ABN Amro has reported a 4Q15 net profit of €272m, down 32% YoY, due to increasing regulatory costs, including a bank tax and contributions made to national funds for winding down banks and insuring deposits; these measures accounted for a €220m cost in the quarter, up from €91m a year ago. “The year-on-year improvement was achieved on revenues, which went up by 5 percent on the back of a further repricing of the loan portfolio and higher fee income. The company said it had also taken on new debt totalling €2.3bn since last year, mostly through its acquisition of Dutch lender ING Direct (nyse:
ABN Amro has reported a 4Q15 net profit of €272m, down 32% YoY, due to increasing regulatory costs, including a bank tax and contributions made to national funds for winding down banks and insuring deposits; these measures accounted for a €220m cost in the quarter, up from €91m a year ago. The company said it had also taken on new debt totalling €2.3bn since last year, mostly through its acquisition of Dutch lender ING Direct (nyse: