ABN Amro booked net profit of €2.4 billion last year, down some 11% on 2023 due in part to higher tax costs, the financial services group said on Wednesday.

The underlying result, however, is “strong”, chief executive Robert Swaak said in his final results presentation.

“The year saw further growth in our net interest income and fee income,” Swaak said. “With the Dutch mortgage market rebounding during 2024, we managed to increase our market share for new production (loans) from 16% to 19%.”

The bank boosted its income from interest-based products to €6.5 billion, boosting its mortgage portfolio to €5 billion. ABN Amro also raised 7% more money from the fees it charges clients for services, such as a current account and mortgage advice.

Big banks

The three big Dutch banks have now all published their 2024 annual reports. Earlier this week, Rabobank said it had booked net profit of €5.16 billion last year, an increase of 18% compared to 2023.

The growth was seen across all sectors, with higher interest rates “supporting strong net interest income,” low loan impairment charges, and significantly lower regulatory levies, the bank said.

The third big Dutch bank, ING booked a net profit of €6.39 billion in 2023, down 12% on 2023. Q4 net profit dropped almost 26% to €1.15 billion compared to the same period in 2023.

However, an increase in the number of credit accounts, loans, and savings contributed to a full-year turnover of €22.6 billion, up marginally on 2023’s figure.