2023-08-09 05:54:45
ABN AMRO posted a sharp increase in profit in the second quarter due to the rise in interest rates. Like industry peer ING, the group reports almost a doubling of profit compared to a year ago.
ABN AMRO posted a profit of EUR 870 million in the quarter, compared to EUR 475 million in the same period last year.
Banks are currently benefiting from higher interest rates. For example, banks no longer have to pay interest themselves on money they deposit with the European Central Bank (ECB). They can also make better margins on savings, for example.
ING also almost doubled its profit last quarter compared to a year earlier, the bank announced last week. The financial group made a profit of 2.2 billion euros. This was mainly due to the rise in interest rates.
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