Higher interest rates boost ABN Amro profit by over 50%
ABN Amro, the Dutch bank, raised its profit by more than 50% last quarter, and its chief executive says the Dutch economy remained resilient.
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Illustrative photo: MabelAmber / Pixabay Content LicenseABN Amro increased its profit by more than 50% in the last quarter.
The bank benefited mainly from the rise in interest rates.
Chief executive Marguerite Bérard noted that the Dutch economy remained "resilient" (veerkrachtig).
A large reorganisation is also part of the picture. Around 5,000 jobs are being cut over several years, and almost half have already gone. The bank says it is on course to reach that goal in 2028.
Unions are very disappointed with the bank's latest pay offer and are pointing to the rising profit to make their case. The collective labour agreement (cao) expired last summer. Talks on a new one resume next week.
ABN Amro wants staff to be in the office at least half the time under the new agreement.
The Dutch state, a shareholder in the bank, is reducing its stake from about 20% to about 10% in the coming period.
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