Highlights of the quarter
H Good quarter with a net profit of EUR 743 million reflecting a strong recovery in deposit margins supported by a
book profit on disposals and low impairments.
H Continued growth in mortgage and corporate loan books. Market leader in mortgages, with a market share of 19.1% in Q3.
H Net interest income (NII) has bottomed out as deposit margins are benefiting from higher interest rates; outlook
for the year has improved and NII is expected to be around EUR 5.3 billion for the full year (excluding incidentals).
H Underlying costs were 2% lower than in Q2; we expect full-year costs to be around EUR 5.3 billion, excluding incidentals
and additional costs for the new CLA.
H Impairments were EUR 7 million as the deteriorating macroeconomic outlook was offset by releases on non-performing loans. Prudent buffers remain in place.
H Our capital position remains strong, with a fully-loaded Basel III CET1 ratio of 15.2% and a Basel IV CET1 ratio
of around 16%. Risk-weighted assets increased by EUR 4.3 billion.
H Uncertainty about economic developments remains high, but we are well positioned and will continue to support our clients in these challenging times.

Message from the CEO
The third quarter was again dominated by global events. The
war in Ukraine has led to one of the largest humanitarian
crises in decades, of which the long-term consequences
are still difficult to assess. After a strong post-Covid
recovery in the Netherlands, economic growth is starting to
slow down due to high inflation, especially owing to the
sharp rise in energy prices, combined with higher interest
rates. The Dutch economy has strong fundamentals and the
government is stepping in with support packages to ease
the purchasing power shock. Uncertainty about economic
developments remains high and we expect an economic
slowdown. Although we are concerned about the outlook,
we are well positioned to weather this environment and will
continue to support our clients in these challenging times.
We maintained strong momentum in the third quarter as
our mortgage and corporate loan books continued to grow.
Our market share in mortgages improved further to 19.1%
in Q3 and we remained the market leader in the
Netherlands. We still face pressure on margins for
mortgages and corporate loans due to a delay in passing
on higher funding costs to clients.
In the third quarter, we delivered a good quarterly result,
with a net profit of EUR 743 million and an ROE of 13.9%,
supported by a book profit on disposals and low
impairments. NII, excluding incidentals, has bottomed out
as deposit margins continued to improve in the higher
interest rate environment. We now expect NII to be around
EUR 5.3 billion for the full year (excluding incidentals). Fee
income increased by 7% compared with Q3 2021, driven
by higher payment volumes, pricing and strong results at
Clearing. Net new assets at Wealth Management, excluding
custody assets, increased by EUR 1.0 billion. Costs in
the third quarter came down by 2% (excluding incidentals
and regulatory levies) compared with Q2 due to lower
staff costs. We expect full-year costs to be around
EUR 5.3 billion, excluding incidentals and additional
costs for the new CLA.
Against the backdrop of uncertainty and volatile markets,
we continue to focus on risk management. Credit quality
remains good and impairments were EUR 7 million for the
quarter as the deteriorating macroeconomic outlook was
offset by releases of non-performing loans. We continue to
monitor second-order impacts on our clients caused by the
war in Ukraine, including energy-intensive sectors, and
prudent buffers remain in place. Risk-weighted assets
increased by EUR 4.3 billion, mainly due to an adjustment
in the application of the SME support factor and changes
in the regulatory approach to models. Our capital position
remains strong, with a fully-loaded Basel III CET1 ratio of
15.2% and a Basel IV CET1 ratio of around 16%. We are
making progress in our AML remediation programmes, but
ongoing effort is required to complete the programmes
before the end of 2023.
We continue to deliver on our strategy to improve our
performance and meet our bank-wide strategic targets.
The three pillars of our strategy – customer experience,
sustainability and future-proof bank – will drive profitable
growth while we increase operational and capital efficiency.
We took our customer experience a step further as we are
continually developing new propositions for our clients both
within our own digital channels and embedded in third-party
digital channels. ID & pay is an embedded banking
innovation that simplifies the onboarding and payment
process for clients such as online brokers and shared
mobility services. This app provides a single digital
identification and payment functionality within the bank’s
secure environment. We are currently piloting the app with
Swapfiets, a ‘bicycle as a service’ company. Meanwhile
Tikkie, serving some eight million users in the Netherlands,
introduced a new feature called Groepie, which allows
multiple users to track and settle costs incurred as a group.
As we further integrate sustainability into the core of our
business, we recently financed a housing development
project with sustainable and affordable homes to help
meet demand, as the housing shortage in the Netherlands
remains severe. Our mortgage label Florius now offers
senior clients financing solutions for intergenerational and
informal caregiver homes, supporting their mobility in the
housing market and enabling future-proof living. Next
month, we will present our climate strategy as we take
the next step in our climate journey. We will present
intermediate targets for 2030 for five carbon-intensive
sectors as well as for our client assets portfolio and we
will provide a clear roadmap for further target setting.
Our climate journey ahead will depend on many factors
including regulation, technological developments and global
events. In our climate strategy, we will provide a compass
on how we make decisions going forward.

We are building a future-proof bank. The digital customer
experience is the main reason for many clients to recommend
our bank, and I am pleased that the third-quarter NPS for both
consumer and corporate clients improved compared with Q2,
with clients praising the functionalities of the ABN AMRO
app and Internet Banking. To strengthen the focus on mobile
banking, the key features of Grip, our personal finance
management app, will be integrated into the ABN AMRO
app, giving all users direct insight into their personal finances.
Meanwhile, vulnerable clients who have difficulty keeping
pace with technology can now attend special walk-in clinics
at libraries throughout the Netherlands. The clinics are run
by retired ABN AMRO staff on a volunteer basis.
Last month, we announced the departure of our Chief
Human Resources Officer Gerard Penning. We are
grateful for his dedication and hard work in recent
years. Meanwhile, I am very much looking forward to the
arrival of Carsten Bittner as our new Chief Innovation &
Technology Officer. He will be central to ABN AMRO’s
strategy of becoming a personal bank in the digital age.
I would like to extend my gratitude to all my colleagues for
their strong commitment and drive, and I am pleased we
have reached a new collective labour agreement. We will
continue to focus on being the preferred partner for our
clients, especially in these challenging times, and would
like to thank them for placing their trust in us.
Robert Swaak
CEO of ABN AMRO Bank N.V.

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