ABN AMRO Press Release: Update on fourth quarter results
January 16 2018 - 1:45AM
Update on fourth quarter
results
The fourth quarter 2017 results of ABN AMRO are
expected to include several large incidentals in our operating
income and operating expenses. The aggregate impact of these
identified large incidentals is expected to be not material.
In the fourth quarter ABN AMRO sold its remaining
equity stake in Visa Inc. shares. The sale resulted in a book gain
of EUR 114 million. Additionally a release of unearned interest and
mortgage penalties is expected to total around EUR 125 million.
These benefits are offset by three provisions.
First, in December the Amsterdam Court of Appeal ruled against ABN
AMRO in a case where ABN AMRO raised surcharges for mortgages with
Euribor interest rates. Given the nature and scope of this ruling,
ABN AMRO is expected to increase its existing provision by
approximately EUR 50m.
Second, as mentioned in the latest progress report
of AFM of last year, the execution of the recovery framework for
SME derivatives-related issues is more extensive than expected
requiring additional resources. Consequently, the project costs are
expected to rise with an additional EUR 80-100 million for which we
intend to book a provision.
Finally, in line with the statement made in the
third quarter results, we expect to take an additional
restructuring provision of around EUR 100 million related to the
reorganisation regarding digitalisation and process
optimisation.
The fourth quarter result is scheduled for
publication on 7 February 2018. All amounts mentioned are subject
to completion of our audit and approval processes.
ABN AMRO Investor
Relations
Ruud Jaegers, Deputy Head Investor Relations
investorrelations@nl.abnamro.com
+31 20 6282282
ABN AMRO Press Relations
Jeroen van Maarschalkerweerd, senior press officer
pressrelations@nl.abnamro.com
+31 20 6288900
ABN AMRO Press Release - Update on
fourth quarter results
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: ABN AMRO via Globenewswire
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