Full year 2004 performance (compared with full year 2003. Figures exclude proceeds from divestments and restructuring charges.): revenues up (+4.6%) excluding US mortgage income (-0.3% including US mortgage income), good cost control (+1.1%) across (S)BUs, provisions significantly down (-48.7%) in line with historical levels, full year dividend up by 5 euro cents to EUR 1.00 per share.
Fourth quarter 2004 performance (compared with the third quarter of 2004. Figures exclude proceeds from divestments and restructuring charges.):
- Revenues increase (+3.6%) across all (S)BUs
- Improved operating result (+6.7%)
- Provisions up (+84.1%) due to fewer releases and recoveries
- Net profit improves (+13.1%)
âWe achieved very good results in 2004 despite the mixed developments in the markets in which we operate. Even though economic growth was strong in the US, Brazil and Asia, we again witnessed low economic growth in Europe, in particular in the Netherlands, and a greater than expected downturn of the mortgage market in the US. We grew revenues in every business across the bank except for US mortgages,
kept costs under control and benefited from our strong credit skills, which led to much lower provisions. As a consequence, our net profit increased substantially. This demonstrates once more the value of our diversified income stream.
While the near-term global economic outlook remains mixed, the strengthening of our capital base and business franchises over the past four years leaves us well positioned to create additional value for our shareholders. The refinements in our strategy, combined with our revenue and cost management initiatives, will contribute to the realisation of our targets for the next four years.â
The full press release can be found on www.abnamro.com
Source: ABN AMRO