Full year 2003 performance (compared to full year 2002): net profit up with 31.1%, record operating result of EUR 6,208 mln, provisioning down by -24.8%, substantial improvement in efficiency ratio to 67.0%, tTier 1 ratio (8.15%) beats target for the year, increase in total dividend to EUR 0.95, intention to withdraw Dutch preference shares.
Fourth quarter 2003 performance (compared to the third quarter of 2003):
- Highest ever quarterly net profit (EUR 857 mln)
- Revenues up (0.7%)
- ?Increase in expenses (4.3%)
'Our performance in 2003 was very satisfactory and a significant step towards our longer term goals. Our operating result was above EUR 6 bn for the first time in history, driven by higher revenues and stringent cost control across all Strategic Business Units. The substantial improvement of the results of the Wholesale Clients Strategic Business Unit is particularly noteworthy in this regard.
We expect 2004 to be better than 2003 with a continuing improvement in our operating performance and net profit (albeit at a slower pace). Based on our 2003 results and our confidence in 2004, we will propose to shareholders to increase the final dividend from 45 to 50 euro cents, leading to a total dividend of 95 euro cents for the year.'
Source: ABN AMRO