(Replacement of outdated attachement Q-report with minor non-material changes)
ABN AMRO Bank posts net profit of EUR 674 million in Q1 2024
Q1 - Key messages of the quarter

  * Very strong result with a net profit of EUR 674 million, driven by net
    interest income, fee income and low cost of risk
  * Business momentum remained good; our mortgage loan book grew by EUR 0.8
    billion and our corporate loan book by EUR 0.3 billion. We were market
    leader in mortgages in Q1
  * Continued strong net interest income as we continued to benefit from the
    current interest rate environment
  * Fee income higher, driven by good performance in all client units
  * Credit quality remains solid; impairments of EUR 3 million reflecting net
    additions for individual files and an improved macroeconomic outlook

* Strong capital position with Basel III CET1 ratio of 13.8% and Basel IV CET1

    ratio around 14%
  * Third share buyback programme of EUR 500 million finalised in May
  * Our new brand promise 'For every new beginning' reflects how we help our
    clients to move forward with every new beginning, building on our
    entrepreneurial spirit and expertise

Robert Swaak, CEO:
The Dutch economy continues to show resilience. Uncertainties remain as
geopolitical developments continue to pose a risk to the growth and inflation
outlook, which may also affect interest rate developments. Demand for credit
remains good and both our mortgage and corporate loan books grew. We were market
leader in new mortgage production, with a market share of 19% supported by
competitive pricing and the continuous improvement of the customer journey.
House prices are almost back to the record levels of 2022 and sentiment is
improving. We expect house prices to increase further, while the tight supply on
the housing market will continue to limit the number of transactions. Energy
labels are increasingly influencing house prices and we have extended the term
of our mortgages for financing sustainable home improvements from 15 to 30 years
to better support our clients in making their homes more sustainable.
In the first quarter of 2024 we delivered a very strong performance, with a net
profit of EUR 674 million. The resulting return on equity (ROE) was 11.6%. Net
interest income was strong at EUR 1,589 million as we continued to benefit from
the current interest rate environment. Fee income was higher at EUR 469 million,
as all client units performed better compared with both last year and last
quarter. Costs came down 11% in comparison with the first quarter of 2023 as
regulatory levies were lower, while staff costs for data capabilities,
digitalisation and regulation programmes remained high. We expect full-year
costs for 2024 to be around EUR 5.3 billion due to higher staff costs in the
second half of the year.
Credit quality remains solid and impairments in Q1 were EUR 3 million as net
additions for individual files, mainly at Corporate Banking, were almost fully
offset by the improved macroeconomic outlook and a decrease in management
overlays. Risk-weighted assets increased by EUR 4 billion, mainly reflecting
model-related add-ons and seasonal business developments. Our capital position
remains strong, with a fully-loaded Basel III CET1 ratio of 13.8% and a Basel IV
CET1 ratio around 14%. We continue to focus on the optimisation of our capital
position and are fully committed to generating and returning surplus equity to
shareholders in combination with targeted growth. In early May we finalised our
third share buyback programme, which had been announced in February.
Last month marked the beginning of 200 years of ABN AMRO, as our oldest
predecessor, the Netherlands Trading Society (Nederlandsche Handel-
Maatschappij), was established in April 1824. Over the years, we have often led
the field with innovative products and have supported various global enterprises
from their infancy. In 1928 we opened a Women's Bank for women who wanted to
handle their own banking and in 1948 we launched a travelling bank branch in the
form of a bus that drove around in new neighbourhoods. Today we continue to
build on this entrepreneurial spirit and expertise, always centred around our
clients.
Our new brand promise 'For every new beginning', which we launched in March,
projects our history into the future. We promise our clients to help them move
forward with every new beginning, big or small. To ensure we live up to our
promise, we are accelerating our journey towards becoming a personal bank in the
digital age with a clear licence to grow. We continue to consolidate the bank's
foundations by transforming our application processes and improving our model
and data landscape, while streamlining our operations to become more effective
and remain competitive. Our cost discipline remains important, and I am fully
committed to our strategic targets.
I would like to welcome Caroline Oosterloo-Van 't Hoff, who will take on the
role of Chief Risk Officer on an interim basis while we are in the process of
appointing a successor to Tanja Cuppen. Our staff are the backbone of our bank,
showing tremendous flexibility and determination to serve our clients. I would
like to thank them for making us the bank we are. Our clients are crucial to us,
and I realise that their trust is our most important asset. We do not take that
for granted.

 ABN AMRO Press Office                   ABN AMRO Investor Relations
 Jarco de Swart                          John Heijning
 Senior Press Officer                    Head of Investor Relations
 pressrelations@nl.abnamro.com           investorrelations@nl.abnamro.com
 (mailto:pressrelations@nl.abnamro.com)  (mailto:investorrelations@nl.abnamro.c
 +31 20 6288900                          om)
                                         +31 20 6282282

Key figures and indicators
(in EUR millions) Q1 2024 Q1 2023 Change Q4 2023 Change
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 Operating income                           2,197   2,142     3%   2,041     8%
 Operating expenses                         1,257   1,406   -11%   1,462   -14%

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Operating result 940 736 28% 580 62%
Impairment charges on financial

 instruments                                    3      14            -83
 Income tax expenses                          263     199    32%     117   125%

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 Profit/(loss) for the period                 674     523    29%     545    24%
 Cost/income ratio                          57.2%   65.6%          71.6%
 Return on average Equity                   11.6%    9.6%           9.5%
 CET1 ratio                                 13.8%   15.0%          14.3%

This press release is published by ABN AMRO Bank N.V. and contains inside
information within the meaning of article 7 (1) to (4) of Regulation (EU) No
596/2014 (Market Abuse Regulation).
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