ABN Amro has become the last of the four biggest Dutch banks to book sharply higher earnings in 2023, saying net profit had risen to €2.7 billion, compared with €1.9 billion in 2022.

The bank also announced plans for a new €500 million share buy-back scheme, which will generate €200 million for the Dutch state, which still owns a minority stake in ABN Amro following its nationalisation in during the 2008 financial crisis.

The bank said it had benefited from higher net interest income and that all units had contributed to the growth.

Dutch banks have been under fire for failing to pass on higher interest rates to their clients, but preferring instead to boost payments to shareholders. ABN Amro chief executive Robert Swaak said on Wednesday that it is the interest of all “stakeholders” that banks make healthy profits.

“Strong, safe and profitable banks are important for society as they support economic growth by financing companies and investments, facilitating the payment system and helping detect financial crime,” he said. “A healthy profit is also key to ensuring confidence and trust in banks, contributing to financial stability.”

The Netherlands’ fourth biggest banking group, Volksbank, said earlier this month it had booked net profit of €431 million last year, 126% up on 2022. ING booked net profit of almost €7.3 billion, double last year’s total, while Rabobank earnings rose 82% to €4.28 billion.