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ABN AMRO reports third quarter 2004 results: Sale of Bank of Asia, good cost control and low provisioning boost net profit over EUR 1 bln Third quarter 2004 performance (compared with the third quarter of 2003) Revenues down due to decline in US mortgage revenues Revenues, operating result and net profit include EUR 213 mln gain on Bank of Asia sale Good control of operating expenses (-1.4%) Provisions substantially lower (-64.7%) due to further improvement in credit quality Strong rise in net profit (+26.3%) Third quarter 2004 performance (compared with the second quarter of 2004) Provisions lower (-30.5%) primarily due to releases in WCS loan portfolio Net profit up (+6.5%) Further strengthening of tier 1 and core tier 1 ratios Chairman's Statement "The Group's operating result in the third quarter was satisfactory. The improved operating performances of the Business Unit Netherlands and the Wholesale Clients Strategic Business Unit partly compensated for the results of the Business Unit North America, which were disappointing due to the significant deterioration in mortgage market conditions in the United States compared with the previous quarter. Although a decline had been anticipated in the half-year results announcement, the decrease in mortgage results due to margin compression in the origination business was greater than expected. The Group's underlying operating result demonstrates once more the advantage of our diversified business mix. We also continued to benefit from our strong credit management skills and conservative provisioning policy over the years, which has led to low provisioning and a solid net profit. We expect these trends to continue for the remainder of 2004. In line with the above, we reiterate our net profit outlook for the full year to be at least 10% higher than the previous year (excluding the impact of the sale of Bank of Asia and LeasePlan Corporation), in spite of the lower operating result now expected." Kontaktinformationen: Amsterdam: ABN AMRO Bank N.V. Corporate Communications Press Relations (HQ 9140) P.O. Box 283 1000 EA Amsterdam The Netherlands London: ABN AMRO Press Office 250 Bishopsgate London EC2m 4AA United Kingdom Phone: +31 20 628 89 00 Outside office hours: +31 20 629 80 00 Fax: +31 20 629 54 86 Press officers: Robin Boon, Head of Press Relations Phone: +31 20 629 55 23 Steven Blaney Phone: +44 207 678 82 70 Anne-Marije Haijtink Phone: +31 20 383 06 51 Jochem van de Laarschot Phone: +31 20 629 52 07 Neil Moorhouse Phone: +31 20 629 55 25 Carolien Pors Phone: +31 20 628 63 21 Brigitte Seegers Phone: +31 20 628 47 48
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