shared assets within Central
Items.
|
§
|
Total assets
and total liabilities are relatively stable quarter-on-quarter and show an
11% increase compared to 31 December 2008. The key points noted below
therefore relate to year-to-date
movements.
|
§
|
Total assets
increased, mainly as a result of investment in high quality debt
securities for asset and liability management purposes in line with the
Dutch State acquired businesses’ strategic funding plan, to improve the
liquidity position and as a result of higher settlement balances as at 30
September 2009. Loans and receivables – customers has remained stable as
the increase in gross balances is partly offset by increased loan
provisioning.
|
§
|
The total
liabilities have increased compared to 31 December 2008 and this is mainly
attributable to an increase in savings and current account balances for
both consumer and commercial customers - largely in line with the Dutch
savings market - and the placement of a EUR 2 billion Covered Bond.
Subordinated liabilities increased due to a EUR 800 million Mandatory Convertible Tier-1
Security with the Dutch
State.
|
§
|
Assets under
Management (‘AuM’) in Private Clients increased mainly as a result of the
improvement in market conditions and net inflow since 31 December
2008.
|
§
|
The reduction
of risk weighted assets mainly reflects the impact of the Credit Default Swap transacted
with the Dutch
State through which
ABN AMRO Bank N.V. has purchased credit protection on
a EUR 34.5 billion portfolio of own originated residential
mortgages.
|
§
|
The Dutch Minister of Finance has
made a proposal to the Dutch Parliament on the capitalisation of the Dutch State acquired
businesses until legal separation on 19 November 2009 and the proposal includes the impact of a transaction in
respect of the EU Remedy. The resulting capital actions are to ensure that
before legal demerger, the Dutch State
acquired businesses are adequately capitalised.
|
APPENDIX
II
|
Financial
results and position of the RBS acquired
businesses
|
EUR
in millions
|
2009
|
2008
|
||||||||
YTD
|
Q3
|
Q2
|
YTD
|
Q3
|
||||||
Profit and
Loss
|
||||||||||
Net interest
income
|
1,284
|
501
|
442
|
1,909
|
508
|
|||||
Net fee and
commission income
|
767
|
241
|
255
|
1,081
|
495
|
|||||
Net trading
income
|
671
|
525
|
645
|
(2,777)
|
(617)
|
|||||
Results from
financial transactions
|
(2,169)
|
(626)
|
(1,658)
|
(1,855)
|
(1,156)
|
|||||
Share of
result in equity accounted investments
|
(62)
|
(27)
|
(35)
|
17
|
3
|
|||||
Other
operating income
|
(197)
|
(170)
|
(27)
|
46
|
(1)
|
|||||
Operating
income
|
294
|
444
|
(378)
|
(1,579)
|
(768)
|
|||||
Operating
expenses
|
3,130
|
934
|
1,248
|
3,902
|
1,368
|
|||||
Operating
result
|
(2,836)
|
(490)
|
(1,626)
|
(5,481)
|
(2,136)
|
|||||
Loan
impairment and other credit risk provisions
|
1,664
|
551
|
684
|
600
|
358
|
|||||
Operating
loss before taxes
|
(4,500)
|
(1,041)
|
(2,310)
|
(6,081)
|
(2,494)
|
|||||
Tax
|
(864)
|
(168)
|
(475)
|
(1,407)
|
(564)
|
|||||
Loss
from continuing operations
|
(3,636)
|
(873)
|
(1,835)
|
(4,674)
|
(1,930)
|
§
|
Total income
is now positive at EUR 444 million, improving from a negative income of
EUR 378 million in the second
quarter.
|
§
|
Net interest
income improved by 13% to EUR 501 million reflecting the recovery of
interest margins in the financial markets which has been witnessed since
the second quarter of 2009. Net interest income also continued to be
affected in second quarter of 2009 by the transfers of balances to RBS,
that were not repeated at the same levels in the third
quarter.
|
§
|
Non-interest
income in the third quarter benefited from substantially lower losses on
the fair valuation of own debt, lower losses on the sale of credit
portfolios to RBS, gains on
the allocation of a remaining Group ALM portfolio to the RBS acquired
businesses and lower losses on the credit default swap hedge
portfolio used to hedge the loan
book.
|
§
|
Other
operating expenses decreased mainly as a result of the continuing
reduction in personnel costs and general administrative costs as business
activities have been transferred to
RBS.
|
§
|
Loan
impairment provisions have decreased by EUR 133 million to EUR 551
million. The loan impairments comprise of provisions predominantly against
commercial loan portfolios but also consumer and bank loans. The second
quarter included higher specific provisions against corporate loans in
comparison to the third
quarter.
|
§
|
Total income
is now positive at EUR 294 million and improved from negative income of
EUR 1,579 million.
|
§
|
Net interest
income decreased by EUR 625 million to EUR 1,284 million reflecting the
de-leveraging of the balance sheet following sales and transfers to other
parts of the RBS Group and interest margin pressures from an increase in
the funding and liquidity costs over the period. In addition the transfer
of businesses such as conduits to RBS Group has impacted net interest
income.
|
§
|
Net fee and
commission income decreased by EUR 314 million to EUR 767 million mainly
as a result of lower brokerage fees due to business transfers and reduced
market activity.
|
§
|
Trading
income benefited from lower credit valuation adjustments against monolines
(EUR 1,205 million compared to EUR 2,124 million in the same period in
2008), lower write downs in collateralised debt obligations (EUR 211
million compared to EUR 1,089 million in the same period in 2008), and an
increase in the equities business. Trading income also benefited from
lower credit losses on trading counterparties, which amounted to EUR 20
million for the current period compared to losses in the comparative
period in 2008 of EUR 553 million, for the majority relating to losses on
Lehman Brothers.
|
§
|
The monoline
exposure and collateralised debt obligations (‘CDOs’) are now essentially
transferred to RBS plc and will thus not form part of the ongoing
activities of the future RBS N.V. The equities business, with the
exception of the US equities business, however, will remain a core
business of the future RBS N.V.
|
§
|
Results from
financial transactions decreased by EUR 314 million to a loss of EUR 2,169
million. This is mainly attributable to fair value losses on a portfolio
of credit default swaps used to hedge the loan book of EUR 1,100 million
following the tightening of credit spreads as compared to a small profit
on the hedge book of EUR 70 million in the comparative 2008 period. The
general tightening of credit spreads also resulted in fair value losses on
own debt designated at fair value attributable to changes in ABN AMRO’s
own credit spreads in 2009 compared to a significant gain in 2008. This
has been partially offset by comparatively lower losses of EUR 224 million
on the sale of credit portfolios to RBS in 2009, compared to losses of EUR
1,609 million in the same period in
2008.
|
§
|
The share of
results in equity accounted investments decreased by EUR 79 million to a
loss of EUR 62 million due to the impairment of an investment in an
infrastructure investment in the first half of
2009.
|
§
|
Other
operating income decreased by EUR 243 million to a loss of EUR 197 million
primarily relating to the disposal of our Asian retail and commercial
businesses.
|
§
|
Operating
expenses decreased by EUR 772 million, or 20%, mainly as a result of lower
personnel costs due to a decrease in staff numbers and reduced
remuneration levels. Operating expenses for 2009 also reflect the
impairment of goodwill relating to the disposal of our Asian businesses of
EUR 194 million.
|
§
|
Loan
impairment provisions have significantly increased by EUR 1,064 million to
EUR 1,664 million reflecting the 2009 adverse economic conditions and the
challenging credit environment.
|
EUR
in billions
|
RBS
Acquired Businesses
|
|||||
30
September 2009
|
30
June 2009
|
31
December 2008
|
||||
Assets
|
||||||
Cash and
balances with central banks
|
14.5
|
12.2
|
5.3
|
|||
Financial
assets held for trading
|
91.9
|
100.2
|
211.7
|
|||
Financial
investments
|
54.9
|
55.9
|
52.0
|
|||
Loans and
receivables – banks
|
46.2
|
39.0
|
66.4
|
|||
Loans and
receivables – customers
|
79.5
|
98.7
|
119.8
|
|||
Other
|
18.0
|
15.5
|
23.0
|
|||
Total
assets
|
305.0
|
321.5
|
478.2
|
|||
Liabilities
|
||||||
Financial
liabilities held for trading
|
77.7
|
79.3
|
191.8
|
|||
Due to
banks
|
74.2
|
75.4
|
95.0
|
|||
Due to
customers
|
54.8
|
69.5
|
87.0
|
|||
Issued debt
securities
|
70.7
|
72.7
|
79.4
|
|||
Other
|
15.0
|
11.7
|
11.4
|
|||
Subordinated
liabilities
|
7.5
|
7.7
|
7.6
|
|||
Total
liabilities
|
299.9
|
316.3
|
472.2
|
|||
Allocated
equity
|
5.1
|
5.2
|
6.0
|
|||
Total
allocated equity and liabilities
|
305.0
|
321.5
|
478.2
|
|||
Risk-weighted
assets
|
51.6
|
53.2
|
80.4
|
(1)
|
Allocated
equity excludes the RBS share in the equity deficit in the shared assets
within the Central Items.
|
§
|
Total assets
and total liabilities of the RBS acquired businesses have reduced
significantly mainly due to the continued transfer of businesses and
activity to the RBS Group.
|
§
|
Trading
assets and liabilities reduced by EUR 120 billion and EUR 114 billion
respectively due to novations and a tightening of credit spreads of own
debt.
|
§
|
Loans have
reduced by EUR 42 billion due to maturing loans, transfers to RBS
including conduits, and the reclassification of EUR 4 billion of loans
from our Asian retail and commercial businesses to held for
sale.
|
§
|
The funding
and liquidity position of the RBS acquired businesses (the future ‘RBS
N.V.’) remains strong. The decrease in risk weighted assets principally
reflects the impact of assets transfers over the
period.
|
APPENDIX
III
|
Financial
results and position of the Group
|
EUR
in millions
|
2009
|
2008
|
|||||||||
YTD
|
Q3
|
Q2
|
YTD
|
Q3
|
|||||||
Profit and
Loss
|
|||||||||||
Net interest
income
|
3,369
|
1,043
|
1,118
|
4,229
|
1,583
|
||||||
Net fees and
commissions income
|
1,689
|
599
|
558
|
2,068
|
702
|
||||||
Net trading
income
|
693
|
524
|
608
|
(3,041)
|
(759)
|
||||||
Results from
financial transactions
|
(2,132)
|
(618)
|
(1,546)
|
(1,701)
|
(998)
|
||||||
Share of
result in equity accounted investments
|
35
|
8
|
10
|
102
|
18
|
||||||
Other
operating income
|
37
|
(118)
|
69
|
252
|
61
|
||||||
Income from
consolidated PE holdings
|
342
|
102
|
109
|
1,583
|
550
|
||||||
Operating
income
|
4,033
|
1,539
|
926
|
3,492
|
1,157
|
||||||
Operating
expenses
|
6,261
|
1,985
|
2,302
|
8,551
|
2,927
|
||||||
Operating
result
|
(2,228)
|
(446)
|
(1,376)
|
(5,059)
|
(1,770)
|
||||||
Loan
impairments and other credit risk provisions
|
2,502
|
793
|
1,028
|
986
|
507
|
||||||
Operating
loss before taxes
|
(4,730)
|
(1,239)
|
(2,404)
|
(6,045)
|
(2,277)
|
||||||
Tax
|
(968)
|
(223)
|
(547)
|
(1,357)
|
(449)
|
||||||
Loss
from continuing operations
|
(3,762)
|
(1,016)
|
(1,857)
|
(4,688)
|
(1,828)
|
||||||
Profit from
discontinued operations net of tax
|
100
|
1
|
96
|
16,456
|
10,711
|
||||||
Profit/(loss)
for the period
|
(3,662)
|
(1,015)
|
(1,761)
|
11,768
|
8,883
|
EUR
in millions
|
2009
|
2008
|
|||||||||
YTD
|
Q3
|
Q2
|
YTD
|
Q3
|
|||||||
Profit and
Loss
|
|||||||||||
Net interest
income
|
11
|
3
|
4
|
40
|
13
|
||||||
Results from
financial transactions
|
(4)
|
(38)
|
(13)
|
32
|
10
|
||||||
Other
operating income
|
-
|
-
|
-
|
-
|
-
|
||||||
Income from
consolidated PE holdings
|
(342)
|
(102)
|
(109)
|
(1,583)
|
(550)
|
||||||
Operating
income
|
(335)
|
(98)
|
(118)
|
(1,511)
|
(527)
|
||||||
Operating
expenses
|
(330)
|
(97)
|
(114)
|
(1,501)
|
(523)
|
||||||
Operating
result
|
5
|
(1)
|
(4)
|
(10)
|
(4)
|
||||||
Operating
loss before taxes
|
(5)
|
(1)
|
(4)
|
(10)
|
(4)
|
||||||
Tax
|
(5)
|
(1)
|
(4)
|
(10)
|
(4)
|
EUR
in millions
|
2009
|
2008
|
|||||||||
YTD
|
Q3
|
Q2
|
YTD
|
Q3
|
|||||||
Profit and
Loss
|
|||||||||||
Net interest
income
|
3,380
|
1,046
|
1,122
|
4,269
|
1,596
|
||||||
Net fees and
commissions income
|
1,689
|
561
|
558
|
2,068
|
702
|
||||||
Net trading
income
|
693
|
524
|
608
|
(3,041)
|
(759)
|
||||||
Results from
financial transactions
|
(2,136)
|
(580)
|
(1,559)
|
(1,669)
|
(988)
|
||||||
Share of
result in equity accounted investments
|
35
|
8
|
10
|
102
|
18
|
||||||
Other
operating income
|
37
|
(118)
|
69
|
252
|
61
|
||||||
Income from
consolidated PE holdings
|
-
|
-
|
-
|
-
|
-
|
||||||
Operating
income
|
3,698
|
1,441
|
808
|
1,981
|
630
|
||||||
Operating
expenses
|
5,931
|
1,888
|
2,188
|
7,050
|
2,404
|
||||||
Operating
result
|
(2,233)
|
(447)
|
(1,380)
|
(5,069)
|
(1,774)
|
||||||
Loan
impairments and other credit risk provisions
|
2,502
|
793
|
1,028
|
986
|
507
|
||||||
Operating
loss before taxes
|
(4,735)
|
(1,240)
|
(2,408)
|
(6,055)
|
(2,281)
|
||||||
Tax
|
(973)
|
(224)
|
(551)
|
(1,367)
|
(453)
|
||||||
Loss
from continuing operations
|
(3,762)
|
(1,016)
|
(1,857)
|
(4,688)
|
(1,828)
|
||||||
Profit from
discontinued operations net of tax
|
100
|
1
|
96
|
16,456
|
10,711
|
||||||
Profit/(loss)
for the period
|
(3,662)
|
(1,015)
|
(1,761)
|
11,768
|
8,883
|
EUR
in billions
|
Group
|
|||||
30
September 2009
|
30
June 2009
|
31
December 2008
|
||||
Assets
|
||||||
Cash and
balances with central banks
|
15.1
|
18.9
|
5.9
|
|||
Financial
assets held for trading
|
95.3
|
101.2
|
212.7
|
|||
Financial
investments
|
75.7
|
71.4
|
67.1
|
|||
Loans and
receivables - banks
|
55.6
|
52.8
|
75.6
|
|||
Loans and
receivables - customers
|
230.5
|
246.9
|
270.5
|
|||
Other
|
28.6
|
32.0
|
35.0
|
|||
Total
assets
|
500.8
|
523.2
|
666.8
|
|||
Liabilities
|
||||||
Financial
liabilities held for trading
|
80.3
|
80.0
|
192.1
|
|||
Due to
banks
|
63.8
|
68.8
|
94.6
|
|||
Due to
customers
|
195.3
|
204.0
|
209.0
|
|||
Issued debt
securities
|
98.9
|
102.1
|
111.3
|
|||
Other
|
33.6
|
39.9
|
29.2
|
|||
Subordinated
liabilities
|
12.8
|
12.2
|
13.5
|
|||
Total
liabilities
|
484.7
|
507.0
|
649.7
|
|||
Total
equity
|
16.1
|
16.2
|
17.1
|
|||
Total
equity and liabilities
|
500.8
|
523.2
|
666.8
|
|||
RWA
|
130.8
|
150.9
|
176.0
|
|||
BIS
ratio (percentages)
|
||||||
Core tier
1
|
13.09
|
11.94
|
10.10
|
|||
Tier
1
|
15.06
|
13.31
|
10.88
|
|||
Total BIS
ratio
|
20.17
|
17.93
|
14.43
|
ABN
AMRO HOLDING N.V.
|
||||||
Date:
|
4
February 2010
|
By:
|
/s/
David Cole
|
|||
Name:
|
David
Cole
|
|||||
Title:
|
Chief
Financial Officer
|
|
|
By:
|
/s/
Petri Hofsté
|
|||
Name:
|
Petri
Hofsté
|
|||||
Title:
|
Group
Controller & Deputy Chief Financial Officer
|