First half 2002 performance (compared to the first half of 2001)
* Revenues flat (+0.4%);
* Operating expenses continue to trend down (-2.1%);
* Operating result up (+6.9%);
* Provisioning up (+87.1%) in part due to several large corporate defaults;
* Efficiency ratio improves 180 basispoints to 71.0%;
* Risk-weighted assets considerably down (-8.4%) to EUR 250.5 bn;
* Interim dividend stable at EUR 0.45 per share.
Second quarter 2002 performance (compared to the first quarter of 2002)
* Operating result up by 3.4% on the back of stable revenues and strict cost management;
* Operating expenses trend down (-1.9%) for the fourth consecutive quarter;
* Provisioning up (+49.5%) in part due to several large corporate defaults;
* Tier 1 ratio slightly better despite the depreciation of the Brazilian real;
* Efficiency ratio improves 110 basispoints to 70.5%;
* Risk-weighted assets considerably down (-7.5%) to EUR 250.5 bn.
'We continue to be sceptical about the prospect of a meaningful economic recovery. However, we expect operating result for the year to be in line with our outlook. We have assumed a slightly higher level of provisioning for the year, due to the unprecedented level of corporate defaults. Given the combination of these factors, we expect the net profit for this year, excluding extraordinary items, to be in line with 2001 and therefore in line with our outlook as stated in February.'
For more information please visit www.abnamro.com.
(source: ABN AMRO Bank)