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ABN AMRO Bank N.V Annual Report ABN AMRO Bank N.V. 2014 Notes to the reader Introduction Introduction This is the Annual Report for the year 2014 of ABN AMRO Bank N.V. (ABN AMRO or ABN AMRO Bank). ABN AMRO is a wholly owned subsidiary of ABN AMRO Group N.V. (ABN AMRO Group). Strategic Report The objective of this annual report is to comply with regulatory requirements. The Dutch Civil Code (Book 2, Article 408) was amended in 2014. All entities with financial instruments that are issued and quoted at regulated markets are no longer exempt from publishing consolidated financial statements. As a result, ABN AMRO is required to publish audited consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). Business Report ABN AMRO still applies the group exemption (Dutch Civil Code, Book 2, Article 403) for its statutory financial statements. ABN AMRO Group accepts joint and several liability for debts of ABN AMRO arising from legal acts through a so-called 403 declaration. Furthermore, the consolidated financial statements of ABN AMRO Group in accordance with EU IFRS are publicly available. As a result, ABN AMRO is only required to publish its statutory financial statements in an abbreviated format, containing at least an abbreviated income statement and an abbreviated statement of financial position. The Annual Report includes the Managing Board report, Supervisory Board report, the Pillar 3 report, and the audited consolidated financial statements, as well as unaudited statutory financial statements. Risk & Capital Report Presentation of information This Annual Report complies with the financial reporting requirements included in Title 9, Book 2 of the Dutch Civil Code, where applicable. The Consolidated Annual Financial Statements contained in this Annual Report have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). Some chapters in the Risk & Capital report of this Annual Report contain audited information and are part of the Consolidated Annual Financial Statements. Audited information in these sections is labelled as ‘audited’ in the respective headings. Governance Report The statutory financial statements comply with Title 9, Book 2 of the Dutch Civil Code, and use the EU IFRS valuation principles that are applied in the consolidated annual financial statements. As of 2014, capital metrics and risk exposures according to Basel are reported under the Basel III (CRR/CRD IV) framework. Comparative figures for 2013 are reported according to Basel II. Where applicable, we have provided pro-forma figures for comparison purposes. Management has adopted a view to provide a better understanding of the underlying trends in financial performance. Annual Financial Statements The results reported in accordance with EU IFRS have been adjusted for defined special items. This report is presented in euros (EUR), which is ABN AMRO’s presentation currency, rounded to the nearest million (unless otherwise stated). All year-end averages in this report are based on month-end figures. Management does not believe that these month-end averages present trends that are materially different from those that would be presented by daily averages. Certain figures in this report may not tally exactly due to rounding. In addition, certain percentages in this document have been calculated using rounded figures. Other publications Furthermore, the annual report of ABN AMRO’s parent company, ABN AMRO Group N.V. including audited consolidated Other financial statements is available on abnamro.com/ir. For a download of this report or more information, please visit us at abnamro.com/ir or contact us at [email protected]. Introduction table of Introduction Strategic Report contents Strategic Report Introduction 2 Governance Report 211 Business Report Business Report ABN AMRO at a glance 2 Corporate governance 212 Message from the Chairman Supervisory Board report 229 of the Managing Board 4 Remuneration report 242 Message from the Chairman Employee representation 254 of the Supervisory Board 6 Senior Managing Directors 256 Strategic Report 9 Annual Financial Statements 257 Risk & Capital Report Key trends 10 Consolidated income statement 258 Risk & Capital Report Our profile 12 Consolidated statement of Strategic priorities 17 comprehensive income 259 Strategic governance 22 Consolidated statement of financial position 260 Consolidated statement of changes in equity 261 Business Report 23 Consolidated statement of cash flows 264 Economic environment 24 Notes to the Annual Financial Statements 266 Governance Report Regulatory environment 28 Other information 369 Governance Report Business review 31 Statutory financial statements of Financial review 58 ABN AMRO Bank N.V. (unaudited) 372 Our people 76 Independent auditor’s report Sustainability 82 on financial statements 377 Responsibility statement 86 Other 384 Risk & Capital Report 87 Definitions of important terms 384 Annual Financial Statements Annual Financial Statements Introduction to risk & capital management 88 Abbreviations 390 Risk & capital management 98 Enquiries 392 Risk & capital review 128 Cautionary statements 393 Additional risk & capital disclosures 192 Other Other Introduction ABN AMRO at a glance 2 Introduction ABN AMRO at a glance ABN AMRO Introduction at a glance Strategic Report Who we are Our conduct ABN AMRO is a full-service bank with a primary focus on the Netherlands and selective operations internationally. Core values We serve retail, private and corporate banking clients Our identity is reflected in our core values, which are based on our in-depth financial expertise and extensive embedded in our culture: knowledge of numerous industry sectors. trusted; Å Business Report Å professional; History Å ambitious. ABN AMRO has a long-standing history in banking and roots that go back for centuries. Following various Business principles legal and operational separations, combinations and I aim to provide my I build relationships restructurings, ABN AMRO is now a leading Dutch bank. clients with the best through Our business profile and international footprint has changed solutions collaboration while our historic roots and strong brand name remain. Risk & Capital Report I take I am a passionate responsibility professional Employees 22,215 FTEs I only take risks I am committed I understand to sustainable business practices Our businesses Å Retail Banking; Å Private Banking; Our goals Governance Report Å Corporate Banking. To be a full-service bank with a leadership role in the Dutch market. Internationally, we aim to be a capability-led Global headquarters bank in selected businesses and geographies. Amsterdam, The Netherlands Our strategic priorities Shareholders All shares in the capital of ABN AMRO Bank, representing Annual Financial Statements 100% of the voting rights, are held by ABN AMRO Group. Ultimately, all shares in the capital of ABN AMRO Group Enhance are held by the Dutch State through a foundation named client centricity NLFI. NLFI is responsible for managing these shares and Improve exercising all rights associated with these shares under profitability Dutch law, including voting rights. Corporate governance structure strategic Two-tier board consisting of a Supervisory Board priorities Invest in and a Managing Board. our future Pursue Other selective international Credit ratings ABN AMRO Bank growth Strongly commit Å S&P: A/negative/A-1 to a moderate Å Moody’s: A2/negative/P-1 risk profile Å Fitch: A+/negative/P-1 Å DBRS: A(high)/Stable/R-1(middle) ABN AMRO Bank Annual Report 2014 3 Introduction ABN AMRO at a glance Introduction Key figures Introduction Operating income Operating income Operating income by type of income by business segment by geography (in %) 4 (in %) 1 (in %) 7 12 21 35 Strategic Report Strategic Report 2014 2014 49 2014 EUR 8,055m EUR 8,055m EUR 8,055m 75 15 81 Net interest income Retail Banking The Netherlands Business Report Net fee and commission income Private Banking Rest of Europe Business Report Other operating income Corporate Banking Rest of the world Group Functions Underlying return on equity Underlying cost/income ratio CET1 (fully-loaded) 2017 target range 9-12 (in %) 2017 target range is 56-60 (in %) 2017 target range is 11.5-12.5 (in %) 15 100 30 12 10.9 80 24 Risk & Capital Report 64 Risk & Capital Report 59 60 9 8.2 60 18 14.1 12.2 6 5.5 40 12 10.0 3 20 6 2012 2013 2014 2012 2013 2014 2012 2013 2014 Underlying net profit Reported net profit Underlying cost of risk Governance Report (in millions) (in millions) (in bps) Governance Report 1,551 1,500 1,500 100 1,200 1,112 1,200 1,153 1,160 1,134 80 63 900 900 60 54 752 45 600 600 40 Annual Financial Statements 300 300 20 Annual Financial Statements 2012 2013 2014 2012 2013 2014 2012 2013 2014 Employees Client satisfaction Employee engagement (in FTEs) (in % client ratings >8) (in %) 25,000 100 100 23,059 22,289 22,215 20,000 80 80 74 76 15,000 60 60 55 53 50 50 Other 10,000 40 40 Other 5,000 20 20 2012 2013 2014 2012 2013 2014 2012 2013 2014 ABN AMRO Bank Annual Report 2014 Message from the Chairman of the Managing Board 4 Introduction Message from the Chairman of the Managing Board message from the Introduction Chairman of the Managing Board Strategic Report We devoted 2014 to further implementing our long-term strategy. This includes a deep focus of enhancing client centricity and continuously improving the quality of our products and services as well as the – less visible – IT and back-office processes. We made progress across the board in preparing ABN AMRO for the years ahead, and we are well on our way to meeting the targets set for 2017. Business Report Operating environment Yet while the supervisory authorities are requiring us The environment in which we operated in 2014 was to deliver new and highly detailed information, clients volatile.
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