ABN Amro profit misses estimates as expenses rise

ABN Amro Bank reported profit that missed analyst expectations on higher costs, in the last set of quarterly results presented by chief executive officer Robert Swaak. 

Net income at the Amsterdam-headquartered bank came in at 397 million euros ($556.8 million) in the fourth quarter, compared with analysts’ estimate of 448.5 million euros. Its operating expenses rose 10 per cent in the period, the bank said in a statement on Wednesday (Feb 12).

Swaak, who pulled the bank out of higher-risk businesses and narrowed its focus to consumer lending in the Netherlands and northwestern Europe, will step down without completing his second term. Former BNP Paribas executive Marguerite Berard is slated to take over his role on April 23 as European banks navigate an environment where interests rates have been falling.

The bank said it expects costs to be “broadly flat” for the year. BLOOMBERG