In line with our purpose, ‘Banking for better, for generations to come’, we aim to make a positive impact, working together with our clients to tackle the challenges of our times. Combined with climate change and the aftermath of Covid, this is causing high levels of uncertainty with a large social impact. We were faced with a new set of circumstances such as the war in Ukraine, rising energy prices and inflation. In 2022 society and the bank once again demonstrated resilience in a challenging environment. To further strengthen strategy execution and accelerate the transformation, we will appoint a Chief Operating Officer who will be responsible for operational performance. 2023 will be a year of delivery as we continue our transition to becoming a personal bank in the digital age. Culture remains my main priority in order to do better on execution.

In the past year the transformation influenced our NPS and employee engagement scores and we need to improve client and employee satisfaction. And we made good progress on our AML remediation programmes, which we expect to finalise in 2023. The CIB non-core wind-down has almost been completed. We transformed the business into three client units, published our climate strategy and were market leader in mortgages. We executed our inaugural share buyback and maintained strict cost discipline. In a challenging environment all client units delivered better results.

Our return on equity (‘ROE’) for 2022 was 8.7%. The financial results for 2022 were marked by the normalisation of the interest rate environment and low impairments, while fee income increased by 7%. The current environment confirms our strategic choices as we benefit from our improved risk profile. ‘Our fourth quarter was a strong finish to a year in which we delivered a good financial result and made steady progress on the execution of our strategy. Steady progress in strategy execution 2023 will be a year of delivery as we continue our transformation to becoming a personal bank in the digital age.Our strong capital position enables us to support our clients in this challenging environment European economy more resilient than expected but we are cautious and prudent buffers remain in place.Final dividend of EUR 0.67 per share EUR 500 million share buyback programme announced, superseding the conditional share buyback permission announced in Q2.Capital position remains strong, with a fully-loaded Basel III CET1 ratio of 15.2% and a Basel IV CET1 ratio of around 16%.Impairments in Q4 were EUR 32 million, as additions for individual clients were partly offset by releases from macroeconomic scenarios Underlying costs 2% lower than in Q3 full-year costs 2023 expected around EUR 5.3 billion as inflation and higher investments delay the impact of savings programmes.NII strong as deposit margins continued to benefit from higher interest rates impact of higher rates expected to gradually level off.Good result in 2022, with a net profit of EUR 1,867 million and an ROE of 8.7% all client units delivered better results.Strong finish to the year with a net profit of EUR 354 million in Q4, reflecting higher interest rates and low risk costs.ABN AMRO reports net profit of EUR 1,867 million for FY2022 and announces share buyback

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