RBS Holdings N.V.
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Publicatie datum
28 feb 2008 - 08:49
Statutaire naam
RBS Holdings N.V.
Titel
Annual results for the year ended 31 December 2007
Bericht
ABN AMRO Group financial results 2007
Operating income increased by 5% to EUR 17,268 mln, reflecting good growth in Latin America, Asia and The Netherlands, where revenues grew by 28%, 30% and 7% respectively. Adjusted* operating income increased by 2% as ABN AMRO recorded a EUR 1,561 mln credit market related write-down in its Global Markets business due to the significant downturn in credit markets. ABN AMRO’s valuation methodology was aligned to that of Royal Bank of Scotland Group’s (RBS) in the fourth quarter of 2007. Excluding the write-down, adjusted operating income was up 12%.
Operating expenses increased by 15% to EUR 13,846 mln largely due to non-recurring expenses. Adjusted operating expenses increased by 7% primarily as a result of the expansion of the distribution infrastructure in Latin America and Asia, and the acquisition of Prime Bank in Pakistan and Taitung Business Bank in Taiwan.
Loan impairments were EUR 293 mln higher at EUR 1,704 mln, primarily as a result of strong loan growth in Brazil.
Taxes benefited from significant tax-exempt gains on disposals and tax credits in some countries, as well as substantial releases of (deferred) tax liabilities resulting from the finalisation of prior-year tax returns and conclusions on a number of additional items.
Reported net profit from continuing activities was EUR 1,798 mln and adjusted net profit from continuing activities was EUR 1,806 mln. Excluding the effect of the credit market related write-down (EUR 1,139 mln net), adjusted net profit from continuing operations was EUR 2,945 mln, up 18%.
Discontinued operations include the net of tax results from LaSalle, ABN AMRO Mortgage Group (AAMG), Antonveneta, BU Asset Management and Bouwfonds. The operating performances of LaSalle (nine months only), BU Asset Management, and AAMG (two months only) were in line with expectations. The operating performance of Antonveneta continued to disappoint (a loss of EUR 24 mln on a stand-alone basis compared
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