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ABN Amro Bank said Wednesday that fourth-quarter net profit was unchanged after being hit by low interest rates and high loan impairments in specific sectors at Corporate and Institutional Banking.
The Dutch lender ABN, +1.23% made a net profit for the quarter of 316 million euros ($408.7 million), compared with EUR316 million for the same period a year earlier.
Operating income declined to EUR2.10 billion from EUR2.16 billion, ABN Amro said.
The lender’s fully-loaded CET1 ratio–a measure of a bank’s financial strength–stood at 18.1% compared with 18.4% year before, it said.
The board declared a dividend of EUR0.68, down from EUR0.80 for the year-earlier period.
“We will continue to focus on costs in the next few years and will reap the benefits from the IT transformation,” Chief Executive Officer Kees van Dijkhuizen said.
