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Risk taxonomy\u2002
Audited
A key outcome of the risk identification step in the ERM
cycle is the risk taxonomy, which provides the
foundation for the reiterative process of defining and
managing material risks within the bank\u2019s risk
management framework. The risk taxonomy is reviewed
and updated on an annual basis, or sooner if an update
is required due to the emergence of any new material
risk type.
The taxonomy considers materiality of risks based on
an\u00a0assessment of financial and non-financial impact in
combination with likelihood. The key financial risk types
related to our business model are credit risk, liquidity
risk and market risk in the banking book. The chart
below depicts our risk taxonomy in place for 2025.
In 2025, the bank reviewed and updated its criteria for
assessing materiality to ensure a focus on the most
relevant risks. In 2026, we will monitor and report on
our risks in accordance with the updated risk taxonomy.
Consistent with the principles underpinning the new
strategy, the risk taxonomy will be simplified in 2026,
concentrating on those risks that are most relevant for
the bank\u2019s steering and decision-making.
Risk taxonomy
Audited
External causal factors
Politics, (macro) economy, society, technology,
environmental, social and governance (ESG, e.g. physical and
transition risk, legislation and regulation)
Internal causal factors
People, processes, systems, balance sheet,
products (e.g. mis-selling, greenwashing), clients,
reputation and behaviour
\"Risk
\"Risk
Enterprise risk
Financial risk
Non-financial risk
Credit risk
Liquidity risk
HR risk
ICT risk
Fraud risk
Data risk
Market risk in
the banking
book
Business risk
Change risk
Compliance
risk
Model risk
Third-party
and
outsourcing
risk
Market risk in
the trading
book
ESG risk
Legal risk
Tax risk
Behavioural
risk
\"Risk
Value of the bank
\u2022 Financial\u2003\u2022 Reputational
Risk appetite framework\u2002
Audited
Our risk appetite determines the level of risk that the
bank is willing to take in order to pursue its strategy. It is
regularly evaluated and updated to ensure continuous
alignment with our strategy.
Strategic
Risk Appetite Statement
Strategic Risk Indicators
Bank
Risk Appetite Statement
Key Risk Indicators
Client Units RAS
Local & Entities RAS
The Strategic Risk Appetite Statement entails three
focus areas, each of which is substantiated by a
qualitative statement and concrete strategic risk
indicators (SRIs). In 2025, the Strategic Risk Appetite
Statement SRIs were further articulated in the bank-
wide Bank Risk Appetite Statement (bank RAS) and key
risk indicators (KRIs), which were cascaded to risk
appetite statements at a client unit level (client unit
RAS), local level (LRAS) and entity level (ERAS). In
alignment with the principles of ABN AMRO\u2019s new
strategy, the risk appetite framework will be adjusted in
2026, resulting in a simplified structure whereby the
strategic and bank RAS layers are consolidated into a
single bank-wide layer.
The risk indicator framework consists of quantitative
and/or qualitative SRIs and KRIs. A limit and checkpoint
is set for every SRI and KRI, against which the actual risk
profile is monitored. Examples of SRIs and KRIs in our
risk appetite include:
\u2022 regulatory and internal capital ratios
\u2022 risk-adjusted return metrics
\u2022 concentration limits for counterparties, products,
sectors and countries
\u2022 economic capital and risk-weighted asset limits for
various risk types
\u2022 regulatory and internal liquidity metrics
\u2022 market risk parameters (supervisory outlier test on net
interest income and supervisory outlier test on
economic value of equity)
\u2022 non-financial risk parameters (effectiveness of
internal control environment)
\u2022 several ESG risk appetite indicators
The status of adherence to the risk appetite and the
outlook are discussed every month by the Executive
Board, and every quarter by the Supervisory Board,
based on the CRO memo.
Strategic Risk Appetite Statement\u2002
Audited
Sustainable
business
model &
value
creation
Financial
soundness
Banking
for better,
for
generations
to come
Sound
operating
environment
Risk governance\u2002
Audited
Effective risk management requires organisation-wide
risk governance. Our risk and control structure is based
on the \u2018three lines of defence\u2019 governance model, which
has been designed to ensure risk is managed in line
with the risk appetite approved by the Executive Board
and Supervisory Board.
Three lines of defence
The three lines of defence model aims to clarify the
relationship between risk takers and the internal control
functions, and provides all employees within the bank
with clarity regarding their risk management
responsibilities. This defence model is applied across all
risk types and covers the whole organisation, including
the client units, functions, the Risk Management
organisation, outsourced activities and distribution
channels.
Three lines of defence\u2002
Audited
1
1st Line
of Defence
2
2nd Line
of Defence
3
3rd Line
of Defence
Risk Ownership
Risk Control & Oversight
Risk Assurance
Responsibility
\u2022 Delivers value-added services
to\u00a0our clients
\u2022 Owns and manages risks and
implements internal controls for
day-to-day operations
\u2022 Operates within the risk appetite
\u2022 Strikes the right balance between
return and risk in its decisions
\u2022 Seeks outside-in views and advice,
where necessary
\u2022 Ensure systems, processes and
reporting capabilities are
commensurate with its activities
and risk appetite
Responsibility
\u2022 Sets the bank-wide risk
management framework
\u2022 Sets risk policies and ensures
regulations are translated into
policies
\u2022 Sets the risk appetite
\u2022 Maintains risk control and oversight
through monitoring, reporting and
escalating, where necessary
\u2022 Provides independent challenge
and expertise to the First Line
\u2022 Proactively challenges the risk
management practices of the First
Line
\u2022 Provides outside-in views and
ensures consistency in risk
management practices across the
First\u00a0Line
Responsibility
\u2022 Protects and enhances
organisational value by providing
risk-based and objective assurance,
insight and added value to support
the achievement of our objectives
\u2022 Evaluates the design and
effectiveness of governance,
risk\u00a0management and control
processes, agrees with
management on remediation and
monitors follow-up
\u2022 The first line of defence comprises management
within each client unit or function (such as Finance,
Innovation & Technology, HR, Asset & Liability
Management/Treasury), who are responsible for
managing the risks they incur in conducting their
activities and for executing effective and efficient
controls.
\u2022 The second line of defence consists of dedicated
departments in the Risk Management organisation
and Legal, which are responsible for setting the risk
management framework as well as the risk appetite
within which the first line must operate.
\u2022 The third line of defence is the internal audit function,
which provides assurance on the adequacy of the risk
management activities performed by the first and
second lines of defence based on an independent
assessment.
Board-level oversight
ABN AMRO has a two-tier governance model consisting
of an Executive Board and a Supervisory Board. The
Executive Board and Supervisory Board of ABN AMRO
define the governance arrangements aimed at ensuring
effective and prudent management of the bank and
oversee the implementation of these arrangements.
The\u00a0Boards are accountable for setting, approving and
overseeing the implementation of the bank's risk
management framework, including:
\u2022 an adequate and effective internal governance and
internal control framework that includes a clear
organisational structure and well-functioning
independent internal risk management, compliance
and audit functions that have sufficient authority,
expertise, stature and resources to perform their tasks
\u2022 an adequate and effective three lines of defence
model at the bank
\u2022 a risk culture that addresses risk awareness at the
bank, risk ownership and risk-taking behaviour
\u2022 a corporate culture and values that foster responsible
and ethical behaviour, including a code of conduct
\u2022 the bank\u2019s key policies within the applicable legal and
regulatory framework
\u2022 the overall risk strategy, including the bank\u2019s risk
appetite and risk management framework and
measures to ensure the management body devotes
sufficient time to risk issues
\u2022 the amounts, types and distribution of both internal
capital and regulatory capital to provide adequate
cover for the bank\u2019s risks
\u2022 targets for the bank\u2019s capital and liquidity
management
The Risk Management organisation operates under the
direct responsibility of the Chief Risk Officer, who is a
member of the Executive Board.
Executive risk committees
The Executive Board is responsible for setting,
monitoring, reviewing and realising the bank\u2019s mission,
vision, strategy, risk appetite and risk framework, with a
view to creating long-term value for the bank and
ensuring that effective internal risk management and
control systems are in place. In this context, the
Executive Board approves the materiality assessment
methodology and results as well as the risk taxonomy
every year. The internal capital adequacy plan (ICAAP),
business model analysis and climate resilience analysis
are also approved by the Executive Board.
In the risk decision-making framework, the Executive
Board has set up three executive risk management
committees, which are described below.
Group Risk Committee
The Group Risk Committee (GRC) is mandated by the
Executive Board to monitor, assess and manage the
bank\u2019s risk profile within the approved risk appetite. The
GRC monitors and approves all material risks as defined
in the bank\u2019s risk taxonomy. The GRC is chaired by the
Chief Risk Officer and meets at least once a month.
The GRC has delegated specific approval powers to
sub-committees, including client unit and Innovation
and Technology (I&T) risk committees, Strategic Product
Approval Committees (SPACs), the Scenario and Stress
Testing Committee (SSC), the Impairment and
Provisioning Committee (IPC), the Financial Crime Risk
Committee (FCRC), the Engagement Committee, and
the Methodology Acceptance Group (MAG).
Group Central Credit Committee
The Group Central Credit Committee (CCC) is
mandated by the Executive Board to make decisions on
the acceptance of credit and counterparty risk in
respect of individual persons, legal persons and public
administrative bodies relating to credit proposals falling
within the scope of the risk appetite determined by the
Executive Board. In addition, the CCC is responsible for
approving and monitoring large intercompany credit
facilities. The CCC is chaired by the head of Credit Risk
and convenes twice a week.
Regulatory Committee
The Regulatory Committee (RC) is responsible for a
bank-wide understanding, adequate oversight and
decision taking on matters relating to the timely
regulatory compliance of the Group to current, new and
changing national and international laws and
regulations, supervisory expectations and the
remediation of supervisory findings. The RC is chaired
by the Chief Risk Officer and convenes at least once
every two months.
Stress testing and scenario analysis\u2002
Audited
ABN AMRO uses stress testing and scenario analysis as
an important risk management instrument. This entails
looking at profitability, capital and liquidity from a bank-
wide perspective in various scenarios on a regular basis.
The stress testing framework covers both internal and
external stress test types. In addition, sub-portfolio and
risk type-specific stress testing and scenario analyses
are performed. The outcome of stress testing is used for
setting and monitoring risk appetite limits and targets.
Purposes of stress testing
ABN AMRO applies stress testing for several purposes,
including:
\u2022 Business planning: various macroeconomic scenarios
for budget purposes.
\u2022 Capital planning: stress testing is used to gain insight
into the resilience of our capital under adverse
changes in the economic environment and
ABN\u00a0AMRO-specific circumstances.
\u2022 Risk appetite setting and monitoring: the outcome of
stress testing is used for setting and monitoring risk
appetite limits and targets, including limits under
stress.
\u2022 Contingency planning: stress testing is used to assess
and strengthen the triggers and measures in the
liquidity and capital contingency and recovery plans.
Reverse stress testing is performed to gain deeper
insight into plausible events that could put the
continuity of ABN AMRO under pressure.
\u2022 Risk type-specific and client unit stress testing, such
as market risk trading and banking book and
mortgage stress testing.
\u2022 Supervisory stress testing, based on prescribed
scenarios and assumptions. This includes the stress
test programme of the European Banking Authority
(EBA), which is designed to assess banks\u2019 resilience to
adverse economic or financial developments, and the
ECB economy-wide climate stress test, which aims to
evaluate the impact of alternative climate scenarios
on the resilience of the bank.
This figure shows the stress testing and scenario
analysis cycle.
Stress test & scenario analysis cycle\u2002
Audited
Risk
identification
Management
action
Stress testing
& scenario
analysis
Scenario
& scope
selection
Simulation
& impact
analysis on
ABN AMRO
Data sourcing,
models and
methodologies
Conduct, governance & control framework
Scenario projections for stress testing purposes are
based on quantitative models as well as expert
opinions. In general, the results are presented together
with the mitigating actions, based on contingency plans,
whenever they result in a breach of a pre-defined
internal threshold. The stress testing framework also
comprises the sensitivity scenarios that address the
impact of various severe events on specific portfolios,
countries and/or sectors, as well as the annual reverse
stress test, in line with regulatory requirements.
Environmental risks are also incorporated into our bank-
wide stress testing framework by including specific
events related to physical risk and drivers of transition
risk, such as carbon prices.
Credit risk management approach\u2002
Audited
Credit risk constitutes a key risk in our business model.
ABN AMRO employs two different approaches to
manage credit risk, which reflect the bank\u2019s way of
doing business. Standardised products and processes
are managed on a pooled basis (programme lending),
to which uniform risk criteria are applied. For
customised lending to counterparties (non-programme
lending), risks are assessed on an individual basis.
Credit risk management process\u2002
Audited
The following figure presents a simplified overview of
the credit risk management process.
Planning
Credit acceptance
Loan approval and
disbursement
Credit risk monitoring
Business and risk
control\u00a0functions
jointly\u00a0responsible
Restructuring
and recovery
High-risk monitoring
Non-programme
lending
Customised loans,
mostly Wealth
Management,
Corporate Banking
and Business
Banking
(within\u00a0P&BB)
Risk assessment
by client unit
Regular monitoring1
Restructuring
Continual update
of\u00a0risk\u00a0governance,
management and
policies
Processes reflect
guidelines for credit
risk\u00a0management
For programme lending,
product-specific
standards are established
ESG risk assessment for
larger OOEs and/or
periodically\u00a0at
portfolio\u00a0level
Analysis and credit
decision by credit
risk function
Increased risk
Recovery
Intensive monitoring
(\u2018Watch\u2019) 2
Loan disbursement
Programme
lending
Standardised
loans,\u00a0mostly
Personal Banking
(within P&BB)
Credit decision
based\u00a0on credit
score\u00a0and policy
rules
Account maintenance
Restructuring
Loan disbursement
Default prevention
Recovery
1 Daily monitoring or annual or semi-annual credit review.
2 \u2018Watch\u2019: status assigned to counterparties with an increased risk.
For more insight on our credit portfolio,
please refer to the Credit risk review section.
Planning
Within programme lending, the credit cycle starts with
the product planning phase, during which the product is
designed and/or reviewed. The goal is to optimise the
key drivers of risk and return within the context of
ABN\u00a0AMRO\u2019s strategy, risk appetite, clients\u2019 best
interests and sustainability. For non-programme
lending, the lending product is customised and not
subject to a product planning phase.
Credit acceptance
For a credit approval decision within programme
lending, client-specific risk drivers and external data are
taken into consideration to calculate a credit score
(scorecard). The credit decision is based on the
outcome of the scorecard in combination with the
application of policy rules.
Within non-programme lending, the credit acceptance
phase starts with the creation of a credit proposal by the
relevant client unit. The qualitative and quantitative
details of the credit risk associated with the loan are
assessed and documented. Information must be
provided on matters such as the purpose of the loan,
details and structure of the credit facility, the borrower
and other involved parties, the sector and geography,
management and owners, and potential ESG risks,
along with a detailed financial analysis. In addition,
compliance with internal policies is checked. The credit
proposal first requires approval from the client unit,
after which an analysis is performed by Risk
Management. The final credit decision is based on the
independent assessment by the credit risk function.
Credit risk assessment regarding ESG risks
As part of the credit risk acceptance process for
corporate clients, ESG risks are assessed and evaluated
based on the client\u2019s sector, size and the level of
preparedness for transitioning towards an ESG-aligned
business model. This involves different stages of the
credit lifecycle, including client onboarding, credit
acceptance and the periodical credit review. Various
tools are in place in order to assess these risks at client
level: the Client Assessment on Sustainability (CASY)
tool, the Transition Readiness Assessment (TRA) and the
Risk Classification Tool (RCT). The CASY and RCT
assessments are also subject to review by the credit risk
function. For more information on these tools, please
refer to Risk management of ESG matters - Risk
assessment and measurement
Credit risk monitoring
Consistent and regular monitoring of counterparties,
exposures, risk mitigants and ongoing compliance with
internal policies helps to safeguard the bank\u2019s position
in relation to all risks associated with the counterparties
and portfolios. Monitoring starts when the credit facility
is granted and continues throughout the lifecycle of the
credit facility and the relationship with the counterparty,
until the exposure has been fully repaid and/or the limit
has been cancelled.
Depending on whether a facility comes under
programme or non-programme lending, a time-based
or event-based review applies. For programme lending
portfolios, the entire risk management framework is
defined in a product programme, which must be
reviewed at least annually. Individual credit reviews are
performed on the basis of pre-defined triggers for risk-
based credit reviews. For non-programme lending, all
counterparties are subject to at least an annual review.
The review takes into consideration potential changes in
the risk profile of the counterparty that can impact
creditworthiness, compared with the assessment at the
point of loan origination.
If a situation arises in which an individual counterparty
shows signs of credit risk deterioration and action is
required to avoid the credit risk turning into a default
classification, a \u2018watch\u2019 status is assigned. This status
indicates that a counterparty is subject to increased
monitoring and appropriate follow-up measures, in
order to prevent further deterioration or a default.
Triggers for this status can be changes in the financial
position of the client, potential or actual breaches of
covenants, management issues, or the market or sector
outlook.
In addition to monitoring at counterparty level, the bank
monitors credit risk developments at aggregated level,
including at portfolio, client unit and bank-wide level.
Restructuring and recovery
Non-programme lending counterparties that are subject
to a default event are mandatorily transferred to the
Financial Restructuring & Recovery department (FR&R).
If a \u2018going concern\u2019 approach is applicable and return to
a performing status is considered likely, the
counterparty is transferred to the Restructuring team,
which will devise a plan aimed either at rehabilitation or
enhancement of the likelihood of full repayment. If a
\u2018gone concern\u2019 approach is applicable and the bank
does not expect that the restructuring will result in the
counterparty returning to a performing classification,
the counterparty is transferred to the Recovery team.
Once a client is considered able to meet its future
payment obligations and the involvement of FR&R is no
longer required, the client is transferred back to the
client unit.
Programme lending facilities are transferred to the Late
Collections department if a default status is assigned
because payments have been past due for more than
90 days or because another default trigger applies. If
restructuring is ultimately ineffective, the facility is
transferred to other internal departments or external
parties (such as Flanderijn) for debt collection.
Credit concentration risk\u2002
Audited
Credit concentration risk is the risk of losses arising from
large exposures to a single counterparty or group of
counterparties that are highly positively correlated.
Limiting excessive concentrations is fundamental to
our\u00a0credit risk strategy, and therefore we aim to keep
the credit risk portfolio sufficiently diversified. To avoid
credit risk concentrations, the bank sets maximum
levels for subgroups in the following categories:
\u2022 single counterparty and groups of related
counterparties (counterparty concentration)
\u2022 countries (geographic concentration)
\u2022 economic sectors (sector concentration)
\u2022 products (product concentration)
\u2022 ESG risk (physical and/or transition risk concentration)
Counterparty concentration
Counterparty concentration risk is the risk of losses
arising from large exposures to one counterparty or
group of counterparties in a risk group. A risk group is
an interrelated group of counterparties with a high
degree of interdependency due to a control
relationship. This control relationship may be due to
direct or indirect majority interests being held by the
same shareholder or group of shareholders.
Counterparty credit concentration risk is measured by
three metrics: one obligor exposure (OOE), economic
capital (EC) and loss at default (LAD). The OOE is the
total exposure to a risk group and includes all drawn
and undrawn credit facilities granted, plus all indirect
exposures, including guarantees and any other recourse
claims. EC is the internal measure of required capital we
reserve to protect against large unexpected losses,
while the loss at default is the expected loss in the
event that the counterparty defaults. The bank limits
counterparty credit risk by setting OOE, EC and LAD
limits. All credit applications with an OOE/EC/LAD
above the applicable limit are reviewed and require
approval from the Executive Board.
Geographic concentration
Geographic concentration risk is the risk of credit losses
arising from events or circumstances specifically related
to a country or region. ABN AMRO has branches and
subsidiaries located outside the Netherlands, as well as
clients who operate internationally.
Management of country risk focuses on cross-border
risk, which includes the risk that funds, goods or
services cannot be transferred out of a country as
a\u00a0result of actions by local authorities in that country
or\u00a0other events. These risks are managed by setting
country credit limits, based on individual country
analyses by economic, compliance and country risk
experts.
Country limits are reviewed at least once a year. Each
country also has an annually reviewed internal credit
rating, which is an important factor in managing country
concentration risks. As the Netherlands is our home
country, it is not included in any concentration risk
appetite statement or credit limit. Given that our
strategic focus is on Northwest Europe, our country risk
exposure has declined significantly in recent years.
Sector concentration
Sector concentration risk is the risk of losses arising
from large credit exposures to counterparties active in a
single economic sector. Sector concentration risk arises
when deterioration in a specific sector has an effect on
all credit exposures related to that sector. ABN AMRO
manages sector concentration risk by setting limits on
economic capital (EC) for credit risk in each sector as a
percentage of total EC for credit risk. Adhering to these
limits ensures a sufficiently diversified portfolio.
Product concentration
Product concentration risk is the risk of losses arising
from large credit exposures in a specific asset or
product class. This asset or product class concentration
can occur, for example, in residential mortgages,
commercial real estate and leveraged transaction loans.
Limits are defined for each product type in our risk
appetite.
ESG risk concentration
A concentration of clients that are exposed to high
climate transition or physical climate risks can also pose
a risk for the bank. The bank therefore monitors the
concentration of corporate exposures in sectors with
higher climate transition risk. In particular, we limit the
concentration of corporate loans in sectors contributing
highly to climate change and also carbon-related
corporate loans in such sectors. For managing climate
risk in the residential mortgages book, the bank
monitors the percentage of properties that have
relatively high climate transition risks and are located in
an area sensitive to physical climate risk.
Please refer to Effect of climate risk on traditional risk
types for a description of the effect of ESG risks on
credit risk and how these risks are managed.
Credit risk quality and impairment\u2002
Audited
We continuously monitor the credit portfolio for signs
indicating that a counterparty may become credit
impaired in the future. Loans at risk are classified into
different risk categories for individual counterparties
and into days-in-arrears buckets for groups of
aggregated counterparties in order to optimise the
monitoring and review of these loans.
Risk stages
At each reporting date, financial instruments in scope of
IFRS 9 are classified into one of three risk stages,
depending on current credit quality, or as purchased or
originated credit impaired (POCI).
The following flow chart shows the risk stage allocation
of financial instruments.
Asset in scope?
YES
Purchased or originated credit impaired (POCI)?
NO
YES
Default trigger hit?
NO
YES
Lifetime PD significantly deteriorated?
NO
YES
Watch list
Forbearance (but not impaired)
NO
YES
Days past due
0-30
>30
Stage 1
Stage 2
Stage 3
Stage POCI
Change in credit quality
The following figure shows the change in credit quality
of financial instruments since initial recognition. We use
quantitative and qualitative stage triggers to determine
whether a financial instrument should be classified as
stage 1 or stage 2. A transfer to stage 3 will always be
the result of the default of a financial instrument.
Change in credit quality since initial recognition
Stage 1
Stage 2
Stage 3
Performing
(Initial recognition)
Credit quality deteriorated
(Assets with significant increase in
credit risk since initial recognition)
Default = Impaired
(Credit impaired assets)
Recognition of ECL
12 month ECL
Lifetime ECL
Lifetime ECL
Interest income
Effective interest on
gross carrying amount
Effective interest on
gross carrying amount
Effective interest on amortised
cost (gross carrying amount less
loss allowance)
Calculation method for expected credit losses
ABN AMRO recognises loss allowances based on the
Expected Credit Loss (ECL) model of IFRS 9, which is
designed to be forward-looking. The amount of ECL is
based on the probability-weighted present value of all
expected cash shortfalls over the remaining life of the
financial instrument for both on- and off-balance sheet
exposures. ABN AMRO distinguishes between two types
of calculation methods for credit loss allowances:
\u2022 Individual lifetime ECL (LECL) for credit impaired
(stage 3) financial instruments with exposures above
EUR 5 million;
\u2022 Collective 12-month ECL (stage 1) and LECL (stage 2
and 3) for financial instruments that have similar
credit risk characteristics (e.g. residential mortgages,
consumer loans and SME loans); these are clustered
in portfolios and collectively assessed for impairment
losses. This applies to all financial instruments in
stage\u00a01 and stage 2 and to stage 3 exposures below
EUR\u00a05\u00a0million. ABN AMRO has models to quantify the
Probability of Loss (PL), Loss Given Loss (LGL) and
Exposure at Loss (EAL) for the purpose of calculating
the collective 12-month ECL and LECL for these
financial instruments.
Range of lifetime PD deterioration thresholds
The key quantitative metric that determines when a
financial instrument is transferred from stage 1 to
stage\u00a02 is the deterioration in the lifetime probability of
default (LPD) from the date of origination to the
reporting date, based on internal data. If the LPD
deterioration of an exposure is above a predefined
threshold, the LPD is considered to be significantly
deteriorated.
The following table shows LPD deterioration thresholds
that triggered transfers to stage 2 as at
31\u00a0December\u00a02025. The table provides ranges because
each product class uses multiple ECL models, and
thresholds are determined for each ECL model.
Product class
Range
Consumer lending
1.8x-4.0x
Residential mortgages
1.5x-2.1x
Corporate loans
1.3x-4.8x
Management overlays and other adjustments
Where necessary to reflect credit risk dynamics not
captured by our models, management judgement is
applied via a management overlay or other IFRS 9
adjustment. A management overlay is a temporary
adjustment in a loss allowance until a long-term
solution (e.g. model adjustment) is effective, and must
be an amount commensurate with the model limitation.
All overlays require a decision by the Impairment and
Provision Committee (IPC). The main types of
management overlays that ABN AMRO distinguishes
are: post-model adjustments (adjustments to model
outcomes), adjustments in the weightings of
macroeconomic scenarios and stage overrides. Other
adjustments, such as adjustments to model parameters
or input data, are not considered management overlays,
but follow the same internal approval process.
Forbearance
Forbearance is the process of making concessions to
clients who are or will soon be experiencing financial
difficulty, with the intention of bringing them back
within their payment capacity. A forborne asset is any
contract that has been entered into with a counterparty
that is in or about to face financial difficulty, and that
has been refinanced or modified on terms and
conditions that we would not have accepted if the
counterparty had been financially healthy.
Forbearance measures can be applied to contracts on
which the counterparty has already defaulted, as well
as\u00a0to contracts that are still performing. If the contract
is\u00a0considered to be performing at the time the
forbearance measure is taken, an assessment is made
to\u00a0determine whether the counterparty will be able to
meet the revised conditions of the contract and whether
full repayment of the credit facility is expected.
A forborne contract will cease to qualify as forborne
only when all the following conditions are met:
\u2022 The contract is considered performing;
\u2022 A minimum probation period of at least two years has
passed since the date of the last forbearance measure
or, if later, the date on which the forborne contract
was considered performing;
\u2022 Regular and timely payments of more than an
insignificant amount of principal or interest have been
made during at least half of the probation period;
\u2022 The counterparty does not have any contract, within
the credit agreement, that is more than 30 days past
due at the end of the probation period.
If the forborne contract is or has become non-
performing at the time of the forbearance measure,
a\u00a0mandatory cure period of at least one year applies to
the contract before it is returned to performing status.
The cure period starts when the contract becomes
non-performing or, if the contract was already
non-performing, when the last forbearance measure
was taken.
Forbearance lifecycle\u2002
Audited
Non-forborne
Forborne
Non-forborne
Defaulted forbearance clients
remain defaulted for at least a year
Performing
Cure
\u2265 1 year
Probation period
\u2265 2 year
Ceases to be
forborne
Forbearance measure
End of cure period
End of forbearance period
Performing
Non-performing
Performing
Past due credit exposures
A financial asset is past due if a counterparty fails to
make a payment on the contractual due date or if the
counterparty has exceeded an agreed credit limit.
ABN\u00a0AMRO starts counting days past due on the first
day that a counterparty is past due on any financial
obligation.
Credit impaired exposures
Financial assets classified under stage 3 are considered
credit impaired in accordance with IFRS 9. A\u00a0transfer to
stage 3 will always be the result of the default of a
financial instrument. The definition of default for IFRS 9
is aligned with the regulatory capital definition.
A\u00a0default is deemed to have occurred when the
counterparty is past due by more than 90 days on any
material financial credit obligation to the bank, or when
the bank considers the borrower to be unlikely to meet
its contractual obligations (unlikely to pay).
Credit risk measurement
Audited
The models used for measuring and managing credit
risk vary from purely statistical to expert-based models
and employ both quantitative and qualitative risk
drivers. All models are subject to the bank\u2019s model risk
management framework. They undergo initial validation
by the independent model validation function before
their first use, and are then monitored and validated
annually. Independent validation is also required when
a model is changed.
Probability of default
The probability of default (PD) indicates the likelihood
that a counterparty or exposure defaults within a one-
year time horizon. For the non-programme lending
portfolio, the model score is mapped to and expressed
as an internal uniform counterparty rating (UCR). The
UCR rating scale consists of 14 performing ratings, each
representing a fixed PD range. The indicative mapping
of the internal UCR rating scale to external rating
agency ratings is shown in the following table.
Internal rating scale mapped to external ratings
Grade Category
UCR
(internal rating)
Low
PD%
Mid
PD%
High
PD%
Standard & Poor's
equivalent
Moody's
equivalent
Fitch
equivalent
Investment grade
UCR 1
0.000
0.03
0.035
AAA to A+
Aaa to Aa3
AAA to AA-
UCR 2+
0.035
0.04
0.045
A+
A1
A+
UCR 2
0.045
0.05
0.071
A
A2
A+ to A
UCR 2-
0.071
0.10
0.127
A-
A3
A-
UCR 3+
0.127
0.16
0.200
BBB+
Baa1
BBB+
UCR 3
0.200
0.25
0.300
BBB
Baa2
BBB
UCR 3-
0.300
0.36
0.465
BBB-
Baa3
BBB-
Sub-investment grade
UCR 4+
0.465
0.60
0.775
BB+
Ba1
BB+
UCR 4
0.775
1.00
1.285
BB
Ba3
BB
UCR 4-
1.285
1.65
2.225
BB-
B1
B+
UCR 5+
2.225
3.00
4.243
B
B2
B
UCR 5
4.243
6.00
8.485
B-
Caa
B-
UCR 5-
8.485
12.00
16.971
CCC/C
Ca/C
CCC/C
UCR 6+
16.971
24.00
100
CCC/C
Ca/C
CCC/C
Default
UCR 6-8
100
D
C-D
D
Loss given default
Loss given default (LGD) models estimate the amount
the bank would lose if the counterparty were to default.
LGD is expressed as a percentage of the outstanding
amount at default. For credit facilities that are not in
default, LGD estimates are influenced by the risk
mitigating techniques used by the bank (such as
collateral coverage and/or third-party protection), the
credit facility\u2019s seniority and structure, and the bank\u2019s
view on the creditor-friendliness of the relevant
country's legal framework.
Exposure at default
Exposure at default (EAD) models estimate the
expected exposure at the time a counterparty defaults.
If all or part of a facility is undrawn (i.e. the outstanding
amount is less than the approved limit) at the time of
the EAD calculation, a portion of the undrawn amount is
added to the exposure to reflect the tendency of
counterparties to utilise larger portions of their
approved credit facilities when nearing default. The
portion of the undrawn amount is determined by using
the applicable credit conversion factor (CCF). Under the
Basel IV standards/CRR III requirements, own estimates
of CCF are only allowed for undrawn revolving
commitments; for all other types of credit facilities,
regulatory prescribed CCF values are used.
Rating assignment
For non-programme lending, the ratings are individually
assigned to each obligor (PD) and facility (LGD) by the
business account manager (first line of defence) and
approved by Credit Risk (second line of defence). For
programme lending exposures, ratings are not assigned
individually, but assigned to pools with similar
characteristics on a monthly basis. For all exposures, the
EAD estimation is assigned automatically, based on the
facility type and the undrawn part of the facility.
Capital for credit risk
Regulatory capital
For the purpose of determining capital requirements for
credit risk, ABN AMRO applies the Advanced Internal
Ratings Based (A-IRB) approach to the mortgages
portfolio of ABN AMRO Hypotheken Groep B.V. Under
this approach, the previously described internal
estimates for PD, LGD and EAD are used to calculate
credit risk RWA. Additionally, ABN AMRO applies the
Foundation Internal Ratings Based (F-IRB) approach to
its exposures towards banks and financial companies.
Under this approach, internal estimates are used for the
PD parameter only, while for LGD and EAD the
regulatory prescribed values are used to calculate credit
risk RWA. According to the Basel IV/CRR III
requirements, under both A-IRB and F-IRB approaches,
estimated risk parameters are floored to the regulatory
prescribed levels. For the other portfolios, the
standardised approach (SA) is applied, meaning that
regulatory prescribed risk weights are used to
determine credit risk RWA. The PD, LGD and EAD
models are still used for the SA portfolios for internal
purposes, such as origination, pricing, monitoring and
reporting, internal capital calculation and the
calculation of credit risk adjustments.
Economic capital
The EC model for credit risk uses a Monte Carlo
simulation to determine a full portfolio loss distribution,
taking into account specific portfolio characteristics and
diversification effects. Loan facilities are valued on an
economic value (mark-to-market) basis to ensure that
loss estimates can be based not only on defaulting
borrowers, but also on possible credit migrations and
changes associated with the market values of loans.
Credit risk overview\u2002
Audited
(in millions)
31 December 2025
31 December 2024
Cash and balances at central banks
49,486
44,464
Financial assets held for trading
2,044
2,503
Derivatives
3,933
4,347
Financial investments\u00b9
50,231
47,173
Securities financing
40,173
26,989
Loans and advances banks
2,170
2,049
Loans and advances customers
255,760
248,782
Other assets
4,993
5,518
Less: Other\u00b9
564
342
Other assets
4,429
5,176
On-balance sheet maximum exposure to credit risk
408,228
381,484
Off-balance sheet
Committed credit facilities
55,240
52,617
Guarantees and other commitments
6,609
6,638
Revocable credit facilities
36,983
38,093
Off-balance sheet credit facilities and guarantees
98,832
97,348
Maximum exposure to credit risk\u00b2
507,059
478,831
Adjustments on assets 2, 3
4,242
1,996
Valuation adjustments 4
-4,194
5,664
Offsetting and netting
-45,368
-33,229
Off-balance sheet credit facilities and guarantees
-98,832
-97,348
Off-balance sheet exposure fraction expected to be drawn prior to
default (credit conversion factors)
33,223
34,091
Total Exposure at Default 5
396,130
390,006
Credit risk RWA / Total Exposure at Default 5
29.3%
31.5%
1. This contains non-credit obligation assets and assets on accounts which are out of scope for credit risk.
2. Adjustment on assets includes equity positions.
3. Main adjustments on assets relate to selected financial assets held for trading and fair value adjustments from hedge accounting.
4. Adjustments on valuation include loan impairment allowances.
5. As of 1 January 2025, the figures in the table are prepared in accordance with CRR III (Basel IV) regulations. The figures up to 31 December 2024 were prepared in
accordance with CRR II (Basel III) regulations.
The above table shows the maximum exposure to credit
risk and the reconciliation with the total exposure at
default. Exposure at default is predominantly used for
the determination of regulatory and economic capital.
Following the transition to Basel IV as from
1\u00a0January\u00a02025 and the migration of portfolios to the
Standardised Approach in Q3 2025, we reviewed
certain tables in the Credit risk review section and
Additional risk, funding & capital disclosures sections.
This has led to changes in the presentation of
\u2018Overall\u00a0credit risk EAD and RWA\u2019 and \u2018Geographic
concentration by EAD\u2019. Comparative figures for 2024
have been updated accordingly. In addition, we
removed \u2018Credit quality by exposure class\u2019 and \u2018IRB
approach: credit quality by exposure class\u2019, given their
limited remaining added value due to the migration of
certain portfolios to the Standardised Approach.
Overall credit risk EAD and RWA
x
Audited
31 December 2025
Original
EAD
Less: Netting/
EAD mitigation\u00b3
EAD
- of which
RWA
RWA/EAD
(in millions)
Derivatives
Securities
financing
transactions
Credit risk IRB
Institutions\u00b9
10,192
1,082
9,110
746
1,704
1,247
13.7%
Corporates
1,802
121
1,680
348
941
520
31.0%
Retail
169,226
32,019
137,207
15,166
11.1%
\u00a0 - of which secured by immovable property
169,194
32,015
137,178
15,158
11.0%
\u00a0 - of which qualifying revolving exposures
\u00a0 - of which other retail
33
4
29
8
27.3%
Subtotal
181,220
33,223
147,997
1,094
2,645
16,933
11.4%
Equities not held for trading
1,151
1,151
3,265
283.7%
Total credit risk IRB
182,371
33,223
149,148
1,094
2,645
20,198
13.5%
Credit risk SA
Central governments and central banks
86,422
-34,165
120,587
36
198
357
0.3%
Institutions\u00b9
30,286
17,564
12,722
3,855
2,973
1,915
15.1%
Corporates
100,417
43,948
56,469
3,181
1,165
49,510
87.7%
Retail
12,919
8,096
4,823
3,554
73.7%
Covered bonds
924
924
95
10.3%
Secured by mortgages on immovable property
44,139
6,870
37,268
25,436
68.3%
Exposures in default
4,609
2,072
2,537
34
3,145
124.0%
Collective investments undertakings (CIU)
347
100
248
550
222.1%
Other\u00b2
2,984
235
2,749
1,968
71.6%
Total credit risk SA
283,048
44,720
238,328
7,107
4,337
86,532
36.3%
Risk exposure amount for contributions to the
default fund of a CCP
2,068
2,068
797
38.6%
Securitisation positions
6,511
1,309
5,202
689
13.2%
Credit valuation adjustment
1,385
1,385
186
13.4%
Other risk exposure amounts
7,750
Total credit risk
475,383
79,252
396,130
8,201
6,982
\u2014
116,153
29.3%
1. Institutions include exposures to banks and investment undertakings, regional governments and local authorities, and pension funds.
2. Other includes claims on institutions and corporates with a short-term credit assessment under the Standardised Approach and subordinated debt exposures under the
Standardised Approach.
3. Consists mainly of netting, secured funding trades, guarantees, credit conversion factors and impairments under the Standardised Approach.
31 December 2024
Original
EAD
Less: Netting/
EAD mitigation\u00b3
EAD
- of which
RWA
RWA/EAD
(in millions)
Derivatives
Securities
financing
transactions
Credit risk IRB
Institutions\u00b9
10,820
1,187
9,633
810
2,055
1,624
16.9%
Corporates
128,991
29,003
99,988
1,964
1,556
58,499
58.5%
Retail
172,472
4,712
167,760
18,495
11.0%
\u00a0 - of which secured by immovable property
164,118
571
163,547
17,369
10.6%
\u00a0 - of which qualifying revolving exposures
5,354
3,746
1,608
153
9.5%
\u00a0 - of which other retail
3,000
396
2,604
973
37.4%
Subtotal
312,282
34,902
277,380
2,774
3,611
78,618
28.3%
Equities not held for trading
1,100
1,100
3,423
311.3%
Other\u00b2
2,123
2,123
1,568
73.9%
Total credit risk IRB
315,505
34,902
280,603
2,774
3,611
83,609
29.8%
Credit risk SA
Central governments and central banks
79,926
-1,833
81,759
37
136
675
0.8%
Institutions\u00b9
28,434
14,104
14,330
3,750
4,252
1,149
8.0%
Corporates
21,817
15,473
6,344
1,109
1,166
5,226
82.4%
Retail
5,472
2,302
3,170
2,377
75.0%
Secured by mortgages on immovable property
598
12
587
209
35.7%
Exposures in default
330
172
158
213
134.6%
Collective investments undertakings (CIU)
36
36
19
54.8%
Other\u00b2
152
152
110
72.7%
Total credit risk SA
136,763
30,229
106,534
4,896
5,554
9,978
9.4%
Risk exposure amount for contributions to the
default fund of a CCP
716
Securitisation positions
2,869
2,869
371
12.9%
Credit valuation adjustment
122
Other risk exposure amounts
27,982
Total credit risk
455,137
65,131
390,006
7,670
9,165
122,779
31.5%
1. Institutions include exposures to banks and investment undertakings, regional governments and local authorities, and pension funds.
2. Other includes claims on institutions and corporates with a short-term credit assessment under the Standardised Approach and subordinated debt exposures under the
Standardised Approach.
3. Consists mainly of netting, secured funding trades, guarantees, credit conversion factors and impairments under the Standardised Approach.
As of 1 January 2025, we report our risk exposures in
line with Capital Requirements Regulation (CRR) III.
Comparative figures for 31 December 2024 are
reported under CRR II.
EAD increased to EUR 396.1 billion
(31\u00a0December\u00a02024: EUR 390.0 billion), largely as a
result of the increase in loans and advances, which was
partly offset by a higher fair value adjustment from
hedge accounting on residential mortgages.
Total RWA decreased to EUR 135.4 billion
(31\u00a0December 2024: 140.9 billion), driven by a
significant decrease in credit risk RWA of
EUR\u00a06.6\u00a0billion. Credit risk RWA mainly decreased
due\u00a0to RWA optimisation initiatives, including
methodological enhancements and data quality
improvements, and the wind-down of the Asset\u00a0Based
Finance portfolios. Risk transfers also
contributed to the decrease. The decrease in credit risk
RWA was partly offset by the transition of certain
portfolios to the Standardised Approach and the
acquisition of HAL. Market risk RWA decreased by
EUR\u00a00.5 billion over the year due to position changes.
CVA risk RWA (counterparty credit risk) increased by
EUR\u00a00.1\u00a0billion over the year. Operational risk RWA
increased by EUR 1.7 billion compared with 2024. This
RWA increase can be attributed to the bank\u2019s income
growth in the past few years, which forms the basis for
the RWA calculation, and to the inclusion of HAL in
Q3\u00a02025. In keeping with the CRR III regulations
regarding the operational risk framework, the three\u2011year
period used for the calculations is based on full
calendar years, with updates occurring in the fourth
quarter. Accordingly, the Q4 2025 operational risk own
funds requirements are based on financial figures from
the period 2023-2025.
Credit quality by internal rating scale mapped
to stages\u2002
Audited
The following table presents the gross carrying amount
of loans and the contractual amount of undrawn loan
commitments, classified by internal rating and risk
stage. In order to classify a client as stage 2, several
qualitative triggers are needed, which are not
necessarily dependent on internal ratings. Reference is
made to the Credit risk management section for more
information on internal ratings and stage determination.
The largest part of ABN AMRO's portfolio continues to
be classified in the highest and medium internal ratings
of stage 1. Stage 2 clients are mostly classified in the
medium internal UCRs, and mostly comprise corporate
loans and mortgage loans. Compared with 2024, the
share of the portfolio with an investment grade (UCR 1
to UCR 3 bucket) increased slightly, mainly due to
relatively higher investment grades in corporate loans,
which are the result of overall improved client ratings,
and in consumer loans, largely due to the
reclassification of loan portfolios of our subsidiary Alfam
to assets held for sale. Approximately 1.5% of the
bank's portfolio is reported in UCR 6+. This decline
compared with 2024 is mainly attributable to an
internal focus on reducing overdue revisions. In cases
where revision of the UCR is overdue, clients are
classified as UCR 6+ until a new rating is available.
During that time, the mid-PD of UCR\u00a06+ is used for
capital calculation purposes.
31 December 2025
31 December 2024
(in millions)
PD scale
UCR range
Stage 1
Stage 2
Stage 3\u00b3
Total\u00b3
Stage 1
Stage 2
Stage 3\u00b3
Total\u00b3
Residential mortgages
\u00a0 0.000 - <\u00a0 \u00a0 0.035
1\u00a0
69
5
74
73
4
77
\u00a0 0.035 - <\u00a0 \u00a0 0.127
2\u00a0
52,712
719
53,431
51,759
788
52,547
\u00a0 0.127 - <\u00a0 \u00a0 0.465
3\u00a0
70,016
4,896
74,912
65,597
4,976
70,573
\u00a0 0.465 - <\u00a0 \u00a0 2.225
4\u00a0
22,681
5,079
27,761
20,300
5,299
25,599
\u00a0 2.225 - <\u00a0 16.971
5\u00a0
406
3,677
4,083
420
4,383
4,803
16.971 - < 100
6+
21
952
972
23
667
690
100
6-8
1,952
1,952
1,919
1,919
Total residential mortgages
145,906
15,327
1,952
163,185
138,172
16,118
1,919
156,209
Consumer loans
\u00a0 0.000 - <\u00a0 \u00a0 0.035
1\u00a0
645
18
662
748
24
772
\u00a0 0.035 - <\u00a0 \u00a0 0.127
2\u00a0
753
8
760
651
8
659
\u00a0 0.127 - <\u00a0 \u00a0 0.465
3\u00a0
2,297
92
2,389
2,033
75
2,108
\u00a0 0.465 - <\u00a0 \u00a0 2.225
4\u00a0
1,855
155
2,009
2,469
114
2,582
\u00a0 2.225 - <\u00a0 16.971
5\u00a0
77
74
151
451
174
625
16.971 - < 100
6+
47
17
64
431
90
521
100
6-8
152
152
222
222
No rating
76
2
78
83
2
85
Total consumer loans
5,749
364
152
6,266
6,866
487
222
7,575
Corporate loans
\u00a0 0.000 - <\u00a0 \u00a0 0.035
1\u00a0
4,906
89
4,995
4,736
107
4,842
\u00a0 0.035 - <\u00a0 \u00a0 0.127
2\u00a0
8,185
24
8,210
7,580
47
7,627
\u00a0 0.127 - <\u00a0 \u00a0 0.465
3\u00a0
19,678
378
20,056
18,738
779
19,517
\u00a0 0.465 - <\u00a0 \u00a0 2.225
4\u00a0
28,321
3,768
32,089
26,378
4,343
30,721
\u00a0 2.225 - <\u00a0 16.971
5\u00a0
2,356
1,966
4,323
1,885
2,502
4,387
16.971 - < 100
6+
2,562
873
3,435
3,948
614
4,562
100
6-8
3,309
3,309
3,110
3,110
No rating
10,048
53
10,101
8,962
98
9,060
Total corporate loans
76,056
7,151
3,309
86,516
72,227
8,490
3,110
83,827
Other loans
\u00a0 0.000 - <\u00a0 \u00a0 0.035
1\u00a0
5,893
5,893
10,332
37
10,369
\u00a0 0.035 - <\u00a0 \u00a0 0.127
2\u00a0
16,474
3
16,476
8,345
8,345
\u00a0 0.127 - <\u00a0 \u00a0 0.465
3\u00a0
3,080
1
3,081
5,394
5,394
\u00a0 0.465 - <\u00a0 \u00a0 2.225
4\u00a0
2,609
2,609
2,252
2,252
\u00a0 2.225 - <\u00a0 16.971
5\u00a0
82
82
16.971 - < 100
6+
7
2
9
423
1
424
100
6-8
4
4
6
6
No rating
20,174
38
20,212
8,654
4
8,658
Total other loans\u00b9
48,236
43
4
48,283
35,483
42
6
35,531
31 December 2025
31 December 2024
(in millions)
PD scale
UCR range
Stage 1
Stage 2
Stage 3\u00b3
Total\u00b3
Stage 1
Stage 2
Stage 3\u00b3
Total\u00b3
Loan commitments and financial
guarantee contracts
\u00a0 0.000 - <\u00a0 \u00a0 0.035
1\u00a0
7,096
5
7,101
4,737
4,737
\u00a0 0.035 - <\u00a0 \u00a0 0.127
2\u00a0
15,848
36
15,884
15,308
60
15,368
\u00a0 0.127 - <\u00a0 \u00a0 0.465
3\u00a0
16,964
373
17,337
16,096
773
16,869
\u00a0 0.465 - <\u00a0 \u00a0 2.225
4\u00a0
11,795
2,016
13,811
12,385
1,516
13,901
\u00a0 2.225 - <\u00a0 16.971
5\u00a0
1,222
737
1,959
1,269
801
2,071
16.971 - < 100
6+
690
142
832
1,282
140
1,422
100
6-8
610
610
627
627
No rating
511
6
517
336
4
340
Total loan commitments and financial
guarantee contracts\u00b2
54,127
3,316
610
58,052
51,414
3,293
627
55,334
Total
\u00a0 0.000 - <\u00a0 \u00a0 0.035
1\u00a0
18,609
117
18,725
20,625
172
20,797
\u00a0 0.035 - <\u00a0 \u00a0 0.127
2\u00a0
93,972
789
94,761
83,644
902
84,546
\u00a0 0.127 - <\u00a0 \u00a0 0.465
3\u00a0
112,035
5,740
117,775
107,858
6,603
114,461
\u00a0 0.465 - <\u00a0 \u00a0 2.225
4\u00a0
67,261
11,017
78,279
63,784
11,272
75,056
\u00a0 2.225 - <\u00a0 16.971
5\u00a0
4,062
6,454
10,516
4,107
7,861
11,968
16.971 - < 100
6+
3,327
1,986
5,313
6,108
1,511
7,619
100
6-8
6,026
6,026
5,885
5,885
No rating
30,809
99
30,908
18,035
108
18,143
Total
330,075
26,201
6,026
362,302
304,162
28,430
5,885
338,476
1. Including Banks, Securities Financing and Government and official institutions.
2. Excluding performance letters of credit.
3. Including POCI.
Credit risk concentration\u2002
Audited
Geographic concentration
The exposures in the following table have been
classified on the basis of the geographical regions in
which clients are domiciled. The bank actively manages
and monitors the development of its country risk
exposures, based on the country at risk. The country at
risk may be different from the country of domicile, for
example if the bank finances a project in a country other
than the borrower\u2019s country of incorporation.
Geographic concentration by EAD\u2002
Audited
31 December 2025
(in millions, Exposure at Default)
The
Netherlands
Rest of
Europe
USA
Asia
Rest of
the world
Total
Institutions\u00b9
903
7,067
619
84
436
9,110
Corporates
54
1,256
213
152
4
1,680
Retail
137,059
123
9
14
2
137,207
\u00a0 - of which secured by immovable property
137,031
122
9
14
2
137,178
\u00a0 - of which qualifying revolving exposures
\u00a0 - of which other retail
28
1
29
Total IRB\u00b2
138,016
8,446
842
250
442
147,997
Central governments and central banks
76,944
30,651
8,323
4,246
422
120,587
Institutions\u00b9
2,451
8,086
1,056
83
1,046
12,722
Corporates
21,633
28,592
1,309
767
4,169
56,469
Retail
4,568
246
1
6
3
4,823
Secured by mortgages on immovable property
31,729
5,516
11
10
1
37,268
Other
3,911
2,400
80
29
38
6,458
Total SA\u00b3
141,237
75,490
10,779
5,141
5,680
238,328
Total IRB and SA 2, 3
279,253
83,937
11,621
5,391
6,123
386,325
Percentage of total IRB and SA 2, 3
72.3%
21.7%
3.0%
1.4%
1.6%
100.0%
1. Institutions include exposures to banks and investment undertakings, regional governments and local authorities, and pension funds.
2. Total Exposure at Default does not include EAD calculated for equities not held for trading and other non-credit obligations.
3. Exposure at Default does not include EAD calculated for other non-credit obligations.
31 December 2024
The
Netherlands
Rest of
Europe
USA
Asia
Rest of
the world
Total
Institutions\u00b9
1,158
6,977
817
141
540
9,633
Corporates
56,516
36,792
1,359
489
4,832
99,988
Retail
167,270
341
53
66
29
167,760
\u00a0 - of which secured by immovable property
163,087
315
52
65
28
163,547
\u00a0 - of which qualifying revolving exposures
1,581
23
1
1
1
1,608
\u00a0 - of which other retail
2,601
3
2,604
Total IRB\u00b2
224,944
44,110
2,229
697
5,401
277,380
Central governments and central banks
47,653
22,035
7,895
4,071
105
81,759
Institutions\u00b9
3,095
7,080
1,892
583
1,680
14,330
Corporates
3,351
1,514
838
434
207
6,344
Retail
3,083
81
2
3
2
3,170
Other
709
66
5
780
Total SA\u00b3
57,890
30,777
10,626
5,091
1,999
106,383
Total IRB and SA 2, 3
282,834
74,887
12,855
5,787
7,400
383,763
Percentage of total IRB and SA 2, 3
73.7%
19.5%
3.3%
1.5%
1.9%
100.0%
1. Institutions include exposures to banks and investment undertakings, regional governments and local authorities, and pension funds.
2. Total Exposure at Default does not include EAD calculated for equities not held for trading and other non-credit obligations.
3. Exposure at Default does not include EAD calculated for other non-credit obligations.
Our exposure in the Netherlands decreased to 72.3% of
the bank\u2019s portfolio as at 31 December 2025
(31\u00a0December 2024: 73.7%). Our exposure to clients in
the rest of Europe increased from 19.5% to 21.7%.
These clients were primarily located in neighbouring
countries, such as Belgium, France and Germany, and
our exposure in Germany increased due to the
acquisition of HAL. Our exposure to countries outside
Europe decreased slightly. Exposures in Asia and to the
USA were mainly related to treasury and clearing
activities.
Industry concentration\u2002
Audited
31 December 2025
31 December 2024
(in millions)
Gross carrying
amount 4, 5
Percentage
of total
Gross carrying
amount 4, 5
Percentage
of total
Loans and advances banks
2,174
0.8%
2,053
0.8%
Agriculture, forestry and fishing
6,574
2.5%
6,659
2.6%
Mining and quarrying
1,499
0.6%
1,576
0.6%
Manufacturing
5,448
2.1%
6,565
2.6%
Electricity, gas, steam and air conditioning supply
2,661
1.0%
2,241
0.9%
Water supply; sewerage, waste management and remediation
activities
611
0.2%
664
0.3%
Construction
3,077
1.2%
2,952
1.2%
Wholesale and retail trade; repair of motor vehicles and
motorcycles
7,712
2.9%
7,975
3.1%
Transport and storage
7,908
3.0%
8,749
3.4%
Real estate activities
13,189
5.0%
11,052
4.3%
Accommodation and food service activities
1,909
0.7%
1,733
0.7%
Information and communication
5,532
2.1%
4,851
1.9%
Financial and insurance activities\u00b9
19,166
7.3%
17,890
7.0%
Professional, scientific & technical activities
2,464
0.9%
2,024
0.8%
Administrative & support service activities
5,074
1.9%
5,358
2.1%
Human health services & social work activities
2,636
1.0%
2,630
1.0%
Other sectors\u00b2
1,057
0.4%
909
0.4%
Total corporate loans
86,516
32.8%
83,827
32.7%
Private individuals (residential mortgages and consumer loans)
169,450
64.2%
163,783
63.9%
Other loans\u00b3
5,936
2.2%
6,489
2.5%
Total non-industry classification
175,386
66.4%
170,273
66.5%
Total loans and advances customers
261,902
99.2%
254,100
99.2%
Total loans and advances
264,077
100%
256,153
100%
1. Financial and insurance activities include asset managers, credit card companies and providers of personal financial services and securities and brokers. The direct exposure to
private credit funds is limited to approximately EUR 0.2 billion as at 31 December 2025.
2. Other include loans to Public administration & defence, compulsory social security, Education, Arts, entertainment & recreation, Activities of households as employers,
Activities of extraterritorial organisations & bodies and Other services.
3. Other loans include loans to Government and official institutions and default fund contributions for our clearing clients.
4. Excluding loans at fair value through P&L.
5. Excluding fair value adjustments from hedge accounting.
Compared with 2024, the total corporate loan portfolio
grew by EUR 2.7 billion. As a result, the share of
corporate loans in total loans and advances to
customers increased marginally to 32.8% (2024:
32.7%). Portfolio composition by industry remained
stable. The top five industries in terms of exposures
were in the financial sector, followed by real estate,
transport and storage, wholesale and retail trade and
agriculture, which was the same as in 2024.
The table shows the industry in which the original
obligor, i.e. the counterparty with which ABN AMRO has
the contractual relationship, has its main activity. In the
exposure table, non-material industry clusters are
aggregated under Other. Industry concentration limits
are established within the bank\u2019s risk appetite, with the
thresholds for concentrations being based on relative
risk, the importance of the industry to the Dutch
economy and expert opinion.
Management of forborne, past due and
credit impaired loans\u2002
Audited
Credit risk reporting scope
Although all financial assets on our balance sheet are
subject to some form of credit risk, by far the largest
part is in loans and advances. To provide a meaningful
view of the credit risk in our lending book, the figures
presented in this section therefore relate to loans and
advances. Any credit risk outside the reported scope are
mentioned in the notes below the table. All figures are
reported gross of loan impairment allowances and
exclude fair value adjustments. The following table
provides a comparison between the gross carrying
amounts presented in this section and the consolidated
balance sheet.
Total loans and advances customers\u2002
Audited
31 December 2025
31 December 2024
(in millions)
Gross
carrying
amount\u00b3
Fair value
adjustment
from
hedge
accounting
Less: loan
impairment
allowance
Less:
amortisation
and
depreciation
Carrying
amount
Gross
carrying
amount\u00b3
Fair value
adjustment
from
hedge
accounting
Less: loan
impairment
allowance
Less:
amortisation
and
depreciation
Carrying
amount
Loans and advances
banks
2,174
4
2,170
2,053
4
2,049
Residential mortgages
163,185
-5,477
120
157,588
156,209
-4,686
133
151,390
Consumer loans\u00b9
6,266
74
6,192
7,575
130
7,445
Corporate loans\u00b9
86,516
42
1,026
85,532
83,827
102
1,100
82,829
Other loans and
advances customers\u00b9
5,936
1
1
5,935
6,489
2
6,487
Total loans and
advances customers\u00b9
261,902
-5,434
1,222
255,247
254,100
-4,584
1,364
248,152
Total loans and
advances\u00b9
264,077
-5,434
1,226
257,417
256,153
-4,584
1,368
250,201
Other
159,605
-1,588
124
2,100
155,793
138,184
-981
133
2,224
134,845
Total assets
423,681
-7,021
1,350
2,100
413,210
394,336
-5,565
1,501
2,224
385,047
Loans and advances
customers\u00b9
261,902
-5,434
1,222
255,247
254,100
-4,584
1,364
248,152
Consumer loans at fair
value through P&L\u00b2
486
486
600
600
Corporate loans at fair
value through P&L
28
28
30
30
Total loans and
advances customers
262,416
-5,434
1,222
255,760
254,730
-4,584
1,364
248,782
1. Excluding loans at fair value through P&L.
2. As a result of the implementation of IFRS 17 Insurance contracts, residential mortgages with an insurance feature and consumer loans with a death waiver have to be
recorded at fair value through profit and loss.
3. Excluding fair value adjustments from hedge accounting.
Fair value adjustments from hedge accounting for
residential mortgages and corporate loans resulted
from entering into interest rate swaps to hedge
fixed\u2011rate assets against changes in market interest
rates. The fair value adjustment for mortgages
increased as a result of higher market interest rates.
Forborne exposures
Clients in (or potentially in) financial difficulty and
whose contracts have been amended in ways that are
regarded as concessions on the part of the bank are
accounted for as forborne assets. The following table
provides an overview of forborne assets, broken down
into performing and non-performing assets, and
classified by the type of forbearance measure.
Overview of forborne assets\u2002
Audited
31 December 2025
Gross
carrying
amount\u00b2
Performing assets
Total per-
forming
forborne
assets
Non-performing assets
Total
non-per-
forming
forborne
assets
Total
forborne
assets
For-
bear-
ance
ratio
(in millions)
Tem-
porary
modifi-
cation
Perma-
nent
modifi-
cation
Refi-
nancing
Tem-
porary
modifi-
cation
Perma-
nent
modifi-
cation
Refi-
nancing
Loans and advances banks
2,174
0.0%
Residential mortgages
163,185
459
12
471
500
6
1
507
979
0.6%
Consumer loans\u00b9
6,266
7
24
5
37
20
7
15
42
78
1.2%
Corporate loans\u00b9
86,516
664
1,247
190
2,101
122
1,372
108
1,602
3,703
4.3%
Other loans and advances
customers\u00b9
5,936
2
2
2
0.0%
Total loans and advances
customers\u00b9
261,902
1,130
1,283
197
2,611
641
1,385
124
2,150
4,762
1.8%
Total loans and advances\u00b9
264,077
1,130
1,283
197
2,611
641
1,385
124
2,150
4,762
1.8%
Loans at FV through P&L
514
1
1
2
0.3%
Total loans and advances
264,590
1,132
1,283
197
2,612
642
1,385
124
2,151
4,763
1.8%
1. Excluding loans at fair value through P&L.
2. Excluding fair value adjustments from hedge accounting.
31 December 2024
Gross
carrying
amount\u00b2
Performing assets
Total per-
forming
forborne
assets
Non-performing assets
Total
non-per-
forming
forborne
assets
Total
forborne
assets
For-
bear-
ance
ratio
(in millions)
Tem-
porary
modifi-
cation
Perma-
nent
modifi-
cation
Refi-
nancing
Tem-
porary
modifi-
cation
Perma-
nent
modifi-
cation
Refi-
nancing
Loans and advances banks
2,053
0.0%
Residential mortgages
156,209
513
10
523
508
14
521
1,045
0.7%
Consumer loans\u00b9
7,575
20
45
3
68
9
25
12
46
114
1.5%
Corporate loans\u00b9
83,827
660
1,336
210
2,207
175
1,387
163
1,725
3,932
4.7%
Other loans and advances
customers\u00b9
6,489
1
1
1
0.0%
Total loans and advances
customers\u00b9
254,100
1,193
1,391
214
2,798
692
1,426
177
2,294
5,092
2.0%
Total loans and advances\u00b9
256,153
1,193
1,391
214
2,798
692
1,426
177
2,294
5,092
2.0%
Loans at FV through P&L
630
1
2
6
1
6
8
1.3%
Total loans and advances
256,783
1,194
1,392
214
2,799
698
1,426
177
2,301
5,100
2.0%
1. Excluding loans at fair value through P&L.
2. Excluding fair value adjustments from hedge accounting.
The forbearance ratio improved to 1.8%
(31\u00a0December\u00a02024: 2.0%). The forborne exposure
decreased to EUR\u00a04.8\u00a0billion (Q4 2024: EUR 5.1 billion),
mainly because permanent forbearance measures
relating to some corporate loans ended. Approximately
37% of the forborne exposure is now subject to a
temporary measure.
Past due not classified as stage 3\u2002
Audited
31 December 2025
Days past due
(in millions)
Gross
carrying
amount\u00b2
Assets not
classified as
stage 3 or POCI
\u2264\u00a030 days
>\u00a030 days &
\u2264 90 days
> 90 days\u00b3
Total past due,
but not stage 3
or POCI
Past due
ratio
Loans and advances\u00a0banks
2,174
2,174
0.0%
Residential mortgages
163,185
161,233
833
57
45
935
0.6%
Consumer\u00a0loans\u00b9
6,266
6,114
368
14
4
386
6.2%
Corporate loans\u00b9
86,516
83,207
581
47
5
633
0.7%
Other loans and advances customers\u00b9
5,936
5,932
0.0%
Total\u00a0loans and advances customers\u00b9
261,902
256,486
1,782
117
54
1,953
0.7%
Total\u00a0loans and advances\u00b9
264,077
258,660
1,782
117
54
1,953
0.7%
1. Excluding loans at fair value through P&L.
2. Excluding fair value adjustments from hedge accounting.
3. Materiality thresholds are applied for counterparties transferring to stage 3. Below these thresholds, amounts are reported on > 90 days past due.
31 December 2024
Days past due
(in millions)
Gross
carrying
amount\u00b2
Assets not
classified as
stage 3 or POCI
\u2264\u00a030 days
>\u00a030 days &
\u2264 90 days
> 90 days\u00b3
Total past due,
but not stage 3
or POCI
Past due
ratio
Loans and advances\u00a0banks
2,053
2,053
0.0%
Residential mortgages
156,209
154,290
1,195
26
3
1,224
0.8%
Consumer\u00a0loans\u00b9
7,575
7,353
356
16
20
392
5.2%
Corporate loans\u00b9
83,827
80,717
570
200
2
772
0.9%
Other loans and advances customers\u00b9
6,489
6,483
0.0%
Total\u00a0loans and advances customers\u00b9
254,100
248,842
2,122
242
25
2,389
0.9%
Total\u00a0loans and advances\u00b9
256,153
250,895
2,122
242
25
2,389
0.9%
1. Excluding loans at fair value through P&L.
2. Excluding fair value adjustments from hedge accounting.
3. Materiality thresholds are applied for counterparties transferring to stage 3. Below these thresholds, amounts are reported on > 90 days past due.
Past due exposures
When a counterparty is past due or exceeds its credit
limit, all loans and advances (total gross carrying
amount) in the related credit arrangement are
considered to be past due. The absolute and relative
materiality thresholds used for determining a defaulted
status do not apply for the purposes of classification as
past due. Below these thresholds, arrears of more than
90 days are reported as past due.
Total arrears fell EUR\u00a00.4 billion to EUR 2.0 billion, or
0.7%, compared with 31 December 2024. In Q4\u00a02025,
we made further progress in aligning the past due
reporting over the different segments, which led to an
increase in the >30 days buckets and a decrease in the
<=30 days buckets for residential mortgages.
Furthermore, a EUR 0.2 billion decline in loans in arrears
was observed in the medium term bucket of the
corporate loans category.
Coverage and stage ratios\u2002
Audited
31 December 2025
31 December 2024
(in millions)
Gross
carrying
amount\u00b2
Allowances
for credit
losses\u00b3
Coverage
ratio
Stage
ratio
Gross
carrying
amount\u00b2
Allowances
for credit
losses\u00b3
Coverage
ratio
Stage
ratio
Stage 1
Loans and advances banks
2,137
4
0.2%
98.3%
2,016
4
0.2%
98.2%
Residential mortgages
145,906
29
0.0%
89.4%
138,172
36
0.0%
88.5%
Consumer loans\u00b9
5,749
8
0.1%
91.8%
6,866
12
0.2%
90.6%
Corporate loans\u00b9
76,056
109
0.1%
87.9%
72,227
119
0.2%
86.2%
Other loans and advances customers\u00b9
5,926
0.0%
99.8%
6,478
0.0%
99.8%
Total loans and advances customers\u00b9
233,637
146
0.1%
89.2%
223,743
167
0.1%
88.1%
Stage 2
Loans and advances banks
37
0.0%
1.7%
37
0.0%
1.8%
Residential mortgages
15,327
39
0.3%
9.4%
16,118
42
0.3%
10.3%
Consumer loans\u00b9
364
5
1.5%
5.8%
487
15
3.1%
6.4%
Corporate loans\u00b9
7,151
96
1.3%
8.3%
8,490
170
2.0%
10.1%
Other loans and advances customers\u00b9
6
0.4%
0.1%
5
1.1%
0.1%
Total loans and advances customers\u00b9
22,848
141
0.6%
8.7%
25,100
226
0.9%
9.9%
Stage 3 and POCI
Loans and advances banks
Residential mortgages
1,952
52
2.7%
1.2%
1,919
55
2.9%
1.2%
Consumer loans\u00b9
152
61
40.1%
2.4%
222
102
46.1%
2.9%
Corporate loans\u00b9
3,309
821
24.8%
3.8%
3,110
811
26.1%
3.7%
Other loans and advances customers\u00b9
4
1
32.8%
0.1%
6
2
27.1%
0.1%
Total loans and advances customers\u00b9
5,417
935
17.3%
2.1%
5,258
971
18.5%
2.1%
Total of stages 1, 2, 3 and POCI
Total loans and advances banks
2,174
4
0.2%
2,053
4
0.2%
Residential mortgages
163,185
120
0.1%
156,209
133
0.1%
Consumer loans\u00b9
6,266
74
1.2%
7,575
130
1.7%
Corporate loans\u00b9
86,516
1,026
1.2%
83,827
1,100
1.3%
Other loans and advances customers\u00b9
5,936
1
0.0%
6,489
2
0.0%
Total loans and advances customers\u00b9
261,902
1,222
0.5%
254,100
1,364
0.5%
Total loans and advances\u00b9
264,077
1,226
0.5%
256,153
1,368
0.5%
1. Excluding loans at fair value through P&L.
2. Gross carrying amount excludes fair value adjustments from hedge accounting.
3. The allowances for credit losses excludes allowances for financial investments held at FVOCI (31 December 2025: EUR 1 million; 31 December 2024: EUR 1 million).
Overall portfolio developments in combination with
lower allowances for credit losses at Corporate Banking
resulted in a decrease in the stage 2 ratio and
the\u00a0stage\u00a02 coverage ratio. The stage 3 ratio remained
stable, while the stage 3 coverage ratio showed a
decline as a result of portfolio developments in the
corporate and consumer loan portfolios.
For residential mortgages, the stage 2 ratio fell to 9.4%
(Q4 2025: 10.3%) due to the growth of the total
portfolio and stage shifts. The coverage ratio for stage 3
was down slightly at 2.7% (Q4 2025: 2.9%), mainly as a
result of a reduction in modelled impairments.
Purchased or Originated Credit Impaired (POCI)
As at 31 December 2025, loans classified as POCI
amounted to EUR 84 million. The increase in POCI
compared with 31 December 2024 is due to the
acquisition of HAL. Due to the immateriality of this
amount, it has been included in the amount shown for
stage 3 throughout this report.
Exposure and impairment flows
This section provides more details on the exposure and
impairment flows underlying the change in coverage
and stage ratios shown in the previous section.
Total loans and advances\u2002
Audited
2025
2024
(in millions)
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Balance as at 1 January
225,759
25,136
5,258
256,153
228,418
21,940
4,707
255,066
Transfer to stage 1
5,574
-5,407
-167
8,704
-8,644
-59
Transfer to stage 2
-7,724
8,341
-617
-15,361
16,025
-664
Transfer to stage 3
-1,285
-1,214
2,499
-1,468
-1,186
2,654
Additional drawdowns and partial repayments
-18,760
-1,315
-590
-20,665
-16,518
1,265
-142
-15,394
Originated or purchased
52,982
49
81
53,112
42,922
42,922
Matured or repaid
-16,671
-2,433
-734
-19,837
-20,472
-4,170
-876
-25,518
Write-offs
-237
-237
-350
-350
Foreign exchange
-1,884
-62
-15
-1,961
1,017
50
21
1,088
Other movements
-2,217
-211
-61
-2,488
-1,483
-144
-34
-1,660
Balance as at 31 December
235,775
22,885
5,417
264,077
225,759
25,136
5,258
256,153
1. Excluding fair value adjustments from hedge accounting.
2. Including POCI.
Total loans and advances increased compared with
31\u00a0December 2024. This was mainly due to an increase
in mortgages and corporate loans, which was partly
offset by a decrease in consumer loans. Compared with
2024, there was a significant increase in total loans and
advances \u2018originated or purchased\u2019, which was due in
part to the acquisition of HAL.
There was a decrease in other movements in 2025,
which was primarily the result of consumer loan
portfolios of Alfam, and mortgages loans, being
reclassified to assets held for sale. Exposure flows per
product class are presented in the Additional risk,
funding & capital disclosures section.
Loan impairment charges and allowances\u2002
Audited
(in millions)
Banks
Residential
mortgages
Consumer
loans
Corporate
loans
Other
loans
Total loans
and advances
Off-balance
Balance as at 31 December 2024
4
133
130
1,100
2
1,368
97
Transfer to stage 1
-3
-3
-3
-8
-1
Transfer to stage 2
5
3
8
2
Transfer to stage 3
8
32
83
123
Remeasurements\u00b9
-14
-12
-33
-1
-59
-15
Changes in models
1
73
75
-1
Changes in risk parameters
-1
1
-3
-3
6
Originated or purchased
6
3
36
45
5
Matured or repaid
-12
-5
-59
-75
-6
Impairment charges (releases) on loans and
advances
-10
18
98
-1
106
-9
Write-offs
-3
-28
-206
-237
Unwind discount / unearned interest accrued
1
1
29
30
Foreign exchange and other movements
-47
6
-41
-24
Balance as at 31 December 2025
4
120
74
1,026
1
1,226
63
2025
Impairment charges (releases) on loans and advances
-10
18
98
-1
106
-9
Recoveries and other charges (releases)
-8
-25
-43
-76
Total impairment charges for the period\u00b2
-18
-7
55
-1
29
-9
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. The impairment charges for the period excludes charges (releases) for financial investments held at FVOCI 31 December 2025: EUR 0 million.
(in millions)
Banks
Residential
mortgages
Consumer
loans
Corporate
loans
Other
loans
Total loans
and advances
Off-balance
Balance as at 31 December 2023
3
198
147
1,254
3
1,605
109
Transfer to stage 1
-4
-4
-10
-18
Transfer to stage 2
6
23
29
2
Transfer to stage 3
16
29
137
181
Remeasurements\u00b9
-73
-15
-16
-2
-105
22
Changes in risk parameters
1
3
-11
-7
Originated or purchased
4
3
33
1
41
5
Matured or repaid
-14
-6
-60
-79
-7
Impairment charges (releases) on loans and
advances
-64
11
96
-2
41
22
Write-offs
-2
-31
-317
-350
Unwind discount / unearned interest accrued
1
3
22
1
27
Foreign exchange and other movements
-1
45
45
-34
Balance at 31 December 2024
4
133
130
1,100
2
1,368
96
2024
Impairment charges (releases) on loans and advances
-64
11
96
-2
41
22
Recoveries and other charges (releases)
-11
-25
-48
-83
Total impairment charges for the period\u00b2
-75
-13
48
-2
-42
22
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. The impairment charges for the period excludes charges (releases) for financial investments held at FVOCI 31 December 2024: EUR 1 million.
Loan impairment charges and allowances per stage\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Balance as at 1 January
170
226
971
1,368
237
289
1,079
1,605
Transfer to stage 1
82
-82
-8
-8
61
-70
-9
-18
Transfer to stage 2
-21
68
-39
8
-32
104
-43
29
Transfer to stage 3
-5
-31
159
123
-6
-29
216
181
Remeasurements\u00b9
-123
-36
100
-59
-106
-46
46
-105
Changes in models
24
17
34
75
Changes in risk parameters
-2
-2
-3
-5
-4
2
-7
Originated or purchased
45
45
41
41
Matured or repaid
-17
-13
-44
-75
-18
-24
-38
-79
Impairment charges (releases) on loans and
advances
-17
-79
202
106
-65
-68
174
41
Write-offs
-237
-237
-350
-350
Unwind discount / unearned interest accrued
30
30
27
27
Foreign exchange and other movements
-3
-7
-30
-41
-2
6
41
45
Balance as at 31 December
150
141
935
1,226
170
226
971
1,368
Impairment charges (releases) on loans and
advances
-17
-79
202
106
-65
-68
174
41
Recoveries and other charges (releases)
-76
-76
-83
-83
Total impairment charges for the period
-17
-79
125
29
-65
-68
91
-42
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. Including POCI.
Impairment charges of EUR 20 million (consisting of on-
balance sheet charges of EUR 29 million and an off-
balance-sheet release of EUR 9 million) were recorded
for 2025 (2024: a release of EUR 42 million and
off\u2011balance sheet charges of EUR 22 million charges).
Impairment charges were primarily related to corporate
loans and, to a lesser extent, consumer loans, and were
partly offset by impairment releases related to
residential loans.
For corporate loans, charges of EUR 55 million were
recorded in 2025, primarily due to an increase in
individual files over different sectors. In 2024, there
were charges of EUR 48 million. The increase in 2025
was partly offset by a decrease in management overlays
of EUR 51 million, which was largely attributable to the
decommissioning of the management overlay that had
been put in place to deal with the potential impact of
the government\u2019s nitrogen-reducing measures on
clients active in livestock farming. This risk is now taken
into account in the client\u2019s credit risk assessment. In
addition, there was a reduction of the overlay for
climate and environmental transition risk. This reduction
reflects updated figures and the incorporation of the
CER materiality framework methodology improvements
when estimating the impact of the CER on the expected
credit losses. Furthermore, the in-model adjustment for
the small business loans portfolio model was reduced,
based on model monitoring results.
For residential mortgages, releases of EUR 18 million
were recorded in 2025, compared with releases of
EUR\u00a075 million in 2024. The release in 2025 was mainly
caused by the improved House Price Index, which also
led to a decrease in the management overlay for
interest-only mortgages.
Individual and collective loan impairment allowances and management overlays\u2002
Audited
31 December 2025
(in millions)
Banks
Residential
mortgages
Consumer
loans
Corporate
loans
Other
loans
Total loans
and advances
Off-balance
Individual impairments
Stage 3\u00b9
41
685
1
728
50
Total individual impairments
41
685
1
728
50
Collective impairments
Stage 1
4
29
8
109
150
9
Stage 2
39
5
96
141
3
Stage 3\u00b9
52
20
136
208
Total collective impairments
4
120
33
341
498
13
- of which management overlay
72
5
77
Total impairments
4
120
74
1,026
1
1,226
63
Carrying amount of loans, determined to be impaired,
before deducting any assessed impairment allowance
1,952
152
3,309
4
5,417
1. Including POCI.
31 December 2024
(in millions)
Banks
Residential
mortgages
Consumer
loans
Corporate
loans
Other
loans
Total loans
and advances
Off-balance
Individual impairments
Stage 3\u00b9
42
600
2
643
80
Total individual impairments
42
600
2
643
80
Collective impairments
Stage 1
4
36
12
119
170
6
Stage 2
42
15
170
226
10
Stage 3\u00b9
55
60
212
327
Total collective impairments
4
133
88
500
724
16
- of which management overlay
85
56
140
Total impairments
4
133
130
1,100
2
1,368
96
Carrying amount of loans, determined to be impaired,
before deducting any assessed impairment allowance
1,919
222
3,110
6
5,258
1. Including POCI.
Total collective impairments amounted to
EUR\u00a0498\u00a0million as at 31 December 2025
(31\u00a0December 2024: EUR 724 million). These
impairments included expected credit losses (ECL) as
calculated by our IFRS 9 models and the management
overlays we recorded. The ECL calculations take into
account a probability-weighted average of three
economic scenarios. As the ECL model outcomes do not
always reflect the current economic environment and
circumstances, additional management overlays are
applied to incorporate novel risks not fully captured by
the model.
During 2025, management overlays significantly
decreased to a total of EUR 77 million
(31\u00a0December\u00a02024: EUR 140 million). Some of the
management overlays were recorded for risks in
corporate loans portfolios, where impairments declined
sharply from EUR 56 million to EUR\u00a05\u00a0million. This was
mainly due to the following factors:
\u2022 Discontinuation of the management overlay
introduced to address the potential impact of the
government\u2019s nitrogen reducing measures on clients
active in livestock farming. This decision reflects the
sector\u2019s demonstrated ability to manage associated
risks effectively. Furthermore, recent credit risk
assessments did not reveal any material increase in
client-level credit risk. The discontinuation resulted in
a release of EUR 29 million.
\u2022 Reduction of EUR 14 million in the climate and
environmental risk-related overlay, reflecting updated
figures and the incorporation of the CER materiality
framework methodology improvements in estimates
of the impact of the CER on the expected credit
losses.
\u2022 Discontinuation of the overlays covering potential
additional risk costs relating to the wind-down of
portfolios, leading to a release of EUR\u00a07\u00a0million.
The overlays recorded for risks in the interest-only
mortgages portfolio decreased from EUR 85 million to
EUR 72 million, primarily as a result of improved
collateral indexation.
All management overlays represent best estimates of
the risks involved. The underlying reasoning and
calculations are documented and are discussed and
approved by the Impairments and Provisioning
Committee (IPC).
Macroeconomic scenarios in 2025\u2002
Audited
(in millions)
Weight
Macroeconomic variable\u00b9
2026
2027
2028
2029
Unweighted
ECL 5
Weighted
ECL 5
Real GDP Netherlands\u00b2
2.4%
2.0%
1.4%
1.5%
Positive
15%
Unemployment\u00b3
3.7%
3.7%
3.7%
3.7%
449
House price index 4
5.7%
3.9%
3.2%
3.1%
Real GDP Netherlands\u00b2
1.2%
1.4%
1.4%
1.3%
Baseline
55%
Unemployment\u00b3
4.2%
4.3%
4.4%
4.4%
479
498
House price index 4
3.0%
2.3%
3.6%
3.7%
Real GDP Netherlands\u00b2
-0.3%
0.6%
1.3%
1.2%
Negative
30%
Unemployment\u00b3
6.0%
5.9%
5.8%
5.5%
559
House price index 4
-2.2%
-0.9%
1.7%
3.6%
1. The variables presented in this table are a selection of the key macroeconomic variables.
2. Real GDP Netherlands, % change year-on-year.
3. Unemployment Netherlands, % of labour force.
4. House price index Netherlands, average % change year-on-year.
5. Excluding ECL for stage 3 and POCI for exposures not affected by macroeconomic scenarios.
Macroeconomic scenarios in 2024\u2002
Audited
(in millions)
Weight
Macroeconomic variable\u00b9
2025
2026
2027
2028
Unweighted
ECL 5
Weighted
ECL 5
Real GDP Netherlands\u00b2
2.6%
2.1%
1.7%
1.3%
Positive
15%
Unemployment\u00b3
3.5%
3.5%
3.6%
3.5%
639
House price index 4
7.5%
3.8%
3.0%
3.0%
Real GDP Netherlands\u00b2
1.5%
0.8%
1.2%
1.3%
Baseline
55%
Unemployment\u00b3
3.9%
4.2%
4.4%
4.4%
692
724
House price index 4
7.0%
3.5%
2.1%
2.5%
Real GDP Netherlands\u00b2
0.5%
-0.4%
0.7%
1.2%
Negative
30%
Unemployment\u00b3
6.0%
6.0%
5.8%
5.7%
826
House price index 4
0.2%
-4.5%
1.5%
2.6%
1. The variables presented in this table are a selection of the key macroeconomic variables.
2. Real GDP Netherlands, % change year-on-year.
3. Unemployment Netherlands, % of labour force.
4. House price index Netherlands, average % change year-on-year.
5. Excluding ECL for stage 3 and POCI for exposures not affected by macroeconomic scenarios.
Credit risk mitigation\u2002
Audited
Collateral reporting is based on the net collateral value
(NCV). The NCV represents the amount expected to be
recovered from the collateral pledged to the bank if the
client defaults. Where necessary, certain discounts are
applied. The NCV is approached by an average recovery
rate observed for the specific type of collateral and,
where applicable, by applying haircuts, for example in
the event of currency mismatches. Surplus collateral is
the amount of over-collateralisation, calculated on an
individual basis. A surplus is not included for
guarantees, as the debtor cannot be held liable for
more than the maximum debt.
Financial assets: offsetting, netting, collateral and guarantees\u2002
Audited
31 December 2025
Offset in the statement of financial
position
Not offset in the statement of financial position
Net
exposure 5
(in millions)
Carrying
amount
before
balance-
sheet
netting
Less:
balance-
sheet
netting with
gross
liabilities
Carrying
amount\u00b2
Master
netting
agree-
ment\u00b3
Financial
instru-
ments
collateral
Property
& equip-
ment
Other
collateral
and guar-
antees
Total risk
mitigation
- of which
surplus
collateral 4
Financial assets held for
trading
2,044
2,044
2,044
Derivatives
3,933
3,933
2,295
1,181
3,476
37
494
Financial investments
50,231
50,231
50,231
Securities financing
44,214
4,041
40,173
985
43,772
44,757
5,453
870
Interest-bearing deposits
1,137
1,137
33
33
1,104
Loans and advances
708
708
468
816
1,284
814
238
Other
326
326
326
Total loans and advances
banks
2,170
2,170
501
816
1,316
814
1,668
Residential mortgages
163,065
163,065
2,816
347,227
628
350,670
191,335
3,729
Consumer loans
6,192
1
6,192
3,489
3,705
36
7,229
2,691
1,653
Corporate loans
86,218
728
85,490
1,414
31,317
52,051
3,333
88,115
33,171
30,546
Other loans and advances
customers
5,934
5,934
11
19
2
31
11
5,914
Fair value adjustment from
hedge accounting
-5,434
-5,434
-5,434
Total loans and advances
customers\u00b9
255,975
729
255,247
1,424
37,622
403,002
3,998
446,045
227,208
36,409
Loans at fair value through P&L
514
514
1,867
20
1,887
1,376
3
Total loans and advances
customers
256,489
729
255,760
1,424
37,622
404,868
4,018
447,932
228,584
36,412
Other assets
3,877
3,877
9
423
432
3,446
Total\u00a0on-balance sheet
subject to netting and
pledged agreements
362,959
4,769
358,190
5,214
83,390
404,868
4,441
497,913
234,888
95,165
Assets not subject to netting
and pledged agreements
55,020
55,020
55,020
Total assets
417,979
4,769
413,210
5,214
83,390
404,868
4,441
497,913
234,888
150,185
Total\u00a0off-balance sheet
98,832
98,832
1,336
10,883
618
12,837
3,910
89,904
Total on- and off-balance
sheet
516,811
4,769
512,041
5,214
84,726
415,751
5,059
510,750
238,798
240,090
1. Excluding loans at fair value through P&L.
2. Carrying amount includes loan impairment allowances where applicable.
3. Collateral in the column Master netting agreement is mainly markets related and consists of master netting agreements which also includes cash collateral as part of these
agreements. Cash collateral not part of master netting agreements has been reported under the column Financial instruments.
4. Surplus collateral is the amount of over-collateralisation, calculated on an individual basis.
5. Net exposure represents the portfolio corrected for the surplus amount and gives a view on the potential shortfall in collateral on the total portfolio.
31 December 2024
Offset in the statement of financial
position
Not offset in the statement of financial position
Net
exposure 5
(in millions)
Carrying
amount
before
balance-
sheet
netting
Less:
balance-
sheet
netting with
gross
liabilities
Carrying
amount\u00b2
Master
netting
agree-
ment\u00b3
Financial
instru-
ments
collateral
Property
& equip-
ment
Other
collateral
and guar-
antees
Total risk
mitigation
- of which
surplus
collateral 4
Financial assets held for
trading
2,503
2,503
2,503
Derivatives
4,347
4,347
3,176
639
3,815
103
635
Financial investments
47,173
47,173
47,173
Securities financing
32,192
5,203
26,989
847
32,348
33,195
6,452
246
Interest-bearing deposits
1,169
1,169
16
16
1,153
Loans and advances
707
707
527
728
1,255
721
173
Other
174
174
174
Total loans and advances
banks
2,049
2,049
543
728
1,271
721
1,500
Residential mortgages
156,076
156,076
2,695
325,975
372
329,041
176,542
3,577
Consumer loans
7,446
1
7,445
2,866
3,958
48
6,873
2,928
3,501
Corporate loans
83,433
705
82,727
1,759
30,917
54,489
3,303
90,468
37,508
29,767
Other loans and advances
customers
6,491
4
6,487
49
31
80
10
6,417
Fair value adjustment from
hedge accounting
-4,584
-4,584
-4,584
Total loans and advances
customers\u00b9
248,863
711
248,152
1,808
36,478
384,453
3,723
426,463
216,988
38,677
Loans at fair value through P&L
630
630
1,715
1,715
1,252
167
Total loans and advances
customers
249,493
711
248,782
1,808
36,478
386,168
3,723
428,178
218,239
38,843
Other assets
4,652
4,652
7
584
1,163
1,754
584
3,482
Total\u00a0on-balance sheet
subject to netting and
pledged agreements
342,409
5,914
336,496
6,380
70,777
386,168
4,887
468,212
226,099
94,383
Assets not subject to netting
and pledged agreements
48,551
48,551
48,551
Total assets
390,960
5,914
385,047
6,380
70,777
386,168
4,887
468,212
226,099
142,934
Total\u00a0off-balance sheet
97,348
97,348
1,952
11,547
845
14,344
5,478
88,482
Total on- and off-balance
sheet
488,308
5,914
482,394
6,380
72,729
397,715
5,732
482,556
231,577
231,415
1. Excluding loans at fair value through P&L.
2. Carrying amount includes loan impairment allowances where applicable.
3. Collateral in the column Master netting agreement is mainly markets related and consists of master netting agreements which also includes cash collateral as part of these
agreements. Cash collateral not part of master netting agreements has been reported under the column Financial instruments.
4. Surplus collateral is the amount of over-collateralisation, calculated on an individual basis.
5. Net exposure represents the portfolio corrected for the surplus amount and gives a view on the potential shortfall in collateral on the total portfolio.
Total risk mitigation increased owing to an increase in
property and equipment for residential mortgages,
which was mainly due to rising house prices and loan
portfolio growth. As a result, surplus collateral also
increased. For consumer loans, net exposure declined
because of the reclassification of loan portfolios of our
subsidiary Alfam. For corporate loans, there was an
increase in exposure, which was mainly attributable to
the acquisition of HAL. This increase, in combination
with a decrease in collateral, led to a decline in surplus
collateral and, to a lesser extent, an increase in net
exposure.
The total net exposure of loans and advances customers
decreased to EUR 36.4 billion in 2025
(31\u00a0December\u00a02024: EUR 38.8 billion). The main cause
of this decrease was the decline in net exposure on
consumer loans and in the net exposure on fair value
adjustment from hedge accounting, due to rising
interest rates. The decrease was partly offset by the
increase in corporate loans.
Financial assets: offsetting, netting,
collateral\u00a0and guarantees for credit-impaired
assets\u2002
Audited
Collateral and guarantees for credit-impaired assets
(stage 3 and POCI) represent credit risk mitigation based
on the net collateral value (NCV) for clients in default. The
carrying amount includes expected credit loss
allowances, based on the probability-weighted present
value of all expected cash shortfalls over the remaining
life of the financial instrument for both on- and off-
balance sheet exposures. The Financial Restructuring &
Recovery department identifies the most likely scenarios
for non-programme lending defaulted clients (going
concern or gone concern) and estimates the amounts and
timing of expected future cash flows. This explains why a
net exposure remains after taking into account collateral
pledged to the bank.
31 December 2025
Offset in the statement
of financial position
Not offset in the statement
of financial position
Net
exposure 4
(in millions)
Carrying
amount
before
balance-
sheet
netting
Less:
balance-
sheet
netting
with gross
liabilities
Carrying
amount\u00b9
Master
netting
agree-
ment\u00b2
Financial
instru-
ments
collateral
Property
& equip-
ment
Other
collateral
and gua-
rantees
Total risk
mitigation
- of which
surplus
collateral\u00b3
Loans and advances banks
Residential mortgages
1,899
1,899
13
3,478
1
3,493
1,593
Consumer loans
91
91
8
54
62
19
48
Corporate loans
2,488
2,488
464
1,237
407
2,107
592
973
Other loans and advances
customers
3
3
2
2
1
Total\u00a0loans and advances
\u00a0customers
4,481
4,481
485
4,769
410
5,664
2,204
1,022
Total loans and advances
4,481
4,481
485
4,769
410
5,664
2,204
1,022
1. Carrying amount includes loan impairment allowances where applicable.
2. Collateral in the column Master netting agreement is mainly markets related and consists of master netting agreements which also includes cash collateral as part of these
agreements. Cash collateral not part of master netting agreements has been reported under the column Financial instruments.
3. Surplus collateral is the amount of over-collateralisation, calculated on an individual basis.
4. Net exposure represents the portfolio corrected for the surplus amount and gives a view on the potential shortfall in collateral on the total portfolio.
31 December 2024
Offset in the statement
of financial position
Not offset in the statement
of financial position
Net
exposure 4
(in millions)
Carrying
amount
before
balance-
sheet
netting
Less:
balance-
sheet
netting
with gross
liabilities
Carrying
amount\u00b9
Master
netting
agree-
ment\u00b2
Financial
instru-
ments
collateral
Property
& equip-
ment
Other
collateral
and gua-
rantees
Total risk
mitigation
- of which
surplus
collateral\u00b3
Loans and advances banks
Residential mortgages
1,863
1,863
13
3,333
1
3,348
1,483
-1
Consumer loans
120
120
18
62
80
27
66
Corporate loans
2,299
2,299
774
1,768
230
2,773
825
351
Other loans and advances
customers
5
5
5
Total\u00a0loans and
advances\u00a0customers
4,287
4,287
805
5,163
232
6,201
2,335
421
Total loans and advances
4,287
4,287
805
5,163
232
6,201
2,335
421
1. Carrying amount includes loan impairment allowances where applicable.
2. Collateral in the column Master netting agreement is mainly markets related and consists of master netting agreements which also includes cash collateral as part of these
agreements. Cash collateral not part of master netting agreements has been reported under the column Financial instruments.
3. Surplus collateral is the amount of over-collateralisation, calculated on an individual basis.
4. Net exposure represents the portfolio corrected for the surplus amount and gives a view on the potential shortfall in collateral on the total portfolio.
The stage 3 carrying amount (including POCI) rose
marginally to EUR 4.5 billion (31 December 2024:
EUR\u00a04.3 billion), while total risk mitigation decreased to
EUR 5.7 billion in 2025 (31 December 2024:
EUR\u00a06.2\u00a0billion). This decrease in risk mitigation was
mainly observed in corporate loans, and was caused by
a decrease in collateral at Corporate Banking. The
carrying amount of the stage 3 portfolio (including
POCI) increased, while the total risk mitigation
decreased. This led to a EUR\u00a0601\u00a0million increase in the
net exposure, which was EUR 1,022 million as at
31\u00a0December 2025.
During 2025 ABN AMRO obtained property and
equipment by taking possession of collateral held as
security for loans and advances. The total amount of
such assets held on 31 December 2025 amounted to
EUR 3 million (2024: EUR 4 million). ABN AMRO does
not intend to use these assets in its operations and will
pursue timely and orderly realisation of the collateral.
Financial liabilities: offsetting, netting, collateral and guarantees\u2002
Audited
31 December 2025
Offset in the statement
of financial position
Not offset in the statement
of financial position
Net
exposure\u00b3
(in millions)
Carrying
amount
before
balance-
sheet
netting
Less:
balance-
sheet netting
with gross
assets
Carrying
amount
Master
netting
agree-
ment\u00b9
Financial
instru-
ments
collateral
Total risk
mitigation
- of which
surplus
collateral\u00b2
Financial liabilities held for trading
1,631
1,631
1,631
Derivatives
1,967
1,967
1,397
116
1,513
37
492
Securities financing
19,361
4,041
15,320
978
19,774
20,752
5,467
34
Deposits
4,319
4,319
829
829
3,491
Other
1
1
1
Due to banks
4,320
4,320
829
829
3,491
Deposits
278,768
728
278,040
1,027
1,027
277,013
Other borrowings
1,086
1,086
982
982
104
Due to customers
279,854
728
279,126
2,010
2,010
277,117
Other liabilities
3,918
1
3,918
3,918
Total\u00a0liabilities subject to netting
arrangements
311,051
4,769
306,281
5,214
19,890
25,104
5,505
286,682
Remaining liabilities not subject to netting
79,886
79,886
79,886
Total liabilities
390,937
4,769
386,167
5,214
19,890
25,104
5,505
366,568
1. Collateral in the column Master netting agreement is mainly markets related and consists of master netting agreements which also includes cash collateral as part of these
agreements. Cash collateral not part of master netting agreements has been reported under the column Financial instruments.
2. Surplus collateral is the amount of over-collateralisation, calculated on an individual basis.
3. Net exposure represents the portfolio corrected for the surplus amount and gives a view on the potential shortfall in collateral on the total portfolio.
31 December 2024
Offset in the statement
of financial position
Not offset in the statement
of financial position
Net
exposure\u00b3
(in millions)
Carrying
amount
before
balance-
sheet
netting
Less: balance-
sheet netting
with gross
assets
Carrying
amount
Master
netting
agree-
ment\u00b9
Financial
instru-
ments
collateral
Total risk
mitigation
- of which
surplus
collateral\u00b2
Financial liabilities held for trading
1,163
1,163
1,163
Derivatives
2,499
2,499
1,590
207
1,797
27
729
Securities financing
15,555
5,203
10,352
846
15,792
16,638
6,305
19
Deposits
2,329
2,329
658
658
1,671
Due to banks
2,329
2,329
658
658
1,672
Deposits
254,998
710
254,288
1,589
1,589
252,699
Other borrowings
1,899
1,899
1,698
1,698
200
Due to customers
256,896
710
256,186
3,287
3,287
252,900
Other liabilities
4,247
1
4,247
4,247
Total\u00a0liabilities subject to netting
arrangements
282,689
5,914
276,776
6,380
15,999
22,379
6,332
260,728
Remaining liabilities not subject to netting
82,163
82,163
82,163
Total liabilities
364,852
5,914
358,939
6,380
15,999
22,379
6,332
342,892
1. Collateral in the column Master netting agreement is mainly markets related and consists of master netting agreements which also includes cash collateral as part of these
agreements. Cash collateral not part of master netting agreements has been reported under the column Financial instruments.
2. Surplus collateral is the amount of over-collateralisation, calculated on an individual basis.
3. Net exposure represents the portfolio corrected for the surplus amount and gives a view on the potential shortfall in collateral on the total portfolio.
Market risk management for
the\u00a0trading\u00a0book\u2002
Audited
Positions held with trading intent and hedges for
positions held with trading intent must be included in
the bank's trading book. The Central Trading Risk Policy
describes the positions included in the trading book and
the criteria for transferring risk and positions between
the trading and banking books. As part of its business
strategy, ABN AMRO facilitates client orders as principal
in key financial markets where our clients are active.
Market risk in the trading book is the risk of losses in
market value due to adverse market movements. The
following market risks are inherent in the trading book:
\u2022 Interest rate risk, arising from adverse changes in
interest rate risk curves and/or interest rate volatilities;
\u2022 Credit spread risk, arising from adverse changes in the
term structure of credit spreads and/or from changes
in the credit quality of debt securities or CDS
reference entities, with an impact on default
probabilities;
\u2022 Foreign exchange risk, arising from adverse changes
in FX spot and forward rates and/or FX volatility.
ABN AMRO has in place a detailed risk management
framework to identify, measure and control market risk
in the trading book. This risk management framework is
in line with the three lines of defence model and
provides assurance that the bank\u2019s trading activities are
consistent with its client-focused business strategy and
strict risk focus. In accordance with the strategy, the
trading mandates and limits, which define the nature
and amount of the permitted transactions and risks, are
reviewed and approved annually, together with the
associated constraints. The limit utilisation is monitored
and discussed by the first and second line of defence on
a daily basis.
Market risk measurement for
the\u00a0trading\u00a0book\u2002
Audited
ABN AMRO measures and manages market risk in the
trading book on a daily basis. The key metrics used are
economic capital, regulatory capital, value at risk (VaR),
stressed VaR (SVaR) and the incremental risk charge
(IRC), together with a wide array of stress and scenario
tests, sensitivity measures, concentration limits and
notional limits. These metrics are measured and
monitored on a daily basis. Appropriate limits are set at
bank level in the Risk Appetite Statement and at bank and
client-unit levels in the limit framework, in line with the
general risk principles in the Central Trading Risk Policy.
Metrics and models are managed, reviewed, assessed
and, if required, adjusted in a similar way as in the
banking book. Other important tools to ensure the
adequacy of the models, alongside the formal
validation and review of models, are the daily
explanation of risk reporting figures, periodic portfolio
reviews and regular back-testing.
Validation procedure
For all models, including market risk models, we have a
model risk policy in place. This policy requires model
assumptions and limitations to be documented and
independently validated by Model Validation. For material
changes, the regulator performs an on-site investigation
before such a model change is applied in production.
Economic capital
The calculation of economic capital for market risk in
the trading book is based on the daily VaR, SVaR and
IRC at a 99.9% confidence level.
Stress testing and scenario analysis
Stress testing and scenario analysis are designed to
focus specifically on the impact of tail events occurring
outside the VaR confidence interval. We perform daily
stress tests for large movements in risk factors. Scenario
analyses are also conducted frequently to evaluate the
impact of extreme market events that cover multiple
risk factors, and the results of these tests are monitored.
These scenarios can be based on historical or
hypothetical events, or on a combination of the two.
For each risk type, sensitivities are monitored against
limits. This includes all risk types mentioned above and
the basic risks in the trading portfolio. In addition, the
holding period is monitored as a measure of the
positions\u2019 liquidity.
Review of 2025 results
Internal aggregated diversified and
undiversified VaR for all trading positions
Audited
ABN AMRO applies a diversified portfolio VaR approach
that takes into account the fact that returns across risk
factors may offset one another to a certain extent and
consequently reduce risk. As long as these returns are
not perfectly correlated to one another, VaR figures
based on a diversified portfolio approach will be lower
than if the figures are calculated using undiversified
VaR. Undiversified VaR means that the VaR figures
computed for the different risk factors are aggregated
without taking into account any offset across risk
factors, negating the potential for risk reduction. The
following graph shows the total one-day VaR at a 99%
confidence level (\u2018VaR diversified\u2019) and aggregation of
the stand-alone risk factors (\u2018VaR undiversified\u2019).
Internal aggregated diversified and undiversified VaR for all trading positions\u2002
Audited
31 December 2025
(in millions)
Foreign
exchange
Interest
rate
Total undiversified
VaR
Diversified
VaR
VaR at last trading day of the period
0.4
3.0
3.4
3.1
Highest VaR
0.6
6.6
6.7
6.6
Lowest VaR
0.1
1.3
1.6
1.3
Average VaR
0.3
3.3
3.6
3.2
31 December 2024
VaR at last trading day of the period
0.1
5.0
5.2
5.1
Highest VaR
0.4
7.3
7.5
7.3
Lowest VaR
1.3
1.4
1.3
Average VaR
0.1
4.0
4.1
4.0
Market risk management for
the\u00a0banking\u00a0book\u2002
Audited
ABN AMRO has a detailed risk management framework
in place to identify, measure and control market risk in
the banking book. This framework provides assurance
that the banking book activities remain consistent with
the bank\u2019s strategy and are aligned with the defined risk
appetite. The Asset & Liability Committee (ALCO) has
delegated the day-to-day management to the Asset
and Liability Management and Treasury department
(ALM/Treasury). This department\u2019s activities include the
execution of hedge transactions. ALM/Treasury forms
the first line of defence. Financial Risk Management acts
as the second line of defence.
The risk appetite is articulated in terms of supervisory
outlier test (SOT) on net interest Income (NII), SOT on
economic value of equity (EVE) and economic capital
(EC) for market risk in the banking book, and expresses
the maximum loss the bank is willing to accept. The risk
appetite is cascaded into a limit framework.
Interest rate risk in the banking book
Interest rate risk is the risk of losses in the economic
value of equity (EVE) or the bank\u2019s net interest income
(NII) due to unfavourable yield curve developments. In
order to measure interest rate risk, models are used and
assumptions on client behaviour are made, most
importantly with respect to the maturity of savings and
the prepayment of mortgages. These assumptions
influence the anticipated interest cash flow pattern. The
profile of assets and liabilities on the balance sheet can
change if client behaviour changes. Therefore, interest
rate risk is actively managed in line with the risk
appetite.
The main sources of interest rate risk are:
\u2022 The maturity mismatch between assets and liabilities.
ABN AMRO provides mortgages and loans with fixed
rates. These assets are funded mainly by non-
maturing deposits and wholesale funding which
typically have a shorter average interest maturity than
the assets;
\u2022 Client behaviour, which determines the maturity
profile of certain products. As we use models to
predict this behaviour, we are exposed to model risk.
ABN AMRO uses a combination of portfolio (macro)
hedges and specific asset or liability (micro) hedges to
manage the interest rate sensitivity in the banking book
and keep it in line with the bank\u2019s strategy and risk
appetite. Micro hedges are used to swap fixed rate
funding transactions and fixed interest rate investments
in the liquidity buffer for floating interest rate positions.
In addition, macro hedging is applied in order to align
with the bank\u2019s strategy to contribute to a stable NII
while protecting the economic value of equity.
Key assumptions for modelling client behaviour
From an interest rate risk perspective, the following
aspects of client behaviour are the most important:
\u2022 Client behaviour with respect to early redemption of
residential mortgages. This has a significant impact on
the average interest maturity of the mortgage
portfolio. Clients have the option to fully or partially
prepay mortgages before maturity. Prepayments may
be triggered by, for example, relocation, redemption
or curtailment. An important driver of prepayments is
the interest rate incentive, i.e. the difference between
a client\u2019s current mortgage rate and prevailing
mortgage rates. Future mortgage rates are simulated
using a Monte Carlo approach. In addition to the
interest rate incentive, other drivers such as loan age,
seasonality and house price developments are taken
into account;
\u2022 Client acceptance of the residential mortgage volume
offered and the deviation between the offered rate
and the actual coupon;
\u2022 Client behaviour with respect to non-maturing
deposits that are callable on demand. The volume
migrating to term deposits is subject to rate changes.
Future client rates for savings accounts are modelled
using a replicating portfolio model. Modelled client
rates depend on current or lagged yield curves and
funding costs. A maximum maturity of 10 years is
assumed. The resulting duration depends on product
type and client behaviour.
The market risk in the banking book metrics are derived
from behavioural models which rely on assumptions
based on extensive research and historical client
behaviour data. The models undergo independent
validation and are approved by the mandated risk
committees. Models are periodically assessed to
determine whether they behave appropriately and are
statistically sound; if required, they are adjusted.
Risk measurement for interest rate risk
Interest rate risk is measured by NII-at-Risk and various
economic value measures such as the present value
change of one basis point shock (PV01) and the EVE-at-
Risk. To ensure a comprehensive approach to risk
management and identify potential weaknesses, the
metrics are complemented by stress testing and
scenario analysis. A combination of market and product
floors is applied. These floors are reviewed periodically.
For management purposes, the interest rate risk
position is monitored by the Asset & Liability Committee
(ALCO) on a monthly basis. The above metrics are also
regularly reported to the Executive Board.
Credit spread risk in the banking book
Credit spread risk refers to the risk of financial losses
resulting from unfavourable movements in credit
spreads within the balance sheet. From a value
perspective, credit spread risk is primarily associated
with products valued at fair value. It is quantified as the
impact on economic value of a one basis point change
in credit spreads (CS01). The primary sources of this risk
are bonds held for liquidity purposes and wholesale
funding.
From an earnings perspective, credit spread risk in the
banking book (CSRBB) impacts the spreads at which
new positions are originated, such as during
reinvestments. This risk is assessed using a net interest
income (NII) at risk approach, where origination spreads
are stressed and compared to a base scenario. The main
sources of this earnings-based risk are loans and
savings.
Foreign exchange risk
Foreign exchange (FX) risk is the risk arising from
unfavourable movements in FX spot and forward rates
and/or FX volatility. It is managed within the bank by
ALM/Treasury. As a general rule, foreign exchange risk
is hedged by using cross-currency swaps to swap the
exposure in foreign currency to euros. If, for operational
reasons, it is inefficient to hedge exposures in foreign
currencies, an open currency position (OCP) remains.
This is measured by the aggregated net position per
foreign currency.
Economic capital
Economic capital for market risk in the banking book is
calculated using a parametric Monte Carlo simulation
model that determines the economic capital needed to
absorb losses resulting from unfavourable movements
in interest rates, client behaviour for mortgages and
non-maturing deposits, volatility, credit spreads and
foreign exchange rates.
Market risk in the banking book metrics
Interest rate risk\u2002
Audited
(in millions)
31 December 2025
31 December 2024
NII impact from an instantaneous increase in interest rates of 200bps
683
277
NII impact from an instantaneous decrease in interest rates of 200bps
-599
-106
EVE impact from an instantaneous increase in interest rates of 200bps
-2,132
-1,916
EVE impact from an instantaneous decrease in interest rates of 200bps
215
210
NII-at-Risk is the difference in NII between a base
scenario and an alternative scenario observed over a
1-year horizon. This is calculated for a 200bps
instantaneous increase in interest rates (parallel move
up) and for a 200bps instantaneous decrease in interest
rates (parallel move down). NII-at-Risk includes all
expected cash flows, including commercial margins
and other spread components, from all interest rate-
sensitive assets, liabilities and off-balance sheet items in
the banking book. NII-at-Risk assumes a constant
balance sheet.
As at 31 December 2025, the NII-at-Risk was
EUR\u00a0683\u00a0million for the scenario in which there is an
instantaneous increase in interest rates of 200bps and
EUR 599 million negative for the scenario in which there
is an instantaneous decrease in interest rates of 200bps.
The change in NII-at-Risk is mainly attributable to
increased loan volumes and lower fixed-term deposit
volumes.
EVE-at-Risk is the loss in economic value of equity as
a\u00a0result of various yield curve shocks. This is also
calculated for a 200bps instantaneous increase (parallel
move up) in interest rates and for a 200bps
instantaneous decrease (parallel move down) in interest
rates. The impact is calculated for cash flows from all
interest-bearing assets, liabilities and off-balance sheet
items in the banking book. An assumption of a run-off
balance sheet is made, where banking book positions
amortise and are not replaced by new business. The
projected cash flows include commercial margins and
other spread components and are discounted at the
risk-free rate.
The EVE-at-Risk scenario with the highest impact at
year-end 2025 remains the scenario in which interest
rates increase by 200bps instantaneously. We see a
higher EVE impact in both the upward and downward
scenarios, as the duration of equity has increased
slightly since year-end 2024.
Open currency position\u2002
Audited
The OCP is monitored regularly and limits apply at a
local and aggregate level. USD is the largest non-EUR
exposure for assets and liabilities. The total OCP
showed a slight decrease in 2025 compared with the
previous year.
31 December 2025
31 December 2024
Total OCP (long, in EUR million)
135
151
OCP as % total capital
0.5%
0.5%
P&L Sensitivity to 100bps increase in largest non-EUR exposure (USD, in EUR million)
0.7
0.6
Risk management approach\u2002
Audited
The natural maturity mismatch between our loan book
and funding portfolio requires liquidity risk
management. As we consider maturity transformation
to be an integral part of the business model, we closely
monitor our liquidity position and the resulting risks. We
hold a portfolio of highly liquid assets that can swiftly
be converted into cash in the event of unforeseen
market disruptions, thus allowing us to meet payment
and collateral obligations at all times. Funding and
liquidity risk are managed centrally within ALM/
Treasury. We incorporate liquidity costs into the pricing
of our day-to day business activities. When managing
funding and liquidity risk, a clear distinction is made
between going-concern and contingency risk
management.
Going-concern management
The most important metrics for going-concern risk
management and the management of the day-to-day
liquidity position within specified limits are:
\u2022 Stress testing: In monthly and ad hoc stress tests we
evaluate the impact of cash inflows and outflows
under various stress scenarios, based on historic stress
events. Market-wide and bank-specific stress
scenarios are defined and analysed. The goal of stress
testing is twofold. Firstly, it helps us to review our risk
management framework, i.e. the liquidity buffer size,
risk appetite and risk limits. Secondly, it allows us to
identify ways to reduce outflows in times of crisis.
\u2022 Liquidity coverage ratio (LCR): The LCR is used to
assess the short-term resilience of the liquidity
position and ensure sufficient high-quality liquid
assets to survive a significant stress scenario lasting
30 calendar days.
\u2022 Survival period: This is the period the liquidity
position is expected to remain positive in an internally
developed stress scenario in which wholesale funding
markets deteriorate and clients withdraw a material
proportion of their deposits.
\u2022 Net stable funding ratio (NSFR): This ratio is used to
assess resilience over a longer time horizon. The NSFR
requires banks to hold sufficient stable funding to
cover the duration of their long-term assets on an
ongoing basis.
\u2022 Loan-to-Deposit ratio (LtD): The LtD ratio measures
the relationship between the loan book (loans and
advances customers) and deposits from clients (due
to customers), and includes all client-related loans
and deposits. The ratio gives an indication of our
dependence on wholesale funding for financing
client\u00a0loans.
Contingency risk management
Contingency risk management aims to ensure that, in
the event of a bank-specific or general market stress
event, the bank is able to generate sufficient liquidity to
withstand a short or long-term liquidity crisis.
Contingency risk management entails:
\u2022 Contingency Funding Plan: This plan sets out the
guidelines and responsibilities for addressing possible
liquidity shortfalls in emergency situations. This only
comes into effect if the liquidity position is threatened
or if there are strong indications that liquidity stress is
imminent. The Contingency Funding Plan is aligned
with the Recovery Plan, as required by the regulators.
It aims to manage the liquidity position without
unnecessarily jeopardising commercial activities,
while limiting excessive funding costs in severe
market circumstances.
\u2022 Collateral posting in the event of a rating
downgrade: Credit rating downgrades may result in
increased collateral requirements. We monitor these
potential additional collateral postings in our liquidity
risk management framework. Our collateral
capabilities are set out in our collateral management
framework.
\u2022 Collateral posting to guarantee access to critical
financial market infrastructures (FMI): Access to
critical FMI is essential for conducting our business
and collateral requirements may increase in times of
stress. We monitor these potential additional
collateral postings in our liquidity risk management
framework.
\u2022 Liquidity buffer: Treasury manages our liquidity
buffer, of which the liquidity portfolio comprises a
substantial part. This portfolio should at all times be
highly liquid to accommodate liquidity outflows
during stress. The buffer consists of unencumbered,
high-quality liquid assets, including government
bonds, retained covered bonds and cash.
Environmental, social and governance bonds
For our liquidity buffer we target investments in bonds
whose proceeds are allocated in line with the
International Capital Market Association (ICMA) Green
Bond Principles, the Social Bond Principles or a
combination of the two. Inclusion of such bonds in the
liquidity portfolio is subject to availability of ESG
reporting, a thorough project selection process and
sound management of proceeds. To preserve the
portfolio\u2019s high quality and liquidity value, these bonds
must also meet the high-quality liquid assets (HQLA)
criteria of the European Banking Authority (EBA). By
actively investing in the euro-denominated ESG bond
market, we aim to support the growth of this market.
We are also an issuer of green bonds. The Green Bonds
Framework specifies the green assets to which we
allocate the issuance proceeds and how those assets
are EU Taxonomy aligned. Under the framework we can
issue green bonds with the EU Green Bond label and/or
ICMA green bond label. The Green Bonds Framework
also describes how we allocate the issue proceeds to
eligible assets, evaluate and select eligible assets,
obtain independent assurance on the allocation of
proceeds to eligible green assets, and comply with
external reporting requirements. More information is
available on our website.
Liquidity buffer composition\u2002
Audited
31 December 2025
31 December 2024
Liquidity
buffer
LCR
eligible
Liquidity
buffer
LCR
eligible
(in billions, liquidity value)
Level 1
Level 2
Level 1
Level 2
Cash & central bank deposits\u00b9
47.2
47.2
42.3
42.3
Government bonds
37.4
36.7
1.5
35.9
34.4
2.1
Supranational & Agency bonds
12.9
13.4
10.5
10.8
Covered bonds
9.6
9.2
0.2
5.9
5.6
Retained covered bonds
20.6
17.4
Other
2.7
1.7
0.3
0.2
Total liquidity buffer
130.4
106.5
3.4
112.2
93.1
2.3
- of which ESG bonds\u00b2
5.4
5.6
5.1
4.9
1. The mandatory cash reserve with the central bank has been deducted from the cash and central bank deposits in the liquidity buffer.
2. ESG bonds are bonds whose proceeds are invested in line with the International Capital Market Association Green Bond Principles, the Social Bond Principles or a
combination of the two. Inclusion of such bonds in our ESG portfolio is subject to the availability of ESG reporting, a thorough project selection process and sound
management of proceeds. To preserve the portfolios\u2019 high quality and liquidity, these bonds must also meet the high quality liquid assets criteria of the European Banking
Authority.
The liquidity buffer increased to EUR 130.4 billion as at
31\u00a0December 2025 (31 December 2024:
EUR\u00a0112.2\u00a0billion) and consisted largely of cash and
deposits at central banks, government bonds and
securities. Most of the securities in the liquidity buffer,
with the exception of retained covered bonds, qualify
for the LCR. The liquidity buffer faces haircuts based on
the market value. These haircuts are used to determine
the liquidity value. Haircuts may vary between the
liquidity buffer and the LCR eligible buffer because the
internal assessment of the liquidity buffer may deviate
from the LCR definition.
ESG bond holdings increased by 6% in 2025 and
amounted to EUR 5.4 billion in liquidity value at year-
end (31 December 2024: EUR 5.1 billion), reflecting 7%
of total bonds in the liquidity buffer.
The following table shows the breakdown per currency
in the liquidity buffer. The currency composition reflects
the composition of the balance sheet, which mainly
consists of EUR and USD exposures.
Liquidity buffer - currency diversification\u2002
Audited
31 December 2025
31 December 2024
Liquidity value
(in billions)
Percentage
of total
Liquidity value
(in billions)
Percentage
of total
EUR
115.9
88.9%
98.3
87.6%
USD
10.4
8.0%
9.9
8.8%
JPY
1.7
1.3%
2.4
2.2%
GBP
0.6
0.4%
0.2
0.2%
SGD
1.6
1.3%
1.4
1.2%
Other
0.2
0.2%
0.0%
Total
130.4
100.0%
112.2
100.0%
The following table shows the monthly average volume
of individual components within the liquidity buffer.
Liquidity buffer composition - monthly average\u2002
Audited
(in billions, liquidity value)
2025
2024
Cash & central bank deposits\u00b9
42.9
39.0
Government bonds
35.9
31.4
Supranational & Agency bonds
11.2
9.4
Covered bonds
6.8
5.7
Retained covered bonds
19.3
17.6
Other
3.8
2.2
Total
120.0
105.3
1. The mandatory cash reserve with the central bank has been deducted from the cash and central bank deposits in the liquidity buffer.
Funding
Liability and equity breakdown\u2002
Audited
Client deposits are our main source of funding,
complemented by a well-diversified book of wholesale
funding. The following table shows the liability and
equity breakdown for the consolidated statement of
financial position.
Liability and equity breakdown\u2002
Audited
(in billions)
31 December 2025
31 December 2024
Due to customers
279.1
256.2
Issued debt & Subordinated liabilities
79.0
81.2
Due to banks
4.3
2.3
Securities financing
15.3
10.4
Equity
27.0
26.1
Other
8.4
8.9
Total
413.2
385.0
The following table shows the development of client
deposits per segment in 2025. The main driver of the
increase in deposit volumes is the consolidation of
the deposits of HAL in the statement of financial
position as of 1\u00a0July\u00a02025.
Available wholesale instruments\u2002
Audited
A key goal of the funding strategy is to diversify funding
sources. Our funding programmes allow us to issue
various instruments in different currencies and markets,
enabling diversification in our investor base.
The\u00a0following table shows a breakdown of total
wholesale instruments.
Overview of outstanding wholesale instruments\u2002
Audited
(in millions)
31 December 2025
31 December 2024
Commercial Paper/Certificates of Deposit
11,773
17,922
Covered bonds
26,035
23,921
Secured funding (long-term)
26,035
23,921
Senior preferred
18,638
13,373
- of which ESG bonds\u00b9
5,415
3,947
Senior non-preferred
17,625
19,327
- of which ESG bonds\u00b9
7,393
6,620
Unsecured funding (long-term)
36,264
32,700
Total issued debt
74,072
74,542
Subordinated liabilities
4,946
6,613
Other long-term funding 2, 3
717
723
Wholesale funding
79,735
81,879
AT1 capital securities (classified as IFRS equity)
3,233
3,475
Total wholesale instruments 4
82,967
85,353
- of which matures within one year
20,319
29,421
1. Our Green Bond Framework comprises a set of criteria for the issuance of green bonds, including how we allocate the issue proceeds from green bonds to eligible assets,
and independent assurance on the allocation of proceeds to eligible green assets. Green bonds have been issued since 2015, with a focus on sustainable real estate and
renewable energy, and enable investors to invest in, for example, energy efficiency through residential mortgages.
2. Includes funding obtained apart from our long-term programmes and consists mainly of unsecured funding.
3. Funding with either the European Investment Bank and the Dutch State Treasury Agency as counterparty (recorded in due to banks and due to customers respectively) has
been included in other long-term funding.
4. Includes FX effects, fair value adjustments and interest movements.
Total wholesale instruments fell to EUR\u00a083.0\u00a0billion as at
31 December 2025 (31\u00a0December\u00a02024:
EUR\u00a085.4\u00a0billion). This mainly reflects a decrease in
short-term funding from seasonal balance-sheet
developments, which was partly offset by an increase in
long-term wholesale funding. The increase in long-term
funding reflects a rise in covered bond and senior
preferred funding, which was partly offset by a decline
in senior non-preferred and subordinated debt.
Total ESG bonds outstanding increased by 21% in 2025
to EUR 12.8 billion at year-end (31 December 2024:
EUR 10.6 billion), which is 35% of total unsecured long
term funding and 17% of total issued debt.
Wholesale issuance in 2025\u2002
Audited
Total long-term wholesale instruments issued in 2025
amounted to EUR 16.4 billion, which included
EUR\u00a03.0\u00a0billion in covered bonds, EUR\u00a011.8\u00a0billion in
senior preferred funding, EUR\u00a00.9\u00a0billion in senior non-
preferred funding and EUR\u00a00.8 billion in AT1 capital
securities. Of this EUR\u00a016.4 billion, EUR 5.1 billion was
non-EUR denominated and consisted mainly of USD
and GBP issuances (2024: EUR 2.2 billion).
In February 2025, we issued our inaugural green bond
under the new European Green Bond Standard (EuGBS),
making ABN AMRO the first financial institution to issue
a European Green Bond (EuGB). In 2025, we issued four
green bonds in total under the EuGBS, in senior
preferred and senior non-preferred format, in EUR and
GBP. The issuance activities in 2025 received several
awards. ABN AMRO was named \u2018Financial Issuer of the
Year\u2019 by IFR and \u2018Best FIG Issuer\u2019 by CMD Portal, and
received the award for \u2018Financial Institution ESG bond of
the year\u2019 from Global Capital.
Maturity calendar for wholesale instruments\u2002
Audited
31 December 2025
(notional amounts, in billions)
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
\u2265 2036
Total
Covered bonds
1.6
1.9
2.1
1.9
1.9
3.1
2.3
2.3
0.9
2.3
8.8
29.1
Senior preferred
3.6
4.3
3.1
2.4
2.3
1.7
0.8
0.1
0.4
18.6
Senior non-preferred
2.1
3.1
4.1
1.0
2.1
1.8
1.0
2.7
0.1
17.9
Subordinated liabilities
0.9
1.5
0.8
1.9
5.0
AT1 capital securities (classified as
IFRS equity)
1.0
0.8
0.8
0.8
3.3
Other long-term funding\u00b9
0.3
0.2
0.3
0.7
Total wholesale instruments
8.4
11.9
10.1
5.3
6.5
7.4
4.8
4.1
4.4
2.4
9.2
74.5
31 December 2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
\u2265 2035
Total
Total wholesale instruments
11.4
8.9
9.3
5.9
1.7
3.5
6.8
4.0
3.3
4.5
10.9
70.2
1. Includes funding obtained apart from our long-term programmes and consists mainly of unsecured funding.
We target a maturity profile in which redemptions of
funding instruments are well spread over time. The
average remaining maturity of outstanding wholesale
instruments decreased to 5.0 years at year-end 2025
(5.3 years at year-end 2024). The average remaining
maturity of newly issued wholesale instruments
decreased to 3.6 years at year-end 2025
(year-end 2024: 5.4 years).
The maturity calendar assumes redemption on the
earliest possible call date or the legal maturity date.
That does not imply that the instruments will be called
at the earliest possible call date. Early redemption of
senior non-preferred instruments, subordinated
liabilities and AT1 capital securities is subject to
regulatory approval.
Gross carrying amount \u2013 residential mortgages\u2002
Audited
2025
2024
(in millions)
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Balance as at 1 January
138,172
16,118
1,919
156,209
138,671
11,115
1,292
151,078
Transfer to stage 1
2,893
-2,850
-42
5,562
-5,523
-39
Transfer to stage 2
-4,058
4,442
-385
-11,651
11,966
-316
Transfer to stage 3
-283
-434
717
-795
-452
1,247
Additional drawdowns and partial repayments
-11,846
-1,276
-164
-13,286
-11,615
23
2
-11,591
Originated or purchased
24,058
24,058
18,978
18,978
Matured or repaid
-1,999
-522
-87
-2,608
-1,055
-931
-261
-2,247
Write-offs
-3
-3
-2
-2
Foreign exchange
Other movements
-1,032
-151
-2
-1,185
77
-80
-4
-7
Balance as at 31 December
145,906
15,327
1,952
163,185
138,172
16,118
1,919
156,209
1. Excluding fair value adjustments from hedge accounting.
2. Including POCI.
Gross carrying amount \u2013 consumer loans\u2002
Audited
2025
2024
(in millions)
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Balance as at 1 January
6,866
487
222
7,575
7,658
467
255
8,380
Transfer to stage 1
126
-121
-5
145
-136
-10
Transfer to stage 2
-150
156
-6
-237
265
-28
Transfer to stage 3
-24
-32
57
-43
-22
65
Additional drawdowns and partial repayments
-166
53
-8
-120
-512
56
-3
-460
Originated or purchased
1,409
9
1,418
1,237
1,237
Matured or repaid
-1,173
-130
-25
-1,328
-1,383
-143
-26
-1,552
Write-offs
-28
-28
-31
-31
Foreign exchange
-3
-3
1
1
Other movements
-1,134
-58
-56
-1,248
Balance as at 31 December
5,749
364
152
6,266
6,866
487
222
7,575
1. Excluding fair value adjustments from hedge accounting.
2. Including POCI.
Gross carrying amount \u2013 corporate loans\u2002
Audited
2025
2024
(in millions)
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Balance as at 1 January
72,227
8,490
3,110
83,827
73,324
10,308
3,152
86,784
Transfer to stage 1
2,554
-2,434
-119
2,983
-2,973
-10
Transfer to stage 2
-3,516
3,741
-226
-3,469
3,789
-320
Transfer to stage 3
-977
-748
1,726
-630
-713
1,343
Additional drawdowns and partial repayments
-6,028
-92
-418
-6,538
-4,054
1,175
-139
-3,019
Originated or purchased
26,600
40
81
26,721
22,541
22,541
Matured or repaid
-13,300
-1,781
-621
-15,703
-17,785
-3,082
-589
-21,456
Write-offs
-206
-206
-317
-317
Foreign exchange
-1,458
-62
-15
-1,535
854
50
21
925
Other movements
-45
-2
-3
-49
-1,536
-64
-30
-1,630
Balance as at 31 December
76,056
7,151
3,309
86,516
72,227
8,490
3,110
83,827
1. Excluding fair value adjustments from hedge accounting.
2. Including POCI.
Gross carrying amount \u2013 off-balance\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b9
Total\u00b9
Stage 1
Stage 2
Stage 3\u00b9
Total\u00b9
Balance as at 1 January
51,414
3,293
627
55,334
52,141
3,507
965
56,613
Transfer to stage 1
1,033
-1,024
-8
1,123
-1,120
-3
Transfer to stage 2
-1,352
1,411
-59
-1,171
1,260
-89
Transfer to stage 3
-233
-42
275
-160
-113
273
Additional drawdowns and partial repayments
-8,806
-246
-211
-9,263
-12,098
-246
-538
-12,882
Originated or purchased
12,749
12,749
11,397
11,397
Matured or repaid
-81
-47
-10
-138
-384
-4
-388
Foreign exchange
-676
-33
-6
-715
487
6
23
516
Other movements
80
3
2
85
79
79
Balance as at 31 December
54,127
3,316
610
58,052
51,414
3,293
627
55,334
1. Including POCI.
Loan impairment charges and allowances \u2013 residential mortgages\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Balance as at 1 January
36
42
55
133
24
49
125
198
Transfer to stage 1
10
-12
-1
-3
19
-20
-3
-4
Transfer to stage 2
-2
20
-12
5
-2
37
-29
6
Transfer to stage 3
-3
11
8
-1
-5
21
16
Remeasurements\u00b9
-18
-4
8
-14
-8
-17
-48
-73
Changes in risk parameters
-1
1
1
-1
1
Originated or purchased
6
6
4
4
Matured or repaid
-2
-3
-7
-12
-2
-3
-9
-14
Impairment charges (releases) on loans
and advances
-6
-3
-1
-10
12
-7
-69
-64
Write-offs
-3
-3
-2
-2
Unwind discount / unearned interest accrued
1
1
1
1
Foreign exchange and other movements
1
Balance as at 31 December
29
39
52
120
36
42
55
133
Impairment charges (releases) on loans and
advances
-6
-3
-1
-10
12
-7
-69
-64
Recoveries and other charges (releases)
-8
-8
-11
-11
Total impairment charges for the period
-6
-3
-9
-18
12
-7
-80
-75
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. Including POCI.
Loan impairment charges and allowances \u2013 consumer loans\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Balance as at 1 January
12
15
102
130
18
11
118
147
Transfer to stage 1
5
-5
-4
-3
4
-3
-4
-4
Transfer to stage 2
-1
6
-6
-1
8
-6
Transfer to stage 3
-1
-2
35
32
-2
31
29
Remeasurements\u00b9
-7
-5
-12
-9
1
-6
-15
Changes in models
1
1
1
Changes in risk parameters
1
1
-1
3
3
Originated or purchased
3
3
3
3
Matured or repaid
-1
-1
-3
-5
-1
-5
-6
Impairment charges (releases) on loans
and advances
-1
-6
25
18
-5
4
12
11
Write-offs
-28
-28
-31
-31
Unwind discount / unearned interest accrued
1
1
3
3
Foreign exchange and other movements
-4
-3
-40
-47
-1
Balance as at 31 December
8
5
61
74
12
15
102
130
Impairment charges (releases) on loans and
advances
-1
-6
25
18
-5
4
12
11
Recoveries and other charges (releases)
-25
-25
-25
-25
Total impairment charges for the period
-1
-6
-7
-5
4
-12
-13
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. Including POCI.
Loan impairment charges and allowances \u2013 corporate loans\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Balance as at 1 January
119
170
811
1,100
192
228
833
1,254
Transfer to stage 1
66
-65
-4
-3
39
-47
-1
-10
Transfer to stage 2
-18
42
-21
3
-29
59
-8
23
Transfer to stage 3
-3
-26
112
83
-5
-23
164
137
Remeasurements\u00b9
-99
-26
93
-33
-89
-29
102
-16
Changes in models
24
16
33
73
Changes in risk parameters
-2
-1
-3
-6
-5
-11
Originated or purchased
36
36
33
33
Matured or repaid
-15
-9
-35
-59
-15
-20
-25
-60
Impairment charges (releases) on loans
and advances
-10
-70
178
98
-72
-64
232
96
Write-offs
-206
-206
-317
-317
Unwind discount / unearned interest accrued
29
29
22
22
Foreign exchange and other movements
1
-4
9
6
-2
6
40
45
Balance as at 31 December
109
96
821
1,026
119
170
811
1,100
Impairment charges (releases) on loans and
advances
-10
-70
178
98
-72
-64
232
96
Recoveries and other charges (releases)
-43
-43
-48
-48
Total impairment charges for the period
-10
-70
135
55
-72
-64
184
48
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. Including POCI.
Loan impairment charges and allowances \u2013 off-balance\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Balance as at 1 January
6
10
80
97
16
12
81
109
Transfer to stage 1
1
-2
-1
2
-2
Transfer to stage 2
2
2
-2
4
2
Transfer to stage 3
-1
Remeasurements\u00b9
-4
-6
-4
-15
-10
-1
33
22
Changes in models
-1
Changes in risk parameters
5
1
6
Originated or purchased
5
5
5
5
Matured or repaid
-3
-2
-6
-4
-2
-7
Impairment charges (releases)
2
-7
-4
-9
-10
-1
33
22
Foreign exchange and other movements
1
1
-26
-24
1
-1
-34
-34
Balance as at 31 December
9
3
50
63
6
10
80
96
Impairment charges (releases) on off-balance
2
-7
-4
-9
-10
-1
33
22
Other charges (releases)
Total impairment charges for the period
2
-7
-4
-9
-10
-1
33
22
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. Including POCI.
Forbearance credit quality\u2002
Audited
31 December 2025
(in millions)
Total
forborne
assets
Forborne assets
not past due and
not stage 3
or POCI
Forborne assets
past due, but
not stage 3
or POCI
Impaired
forborne
assets
Specific
allowance
Collective
allowance
Total
allowance
Loans and advances banks
Residential mortgages
979
469
112
397
19
19
Consumer loans\u00b9
78
37
42
4
3
6
Corporate loans\u00b9
3,703
2,096
6
1,602
319
76
394
Other loans and advances customers\u00b9
2
2
Total\u00a0loans and advances\u00a0customers\u00b9
4,762
2,603
118
2,040
322
97
419
Total loans and advances\u00b9
4,762
2,603
118
2,040
322
97
419
Loans at FV through P&L
2
2
Total loans and advances
4,763
2,605
118
2,040
322
97
419
1. Excluding loans at fair value through P&L.
31 December 2024
(in millions)
Total
forborne
assets
Forborne assets
not past due and
not stage 3
or POCI
Forborne assets
past due, but
not stage 3
or POCI
Impaired
forborne
assets
Specific
allowance
Collective
allowance
Total
allowance
Loans and advances banks
Residential mortgages
1,045
525
106
413
23
23
Consumer loans\u00b9
114
54
14
45
6
15
21
Corporate loans\u00b9
3,932
2,107
100
1,725
342
96
438
Other loans and advances customers\u00b9
1
1
Total\u00a0loans and advances\u00a0customers\u00b9
5,092
2,687
220
2,186
349
134
483
Total loans and advances\u00b9
5,092
2,687
220
2,186
349
134
483
Loans at FV through P&L
8
8
Total loans and advances
5,100
2,694
220
2,186
349
134
483
1. Excluding loans at fair value through P&L.
Forborne assets by geography\u2002
Audited
31 December 2025
(in millions)
The
Netherlands
Rest of
Europe
USA
Asia
Rest of
the world
Total
Loans and advances banks
Residential mortgages
975
3
979
Consumer loans\u00b9
58
20
78
Corporate loans\u00b9
2,587
1,050
67
3,703
Other loans and advances customers\u00b9
2
2
Total\u00a0loans and advances\u00a0customers\u00b9
3,620
1,073
69
4,762
Total loans and advances\u00b9
3,620
1,073
69
4,762
Loans at FV through P&L
2
2
Total loans and advances
3,622
1,073
69
4,763
1. Excluding loans at fair value through P&L.
31 December 2024
(in millions)
The
Netherlands
Rest of
Europe
USA
Asia
Rest of
the world
Total
Loans and advances banks
Residential mortgages
1,020
24
1,045
Consumer loans\u00b9
82
33
114
Corporate loans\u00b9
2,969
846
42
76
3,932
Other loans and advances customers\u00b9
1
1
Total\u00a0loans and advances\u00a0customers\u00b9
4,070
902
42
78
5,092
Total loans and advances\u00b9
4,070
902
42
78
5,092
Loans at FV through P&L
8
8
Total loans and advances
4,079
902
42
78
5,100
1. Excluding loans at fair value through P&L.
Forborne assets by business segment\u2002
Audited
(in millions)
31 December 2025
31 December 2024
Personal & Business Banking
2,108
1,924
Wealth Management
189
295
Corporate Banking
2,466
2,881
Total forborne assets
4,763
5,100
Maturity overview of assets and liabilities\u2002
Audited
The following tables show financial assets and liabilities
arranged by the earliest possible contractual maturity.
Contractual maturity of assets and liabilities\u2002
Audited
31 December 2025
(in millions)
On
demand
Trading
deriva-
tives
Up to
one
month
Between
one and
three
months
Between
three
and six
months
Between
six and
twelve
months
Between
one
and two
years
Between
two
and five
years
More
than five
years
No
maturity
Total
Assets:
Cash and balances at central banks
49,486
49,486
Financial assets held for trading
22
80
117
147
382
327
514
456
2,044
Derivatives
3,472
96
15
13
4
45
37
250
3,933
Financial investments
4
1,536
3,377
1,788
2,383
4,622
14,277
21,225
1,020
50,231
Securities financing
1,654
29,148
5,714
1,665
1,992
40,173
Loans and advances banks
876
737
1
201
12
146
198
2,170
Loans and advances customers
17,635
9,305
4,069
4,011
7,890
12,590
35,888
164,372
255,760
Other assets
1,768
2,670
671
1,527
25
128
789
1,832
9,411
Total assets
71,445
3,472
43,572
13,963
9,152
12,878
17,724
51,652
188,333
1,020
413,210
Liabilities:
Financial liabilities held for trading
166
41
150
76
268
494
436
1,631
Derivatives
1,472
42
50
16
10
1
52
324
1,967
Securities financing
179
14,130
454
395
162
15,320
Due to banks
1,105
1,680
534
476
29
58
269
169
4,320
Due to customers
235,543
21,766
5,206
3,955
4,051
2,227
1,627
4,751
279,126
Issued debt
4,626
4,565
7,316
2,648
9,287
20,992
24,638
74,072
- of which senior secured
1,260
72
164
111
1,883
5,930
16,616
26,036
- of which senior unsecured
776
16
2,445
2,536
7,403
15,063
8,022
36,263
- of which other
2,590
4,477
4,706
11,773
Subordinated liabilities
854
1,564
764
1,764
4,946
Other liabilities
1,282
2,548
440
389
22
78
26
4,786
Total liabilities
238,110
1,472
44,959
11,291
13,550
6,996
13,482
24,199
32,107
386,167
Total equity
27,043
27,043
Total liabilities and equity
238,110
1,472
44,959
11,291
13,550
6,996
13,482
24,199
32,107
27,043
413,210
Off-balance sheet liabilities
Committed credit facilities
55,240
55,240
Guarantees and other
commitments
6,609
6,609
Total off-balance sheet
liabilities
61,849
61,849
31 December 2024
(in millions)
On
demand
Trading
deriva-
tives
Up to
one
month
Between
one and
three
months
Between
three
and six
months
Between
six and
twelve
months
Between
one
and two
years
Between
two
and five
years
More
than five
years
No
maturity
Total
Assets:
Cash and balances at central banks
44,464
44,464
Financial assets held for trading
85
30
169
176
319
202
663
860
2,503
Derivatives
3,892
27
2
3
2
102
318
4,347
Financial investments
932
2,246
1,115
2,613
3,125
4,959
13,334
17,873
977
47,173
Securities financing
1,584
20,935
3,043
922
505
26,989
Loans and advances banks
788
783
12
3
52
34
225
152
2,049
Loans and advances customers
17,757
7,454
4,497
3,976
7,399
12,562
36,445
158,692
248,782
Other assets
2,513
3,115
906
1,423
23
277
190
292
8,739
Total assets
68,123
3,892
34,590
9,742
9,115
11,426
18,036
50,959
178,188
977
385,047
Liabilities:
Financial liabilities held for trading
85
159
9
64
60
263
523
1,163
Derivatives
2,119
54
3
4
18
36
37
228
2,499
Securities financing
101
9,649
601
10,352
Due to banks
1,128
632
377
78
6
5
2
102
2,329
Due to customers
194,039
38,379
7,202
4,515
3,013
1,091
1,453
6,493
256,186
Issued debt
6,471
7,608
10,988
1,910
7,638
13,449
26,478
74,542
- of which senior secured
51
38
485
1,589
2,988
18,770
23,921
- of which senior unsecured
1,862
5,218
1,401
6,050
10,462
7,707
32,700
- of which other
4,608
7,557
5,732
24
17,922
Subordinated liabilities
4
1,452
935
2,374
1,848
6,613
Other liabilities
3,255
829
494
543
21
102
6
5
5,254
Total liabilities
198,523
2,119
56,103
16,444
16,136
6,484
9,867
17,584
35,677
358,939
Total equity
26,108
26,108
Total liabilities and equity
198,523
2,119
56,103
16,444
16,136
6,484
9,867
17,584
35,677
26,108
385,047
Off-balance sheet liabilities
Committed credit facilities
52,617
52,617
Guarantees and other commitments
6,638
6,638
Total off-balance sheet
liabilities
59,255
59,255
Maturity based on contractual undiscounted
cash flows
Audited
The following tables show financial assets and liabilities
arranged by their earliest possible contractual maturity.
31 December 2025
On
demand
Trading
deriva-
tives
Up to
one
month
Between
one and
three
months
Between
three
and six
months
Between
six and
twelve
months
Between
one
and two
years
Between
two
and five
years
More
than five
years
No
maturity
Total
Assets:
Cash and balances at central
banks
49,486
49,486
Financial assets held for trading
22
81
122
159
400
351
545
482
2,161
Derivatives
3,472
140
153
340
607
1,039
2,091
2,255
10,096
Financial investments
4
1,580
3,547
2,184
3,087
5,796
16,083
22,868
1,020
56,168
Securities financing
1,654
29,206
5,761
1,707
2,004
40,333
Loans and advances banks
876
760
39
99
334
230
473
497
3,307
Loans and advances customers
17,635
9,649
5,388
7,235
13,789
23,061
56,601
184,833
318,191
Other assets
1,768
2,671
672
1,530
30
136
803
1,845
9,455
Total undiscounted assets
71,445
3,472
44,088
15,683
13,253
20,250
30,612
76,596
212,779
1,020
489,197
- of which:
Gross settled derivatives
not held for trading:
Contractual amounts receivable
148
128
61
69
73
61
1
541
Contractual amounts payable
65
70
45
54
81
75
4
395
Total undiscounted gross
settled derivatives not held
for trading
83
58
16
15
-8
-14
-3
146
Net settled derivatives not held
for trading
71
110
83
256
465
1,264
2,321
4,571
Liabilities:
Financial liabilities held for
trading
168
45
160
94
295
529
466
1,758
Derivatives
1,472
116
313
605
1,085
2,022
4,218
4,579
14,411
Securities financing
179
14,157
460
401
163
15,360
Due to banks
1,105
1,686
544
489
46
85
300
194
4,449
Due to customers
235,543
21,793
5,259
4,050
4,167
2,378
1,900
5,015
280,104
Issued debt
4,717
4,901
8,068
3,943
11,327
23,891
27,210
84,058
Subordinated liabilities
10
41
948
162
1,760
1,096
2,076
6,095
Other liabilities
1,282
2,539
431
381
17
76
-6
20
4,741
Total liabilities
238,110
1,472
45,187
11,996
15,102
9,676
17,943
31,928
39,561
410,975
- of which:
Gross settled derivatives
not held for trading:
Contractual amounts receivable
123
147
67
50
90
191
62
730
Contractual amounts payable
61
80
43
41
70
148
48
490
Total undiscounted gross
settled derivatives not held
for trading
-62
-67
-24
-9
-20
-43
-14
-240
Net settled derivatives not held
for trading
17
-19
-118
73
47
388
310
699
Net liquidity gap
-166,665
2,000
-1,099
3,687
-1,849
10,574
12,669
44,668
173,218
1,020
78,223
Off-balance sheet liabilities
Committed credit facilities
55,240
55,240
Guarantees and other
commitments
6,609
6,609
Total off-balance sheet
liabilities
61,849
61,849
31 December 2024
(in millions)
On
demand
Trading
deriva-
tives
Up to
one
month
Between
one and
three
months
Between
three
and six
months
Between
six and
twelve
months
Between
one
and two
years
Between
two
and five
years
More
than five
years
No
maturity
Total
Assets:
Cash and balances at central banks
44,464
44,464
Financial assets held for trading
85
32
176
191
343
242
722
912
2,702
Derivatives
3,892
96
260
649
1,223
2,300
4,393
4,332
17,146
Financial investments
932
2,286
1,265
2,969
3,738
5,952
14,812
19,203
977
52,134
Securities financing
1,584
20,981
3,070
940
509
27,083
Loans and advances banks
788
815
61
123
259
387
637
491
3,561
Loans and advances customers
17,757
7,824
5,926
7,462
13,783
23,881
58,666
180,604
315,901
Other assets
2,513
3,118
910
1,429
29
284
201
302
8,786
Total undiscounted assets
68,123
3,892
35,152
11,667
13,762
19,884
33,046
79,431
205,844
977
471,778
- of which:
Gross settled derivatives not
held for trading:
Contractual amounts receivable
255
253
149
114
175
355
117
1,418
Contractual amounts payable
140
157
81
73
140
254
76
921
Total undiscounted gross
settled derivatives not held
for trading
115
96
68
41
36
101
41
497
Net settled derivatives not held for
trading
183
128
243
495
1,076
1,636
3,761
Liabilities:
Financial liabilities held for trading
86
162
16
77
83
301
559
1,285
Derivatives
2,119
138
292
716
1,304
2,171
4,398
4,601
15,739
Securities financing
101
9,670
605
10,376
Due to banks
1,128
635
381
81
11
13
22
122
2,394
Due to customers
194,039
38,431
7,277
4,637
3,169
1,336
1,933
6,967
257,788
Issued debt
6,568
7,954
11,705
3,100
9,534
16,595
29,415
84,870
Subordinated liabilities
18
56
139
1,670
1,260
2,769
2,178
8,090
Other liabilities
3,255
826
486
535
17
101
5
4
5,228
Total liabilities
198,523
2,119
56,371
17,212
17,830
9,349
14,498
26,023
43,846
385,771
- of which:
Gross settled derivatives not
held for trading:
Contractual amounts receivable
109
27
52
52
29
12
19
300
Contractual amounts payable
71
36
32
58
29
10
12
248
Total undiscounted gross
settled derivatives not held
for trading
-38
9
-20
6
-2
-7
-51
Net settled derivatives not held for
trading
180
-153
20
98
39
379
961
1,525
Net liquidity gap
-130,400
1,773
-21,219
-5,545
-4,068
10,535
18,548
53,408
161,998
977
86,007
Off-balance sheet liabilities
Committed credit facilities
52,617
52,617
Guarantees and other
commitments
6,638
6,638
Total off-balance sheet
liabilities
59,255
59,255
Expected maturity based on behavioural
models\u2002
Audited
The following table provides an overview of the
amounts expected to be settled within twelve months
and after twelve months, based on the behavioural
maturity profile.
31 December 2025
31 December 2024
(in millions)
Up to
one year
More than
one year
Total
Up to
one year
More than
one year
Total
Assets
Cash and balances at central banks
49,486
49,486
44,464
44,464
Financial assets held for trading
2,044
2,044
2,503
2,503
Derivatives
3,474
460
3,933
3,891
455
4,347
Financial investments
10,145
40,086
50,231
9,971
37,202
47,173
Securities financing
39,555
618
40,173
26,589
400
26,989
Loans and advances banks
1,780
390
2,170
1,510
540
2,049
Loans and advances customers
63,184
192,576
255,760
59,517
189,265
248,782
Equity-accounted investments
233
233
244
244
Property and equipment
1,014
207
1,221
801
267
1,068
Goodwill and other intangible assets
356
356
253
253
Assets held for sale
2,466
2,466
1,330
1,330
Tax assets
143
143
326
326
Other assets
4,727
266
4,993
4,911
607
5,518
Total assets
178,374
234,836
413,210
156,067
228,980
385,047
Liabilities
Financial liabilities held for trading
1,631
1,631
1,163
1,163
Derivatives
1,472
495
1,967
2,125
374
2,499
Securities financing
15,131
188
15,320
10,256
96
10,352
Due to banks
3,762
558
4,320
2,162
167
2,329
Due to customers
92,440
186,686
279,126
88,593
167,593
256,186
Issued debt
16,903
57,169
74,072
26,214
48,328
74,542
Subordinated liabilities
860
4,086
4,946
1,446
5,167
6,613
Provisions
661
5
666
605
7
612
Liabilities held for sale
20
20
Tax liabilities
183
183
395
395
Other liabilities
3,912
6
3,918
4,239
7
4,247
Total liabilities
136,974
249,193
386,167
137,199
221,740
358,939
The behavioural maturity profile is based on internally
developed liquidity risk models. These models cover
residential mortgages, consumer and corporate loans,
non-maturing assets (mainly current accounts), credit
cards, non-maturing liabilities (demand deposits and
current accounts) and term deposits. The liquidity risk
models predict the behavioural cash flows, which can
differ from the contractual cash flows as a result of, for
example, prepayments or because some products do
not have a defined contractual maturity date.
The models are based on historically observed client
behaviour and use a combination of internal and
external risk drivers. The models are used to monitor
the\u00a0bank\u2019s liquidity mismatch position.
The liquidity risk models are included in the bank\u2019s
model risk management framework. This means that
the models have to follow a regular monitoring and
validation schedule. The Methodology Acceptance
Group (MAG) ALM/T gives approval for the models,
based on independent advice from Model Validation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1": { "value": "
Risk taxonomy\u2002
Audited
A key outcome of the risk identification step in the ERM
cycle is the risk taxonomy, which provides the
foundation for the reiterative process of defining and
managing material risks within the bank\u2019s risk
management framework. The risk taxonomy is reviewed
and updated on an annual basis, or sooner if an update
is required due to the emergence of any new material
risk type.
The taxonomy considers materiality of risks based on
an\u00a0assessment of financial and non-financial impact in
combination with likelihood. The key financial risk types
related to our business model are credit risk, liquidity
risk and market risk in the banking book. The chart
below depicts our risk taxonomy in place for 2025.
In 2025, the bank reviewed and updated its criteria for
assessing materiality to ensure a focus on the most
relevant risks. In 2026, we will monitor and report on
our risks in accordance with the updated risk taxonomy.
Consistent with the principles underpinning the new
strategy, the risk taxonomy will be simplified in 2026,
concentrating on those risks that are most relevant for
the bank\u2019s steering and decision-making.
Risk taxonomy
Audited
External causal factors
Politics, (macro) economy, society, technology,
environmental, social and governance (ESG, e.g. physical and
transition risk, legislation and regulation)
Internal causal factors
People, processes, systems, balance sheet,
products (e.g. mis-selling, greenwashing), clients,
reputation and behaviour
\"Risk
\"Risk
Enterprise risk
Financial risk
Non-financial risk
Credit risk
Liquidity risk
HR risk
ICT risk
Fraud risk
Data risk
Market risk in
the banking
book
Business risk
Change risk
Compliance
risk
Model risk
Third-party
and
outsourcing
risk
Market risk in
the trading
book
ESG risk
Legal risk
Tax risk
Behavioural
risk
\"Risk
Value of the bank
\u2022 Financial\u2003\u2022 Reputational
Risk appetite framework\u2002
Audited
Our risk appetite determines the level of risk that the
bank is willing to take in order to pursue its strategy. It is
regularly evaluated and updated to ensure continuous
alignment with our strategy.
Strategic
Risk Appetite Statement
Strategic Risk Indicators
Bank
Risk Appetite Statement
Key Risk Indicators
Client Units RAS
Local & Entities RAS
The Strategic Risk Appetite Statement entails three
focus areas, each of which is substantiated by a
qualitative statement and concrete strategic risk
indicators (SRIs). In 2025, the Strategic Risk Appetite
Statement SRIs were further articulated in the bank-
wide Bank Risk Appetite Statement (bank RAS) and key
risk indicators (KRIs), which were cascaded to risk
appetite statements at a client unit level (client unit
RAS), local level (LRAS) and entity level (ERAS). In
alignment with the principles of ABN AMRO\u2019s new
strategy, the risk appetite framework will be adjusted in
2026, resulting in a simplified structure whereby the
strategic and bank RAS layers are consolidated into a
single bank-wide layer.
The risk indicator framework consists of quantitative
and/or qualitative SRIs and KRIs. A limit and checkpoint
is set for every SRI and KRI, against which the actual risk
profile is monitored. Examples of SRIs and KRIs in our
risk appetite include:
\u2022 regulatory and internal capital ratios
\u2022 risk-adjusted return metrics
\u2022 concentration limits for counterparties, products,
sectors and countries
\u2022 economic capital and risk-weighted asset limits for
various risk types
\u2022 regulatory and internal liquidity metrics
\u2022 market risk parameters (supervisory outlier test on net
interest income and supervisory outlier test on
economic value of equity)
\u2022 non-financial risk parameters (effectiveness of
internal control environment)
\u2022 several ESG risk appetite indicators
The status of adherence to the risk appetite and the
outlook are discussed every month by the Executive
Board, and every quarter by the Supervisory Board,
based on the CRO memo.
Strategic Risk Appetite Statement\u2002
Audited
Sustainable
business
model &
value
creation
Financial
soundness
Banking
for better,
for
generations
to come
Sound
operating
environment
Risk governance\u2002
Audited
Effective risk management requires organisation-wide
risk governance. Our risk and control structure is based
on the \u2018three lines of defence\u2019 governance model, which
has been designed to ensure risk is managed in line
with the risk appetite approved by the Executive Board
and Supervisory Board.
Three lines of defence
The three lines of defence model aims to clarify the
relationship between risk takers and the internal control
functions, and provides all employees within the bank
with clarity regarding their risk management
responsibilities. This defence model is applied across all
risk types and covers the whole organisation, including
the client units, functions, the Risk Management
organisation, outsourced activities and distribution
channels.
Three lines of defence\u2002
Audited
1
1st Line
of Defence
2
2nd Line
of Defence
3
3rd Line
of Defence
Risk Ownership
Risk Control & Oversight
Risk Assurance
Responsibility
\u2022 Delivers value-added services
to\u00a0our clients
\u2022 Owns and manages risks and
implements internal controls for
day-to-day operations
\u2022 Operates within the risk appetite
\u2022 Strikes the right balance between
return and risk in its decisions
\u2022 Seeks outside-in views and advice,
where necessary
\u2022 Ensure systems, processes and
reporting capabilities are
commensurate with its activities
and risk appetite
Responsibility
\u2022 Sets the bank-wide risk
management framework
\u2022 Sets risk policies and ensures
regulations are translated into
policies
\u2022 Sets the risk appetite
\u2022 Maintains risk control and oversight
through monitoring, reporting and
escalating, where necessary
\u2022 Provides independent challenge
and expertise to the First Line
\u2022 Proactively challenges the risk
management practices of the First
Line
\u2022 Provides outside-in views and
ensures consistency in risk
management practices across the
First\u00a0Line
Responsibility
\u2022 Protects and enhances
organisational value by providing
risk-based and objective assurance,
insight and added value to support
the achievement of our objectives
\u2022 Evaluates the design and
effectiveness of governance,
risk\u00a0management and control
processes, agrees with
management on remediation and
monitors follow-up
\u2022 The first line of defence comprises management
within each client unit or function (such as Finance,
Innovation & Technology, HR, Asset & Liability
Management/Treasury), who are responsible for
managing the risks they incur in conducting their
activities and for executing effective and efficient
controls.
\u2022 The second line of defence consists of dedicated
departments in the Risk Management organisation
and Legal, which are responsible for setting the risk
management framework as well as the risk appetite
within which the first line must operate.
\u2022 The third line of defence is the internal audit function,
which provides assurance on the adequacy of the risk
management activities performed by the first and
second lines of defence based on an independent
assessment.
Board-level oversight
ABN AMRO has a two-tier governance model consisting
of an Executive Board and a Supervisory Board. The
Executive Board and Supervisory Board of ABN AMRO
define the governance arrangements aimed at ensuring
effective and prudent management of the bank and
oversee the implementation of these arrangements.
The\u00a0Boards are accountable for setting, approving and
overseeing the implementation of the bank's risk
management framework, including:
\u2022 an adequate and effective internal governance and
internal control framework that includes a clear
organisational structure and well-functioning
independent internal risk management, compliance
and audit functions that have sufficient authority,
expertise, stature and resources to perform their tasks
\u2022 an adequate and effective three lines of defence
model at the bank
\u2022 a risk culture that addresses risk awareness at the
bank, risk ownership and risk-taking behaviour
\u2022 a corporate culture and values that foster responsible
and ethical behaviour, including a code of conduct
\u2022 the bank\u2019s key policies within the applicable legal and
regulatory framework
\u2022 the overall risk strategy, including the bank\u2019s risk
appetite and risk management framework and
measures to ensure the management body devotes
sufficient time to risk issues
\u2022 the amounts, types and distribution of both internal
capital and regulatory capital to provide adequate
cover for the bank\u2019s risks
\u2022 targets for the bank\u2019s capital and liquidity
management
The Risk Management organisation operates under the
direct responsibility of the Chief Risk Officer, who is a
member of the Executive Board.
Executive risk committees
The Executive Board is responsible for setting,
monitoring, reviewing and realising the bank\u2019s mission,
vision, strategy, risk appetite and risk framework, with a
view to creating long-term value for the bank and
ensuring that effective internal risk management and
control systems are in place. In this context, the
Executive Board approves the materiality assessment
methodology and results as well as the risk taxonomy
every year. The internal capital adequacy plan (ICAAP),
business model analysis and climate resilience analysis
are also approved by the Executive Board.
In the risk decision-making framework, the Executive
Board has set up three executive risk management
committees, which are described below.
Group Risk Committee
The Group Risk Committee (GRC) is mandated by the
Executive Board to monitor, assess and manage the
bank\u2019s risk profile within the approved risk appetite. The
GRC monitors and approves all material risks as defined
in the bank\u2019s risk taxonomy. The GRC is chaired by the
Chief Risk Officer and meets at least once a month.
The GRC has delegated specific approval powers to
sub-committees, including client unit and Innovation
and Technology (I&T) risk committees, Strategic Product
Approval Committees (SPACs), the Scenario and Stress
Testing Committee (SSC), the Impairment and
Provisioning Committee (IPC), the Financial Crime Risk
Committee (FCRC), the Engagement Committee, and
the Methodology Acceptance Group (MAG).
Group Central Credit Committee
The Group Central Credit Committee (CCC) is
mandated by the Executive Board to make decisions on
the acceptance of credit and counterparty risk in
respect of individual persons, legal persons and public
administrative bodies relating to credit proposals falling
within the scope of the risk appetite determined by the
Executive Board. In addition, the CCC is responsible for
approving and monitoring large intercompany credit
facilities. The CCC is chaired by the head of Credit Risk
and convenes twice a week.
Regulatory Committee
The Regulatory Committee (RC) is responsible for a
bank-wide understanding, adequate oversight and
decision taking on matters relating to the timely
regulatory compliance of the Group to current, new and
changing national and international laws and
regulations, supervisory expectations and the
remediation of supervisory findings. The RC is chaired
by the Chief Risk Officer and convenes at least once
every two months.
Stress testing and scenario analysis\u2002
Audited
ABN AMRO uses stress testing and scenario analysis as
an important risk management instrument. This entails
looking at profitability, capital and liquidity from a bank-
wide perspective in various scenarios on a regular basis.
The stress testing framework covers both internal and
external stress test types. In addition, sub-portfolio and
risk type-specific stress testing and scenario analyses
are performed. The outcome of stress testing is used for
setting and monitoring risk appetite limits and targets.
Purposes of stress testing
ABN AMRO applies stress testing for several purposes,
including:
\u2022 Business planning: various macroeconomic scenarios
for budget purposes.
\u2022 Capital planning: stress testing is used to gain insight
into the resilience of our capital under adverse
changes in the economic environment and
ABN\u00a0AMRO-specific circumstances.
\u2022 Risk appetite setting and monitoring: the outcome of
stress testing is used for setting and monitoring risk
appetite limits and targets, including limits under
stress.
\u2022 Contingency planning: stress testing is used to assess
and strengthen the triggers and measures in the
liquidity and capital contingency and recovery plans.
Reverse stress testing is performed to gain deeper
insight into plausible events that could put the
continuity of ABN AMRO under pressure.
\u2022 Risk type-specific and client unit stress testing, such
as market risk trading and banking book and
mortgage stress testing.
\u2022 Supervisory stress testing, based on prescribed
scenarios and assumptions. This includes the stress
test programme of the European Banking Authority
(EBA), which is designed to assess banks\u2019 resilience to
adverse economic or financial developments, and the
ECB economy-wide climate stress test, which aims to
evaluate the impact of alternative climate scenarios
on the resilience of the bank.
This figure shows the stress testing and scenario
analysis cycle.
Stress test & scenario analysis cycle\u2002
Audited
Risk
identification
Management
action
Stress testing
& scenario
analysis
Scenario
& scope
selection
Simulation
& impact
analysis on
ABN AMRO
Data sourcing,
models and
methodologies
Conduct, governance & control framework
Scenario projections for stress testing purposes are
based on quantitative models as well as expert
opinions. In general, the results are presented together
with the mitigating actions, based on contingency plans,
whenever they result in a breach of a pre-defined
internal threshold. The stress testing framework also
comprises the sensitivity scenarios that address the
impact of various severe events on specific portfolios,
countries and/or sectors, as well as the annual reverse
stress test, in line with regulatory requirements.
Environmental risks are also incorporated into our bank-
wide stress testing framework by including specific
events related to physical risk and drivers of transition
risk, such as carbon prices.
Credit risk management approach\u2002
Audited
Credit risk constitutes a key risk in our business model.
ABN AMRO employs two different approaches to
manage credit risk, which reflect the bank\u2019s way of
doing business. Standardised products and processes
are managed on a pooled basis (programme lending),
to which uniform risk criteria are applied. For
customised lending to counterparties (non-programme
lending), risks are assessed on an individual basis.
Credit risk management process\u2002
Audited
The following figure presents a simplified overview of
the credit risk management process.
Planning
Credit acceptance
Loan approval and
disbursement
Credit risk monitoring
Business and risk
control\u00a0functions
jointly\u00a0responsible
Restructuring
and recovery
High-risk monitoring
Non-programme
lending
Customised loans,
mostly Wealth
Management,
Corporate Banking
and Business
Banking
(within\u00a0P&BB)
Risk assessment
by client unit
Regular monitoring1
Restructuring
Continual update
of\u00a0risk\u00a0governance,
management and
policies
Processes reflect
guidelines for credit
risk\u00a0management
For programme lending,
product-specific
standards are established
ESG risk assessment for
larger OOEs and/or
periodically\u00a0at
portfolio\u00a0level
Analysis and credit
decision by credit
risk function
Increased risk
Recovery
Intensive monitoring
(\u2018Watch\u2019) 2
Loan disbursement
Programme
lending
Standardised
loans,\u00a0mostly
Personal Banking
(within P&BB)
Credit decision
based\u00a0on credit
score\u00a0and policy
rules
Account maintenance
Restructuring
Loan disbursement
Default prevention
Recovery
1 Daily monitoring or annual or semi-annual credit review.
2 \u2018Watch\u2019: status assigned to counterparties with an increased risk.
For more insight on our credit portfolio,
please refer to the Credit risk review section.
Planning
Within programme lending, the credit cycle starts with
the product planning phase, during which the product is
designed and/or reviewed. The goal is to optimise the
key drivers of risk and return within the context of
ABN\u00a0AMRO\u2019s strategy, risk appetite, clients\u2019 best
interests and sustainability. For non-programme
lending, the lending product is customised and not
subject to a product planning phase.
Credit acceptance
For a credit approval decision within programme
lending, client-specific risk drivers and external data are
taken into consideration to calculate a credit score
(scorecard). The credit decision is based on the
outcome of the scorecard in combination with the
application of policy rules.
Within non-programme lending, the credit acceptance
phase starts with the creation of a credit proposal by the
relevant client unit. The qualitative and quantitative
details of the credit risk associated with the loan are
assessed and documented. Information must be
provided on matters such as the purpose of the loan,
details and structure of the credit facility, the borrower
and other involved parties, the sector and geography,
management and owners, and potential ESG risks,
along with a detailed financial analysis. In addition,
compliance with internal policies is checked. The credit
proposal first requires approval from the client unit,
after which an analysis is performed by Risk
Management. The final credit decision is based on the
independent assessment by the credit risk function.
Credit risk assessment regarding ESG risks
As part of the credit risk acceptance process for
corporate clients, ESG risks are assessed and evaluated
based on the client\u2019s sector, size and the level of
preparedness for transitioning towards an ESG-aligned
business model. This involves different stages of the
credit lifecycle, including client onboarding, credit
acceptance and the periodical credit review. Various
tools are in place in order to assess these risks at client
level: the Client Assessment on Sustainability (CASY)
tool, the Transition Readiness Assessment (TRA) and the
Risk Classification Tool (RCT). The CASY and RCT
assessments are also subject to review by the credit risk
function. For more information on these tools, please
refer to Risk management of ESG matters - Risk
assessment and measurement.
Credit risk monitoring
Consistent and regular monitoring of counterparties,
exposures, risk mitigants and ongoing compliance with
internal policies helps to safeguard the bank\u2019s position
in relation to all risks associated with the counterparties
and portfolios. Monitoring starts when the credit facility
is granted and continues throughout the lifecycle of the
credit facility and the relationship with the counterparty,
until the exposure has been fully repaid and/or the limit
has been cancelled.
Depending on whether a facility comes under
programme or non-programme lending, a time-based
or event-based review applies. For programme lending
portfolios, the entire risk management framework is
defined in a product programme, which must be
reviewed at least annually. Individual credit reviews are
performed on the basis of pre-defined triggers for risk-
based credit reviews. For non-programme lending, all
counterparties are subject to at least an annual review.
The review takes into consideration potential changes in
the risk profile of the counterparty that can impact
creditworthiness, compared with the assessment at the
point of loan origination.
If a situation arises in which an individual counterparty
shows signs of credit risk deterioration and action is
required to avoid the credit risk turning into a default
classification, a \u2018watch\u2019 status is assigned. This status
indicates that a counterparty is subject to increased
monitoring and appropriate follow-up measures, in
order to prevent further deterioration or a default.
Triggers for this status can be changes in the financial
position of the client, potential or actual breaches of
covenants, management issues, or the market or sector
outlook.
In addition to monitoring at counterparty level, the bank
monitors credit risk developments at aggregated level,
including at portfolio, client unit and bank-wide level.
Restructuring and recovery
Non-programme lending counterparties that are subject
to a default event are mandatorily transferred to the
Financial Restructuring & Recovery department (FR&R).
If a \u2018going concern\u2019 approach is applicable and return to
a performing status is considered likely, the
counterparty is transferred to the Restructuring team,
which will devise a plan aimed either at rehabilitation or
enhancement of the likelihood of full repayment. If a
\u2018gone concern\u2019 approach is applicable and the bank
does not expect that the restructuring will result in the
counterparty returning to a performing classification,
the counterparty is transferred to the Recovery team.
Once a client is considered able to meet its future
payment obligations and the involvement of FR&R is no
longer required, the client is transferred back to the
client unit.
Programme lending facilities are transferred to the Late
Collections department if a default status is assigned
because payments have been past due for more than
90 days or because another default trigger applies. If
restructuring is ultimately ineffective, the facility is
transferred to other internal departments or external
parties (such as Flanderijn) for debt collection.
Credit concentration risk\u2002
Audited
Credit concentration risk is the risk of losses arising from
large exposures to a single counterparty or group of
counterparties that are highly positively correlated.
Limiting excessive concentrations is fundamental to
our\u00a0credit risk strategy, and therefore we aim to keep
the credit risk portfolio sufficiently diversified. To avoid
credit risk concentrations, the bank sets maximum
levels for subgroups in the following categories:
\u2022 single counterparty and groups of related
counterparties (counterparty concentration)
\u2022 countries (geographic concentration)
\u2022 economic sectors (sector concentration)
\u2022 products (product concentration)
\u2022 ESG risk (physical and/or transition risk concentration)
Counterparty concentration
Counterparty concentration risk is the risk of losses
arising from large exposures to one counterparty or
group of counterparties in a risk group. A risk group is
an interrelated group of counterparties with a high
degree of interdependency due to a control
relationship. This control relationship may be due to
direct or indirect majority interests being held by the
same shareholder or group of shareholders.
Counterparty credit concentration risk is measured by
three metrics: one obligor exposure (OOE), economic
capital (EC) and loss at default (LAD). The OOE is the
total exposure to a risk group and includes all drawn
and undrawn credit facilities granted, plus all indirect
exposures, including guarantees and any other recourse
claims. EC is the internal measure of required capital we
reserve to protect against large unexpected losses,
while the loss at default is the expected loss in the
event that the counterparty defaults. The bank limits
counterparty credit risk by setting OOE, EC and LAD
limits. All credit applications with an OOE/EC/LAD
above the applicable limit are reviewed and require
approval from the Executive Board.
Geographic concentration
Geographic concentration risk is the risk of credit losses
arising from events or circumstances specifically related
to a country or region. ABN AMRO has branches and
subsidiaries located outside the Netherlands, as well as
clients who operate internationally.
Management of country risk focuses on cross-border
risk, which includes the risk that funds, goods or
services cannot be transferred out of a country as
a\u00a0result of actions by local authorities in that country
or\u00a0other events. These risks are managed by setting
country credit limits, based on individual country
analyses by economic, compliance and country risk
experts.
Country limits are reviewed at least once a year. Each
country also has an annually reviewed internal credit
rating, which is an important factor in managing country
concentration risks. As the Netherlands is our home
country, it is not included in any concentration risk
appetite statement or credit limit. Given that our
strategic focus is on Northwest Europe, our country risk
exposure has declined significantly in recent years.
Sector concentration
Sector concentration risk is the risk of losses arising
from large credit exposures to counterparties active in a
single economic sector. Sector concentration risk arises
when deterioration in a specific sector has an effect on
all credit exposures related to that sector. ABN AMRO
manages sector concentration risk by setting limits on
economic capital (EC) for credit risk in each sector as a
percentage of total EC for credit risk. Adhering to these
limits ensures a sufficiently diversified portfolio.
Product concentration
Product concentration risk is the risk of losses arising
from large credit exposures in a specific asset or
product class. This asset or product class concentration
can occur, for example, in residential mortgages,
commercial real estate and leveraged transaction loans.
Limits are defined for each product type in our risk
appetite.
ESG risk concentration
A concentration of clients that are exposed to high
climate transition or physical climate risks can also pose
a risk for the bank. The bank therefore monitors the
concentration of corporate exposures in sectors with
higher climate transition risk. In particular, we limit the
concentration of corporate loans in sectors contributing
highly to climate change and also carbon-related
corporate loans in such sectors. For managing climate
risk in the residential mortgages book, the bank
monitors the percentage of properties that have
relatively high climate transition risks and are located in
an area sensitive to physical climate risk.
Please refer to Effect of climate risk on traditional risk
types for a description of the effect of ESG risks on
credit risk and how these risks are managed.
Credit risk quality and impairment\u2002
Audited
We continuously monitor the credit portfolio for signs
indicating that a counterparty may become credit
impaired in the future. Loans at risk are classified into
different risk categories for individual counterparties
and into days-in-arrears buckets for groups of
aggregated counterparties in order to optimise the
monitoring and review of these loans.
Risk stages
At each reporting date, financial instruments in scope of
IFRS 9 are classified into one of three risk stages,
depending on current credit quality, or as purchased or
originated credit impaired (POCI).
The following flow chart shows the risk stage allocation
of financial instruments.
Asset in scope?
YES
Purchased or originated credit impaired (POCI)?
NO
YES
Default trigger hit?
NO
YES
Lifetime PD significantly deteriorated?
NO
YES
Watch list
Forbearance (but not impaired)
NO
YES
Days past due
0-30
>30
Stage 1
Stage 2
Stage 3
Stage POCI
Change in credit quality
The following figure shows the change in credit quality
of financial instruments since initial recognition. We use
quantitative and qualitative stage triggers to determine
whether a financial instrument should be classified as
stage 1 or stage 2. A transfer to stage 3 will always be
the result of the default of a financial instrument.
Change in credit quality since initial recognition
Stage 1
Stage 2
Stage 3
Performing
(Initial recognition)
Credit quality deteriorated
(Assets with significant increase in
credit risk since initial recognition)
Default = Impaired
(Credit impaired assets)
Recognition of ECL
12 month ECL
Lifetime ECL
Lifetime ECL
Interest income
Effective interest on
gross carrying amount
Effective interest on
gross carrying amount
Effective interest on amortised
cost (gross carrying amount less
loss allowance)
Calculation method for expected credit losses
ABN AMRO recognises loss allowances based on the
Expected Credit Loss (ECL) model of IFRS 9, which is
designed to be forward-looking. The amount of ECL is
based on the probability-weighted present value of all
expected cash shortfalls over the remaining life of the
financial instrument for both on- and off-balance sheet
exposures. ABN AMRO distinguishes between two types
of calculation methods for credit loss allowances:
\u2022 Individual lifetime ECL (LECL) for credit impaired
(stage 3) financial instruments with exposures above
EUR 5 million;
\u2022 Collective 12-month ECL (stage 1) and LECL (stage 2
and 3) for financial instruments that have similar
credit risk characteristics (e.g. residential mortgages,
consumer loans and SME loans); these are clustered
in portfolios and collectively assessed for impairment
losses. This applies to all financial instruments in
stage\u00a01 and stage 2 and to stage 3 exposures below
EUR\u00a05\u00a0million. ABN AMRO has models to quantify the
Probability of Loss (PL), Loss Given Loss (LGL) and
Exposure at Loss (EAL) for the purpose of calculating
the collective 12-month ECL and LECL for these
financial instruments.
Range of lifetime PD deterioration thresholds
The key quantitative metric that determines when a
financial instrument is transferred from stage 1 to
stage\u00a02 is the deterioration in the lifetime probability of
default (LPD) from the date of origination to the
reporting date, based on internal data. If the LPD
deterioration of an exposure is above a predefined
threshold, the LPD is considered to be significantly
deteriorated.
The following table shows LPD deterioration thresholds
that triggered transfers to stage 2 as at
31\u00a0December\u00a02025. The table provides ranges because
each product class uses multiple ECL models, and
thresholds are determined for each ECL model.
Product class
Range
Consumer lending
1.8x-4.0x
Residential mortgages
1.5x-2.1x
Corporate loans
1.3x-4.8x
Management overlays and other adjustments
Where necessary to reflect credit risk dynamics not
captured by our models, management judgement is
applied via a management overlay or other IFRS 9
adjustment. A management overlay is a temporary
adjustment in a loss allowance until a long-term
solution (e.g. model adjustment) is effective, and must
be an amount commensurate with the model limitation.
All overlays require a decision by the Impairment and
Provision Committee (IPC). The main types of
management overlays that ABN AMRO distinguishes
are: post-model adjustments (adjustments to model
outcomes), adjustments in the weightings of
macroeconomic scenarios and stage overrides. Other
adjustments, such as adjustments to model parameters
or input data, are not considered management overlays,
but follow the same internal approval process.
Forbearance
Forbearance is the process of making concessions to
clients who are or will soon be experiencing financial
difficulty, with the intention of bringing them back
within their payment capacity. A forborne asset is any
contract that has been entered into with a counterparty
that is in or about to face financial difficulty, and that
has been refinanced or modified on terms and
conditions that we would not have accepted if the
counterparty had been financially healthy.
Forbearance measures can be applied to contracts on
which the counterparty has already defaulted, as well
as\u00a0to contracts that are still performing. If the contract
is\u00a0considered to be performing at the time the
forbearance measure is taken, an assessment is made
to\u00a0determine whether the counterparty will be able to
meet the revised conditions of the contract and whether
full repayment of the credit facility is expected.
A forborne contract will cease to qualify as forborne
only when all the following conditions are met:
\u2022 The contract is considered performing;
\u2022 A minimum probation period of at least two years has
passed since the date of the last forbearance measure
or, if later, the date on which the forborne contract
was considered performing;
\u2022 Regular and timely payments of more than an
insignificant amount of principal or interest have been
made during at least half of the probation period;
\u2022 The counterparty does not have any contract, within
the credit agreement, that is more than 30 days past
due at the end of the probation period.
If the forborne contract is or has become non-
performing at the time of the forbearance measure,
a\u00a0mandatory cure period of at least one year applies to
the contract before it is returned to performing status.
The cure period starts when the contract becomes
non-performing or, if the contract was already
non-performing, when the last forbearance measure
was taken.
Forbearance lifecycle\u2002
Audited
Non-forborne
Forborne
Non-forborne
Defaulted forbearance clients
remain defaulted for at least a year
Performing
Cure
\u2265 1 year
Probation period
\u2265 2 year
Ceases to be
forborne
Forbearance measure
End of cure period
End of forbearance period
Performing
Non-performing
Performing
Past due credit exposures
A financial asset is past due if a counterparty fails to
make a payment on the contractual due date or if the
counterparty has exceeded an agreed credit limit.
ABN\u00a0AMRO starts counting days past due on the first
day that a counterparty is past due on any financial
obligation.
Credit impaired exposures
Financial assets classified under stage 3 are considered
credit impaired in accordance with IFRS 9. A\u00a0transfer to
stage 3 will always be the result of the default of a
financial instrument. The definition of default for IFRS 9
is aligned with the regulatory capital definition.
A\u00a0default is deemed to have occurred when the
counterparty is past due by more than 90 days on any
material financial credit obligation to the bank, or when
the bank considers the borrower to be unlikely to meet
its contractual obligations (unlikely to pay).
Credit risk measurement
Audited
The models used for measuring and managing credit
risk vary from purely statistical to expert-based models
and employ both quantitative and qualitative risk
drivers. All models are subject to the bank\u2019s model risk
management framework. They undergo initial validation
by the independent model validation function before
their first use, and are then monitored and validated
annually. Independent validation is also required when
a model is changed.
Probability of default
The probability of default (PD) indicates the likelihood
that a counterparty or exposure defaults within a one-
year time horizon. For the non-programme lending
portfolio, the model score is mapped to and expressed
as an internal uniform counterparty rating (UCR). The
UCR rating scale consists of 14 performing ratings, each
representing a fixed PD range. The indicative mapping
of the internal UCR rating scale to external rating
agency ratings is shown in the following table.
Internal rating scale mapped to external ratings
Grade Category
UCR
(internal rating)
Low
PD%
Mid
PD%
High
PD%
Standard & Poor's
equivalent
Moody's
equivalent
Fitch
equivalent
Investment grade
UCR 1
0.000
0.03
0.035
AAA to A+
Aaa to Aa3
AAA to AA-
UCR 2+
0.035
0.04
0.045
A+
A1
A+
UCR 2
0.045
0.05
0.071
A
A2
A+ to A
UCR 2-
0.071
0.10
0.127
A-
A3
A-
UCR 3+
0.127
0.16
0.200
BBB+
Baa1
BBB+
UCR 3
0.200
0.25
0.300
BBB
Baa2
BBB
UCR 3-
0.300
0.36
0.465
BBB-
Baa3
BBB-
Sub-investment grade
UCR 4+
0.465
0.60
0.775
BB+
Ba1
BB+
UCR 4
0.775
1.00
1.285
BB
Ba3
BB
UCR 4-
1.285
1.65
2.225
BB-
B1
B+
UCR 5+
2.225
3.00
4.243
B
B2
B
UCR 5
4.243
6.00
8.485
B-
Caa
B-
UCR 5-
8.485
12.00
16.971
CCC/C
Ca/C
CCC/C
UCR 6+
16.971
24.00
100
CCC/C
Ca/C
CCC/C
Default
UCR 6-8
100
D
C-D
D
Loss given default
Loss given default (LGD) models estimate the amount
the bank would lose if the counterparty were to default.
LGD is expressed as a percentage of the outstanding
amount at default. For credit facilities that are not in
default, LGD estimates are influenced by the risk
mitigating techniques used by the bank (such as
collateral coverage and/or third-party protection), the
credit facility\u2019s seniority and structure, and the bank\u2019s
view on the creditor-friendliness of the relevant
country's legal framework.
Exposure at default
Exposure at default (EAD) models estimate the
expected exposure at the time a counterparty defaults.
If all or part of a facility is undrawn (i.e. the outstanding
amount is less than the approved limit) at the time of
the EAD calculation, a portion of the undrawn amount is
added to the exposure to reflect the tendency of
counterparties to utilise larger portions of their
approved credit facilities when nearing default. The
portion of the undrawn amount is determined by using
the applicable credit conversion factor (CCF). Under the
Basel IV standards/CRR III requirements, own estimates
of CCF are only allowed for undrawn revolving
commitments; for all other types of credit facilities,
regulatory prescribed CCF values are used.
Rating assignment
For non-programme lending, the ratings are individually
assigned to each obligor (PD) and facility (LGD) by the
business account manager (first line of defence) and
approved by Credit Risk (second line of defence). For
programme lending exposures, ratings are not assigned
individually, but assigned to pools with similar
characteristics on a monthly basis. For all exposures, the
EAD estimation is assigned automatically, based on the
facility type and the undrawn part of the facility.
Capital for credit risk
Regulatory capital
For the purpose of determining capital requirements for
credit risk, ABN AMRO applies the Advanced Internal
Ratings Based (A-IRB) approach to the mortgages
portfolio of ABN AMRO Hypotheken Groep B.V. Under
this approach, the previously described internal
estimates for PD, LGD and EAD are used to calculate
credit risk RWA. Additionally, ABN AMRO applies the
Foundation Internal Ratings Based (F-IRB) approach to
its exposures towards banks and financial companies.
Under this approach, internal estimates are used for the
PD parameter only, while for LGD and EAD the
regulatory prescribed values are used to calculate credit
risk RWA. According to the Basel IV/CRR III
requirements, under both A-IRB and F-IRB approaches,
estimated risk parameters are floored to the regulatory
prescribed levels. For the other portfolios, the
standardised approach (SA) is applied, meaning that
regulatory prescribed risk weights are used to
determine credit risk RWA. The PD, LGD and EAD
models are still used for the SA portfolios for internal
purposes, such as origination, pricing, monitoring and
reporting, internal capital calculation and the
calculation of credit risk adjustments.
Economic capital
The EC model for credit risk uses a Monte Carlo
simulation to determine a full portfolio loss distribution,
taking into account specific portfolio characteristics and
diversification effects. Loan facilities are valued on an
economic value (mark-to-market) basis to ensure that
loss estimates can be based not only on defaulting
borrowers, but also on possible credit migrations and
changes associated with the market values of loans.
Credit risk overview\u2002
Audited
(in millions)
31 December 2025
31 December 2024
Cash and balances at central banks
49,486
44,464
Financial assets held for trading
2,044
2,503
Derivatives
3,933
4,347
Financial investments\u00b9
50,231
47,173
Securities financing
40,173
26,989
Loans and advances banks
2,170
2,049
Loans and advances customers
255,760
248,782
Other assets
4,993
5,518
Less: Other\u00b9
564
342
Other assets
4,429
5,176
On-balance sheet maximum exposure to credit risk
408,228
381,484
Off-balance sheet
Committed credit facilities
55,240
52,617
Guarantees and other commitments
6,609
6,638
Revocable credit facilities
36,983
38,093
Off-balance sheet credit facilities and guarantees
98,832
97,348
Maximum exposure to credit risk\u00b2
507,059
478,831
Adjustments on assets 2, 3
4,242
1,996
Valuation adjustments 4
-4,194
5,664
Offsetting and netting
-45,368
-33,229
Off-balance sheet credit facilities and guarantees
-98,832
-97,348
Off-balance sheet exposure fraction expected to be drawn prior to
default (credit conversion factors)
33,223
34,091
Total Exposure at Default 5
396,130
390,006
Credit risk RWA / Total Exposure at Default 5
29.3%
31.5%
1. This contains non-credit obligation assets and assets on accounts which are out of scope for credit risk.
2. Adjustment on assets includes equity positions.
3. Main adjustments on assets relate to selected financial assets held for trading and fair value adjustments from hedge accounting.
4. Adjustments on valuation include loan impairment allowances.
5. As of 1 January 2025, the figures in the table are prepared in accordance with CRR III (Basel IV) regulations. The figures up to 31 December 2024 were prepared in
accordance with CRR II (Basel III) regulations.
The above table shows the maximum exposure to credit
risk and the reconciliation with the total exposure at
default. Exposure at default is predominantly used for
the determination of regulatory and economic capital.
Following the transition to Basel IV as from
1\u00a0January\u00a02025 and the migration of portfolios to the
Standardised Approach in Q3 2025, we reviewed
certain tables in the Credit risk review section and
Additional risk, funding & capital disclosures sections.
This has led to changes in the presentation of
\u2018Overall\u00a0credit risk EAD and RWA\u2019 and \u2018Geographic
concentration by EAD\u2019. Comparative figures for 2024
have been updated accordingly. In addition, we
removed \u2018Credit quality by exposure class\u2019 and \u2018IRB
approach: credit quality by exposure class\u2019, given their
limited remaining added value due to the migration of
certain portfolios to the Standardised Approach.
Overall credit risk EAD and RWA
x
Audited
31 December 2025
Original
EAD
Less: Netting/
EAD mitigation\u00b3
EAD
- of which
RWA
RWA/EAD
(in millions)
Derivatives
Securities
financing
transactions
Credit risk IRB
Institutions\u00b9
10,192
1,082
9,110
746
1,704
1,247
13.7%
Corporates
1,802
121
1,680
348
941
520
31.0%
Retail
169,226
32,019
137,207
15,166
11.1%
\u00a0 - of which secured by immovable property
169,194
32,015
137,178
15,158
11.0%
\u00a0 - of which qualifying revolving exposures
\u00a0 - of which other retail
33
4
29
8
27.3%
Subtotal
181,220
33,223
147,997
1,094
2,645
16,933
11.4%
Equities not held for trading
1,151
1,151
3,265
283.7%
Total credit risk IRB
182,371
33,223
149,148
1,094
2,645
20,198
13.5%
Credit risk SA
Central governments and central banks
86,422
-34,165
120,587
36
198
357
0.3%
Institutions\u00b9
30,286
17,564
12,722
3,855
2,973
1,915
15.1%
Corporates
100,417
43,948
56,469
3,181
1,165
49,510
87.7%
Retail
12,919
8,096
4,823
3,554
73.7%
Covered bonds
924
924
95
10.3%
Secured by mortgages on immovable property
44,139
6,870
37,268
25,436
68.3%
Exposures in default
4,609
2,072
2,537
34
3,145
124.0%
Collective investments undertakings (CIU)
347
100
248
550
222.1%
Other\u00b2
2,984
235
2,749
1,968
71.6%
Total credit risk SA
283,048
44,720
238,328
7,107
4,337
86,532
36.3%
Risk exposure amount for contributions to the
default fund of a CCP
2,068
2,068
797
38.6%
Securitisation positions
6,511
1,309
5,202
689
13.2%
Credit valuation adjustment
1,385
1,385
186
13.4%
Other risk exposure amounts
7,750
Total credit risk
475,383
79,252
396,130
8,201
6,982
\u2014
116,153
29.3%
1. Institutions include exposures to banks and investment undertakings, regional governments and local authorities, and pension funds.
2. Other includes claims on institutions and corporates with a short-term credit assessment under the Standardised Approach and subordinated debt exposures under the
Standardised Approach.
3. Consists mainly of netting, secured funding trades, guarantees, credit conversion factors and impairments under the Standardised Approach.
31 December 2024
Original
EAD
Less: Netting/
EAD mitigation\u00b3
EAD
- of which
RWA
RWA/EAD
(in millions)
Derivatives
Securities
financing
transactions
Credit risk IRB
Institutions\u00b9
10,820
1,187
9,633
810
2,055
1,624
16.9%
Corporates
128,991
29,003
99,988
1,964
1,556
58,499
58.5%
Retail
172,472
4,712
167,760
18,495
11.0%
\u00a0 - of which secured by immovable property
164,118
571
163,547
17,369
10.6%
\u00a0 - of which qualifying revolving exposures
5,354
3,746
1,608
153
9.5%
\u00a0 - of which other retail
3,000
396
2,604
973
37.4%
Subtotal
312,282
34,902
277,380
2,774
3,611
78,618
28.3%
Equities not held for trading
1,100
1,100
3,423
311.3%
Other\u00b2
2,123
2,123
1,568
73.9%
Total credit risk IRB
315,505
34,902
280,603
2,774
3,611
83,609
29.8%
Credit risk SA
Central governments and central banks
79,926
-1,833
81,759
37
136
675
0.8%
Institutions\u00b9
28,434
14,104
14,330
3,750
4,252
1,149
8.0%
Corporates
21,817
15,473
6,344
1,109
1,166
5,226
82.4%
Retail
5,472
2,302
3,170
2,377
75.0%
Secured by mortgages on immovable property
598
12
587
209
35.7%
Exposures in default
330
172
158
213
134.6%
Collective investments undertakings (CIU)
36
36
19
54.8%
Other\u00b2
152
152
110
72.7%
Total credit risk SA
136,763
30,229
106,534
4,896
5,554
9,978
9.4%
Risk exposure amount for contributions to the
default fund of a CCP
716
Securitisation positions
2,869
2,869
371
12.9%
Credit valuation adjustment
122
Other risk exposure amounts
27,982
Total credit risk
455,137
65,131
390,006
7,670
9,165
122,779
31.5%
1. Institutions include exposures to banks and investment undertakings, regional governments and local authorities, and pension funds.
2. Other includes claims on institutions and corporates with a short-term credit assessment under the Standardised Approach and subordinated debt exposures under the
Standardised Approach.
3. Consists mainly of netting, secured funding trades, guarantees, credit conversion factors and impairments under the Standardised Approach.
As of 1 January 2025, we report our risk exposures in
line with Capital Requirements Regulation (CRR) III.
Comparative figures for 31 December 2024 are
reported under CRR II.
EAD increased to EUR 396.1 billion
(31\u00a0December\u00a02024: EUR 390.0 billion), largely as a
result of the increase in loans and advances, which was
partly offset by a higher fair value adjustment from
hedge accounting on residential mortgages.
Total RWA decreased to EUR 135.4 billion
(31\u00a0December 2024: 140.9 billion), driven by a
significant decrease in credit risk RWA of
EUR\u00a06.6\u00a0billion. Credit risk RWA mainly decreased
due\u00a0to RWA optimisation initiatives, including
methodological enhancements and data quality
improvements, and the wind-down of the Asset\u00a0Based
Finance portfolios. Risk transfers also
contributed to the decrease. The decrease in credit risk
RWA was partly offset by the transition of certain
portfolios to the Standardised Approach and the
acquisition of HAL. Market risk RWA decreased by
EUR\u00a00.5 billion over the year due to position changes.
CVA risk RWA (counterparty credit risk) increased by
EUR\u00a00.1\u00a0billion over the year. Operational risk RWA
increased by EUR 1.7 billion compared with 2024. This
RWA increase can be attributed to the bank\u2019s income
growth in the past few years, which forms the basis for
the RWA calculation, and to the inclusion of HAL in
Q3\u00a02025. In keeping with the CRR III regulations
regarding the operational risk framework, the three\u2011year
period used for the calculations is based on full
calendar years, with updates occurring in the fourth
quarter. Accordingly, the Q4 2025 operational risk own
funds requirements are based on financial figures from
the period 2023-2025.
Credit quality by internal rating scale mapped
to stages\u2002
Audited
The following table presents the gross carrying amount
of loans and the contractual amount of undrawn loan
commitments, classified by internal rating and risk
stage. In order to classify a client as stage 2, several
qualitative triggers are needed, which are not
necessarily dependent on internal ratings. Reference is
made to the Credit risk management section for more
information on internal ratings and stage determination.
The largest part of ABN AMRO's portfolio continues to
be classified in the highest and medium internal ratings
of stage 1. Stage 2 clients are mostly classified in the
medium internal UCRs, and mostly comprise corporate
loans and mortgage loans. Compared with 2024, the
share of the portfolio with an investment grade (UCR 1
to UCR 3 bucket) increased slightly, mainly due to
relatively higher investment grades in corporate loans,
which are the result of overall improved client ratings,
and in consumer loans, largely due to the
reclassification of loan portfolios of our subsidiary Alfam
to assets held for sale. Approximately 1.5% of the
bank's portfolio is reported in UCR 6+. This decline
compared with 2024 is mainly attributable to an
internal focus on reducing overdue revisions. In cases
where revision of the UCR is overdue, clients are
classified as UCR 6+ until a new rating is available.
During that time, the mid-PD of UCR\u00a06+ is used for
capital calculation purposes.
31 December 2025
31 December 2024
(in millions)
PD scale
UCR range
Stage 1
Stage 2
Stage 3\u00b3
Total\u00b3
Stage 1
Stage 2
Stage 3\u00b3
Total\u00b3
Residential mortgages
\u00a0 0.000 - <\u00a0 \u00a0 0.035
1\u00a0
69
5
74
73
4
77
\u00a0 0.035 - <\u00a0 \u00a0 0.127
2\u00a0
52,712
719
53,431
51,759
788
52,547
\u00a0 0.127 - <\u00a0 \u00a0 0.465
3\u00a0
70,016
4,896
74,912
65,597
4,976
70,573
\u00a0 0.465 - <\u00a0 \u00a0 2.225
4\u00a0
22,681
5,079
27,761
20,300
5,299
25,599
\u00a0 2.225 - <\u00a0 16.971
5\u00a0
406
3,677
4,083
420
4,383
4,803
16.971 - < 100
6+
21
952
972
23
667
690
100
6-8
1,952
1,952
1,919
1,919
Total residential mortgages
145,906
15,327
1,952
163,185
138,172
16,118
1,919
156,209
Consumer loans
\u00a0 0.000 - <\u00a0 \u00a0 0.035
1\u00a0
645
18
662
748
24
772
\u00a0 0.035 - <\u00a0 \u00a0 0.127
2\u00a0
753
8
760
651
8
659
\u00a0 0.127 - <\u00a0 \u00a0 0.465
3\u00a0
2,297
92
2,389
2,033
75
2,108
\u00a0 0.465 - <\u00a0 \u00a0 2.225
4\u00a0
1,855
155
2,009
2,469
114
2,582
\u00a0 2.225 - <\u00a0 16.971
5\u00a0
77
74
151
451
174
625
16.971 - < 100
6+
47
17
64
431
90
521
100
6-8
152
152
222
222
No rating
76
2
78
83
2
85
Total consumer loans
5,749
364
152
6,266
6,866
487
222
7,575
Corporate loans
\u00a0 0.000 - <\u00a0 \u00a0 0.035
1\u00a0
4,906
89
4,995
4,736
107
4,842
\u00a0 0.035 - <\u00a0 \u00a0 0.127
2\u00a0
8,185
24
8,210
7,580
47
7,627
\u00a0 0.127 - <\u00a0 \u00a0 0.465
3\u00a0
19,678
378
20,056
18,738
779
19,517
\u00a0 0.465 - <\u00a0 \u00a0 2.225
4\u00a0
28,321
3,768
32,089
26,378
4,343
30,721
\u00a0 2.225 - <\u00a0 16.971
5\u00a0
2,356
1,966
4,323
1,885
2,502
4,387
16.971 - < 100
6+
2,562
873
3,435
3,948
614
4,562
100
6-8
3,309
3,309
3,110
3,110
No rating
10,048
53
10,101
8,962
98
9,060
Total corporate loans
76,056
7,151
3,309
86,516
72,227
8,490
3,110
83,827
Other loans
\u00a0 0.000 - <\u00a0 \u00a0 0.035
1\u00a0
5,893
5,893
10,332
37
10,369
\u00a0 0.035 - <\u00a0 \u00a0 0.127
2\u00a0
16,474
3
16,476
8,345
8,345
\u00a0 0.127 - <\u00a0 \u00a0 0.465
3\u00a0
3,080
1
3,081
5,394
5,394
\u00a0 0.465 - <\u00a0 \u00a0 2.225
4\u00a0
2,609
2,609
2,252
2,252
\u00a0 2.225 - <\u00a0 16.971
5\u00a0
82
82
16.971 - < 100
6+
7
2
9
423
1
424
100
6-8
4
4
6
6
No rating
20,174
38
20,212
8,654
4
8,658
Total other loans\u00b9
48,236
43
4
48,283
35,483
42
6
35,531
31 December 2025
31 December 2024
(in millions)
PD scale
UCR range
Stage 1
Stage 2
Stage 3\u00b3
Total\u00b3
Stage 1
Stage 2
Stage 3\u00b3
Total\u00b3
Loan commitments and financial
guarantee contracts
\u00a0 0.000 - <\u00a0 \u00a0 0.035
1\u00a0
7,096
5
7,101
4,737
4,737
\u00a0 0.035 - <\u00a0 \u00a0 0.127
2\u00a0
15,848
36
15,884
15,308
60
15,368
\u00a0 0.127 - <\u00a0 \u00a0 0.465
3\u00a0
16,964
373
17,337
16,096
773
16,869
\u00a0 0.465 - <\u00a0 \u00a0 2.225
4\u00a0
11,795
2,016
13,811
12,385
1,516
13,901
\u00a0 2.225 - <\u00a0 16.971
5\u00a0
1,222
737
1,959
1,269
801
2,071
16.971 - < 100
6+
690
142
832
1,282
140
1,422
100
6-8
610
610
627
627
No rating
511
6
517
336
4
340
Total loan commitments and financial
guarantee contracts\u00b2
54,127
3,316
610
58,052
51,414
3,293
627
55,334
Total
\u00a0 0.000 - <\u00a0 \u00a0 0.035
1\u00a0
18,609
117
18,725
20,625
172
20,797
\u00a0 0.035 - <\u00a0 \u00a0 0.127
2\u00a0
93,972
789
94,761
83,644
902
84,546
\u00a0 0.127 - <\u00a0 \u00a0 0.465
3\u00a0
112,035
5,740
117,775
107,858
6,603
114,461
\u00a0 0.465 - <\u00a0 \u00a0 2.225
4\u00a0
67,261
11,017
78,279
63,784
11,272
75,056
\u00a0 2.225 - <\u00a0 16.971
5\u00a0
4,062
6,454
10,516
4,107
7,861
11,968
16.971 - < 100
6+
3,327
1,986
5,313
6,108
1,511
7,619
100
6-8
6,026
6,026
5,885
5,885
No rating
30,809
99
30,908
18,035
108
18,143
Total
330,075
26,201
6,026
362,302
304,162
28,430
5,885
338,476
1. Including Banks, Securities Financing and Government and official institutions.
2. Excluding performance letters of credit.
3. Including POCI.
Credit risk concentration\u2002
Audited
Geographic concentration
The exposures in the following table have been
classified on the basis of the geographical regions in
which clients are domiciled. The bank actively manages
and monitors the development of its country risk
exposures, based on the country at risk. The country at
risk may be different from the country of domicile, for
example if the bank finances a project in a country other
than the borrower\u2019s country of incorporation.
Geographic concentration by EAD\u2002
Audited
31 December 2025
(in millions, Exposure at Default)
The
Netherlands
Rest of
Europe
USA
Asia
Rest of
the world
Total
Institutions\u00b9
903
7,067
619
84
436
9,110
Corporates
54
1,256
213
152
4
1,680
Retail
137,059
123
9
14
2
137,207
\u00a0 - of which secured by immovable property
137,031
122
9
14
2
137,178
\u00a0 - of which qualifying revolving exposures
\u00a0 - of which other retail
28
1
29
Total IRB\u00b2
138,016
8,446
842
250
442
147,997
Central governments and central banks
76,944
30,651
8,323
4,246
422
120,587
Institutions\u00b9
2,451
8,086
1,056
83
1,046
12,722
Corporates
21,633
28,592
1,309
767
4,169
56,469
Retail
4,568
246
1
6
3
4,823
Secured by mortgages on immovable property
31,729
5,516
11
10
1
37,268
Other
3,911
2,400
80
29
38
6,458
Total SA\u00b3
141,237
75,490
10,779
5,141
5,680
238,328
Total IRB and SA 2, 3
279,253
83,937
11,621
5,391
6,123
386,325
Percentage of total IRB and SA 2, 3
72.3%
21.7%
3.0%
1.4%
1.6%
100.0%
1. Institutions include exposures to banks and investment undertakings, regional governments and local authorities, and pension funds.
2. Total Exposure at Default does not include EAD calculated for equities not held for trading and other non-credit obligations.
3. Exposure at Default does not include EAD calculated for other non-credit obligations.
31 December 2024
The
Netherlands
Rest of
Europe
USA
Asia
Rest of
the world
Total
Institutions\u00b9
1,158
6,977
817
141
540
9,633
Corporates
56,516
36,792
1,359
489
4,832
99,988
Retail
167,270
341
53
66
29
167,760
\u00a0 - of which secured by immovable property
163,087
315
52
65
28
163,547
\u00a0 - of which qualifying revolving exposures
1,581
23
1
1
1
1,608
\u00a0 - of which other retail
2,601
3
2,604
Total IRB\u00b2
224,944
44,110
2,229
697
5,401
277,380
Central governments and central banks
47,653
22,035
7,895
4,071
105
81,759
Institutions\u00b9
3,095
7,080
1,892
583
1,680
14,330
Corporates
3,351
1,514
838
434
207
6,344
Retail
3,083
81
2
3
2
3,170
Other
709
66
5
780
Total SA\u00b3
57,890
30,777
10,626
5,091
1,999
106,383
Total IRB and SA 2, 3
282,834
74,887
12,855
5,787
7,400
383,763
Percentage of total IRB and SA 2, 3
73.7%
19.5%
3.3%
1.5%
1.9%
100.0%
1. Institutions include exposures to banks and investment undertakings, regional governments and local authorities, and pension funds.
2. Total Exposure at Default does not include EAD calculated for equities not held for trading and other non-credit obligations.
3. Exposure at Default does not include EAD calculated for other non-credit obligations.
Our exposure in the Netherlands decreased to 72.3% of
the bank\u2019s portfolio as at 31 December 2025
(31\u00a0December 2024: 73.7%). Our exposure to clients in
the rest of Europe increased from 19.5% to 21.7%.
These clients were primarily located in neighbouring
countries, such as Belgium, France and Germany, and
our exposure in Germany increased due to the
acquisition of HAL. Our exposure to countries outside
Europe decreased slightly. Exposures in Asia and to the
USA were mainly related to treasury and clearing
activities.
Industry concentration\u2002
Audited
31 December 2025
31 December 2024
(in millions)
Gross carrying
amount 4, 5
Percentage
of total
Gross carrying
amount 4, 5
Percentage
of total
Loans and advances banks
2,174
0.8%
2,053
0.8%
Agriculture, forestry and fishing
6,574
2.5%
6,659
2.6%
Mining and quarrying
1,499
0.6%
1,576
0.6%
Manufacturing
5,448
2.1%
6,565
2.6%
Electricity, gas, steam and air conditioning supply
2,661
1.0%
2,241
0.9%
Water supply; sewerage, waste management and remediation
activities
611
0.2%
664
0.3%
Construction
3,077
1.2%
2,952
1.2%
Wholesale and retail trade; repair of motor vehicles and
motorcycles
7,712
2.9%
7,975
3.1%
Transport and storage
7,908
3.0%
8,749
3.4%
Real estate activities
13,189
5.0%
11,052
4.3%
Accommodation and food service activities
1,909
0.7%
1,733
0.7%
Information and communication
5,532
2.1%
4,851
1.9%
Financial and insurance activities\u00b9
19,166
7.3%
17,890
7.0%
Professional, scientific & technical activities
2,464
0.9%
2,024
0.8%
Administrative & support service activities
5,074
1.9%
5,358
2.1%
Human health services & social work activities
2,636
1.0%
2,630
1.0%
Other sectors\u00b2
1,057
0.4%
909
0.4%
Total corporate loans
86,516
32.8%
83,827
32.7%
Private individuals (residential mortgages and consumer loans)
169,450
64.2%
163,783
63.9%
Other loans\u00b3
5,936
2.2%
6,489
2.5%
Total non-industry classification
175,386
66.4%
170,273
66.5%
Total loans and advances customers
261,902
99.2%
254,100
99.2%
Total loans and advances
264,077
100%
256,153
100%
1. Financial and insurance activities include asset managers, credit card companies and providers of personal financial services and securities and brokers. The direct exposure to
private credit funds is limited to approximately EUR 0.2 billion as at 31 December 2025.
2. Other include loans to Public administration & defence, compulsory social security, Education, Arts, entertainment & recreation, Activities of households as employers,
Activities of extraterritorial organisations & bodies and Other services.
3. Other loans include loans to Government and official institutions and default fund contributions for our clearing clients.
4. Excluding loans at fair value through P&L.
5. Excluding fair value adjustments from hedge accounting.
Compared with 2024, the total corporate loan portfolio
grew by EUR 2.7 billion. As a result, the share of
corporate loans in total loans and advances to
customers increased marginally to 32.8% (2024:
32.7%). Portfolio composition by industry remained
stable. The top five industries in terms of exposures
were in the financial sector, followed by real estate,
transport and storage, wholesale and retail trade and
agriculture, which was the same as in 2024.
The table shows the industry in which the original
obligor, i.e. the counterparty with which ABN AMRO has
the contractual relationship, has its main activity. In the
exposure table, non-material industry clusters are
aggregated under Other. Industry concentration limits
are established within the bank\u2019s risk appetite, with the
thresholds for concentrations being based on relative
risk, the importance of the industry to the Dutch
economy and expert opinion.
Management of forborne, past due and
credit impaired loans\u2002
Audited
Credit risk reporting scope
Although all financial assets on our balance sheet are
subject to some form of credit risk, by far the largest
part is in loans and advances. To provide a meaningful
view of the credit risk in our lending book, the figures
presented in this section therefore relate to loans and
advances. Any credit risk outside the reported scope are
mentioned in the notes below the table. All figures are
reported gross of loan impairment allowances and
exclude fair value adjustments. The following table
provides a comparison between the gross carrying
amounts presented in this section and the consolidated
balance sheet.
Total loans and advances customers\u2002
Audited
31 December 2025
31 December 2024
(in millions)
Gross
carrying
amount\u00b3
Fair value
adjustment
from
hedge
accounting
Less: loan
impairment
allowance
Less:
amortisation
and
depreciation
Carrying
amount
Gross
carrying
amount\u00b3
Fair value
adjustment
from
hedge
accounting
Less: loan
impairment
allowance
Less:
amortisation
and
depreciation
Carrying
amount
Loans and advances
banks
2,174
4
2,170
2,053
4
2,049
Residential mortgages
163,185
-5,477
120
157,588
156,209
-4,686
133
151,390
Consumer loans\u00b9
6,266
74
6,192
7,575
130
7,445
Corporate loans\u00b9
86,516
42
1,026
85,532
83,827
102
1,100
82,829
Other loans and
advances customers\u00b9
5,936
1
1
5,935
6,489
2
6,487
Total loans and
advances customers\u00b9
261,902
-5,434
1,222
255,247
254,100
-4,584
1,364
248,152
Total loans and
advances\u00b9
264,077
-5,434
1,226
257,417
256,153
-4,584
1,368
250,201
Other
159,605
-1,588
124
2,100
155,793
138,184
-981
133
2,224
134,845
Total assets
423,681
-7,021
1,350
2,100
413,210
394,336
-5,565
1,501
2,224
385,047
Loans and advances
customers\u00b9
261,902
-5,434
1,222
255,247
254,100
-4,584
1,364
248,152
Consumer loans at fair
value through P&L\u00b2
486
486
600
600
Corporate loans at fair
value through P&L
28
28
30
30
Total loans and
advances customers
262,416
-5,434
1,222
255,760
254,730
-4,584
1,364
248,782
1. Excluding loans at fair value through P&L.
2. As a result of the implementation of IFRS 17 Insurance contracts, residential mortgages with an insurance feature and consumer loans with a death waiver have to be
recorded at fair value through profit and loss.
3. Excluding fair value adjustments from hedge accounting.
Fair value adjustments from hedge accounting for
residential mortgages and corporate loans resulted
from entering into interest rate swaps to hedge
fixed\u2011rate assets against changes in market interest
rates. The fair value adjustment for mortgages
increased as a result of higher market interest rates.
Forborne exposures
Clients in (or potentially in) financial difficulty and
whose contracts have been amended in ways that are
regarded as concessions on the part of the bank are
accounted for as forborne assets. The following table
provides an overview of forborne assets, broken down
into performing and non-performing assets, and
classified by the type of forbearance measure.
Overview of forborne assets\u2002
Audited
31 December 2025
Gross
carrying
amount\u00b2
Performing assets
Total per-
forming
forborne
assets
Non-performing assets
Total
non-per-
forming
forborne
assets
Total
forborne
assets
For-
bear-
ance
ratio
(in millions)
Tem-
porary
modifi-
cation
Perma-
nent
modifi-
cation
Refi-
nancing
Tem-
porary
modifi-
cation
Perma-
nent
modifi-
cation
Refi-
nancing
Loans and advances banks
2,174
0.0%
Residential mortgages
163,185
459
12
471
500
6
1
507
979
0.6%
Consumer loans\u00b9
6,266
7
24
5
37
20
7
15
42
78
1.2%
Corporate loans\u00b9
86,516
664
1,247
190
2,101
122
1,372
108
1,602
3,703
4.3%
Other loans and advances
customers\u00b9
5,936
2
2
2
0.0%
Total loans and advances
customers\u00b9
261,902
1,130
1,283
197
2,611
641
1,385
124
2,150
4,762
1.8%
Total loans and advances\u00b9
264,077
1,130
1,283
197
2,611
641
1,385
124
2,150
4,762
1.8%
Loans at FV through P&L
514
1
1
2
0.3%
Total loans and advances
264,590
1,132
1,283
197
2,612
642
1,385
124
2,151
4,763
1.8%
1. Excluding loans at fair value through P&L.
2. Excluding fair value adjustments from hedge accounting.
31 December 2024
Gross
carrying
amount\u00b2
Performing assets
Total per-
forming
forborne
assets
Non-performing assets
Total
non-per-
forming
forborne
assets
Total
forborne
assets
For-
bear-
ance
ratio
(in millions)
Tem-
porary
modifi-
cation
Perma-
nent
modifi-
cation
Refi-
nancing
Tem-
porary
modifi-
cation
Perma-
nent
modifi-
cation
Refi-
nancing
Loans and advances banks
2,053
0.0%
Residential mortgages
156,209
513
10
523
508
14
521
1,045
0.7%
Consumer loans\u00b9
7,575
20
45
3
68
9
25
12
46
114
1.5%
Corporate loans\u00b9
83,827
660
1,336
210
2,207
175
1,387
163
1,725
3,932
4.7%
Other loans and advances
customers\u00b9
6,489
1
1
1
0.0%
Total loans and advances
customers\u00b9
254,100
1,193
1,391
214
2,798
692
1,426
177
2,294
5,092
2.0%
Total loans and advances\u00b9
256,153
1,193
1,391
214
2,798
692
1,426
177
2,294
5,092
2.0%
Loans at FV through P&L
630
1
2
6
1
6
8
1.3%
Total loans and advances
256,783
1,194
1,392
214
2,799
698
1,426
177
2,301
5,100
2.0%
1. Excluding loans at fair value through P&L.
2. Excluding fair value adjustments from hedge accounting.
The forbearance ratio improved to 1.8%
(31\u00a0December\u00a02024: 2.0%). The forborne exposure
decreased to EUR\u00a04.8\u00a0billion (Q4 2024: EUR 5.1 billion),
mainly because permanent forbearance measures
relating to some corporate loans ended. Approximately
37% of the forborne exposure is now subject to a
temporary measure.
Past due not classified as stage 3\u2002
Audited
31 December 2025
Days past due
(in millions)
Gross
carrying
amount\u00b2
Assets not
classified as
stage 3 or POCI
\u2264\u00a030 days
>\u00a030 days &
\u2264 90 days
> 90 days\u00b3
Total past due,
but not stage 3
or POCI
Past due
ratio
Loans and advances\u00a0banks
2,174
2,174
0.0%
Residential mortgages
163,185
161,233
833
57
45
935
0.6%
Consumer\u00a0loans\u00b9
6,266
6,114
368
14
4
386
6.2%
Corporate loans\u00b9
86,516
83,207
581
47
5
633
0.7%
Other loans and advances customers\u00b9
5,936
5,932
0.0%
Total\u00a0loans and advances customers\u00b9
261,902
256,486
1,782
117
54
1,953
0.7%
Total\u00a0loans and advances\u00b9
264,077
258,660
1,782
117
54
1,953
0.7%
1. Excluding loans at fair value through P&L.
2. Excluding fair value adjustments from hedge accounting.
3. Materiality thresholds are applied for counterparties transferring to stage 3. Below these thresholds, amounts are reported on > 90 days past due.
31 December 2024
Days past due
(in millions)
Gross
carrying
amount\u00b2
Assets not
classified as
stage 3 or POCI
\u2264\u00a030 days
>\u00a030 days &
\u2264 90 days
> 90 days\u00b3
Total past due,
but not stage 3
or POCI
Past due
ratio
Loans and advances\u00a0banks
2,053
2,053
0.0%
Residential mortgages
156,209
154,290
1,195
26
3
1,224
0.8%
Consumer\u00a0loans\u00b9
7,575
7,353
356
16
20
392
5.2%
Corporate loans\u00b9
83,827
80,717
570
200
2
772
0.9%
Other loans and advances customers\u00b9
6,489
6,483
0.0%
Total\u00a0loans and advances customers\u00b9
254,100
248,842
2,122
242
25
2,389
0.9%
Total\u00a0loans and advances\u00b9
256,153
250,895
2,122
242
25
2,389
0.9%
1. Excluding loans at fair value through P&L.
2. Excluding fair value adjustments from hedge accounting.
3. Materiality thresholds are applied for counterparties transferring to stage 3. Below these thresholds, amounts are reported on > 90 days past due.
Past due exposures
When a counterparty is past due or exceeds its credit
limit, all loans and advances (total gross carrying
amount) in the related credit arrangement are
considered to be past due. The absolute and relative
materiality thresholds used for determining a defaulted
status do not apply for the purposes of classification as
past due. Below these thresholds, arrears of more than
90 days are reported as past due.
Total arrears fell EUR\u00a00.4 billion to EUR 2.0 billion, or
0.7%, compared with 31 December 2024. In Q4\u00a02025,
we made further progress in aligning the past due
reporting over the different segments, which led to an
increase in the >30 days buckets and a decrease in the
<=30 days buckets for residential mortgages.
Furthermore, a EUR 0.2 billion decline in loans in arrears
was observed in the medium term bucket of the
corporate loans category.
Coverage and stage ratios\u2002
Audited
31 December 2025
31 December 2024
(in millions)
Gross
carrying
amount\u00b2
Allowances
for credit
losses\u00b3
Coverage
ratio
Stage
ratio
Gross
carrying
amount\u00b2
Allowances
for credit
losses\u00b3
Coverage
ratio
Stage
ratio
Stage 1
Loans and advances banks
2,137
4
0.2%
98.3%
2,016
4
0.2%
98.2%
Residential mortgages
145,906
29
0.0%
89.4%
138,172
36
0.0%
88.5%
Consumer loans\u00b9
5,749
8
0.1%
91.8%
6,866
12
0.2%
90.6%
Corporate loans\u00b9
76,056
109
0.1%
87.9%
72,227
119
0.2%
86.2%
Other loans and advances customers\u00b9
5,926
0.0%
99.8%
6,478
0.0%
99.8%
Total loans and advances customers\u00b9
233,637
146
0.1%
89.2%
223,743
167
0.1%
88.1%
Stage 2
Loans and advances banks
37
0.0%
1.7%
37
0.0%
1.8%
Residential mortgages
15,327
39
0.3%
9.4%
16,118
42
0.3%
10.3%
Consumer loans\u00b9
364
5
1.5%
5.8%
487
15
3.1%
6.4%
Corporate loans\u00b9
7,151
96
1.3%
8.3%
8,490
170
2.0%
10.1%
Other loans and advances customers\u00b9
6
0.4%
0.1%
5
1.1%
0.1%
Total loans and advances customers\u00b9
22,848
141
0.6%
8.7%
25,100
226
0.9%
9.9%
Stage 3 and POCI
Loans and advances banks
Residential mortgages
1,952
52
2.7%
1.2%
1,919
55
2.9%
1.2%
Consumer loans\u00b9
152
61
40.1%
2.4%
222
102
46.1%
2.9%
Corporate loans\u00b9
3,309
821
24.8%
3.8%
3,110
811
26.1%
3.7%
Other loans and advances customers\u00b9
4
1
32.8%
0.1%
6
2
27.1%
0.1%
Total loans and advances customers\u00b9
5,417
935
17.3%
2.1%
5,258
971
18.5%
2.1%
Total of stages 1, 2, 3 and POCI
Total loans and advances banks
2,174
4
0.2%
2,053
4
0.2%
Residential mortgages
163,185
120
0.1%
156,209
133
0.1%
Consumer loans\u00b9
6,266
74
1.2%
7,575
130
1.7%
Corporate loans\u00b9
86,516
1,026
1.2%
83,827
1,100
1.3%
Other loans and advances customers\u00b9
5,936
1
0.0%
6,489
2
0.0%
Total loans and advances customers\u00b9
261,902
1,222
0.5%
254,100
1,364
0.5%
Total loans and advances\u00b9
264,077
1,226
0.5%
256,153
1,368
0.5%
1. Excluding loans at fair value through P&L.
2. Gross carrying amount excludes fair value adjustments from hedge accounting.
3. The allowances for credit losses excludes allowances for financial investments held at FVOCI (31 December 2025: EUR 1 million; 31 December 2024: EUR 1 million).
Overall portfolio developments in combination with
lower allowances for credit losses at Corporate Banking
resulted in a decrease in the stage 2 ratio and
the\u00a0stage\u00a02 coverage ratio. The stage 3 ratio remained
stable, while the stage 3 coverage ratio showed a
decline as a result of portfolio developments in the
corporate and consumer loan portfolios.
For residential mortgages, the stage 2 ratio fell to 9.4%
(Q4 2025: 10.3%) due to the growth of the total
portfolio and stage shifts. The coverage ratio for stage 3
was down slightly at 2.7% (Q4 2025: 2.9%), mainly as a
result of a reduction in modelled impairments.
Purchased or Originated Credit Impaired (POCI)
As at 31 December 2025, loans classified as POCI
amounted to EUR 84 million. The increase in POCI
compared with 31 December 2024 is due to the
acquisition of HAL. Due to the immateriality of this
amount, it has been included in the amount shown for
stage 3 throughout this report.
Exposure and impairment flows
This section provides more details on the exposure and
impairment flows underlying the change in coverage
and stage ratios shown in the previous section.
Total loans and advances\u2002
Audited
2025
2024
(in millions)
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Balance as at 1 January
225,759
25,136
5,258
256,153
228,418
21,940
4,707
255,066
Transfer to stage 1
5,574
-5,407
-167
8,704
-8,644
-59
Transfer to stage 2
-7,724
8,341
-617
-15,361
16,025
-664
Transfer to stage 3
-1,285
-1,214
2,499
-1,468
-1,186
2,654
Additional drawdowns and partial repayments
-18,760
-1,315
-590
-20,665
-16,518
1,265
-142
-15,394
Originated or purchased
52,982
49
81
53,112
42,922
42,922
Matured or repaid
-16,671
-2,433
-734
-19,837
-20,472
-4,170
-876
-25,518
Write-offs
-237
-237
-350
-350
Foreign exchange
-1,884
-62
-15
-1,961
1,017
50
21
1,088
Other movements
-2,217
-211
-61
-2,488
-1,483
-144
-34
-1,660
Balance as at 31 December
235,775
22,885
5,417
264,077
225,759
25,136
5,258
256,153
1. Excluding fair value adjustments from hedge accounting.
2. Including POCI.
Total loans and advances increased compared with
31\u00a0December 2024. This was mainly due to an increase
in mortgages and corporate loans, which was partly
offset by a decrease in consumer loans. Compared with
2024, there was a significant increase in total loans and
advances \u2018originated or purchased\u2019, which was due in
part to the acquisition of HAL.
There was a decrease in other movements in 2025,
which was primarily the result of consumer loan
portfolios of Alfam, and mortgages loans, being
reclassified to assets held for sale. Exposure flows per
product class are presented in the Additional risk,
funding & capital disclosures section.
Loan impairment charges and allowances\u2002
Audited
(in millions)
Banks
Residential
mortgages
Consumer
loans
Corporate
loans
Other
loans
Total loans
and advances
Off-balance
Balance as at 31 December 2024
4
133
130
1,100
2
1,368
97
Transfer to stage 1
-3
-3
-3
-8
-1
Transfer to stage 2
5
3
8
2
Transfer to stage 3
8
32
83
123
Remeasurements\u00b9
-14
-12
-33
-1
-59
-15
Changes in models
1
73
75
-1
Changes in risk parameters
-1
1
-3
-3
6
Originated or purchased
6
3
36
45
5
Matured or repaid
-12
-5
-59
-75
-6
Impairment charges (releases) on loans and
advances
-10
18
98
-1
106
-9
Write-offs
-3
-28
-206
-237
Unwind discount / unearned interest accrued
1
1
29
30
Foreign exchange and other movements
-47
6
-41
-24
Balance as at 31 December 2025
4
120
74
1,026
1
1,226
63
2025
Impairment charges (releases) on loans and advances
-10
18
98
-1
106
-9
Recoveries and other charges (releases)
-8
-25
-43
-76
Total impairment charges for the period\u00b2
-18
-7
55
-1
29
-9
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. The impairment charges for the period excludes charges (releases) for financial investments held at FVOCI 31 December 2025: EUR 0 million.
(in millions)
Banks
Residential
mortgages
Consumer
loans
Corporate
loans
Other
loans
Total loans
and advances
Off-balance
Balance as at 31 December 2023
3
198
147
1,254
3
1,605
109
Transfer to stage 1
-4
-4
-10
-18
Transfer to stage 2
6
23
29
2
Transfer to stage 3
16
29
137
181
Remeasurements\u00b9
-73
-15
-16
-2
-105
22
Changes in risk parameters
1
3
-11
-7
Originated or purchased
4
3
33
1
41
5
Matured or repaid
-14
-6
-60
-79
-7
Impairment charges (releases) on loans and
advances
-64
11
96
-2
41
22
Write-offs
-2
-31
-317
-350
Unwind discount / unearned interest accrued
1
3
22
1
27
Foreign exchange and other movements
-1
45
45
-34
Balance at 31 December 2024
4
133
130
1,100
2
1,368
96
2024
Impairment charges (releases) on loans and advances
-64
11
96
-2
41
22
Recoveries and other charges (releases)
-11
-25
-48
-83
Total impairment charges for the period\u00b2
-75
-13
48
-2
-42
22
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. The impairment charges for the period excludes charges (releases) for financial investments held at FVOCI 31 December 2024: EUR 1 million.
Loan impairment charges and allowances per stage\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Balance as at 1 January
170
226
971
1,368
237
289
1,079
1,605
Transfer to stage 1
82
-82
-8
-8
61
-70
-9
-18
Transfer to stage 2
-21
68
-39
8
-32
104
-43
29
Transfer to stage 3
-5
-31
159
123
-6
-29
216
181
Remeasurements\u00b9
-123
-36
100
-59
-106
-46
46
-105
Changes in models
24
17
34
75
Changes in risk parameters
-2
-2
-3
-5
-4
2
-7
Originated or purchased
45
45
41
41
Matured or repaid
-17
-13
-44
-75
-18
-24
-38
-79
Impairment charges (releases) on loans and
advances
-17
-79
202
106
-65
-68
174
41
Write-offs
-237
-237
-350
-350
Unwind discount / unearned interest accrued
30
30
27
27
Foreign exchange and other movements
-3
-7
-30
-41
-2
6
41
45
Balance as at 31 December
150
141
935
1,226
170
226
971
1,368
Impairment charges (releases) on loans and
advances
-17
-79
202
106
-65
-68
174
41
Recoveries and other charges (releases)
-76
-76
-83
-83
Total impairment charges for the period
-17
-79
125
29
-65
-68
91
-42
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. Including POCI.
Impairment charges of EUR 20 million (consisting of on-
balance sheet charges of EUR 29 million and an off-
balance-sheet release of EUR 9 million) were recorded
for 2025 (2024: a release of EUR 42 million and
off\u2011balance sheet charges of EUR 22 million charges).
Impairment charges were primarily related to corporate
loans and, to a lesser extent, consumer loans, and were
partly offset by impairment releases related to
residential loans.
For corporate loans, charges of EUR 55 million were
recorded in 2025, primarily due to an increase in
individual files over different sectors. In 2024, there
were charges of EUR 48 million. The increase in 2025
was partly offset by a decrease in management overlays
of EUR 51 million, which was largely attributable to the
decommissioning of the management overlay that had
been put in place to deal with the potential impact of
the government\u2019s nitrogen-reducing measures on
clients active in livestock farming. This risk is now taken
into account in the client\u2019s credit risk assessment. In
addition, there was a reduction of the overlay for
climate and environmental transition risk. This reduction
reflects updated figures and the incorporation of the
CER materiality framework methodology improvements
when estimating the impact of the CER on the expected
credit losses. Furthermore, the in-model adjustment for
the small business loans portfolio model was reduced,
based on model monitoring results.
For residential mortgages, releases of EUR 18 million
were recorded in 2025, compared with releases of
EUR\u00a075 million in 2024. The release in 2025 was mainly
caused by the improved House Price Index, which also
led to a decrease in the management overlay for
interest-only mortgages.
Individual and collective loan impairment allowances and management overlays\u2002
Audited
31 December 2025
(in millions)
Banks
Residential
mortgages
Consumer
loans
Corporate
loans
Other
loans
Total loans
and advances
Off-balance
Individual impairments
Stage 3\u00b9
41
685
1
728
50
Total individual impairments
41
685
1
728
50
Collective impairments
Stage 1
4
29
8
109
150
9
Stage 2
39
5
96
141
3
Stage 3\u00b9
52
20
136
208
Total collective impairments
4
120
33
341
498
13
- of which management overlay
72
5
77
Total impairments
4
120
74
1,026
1
1,226
63
Carrying amount of loans, determined to be impaired,
before deducting any assessed impairment allowance
1,952
152
3,309
4
5,417
1. Including POCI.
31 December 2024
(in millions)
Banks
Residential
mortgages
Consumer
loans
Corporate
loans
Other
loans
Total loans
and advances
Off-balance
Individual impairments
Stage 3\u00b9
42
600
2
643
80
Total individual impairments
42
600
2
643
80
Collective impairments
Stage 1
4
36
12
119
170
6
Stage 2
42
15
170
226
10
Stage 3\u00b9
55
60
212
327
Total collective impairments
4
133
88
500
724
16
- of which management overlay
85
56
140
Total impairments
4
133
130
1,100
2
1,368
96
Carrying amount of loans, determined to be impaired,
before deducting any assessed impairment allowance
1,919
222
3,110
6
5,258
1. Including POCI.
Total collective impairments amounted to
EUR\u00a0498\u00a0million as at 31 December 2025
(31\u00a0December 2024: EUR 724 million). These
impairments included expected credit losses (ECL) as
calculated by our IFRS 9 models and the management
overlays we recorded. The ECL calculations take into
account a probability-weighted average of three
economic scenarios. As the ECL model outcomes do not
always reflect the current economic environment and
circumstances, additional management overlays are
applied to incorporate novel risks not fully captured by
the model.
During 2025, management overlays significantly
decreased to a total of EUR 77 million
(31\u00a0December\u00a02024: EUR 140 million). Some of the
management overlays were recorded for risks in
corporate loans portfolios, where impairments declined
sharply from EUR 56 million to EUR\u00a05\u00a0million. This was
mainly due to the following factors:
\u2022 Discontinuation of the management overlay
introduced to address the potential impact of the
government\u2019s nitrogen reducing measures on clients
active in livestock farming. This decision reflects the
sector\u2019s demonstrated ability to manage associated
risks effectively. Furthermore, recent credit risk
assessments did not reveal any material increase in
client-level credit risk. The discontinuation resulted in
a release of EUR 29 million.
\u2022 Reduction of EUR 14 million in the climate and
environmental risk-related overlay, reflecting updated
figures and the incorporation of the CER materiality
framework methodology improvements in estimates
of the impact of the CER on the expected credit
losses.
\u2022 Discontinuation of the overlays covering potential
additional risk costs relating to the wind-down of
portfolios, leading to a release of EUR\u00a07\u00a0million.
The overlays recorded for risks in the interest-only
mortgages portfolio decreased from EUR 85 million to
EUR 72 million, primarily as a result of improved
collateral indexation.
All management overlays represent best estimates of
the risks involved. The underlying reasoning and
calculations are documented and are discussed and
approved by the Impairments and Provisioning
Committee (IPC).
Macroeconomic scenarios in 2025\u2002
Audited
(in millions)
Weight
Macroeconomic variable\u00b9
2026
2027
2028
2029
Unweighted
ECL 5
Weighted
ECL 5
Real GDP Netherlands\u00b2
2.4%
2.0%
1.4%
1.5%
Positive
15%
Unemployment\u00b3
3.7%
3.7%
3.7%
3.7%
449
House price index 4
5.7%
3.9%
3.2%
3.1%
Real GDP Netherlands\u00b2
1.2%
1.4%
1.4%
1.3%
Baseline
55%
Unemployment\u00b3
4.2%
4.3%
4.4%
4.4%
479
498
House price index 4
3.0%
2.3%
3.6%
3.7%
Real GDP Netherlands\u00b2
-0.3%
0.6%
1.3%
1.2%
Negative
30%
Unemployment\u00b3
6.0%
5.9%
5.8%
5.5%
559
House price index 4
-2.2%
-0.9%
1.7%
3.6%
1. The variables presented in this table are a selection of the key macroeconomic variables.
2. Real GDP Netherlands, % change year-on-year.
3. Unemployment Netherlands, % of labour force.
4. House price index Netherlands, average % change year-on-year.
5. Excluding ECL for stage 3 and POCI for exposures not affected by macroeconomic scenarios.
Macroeconomic scenarios in 2024\u2002
Audited
(in millions)
Weight
Macroeconomic variable\u00b9
2025
2026
2027
2028
Unweighted
ECL 5
Weighted
ECL 5
Real GDP Netherlands\u00b2
2.6%
2.1%
1.7%
1.3%
Positive
15%
Unemployment\u00b3
3.5%
3.5%
3.6%
3.5%
639
House price index 4
7.5%
3.8%
3.0%
3.0%
Real GDP Netherlands\u00b2
1.5%
0.8%
1.2%
1.3%
Baseline
55%
Unemployment\u00b3
3.9%
4.2%
4.4%
4.4%
692
724
House price index 4
7.0%
3.5%
2.1%
2.5%
Real GDP Netherlands\u00b2
0.5%
-0.4%
0.7%
1.2%
Negative
30%
Unemployment\u00b3
6.0%
6.0%
5.8%
5.7%
826
House price index 4
0.2%
-4.5%
1.5%
2.6%
1. The variables presented in this table are a selection of the key macroeconomic variables.
2. Real GDP Netherlands, % change year-on-year.
3. Unemployment Netherlands, % of labour force.
4. House price index Netherlands, average % change year-on-year.
5. Excluding ECL for stage 3 and POCI for exposures not affected by macroeconomic scenarios.
Credit risk mitigation\u2002
Audited
Collateral reporting is based on the net collateral value
(NCV). The NCV represents the amount expected to be
recovered from the collateral pledged to the bank if the
client defaults. Where necessary, certain discounts are
applied. The NCV is approached by an average recovery
rate observed for the specific type of collateral and,
where applicable, by applying haircuts, for example in
the event of currency mismatches. Surplus collateral is
the amount of over-collateralisation, calculated on an
individual basis. A surplus is not included for
guarantees, as the debtor cannot be held liable for
more than the maximum debt.
Financial assets: offsetting, netting, collateral and guarantees\u2002
Audited
31 December 2025
Offset in the statement of financial
position
Not offset in the statement of financial position
Net
exposure 5
(in millions)
Carrying
amount
before
balance-
sheet
netting
Less:
balance-
sheet
netting with
gross
liabilities
Carrying
amount\u00b2
Master
netting
agree-
ment\u00b3
Financial
instru-
ments
collateral
Property
& equip-
ment
Other
collateral
and guar-
antees
Total risk
mitigation
- of which
surplus
collateral 4
Financial assets held for
trading
2,044
2,044
2,044
Derivatives
3,933
3,933
2,295
1,181
3,476
37
494
Financial investments
50,231
50,231
50,231
Securities financing
44,214
4,041
40,173
985
43,772
44,757
5,453
870
Interest-bearing deposits
1,137
1,137
33
33
1,104
Loans and advances
708
708
468
816
1,284
814
238
Other
326
326
326
Total loans and advances
banks
2,170
2,170
501
816
1,316
814
1,668
Residential mortgages
163,065
163,065
2,816
347,227
628
350,670
191,335
3,729
Consumer loans
6,192
1
6,192
3,489
3,705
36
7,229
2,691
1,653
Corporate loans
86,218
728
85,490
1,414
31,317
52,051
3,333
88,115
33,171
30,546
Other loans and advances
customers
5,934
5,934
11
19
2
31
11
5,914
Fair value adjustment from
hedge accounting
-5,434
-5,434
-5,434
Total loans and advances
customers\u00b9
255,975
729
255,247
1,424
37,622
403,002
3,998
446,045
227,208
36,409
Loans at fair value through P&L
514
514
1,867
20
1,887
1,376
3
Total loans and advances
customers
256,489
729
255,760
1,424
37,622
404,868
4,018
447,932
228,584
36,412
Other assets
3,877
3,877
9
423
432
3,446
Total\u00a0on-balance sheet
subject to netting and
pledged agreements
362,959
4,769
358,190
5,214
83,390
404,868
4,441
497,913
234,888
95,165
Assets not subject to netting
and pledged agreements
55,020
55,020
55,020
Total assets
417,979
4,769
413,210
5,214
83,390
404,868
4,441
497,913
234,888
150,185
Total\u00a0off-balance sheet
98,832
98,832
1,336
10,883
618
12,837
3,910
89,904
Total on- and off-balance
sheet
516,811
4,769
512,041
5,214
84,726
415,751
5,059
510,750
238,798
240,090
1. Excluding loans at fair value through P&L.
2. Carrying amount includes loan impairment allowances where applicable.
3. Collateral in the column Master netting agreement is mainly markets related and consists of master netting agreements which also includes cash collateral as part of these
agreements. Cash collateral not part of master netting agreements has been reported under the column Financial instruments.
4. Surplus collateral is the amount of over-collateralisation, calculated on an individual basis.
5. Net exposure represents the portfolio corrected for the surplus amount and gives a view on the potential shortfall in collateral on the total portfolio.
31 December 2024
Offset in the statement of financial
position
Not offset in the statement of financial position
Net
exposure 5
(in millions)
Carrying
amount
before
balance-
sheet
netting
Less:
balance-
sheet
netting with
gross
liabilities
Carrying
amount\u00b2
Master
netting
agree-
ment\u00b3
Financial
instru-
ments
collateral
Property
& equip-
ment
Other
collateral
and guar-
antees
Total risk
mitigation
- of which
surplus
collateral 4
Financial assets held for
trading
2,503
2,503
2,503
Derivatives
4,347
4,347
3,176
639
3,815
103
635
Financial investments
47,173
47,173
47,173
Securities financing
32,192
5,203
26,989
847
32,348
33,195
6,452
246
Interest-bearing deposits
1,169
1,169
16
16
1,153
Loans and advances
707
707
527
728
1,255
721
173
Other
174
174
174
Total loans and advances
banks
2,049
2,049
543
728
1,271
721
1,500
Residential mortgages
156,076
156,076
2,695
325,975
372
329,041
176,542
3,577
Consumer loans
7,446
1
7,445
2,866
3,958
48
6,873
2,928
3,501
Corporate loans
83,433
705
82,727
1,759
30,917
54,489
3,303
90,468
37,508
29,767
Other loans and advances
customers
6,491
4
6,487
49
31
80
10
6,417
Fair value adjustment from
hedge accounting
-4,584
-4,584
-4,584
Total loans and advances
customers\u00b9
248,863
711
248,152
1,808
36,478
384,453
3,723
426,463
216,988
38,677
Loans at fair value through P&L
630
630
1,715
1,715
1,252
167
Total loans and advances
customers
249,493
711
248,782
1,808
36,478
386,168
3,723
428,178
218,239
38,843
Other assets
4,652
4,652
7
584
1,163
1,754
584
3,482
Total\u00a0on-balance sheet
subject to netting and
pledged agreements
342,409
5,914
336,496
6,380
70,777
386,168
4,887
468,212
226,099
94,383
Assets not subject to netting
and pledged agreements
48,551
48,551
48,551
Total assets
390,960
5,914
385,047
6,380
70,777
386,168
4,887
468,212
226,099
142,934
Total\u00a0off-balance sheet
97,348
97,348
1,952
11,547
845
14,344
5,478
88,482
Total on- and off-balance
sheet
488,308
5,914
482,394
6,380
72,729
397,715
5,732
482,556
231,577
231,415
1. Excluding loans at fair value through P&L.
2. Carrying amount includes loan impairment allowances where applicable.
3. Collateral in the column Master netting agreement is mainly markets related and consists of master netting agreements which also includes cash collateral as part of these
agreements. Cash collateral not part of master netting agreements has been reported under the column Financial instruments.
4. Surplus collateral is the amount of over-collateralisation, calculated on an individual basis.
5. Net exposure represents the portfolio corrected for the surplus amount and gives a view on the potential shortfall in collateral on the total portfolio.
Total risk mitigation increased owing to an increase in
property and equipment for residential mortgages,
which was mainly due to rising house prices and loan
portfolio growth. As a result, surplus collateral also
increased. For consumer loans, net exposure declined
because of the reclassification of loan portfolios of our
subsidiary Alfam. For corporate loans, there was an
increase in exposure, which was mainly attributable to
the acquisition of HAL. This increase, in combination
with a decrease in collateral, led to a decline in surplus
collateral and, to a lesser extent, an increase in net
exposure.
The total net exposure of loans and advances customers
decreased to EUR 36.4 billion in 2025
(31\u00a0December\u00a02024: EUR 38.8 billion). The main cause
of this decrease was the decline in net exposure on
consumer loans and in the net exposure on fair value
adjustment from hedge accounting, due to rising
interest rates. The decrease was partly offset by the
increase in corporate loans.
Financial assets: offsetting, netting,
collateral\u00a0and guarantees for credit-impaired
assets\u2002
Audited
Collateral and guarantees for credit-impaired assets
(stage 3 and POCI) represent credit risk mitigation based
on the net collateral value (NCV) for clients in default. The
carrying amount includes expected credit loss
allowances, based on the probability-weighted present
value of all expected cash shortfalls over the remaining
life of the financial instrument for both on- and off-
balance sheet exposures. The Financial Restructuring &
Recovery department identifies the most likely scenarios
for non-programme lending defaulted clients (going
concern or gone concern) and estimates the amounts and
timing of expected future cash flows. This explains why a
net exposure remains after taking into account collateral
pledged to the bank.
31 December 2025
Offset in the statement
of financial position
Not offset in the statement
of financial position
Net
exposure 4
(in millions)
Carrying
amount
before
balance-
sheet
netting
Less:
balance-
sheet
netting
with gross
liabilities
Carrying
amount\u00b9
Master
netting
agree-
ment\u00b2
Financial
instru-
ments
collateral
Property
& equip-
ment
Other
collateral
and gua-
rantees
Total risk
mitigation
- of which
surplus
collateral\u00b3
Loans and advances banks
Residential mortgages
1,899
1,899
13
3,478
1
3,493
1,593
Consumer loans
91
91
8
54
62
19
48
Corporate loans
2,488
2,488
464
1,237
407
2,107
592
973
Other loans and advances
customers
3
3
2
2
1
Total\u00a0loans and advances
\u00a0customers
4,481
4,481
485
4,769
410
5,664
2,204
1,022
Total loans and advances
4,481
4,481
485
4,769
410
5,664
2,204
1,022
1. Carrying amount includes loan impairment allowances where applicable.
2. Collateral in the column Master netting agreement is mainly markets related and consists of master netting agreements which also includes cash collateral as part of these
agreements. Cash collateral not part of master netting agreements has been reported under the column Financial instruments.
3. Surplus collateral is the amount of over-collateralisation, calculated on an individual basis.
4. Net exposure represents the portfolio corrected for the surplus amount and gives a view on the potential shortfall in collateral on the total portfolio.
31 December 2024
Offset in the statement
of financial position
Not offset in the statement
of financial position
Net
exposure 4
(in millions)
Carrying
amount
before
balance-
sheet
netting
Less:
balance-
sheet
netting
with gross
liabilities
Carrying
amount\u00b9
Master
netting
agree-
ment\u00b2
Financial
instru-
ments
collateral
Property
& equip-
ment
Other
collateral
and gua-
rantees
Total risk
mitigation
- of which
surplus
collateral\u00b3
Loans and advances banks
Residential mortgages
1,863
1,863
13
3,333
1
3,348
1,483
-1
Consumer loans
120
120
18
62
80
27
66
Corporate loans
2,299
2,299
774
1,768
230
2,773
825
351
Other loans and advances
customers
5
5
5
Total\u00a0loans and
advances\u00a0customers
4,287
4,287
805
5,163
232
6,201
2,335
421
Total loans and advances
4,287
4,287
805
5,163
232
6,201
2,335
421
1. Carrying amount includes loan impairment allowances where applicable.
2. Collateral in the column Master netting agreement is mainly markets related and consists of master netting agreements which also includes cash collateral as part of these
agreements. Cash collateral not part of master netting agreements has been reported under the column Financial instruments.
3. Surplus collateral is the amount of over-collateralisation, calculated on an individual basis.
4. Net exposure represents the portfolio corrected for the surplus amount and gives a view on the potential shortfall in collateral on the total portfolio.
The stage 3 carrying amount (including POCI) rose
marginally to EUR 4.5 billion (31 December 2024:
EUR\u00a04.3 billion), while total risk mitigation decreased to
EUR 5.7 billion in 2025 (31 December 2024:
EUR\u00a06.2\u00a0billion). This decrease in risk mitigation was
mainly observed in corporate loans, and was caused by
a decrease in collateral at Corporate Banking. The
carrying amount of the stage 3 portfolio (including
POCI) increased, while the total risk mitigation
decreased. This led to a EUR\u00a0601\u00a0million increase in the
net exposure, which was EUR 1,022 million as at
31\u00a0December 2025.
During 2025 ABN AMRO obtained property and
equipment by taking possession of collateral held as
security for loans and advances. The total amount of
such assets held on 31 December 2025 amounted to
EUR 3 million (2024: EUR 4 million). ABN AMRO does
not intend to use these assets in its operations and will
pursue timely and orderly realisation of the collateral.
Financial liabilities: offsetting, netting, collateral and guarantees\u2002
Audited
31 December 2025
Offset in the statement
of financial position
Not offset in the statement
of financial position
Net
exposure\u00b3
(in millions)
Carrying
amount
before
balance-
sheet
netting
Less:
balance-
sheet netting
with gross
assets
Carrying
amount
Master
netting
agree-
ment\u00b9
Financial
instru-
ments
collateral
Total risk
mitigation
- of which
surplus
collateral\u00b2
Financial liabilities held for trading
1,631
1,631
1,631
Derivatives
1,967
1,967
1,397
116
1,513
37
492
Securities financing
19,361
4,041
15,320
978
19,774
20,752
5,467
34
Deposits
4,319
4,319
829
829
3,491
Other
1
1
1
Due to banks
4,320
4,320
829
829
3,491
Deposits
278,768
728
278,040
1,027
1,027
277,013
Other borrowings
1,086
1,086
982
982
104
Due to customers
279,854
728
279,126
2,010
2,010
277,117
Other liabilities
3,918
1
3,918
3,918
Total\u00a0liabilities subject to netting
arrangements
311,051
4,769
306,281
5,214
19,890
25,104
5,505
286,682
Remaining liabilities not subject to netting
79,886
79,886
79,886
Total liabilities
390,937
4,769
386,167
5,214
19,890
25,104
5,505
366,568
1. Collateral in the column Master netting agreement is mainly markets related and consists of master netting agreements which also includes cash collateral as part of these
agreements. Cash collateral not part of master netting agreements has been reported under the column Financial instruments.
2. Surplus collateral is the amount of over-collateralisation, calculated on an individual basis.
3. Net exposure represents the portfolio corrected for the surplus amount and gives a view on the potential shortfall in collateral on the total portfolio.
31 December 2024
Offset in the statement
of financial position
Not offset in the statement
of financial position
Net
exposure\u00b3
(in millions)
Carrying
amount
before
balance-
sheet
netting
Less: balance-
sheet netting
with gross
assets
Carrying
amount
Master
netting
agree-
ment\u00b9
Financial
instru-
ments
collateral
Total risk
mitigation
- of which
surplus
collateral\u00b2
Financial liabilities held for trading
1,163
1,163
1,163
Derivatives
2,499
2,499
1,590
207
1,797
27
729
Securities financing
15,555
5,203
10,352
846
15,792
16,638
6,305
19
Deposits
2,329
2,329
658
658
1,671
Due to banks
2,329
2,329
658
658
1,672
Deposits
254,998
710
254,288
1,589
1,589
252,699
Other borrowings
1,899
1,899
1,698
1,698
200
Due to customers
256,896
710
256,186
3,287
3,287
252,900
Other liabilities
4,247
1
4,247
4,247
Total\u00a0liabilities subject to netting
arrangements
282,689
5,914
276,776
6,380
15,999
22,379
6,332
260,728
Remaining liabilities not subject to netting
82,163
82,163
82,163
Total liabilities
364,852
5,914
358,939
6,380
15,999
22,379
6,332
342,892
1. Collateral in the column Master netting agreement is mainly markets related and consists of master netting agreements which also includes cash collateral as part of these
agreements. Cash collateral not part of master netting agreements has been reported under the column Financial instruments.
2. Surplus collateral is the amount of over-collateralisation, calculated on an individual basis.
3. Net exposure represents the portfolio corrected for the surplus amount and gives a view on the potential shortfall in collateral on the total portfolio.
Market risk management for
the\u00a0trading\u00a0book\u2002
Audited
Positions held with trading intent and hedges for
positions held with trading intent must be included in
the bank's trading book. The Central Trading Risk Policy
describes the positions included in the trading book and
the criteria for transferring risk and positions between
the trading and banking books. As part of its business
strategy, ABN AMRO facilitates client orders as principal
in key financial markets where our clients are active.
Market risk in the trading book is the risk of losses in
market value due to adverse market movements. The
following market risks are inherent in the trading book:
\u2022 Interest rate risk, arising from adverse changes in
interest rate risk curves and/or interest rate volatilities;
\u2022 Credit spread risk, arising from adverse changes in the
term structure of credit spreads and/or from changes
in the credit quality of debt securities or CDS
reference entities, with an impact on default
probabilities;
\u2022 Foreign exchange risk, arising from adverse changes
in FX spot and forward rates and/or FX volatility.
ABN AMRO has in place a detailed risk management
framework to identify, measure and control market risk
in the trading book. This risk management framework is
in line with the three lines of defence model and
provides assurance that the bank\u2019s trading activities are
consistent with its client-focused business strategy and
strict risk focus. In accordance with the strategy, the
trading mandates and limits, which define the nature
and amount of the permitted transactions and risks, are
reviewed and approved annually, together with the
associated constraints. The limit utilisation is monitored
and discussed by the first and second line of defence on
a daily basis.
Market risk measurement for
the\u00a0trading\u00a0book\u2002
Audited
ABN AMRO measures and manages market risk in the
trading book on a daily basis. The key metrics used are
economic capital, regulatory capital, value at risk (VaR),
stressed VaR (SVaR) and the incremental risk charge
(IRC), together with a wide array of stress and scenario
tests, sensitivity measures, concentration limits and
notional limits. These metrics are measured and
monitored on a daily basis. Appropriate limits are set at
bank level in the Risk Appetite Statement and at bank and
client-unit levels in the limit framework, in line with the
general risk principles in the Central Trading Risk Policy.
Metrics and models are managed, reviewed, assessed
and, if required, adjusted in a similar way as in the
banking book. Other important tools to ensure the
adequacy of the models, alongside the formal
validation and review of models, are the daily
explanation of risk reporting figures, periodic portfolio
reviews and regular back-testing.
Validation procedure
For all models, including market risk models, we have a
model risk policy in place. This policy requires model
assumptions and limitations to be documented and
independently validated by Model Validation. For material
changes, the regulator performs an on-site investigation
before such a model change is applied in production.
Economic capital
The calculation of economic capital for market risk in
the trading book is based on the daily VaR, SVaR and
IRC at a 99.9% confidence level.
Stress testing and scenario analysis
Stress testing and scenario analysis are designed to
focus specifically on the impact of tail events occurring
outside the VaR confidence interval. We perform daily
stress tests for large movements in risk factors. Scenario
analyses are also conducted frequently to evaluate the
impact of extreme market events that cover multiple
risk factors, and the results of these tests are monitored.
These scenarios can be based on historical or
hypothetical events, or on a combination of the two.
For each risk type, sensitivities are monitored against
limits. This includes all risk types mentioned above and
the basic risks in the trading portfolio. In addition, the
holding period is monitored as a measure of the
positions\u2019 liquidity.
Internal aggregated diversified and
undiversified VaR for all trading positions
Audited
ABN AMRO applies a diversified portfolio VaR approach
that takes into account the fact that returns across risk
factors may offset one another to a certain extent and
consequently reduce risk. As long as these returns are
not perfectly correlated to one another, VaR figures
based on a diversified portfolio approach will be lower
than if the figures are calculated using undiversified
VaR. Undiversified VaR means that the VaR figures
computed for the different risk factors are aggregated
without taking into account any offset across risk
factors, negating the potential for risk reduction. The
following graph shows the total one-day VaR at a 99%
confidence level (\u2018VaR diversified\u2019) and aggregation of
the stand-alone risk factors (\u2018VaR undiversified\u2019).
Internal aggregated diversified and undiversified VaR for all trading positions\u2002
Audited
31 December 2025
(in millions)
Foreign
exchange
Interest
rate
Total undiversified
VaR
Diversified
VaR
VaR at last trading day of the period
0.4
3.0
3.4
3.1
Highest VaR
0.6
6.6
6.7
6.6
Lowest VaR
0.1
1.3
1.6
1.3
Average VaR
0.3
3.3
3.6
3.2
31 December 2024
VaR at last trading day of the period
0.1
5.0
5.2
5.1
Highest VaR
0.4
7.3
7.5
7.3
Lowest VaR
1.3
1.4
1.3
Average VaR
0.1
4.0
4.1
4.0
Market risk management for
the\u00a0banking\u00a0book\u2002
Audited
ABN AMRO has a detailed risk management framework
in place to identify, measure and control market risk in
the banking book. This framework provides assurance
that the banking book activities remain consistent with
the bank\u2019s strategy and are aligned with the defined risk
appetite. The Asset & Liability Committee (ALCO) has
delegated the day-to-day management to the Asset
and Liability Management and Treasury department
(ALM/Treasury). This department\u2019s activities include the
execution of hedge transactions. ALM/Treasury forms
the first line of defence. Financial Risk Management acts
as the second line of defence.
The risk appetite is articulated in terms of supervisory
outlier test (SOT) on net interest Income (NII), SOT on
economic value of equity (EVE) and economic capital
(EC) for market risk in the banking book, and expresses
the maximum loss the bank is willing to accept. The risk
appetite is cascaded into a limit framework.
Interest rate risk in the banking book
Interest rate risk is the risk of losses in the economic
value of equity (EVE) or the bank\u2019s net interest income
(NII) due to unfavourable yield curve developments. In
order to measure interest rate risk, models are used and
assumptions on client behaviour are made, most
importantly with respect to the maturity of savings and
the prepayment of mortgages. These assumptions
influence the anticipated interest cash flow pattern. The
profile of assets and liabilities on the balance sheet can
change if client behaviour changes. Therefore, interest
rate risk is actively managed in line with the risk
appetite.
The main sources of interest rate risk are:
\u2022 The maturity mismatch between assets and liabilities.
ABN AMRO provides mortgages and loans with fixed
rates. These assets are funded mainly by non-
maturing deposits and wholesale funding which
typically have a shorter average interest maturity than
the assets;
\u2022 Client behaviour, which determines the maturity
profile of certain products. As we use models to
predict this behaviour, we are exposed to model risk.
ABN AMRO uses a combination of portfolio (macro)
hedges and specific asset or liability (micro) hedges to
manage the interest rate sensitivity in the banking book
and keep it in line with the bank\u2019s strategy and risk
appetite. Micro hedges are used to swap fixed rate
funding transactions and fixed interest rate investments
in the liquidity buffer for floating interest rate positions.
In addition, macro hedging is applied in order to align
with the bank\u2019s strategy to contribute to a stable NII
while protecting the economic value of equity.
Key assumptions for modelling client behaviour
From an interest rate risk perspective, the following
aspects of client behaviour are the most important:
\u2022 Client behaviour with respect to early redemption of
residential mortgages. This has a significant impact on
the average interest maturity of the mortgage
portfolio. Clients have the option to fully or partially
prepay mortgages before maturity. Prepayments may
be triggered by, for example, relocation, redemption
or curtailment. An important driver of prepayments is
the interest rate incentive, i.e. the difference between
a client\u2019s current mortgage rate and prevailing
mortgage rates. Future mortgage rates are simulated
using a Monte Carlo approach. In addition to the
interest rate incentive, other drivers such as loan age,
seasonality and house price developments are taken
into account;
\u2022 Client acceptance of the residential mortgage volume
offered and the deviation between the offered rate
and the actual coupon;
\u2022 Client behaviour with respect to non-maturing
deposits that are callable on demand. The volume
migrating to term deposits is subject to rate changes.
Future client rates for savings accounts are modelled
using a replicating portfolio model. Modelled client
rates depend on current or lagged yield curves and
funding costs. A maximum maturity of 10 years is
assumed. The resulting duration depends on product
type and client behaviour.
The market risk in the banking book metrics are derived
from behavioural models which rely on assumptions
based on extensive research and historical client
behaviour data. The models undergo independent
validation and are approved by the mandated risk
committees. Models are periodically assessed to
determine whether they behave appropriately and are
statistically sound; if required, they are adjusted.
Risk measurement for interest rate risk
Interest rate risk is measured by NII-at-Risk and various
economic value measures such as the present value
change of one basis point shock (PV01) and the EVE-at-
Risk. To ensure a comprehensive approach to risk
management and identify potential weaknesses, the
metrics are complemented by stress testing and
scenario analysis. A combination of market and product
floors is applied. These floors are reviewed periodically.
For management purposes, the interest rate risk
position is monitored by the Asset & Liability Committee
(ALCO) on a monthly basis. The above metrics are also
regularly reported to the Executive Board.
Credit spread risk in the banking book
Credit spread risk refers to the risk of financial losses
resulting from unfavourable movements in credit
spreads within the balance sheet. From a value
perspective, credit spread risk is primarily associated
with products valued at fair value. It is quantified as the
impact on economic value of a one basis point change
in credit spreads (CS01). The primary sources of this risk
are bonds held for liquidity purposes and wholesale
funding.
From an earnings perspective, credit spread risk in the
banking book (CSRBB) impacts the spreads at which
new positions are originated, such as during
reinvestments. This risk is assessed using a net interest
income (NII) at risk approach, where origination spreads
are stressed and compared to a base scenario. The main
sources of this earnings-based risk are loans and
savings.
Foreign exchange risk
Foreign exchange (FX) risk is the risk arising from
unfavourable movements in FX spot and forward rates
and/or FX volatility. It is managed within the bank by
ALM/Treasury. As a general rule, foreign exchange risk
is hedged by using cross-currency swaps to swap the
exposure in foreign currency to euros. If, for operational
reasons, it is inefficient to hedge exposures in foreign
currencies, an open currency position (OCP) remains.
This is measured by the aggregated net position per
foreign currency.
Economic capital
Economic capital for market risk in the banking book is
calculated using a parametric Monte Carlo simulation
model that determines the economic capital needed to
absorb losses resulting from unfavourable movements
in interest rates, client behaviour for mortgages and
non-maturing deposits, volatility, credit spreads and
foreign exchange rates.
Market risk in the banking book metrics
Interest rate risk\u2002
Audited
(in millions)
31 December 2025
31 December 2024
NII impact from an instantaneous increase in interest rates of 200bps
683
277
NII impact from an instantaneous decrease in interest rates of 200bps
-599
-106
EVE impact from an instantaneous increase in interest rates of 200bps
-2,132
-1,916
EVE impact from an instantaneous decrease in interest rates of 200bps
215
210
NII-at-Risk is the difference in NII between a base
scenario and an alternative scenario observed over a
1-year horizon. This is calculated for a 200bps
instantaneous increase in interest rates (parallel move
up) and for a 200bps instantaneous decrease in interest
rates (parallel move down). NII-at-Risk includes all
expected cash flows, including commercial margins
and other spread components, from all interest rate-
sensitive assets, liabilities and off-balance sheet items in
the banking book. NII-at-Risk assumes a constant
balance sheet.
As at 31 December 2025, the NII-at-Risk was
EUR\u00a0683\u00a0million for the scenario in which there is an
instantaneous increase in interest rates of 200bps and
EUR 599 million negative for the scenario in which there
is an instantaneous decrease in interest rates of 200bps.
The change in NII-at-Risk is mainly attributable to
increased loan volumes and lower fixed-term deposit
volumes.
EVE-at-Risk is the loss in economic value of equity as
a\u00a0result of various yield curve shocks. This is also
calculated for a 200bps instantaneous increase (parallel
move up) in interest rates and for a 200bps
instantaneous decrease (parallel move down) in interest
rates. The impact is calculated for cash flows from all
interest-bearing assets, liabilities and off-balance sheet
items in the banking book. An assumption of a run-off
balance sheet is made, where banking book positions
amortise and are not replaced by new business. The
projected cash flows include commercial margins and
other spread components and are discounted at the
risk-free rate.
The EVE-at-Risk scenario with the highest impact at
year-end 2025 remains the scenario in which interest
rates increase by 200bps instantaneously. We see a
higher EVE impact in both the upward and downward
scenarios, as the duration of equity has increased
slightly since year-end 2024.
Open currency position\u2002
Audited
The OCP is monitored regularly and limits apply at a
local and aggregate level. USD is the largest non-EUR
exposure for assets and liabilities. The total OCP
showed a slight decrease in 2025 compared with the
previous year.
31 December 2025
31 December 2024
Total OCP (long, in EUR million)
135
151
OCP as % total capital
0.5%
0.5%
P&L Sensitivity to 100bps increase in largest non-EUR exposure (USD, in EUR million)
0.7
0.6
Risk management approach\u2002
Audited
The natural maturity mismatch between our loan book
and funding portfolio requires liquidity risk
management. As we consider maturity transformation
to be an integral part of the business model, we closely
monitor our liquidity position and the resulting risks. We
hold a portfolio of highly liquid assets that can swiftly
be converted into cash in the event of unforeseen
market disruptions, thus allowing us to meet payment
and collateral obligations at all times. Funding and
liquidity risk are managed centrally within ALM/
Treasury. We incorporate liquidity costs into the pricing
of our day-to day business activities. When managing
funding and liquidity risk, a clear distinction is made
between going-concern and contingency risk
management.
Going-concern management
The most important metrics for going-concern risk
management and the management of the day-to-day
liquidity position within specified limits are:
\u2022 Stress testing: In monthly and ad hoc stress tests we
evaluate the impact of cash inflows and outflows
under various stress scenarios, based on historic stress
events. Market-wide and bank-specific stress
scenarios are defined and analysed. The goal of stress
testing is twofold. Firstly, it helps us to review our risk
management framework, i.e. the liquidity buffer size,
risk appetite and risk limits. Secondly, it allows us to
identify ways to reduce outflows in times of crisis.
\u2022 Liquidity coverage ratio (LCR): The LCR is used to
assess the short-term resilience of the liquidity
position and ensure sufficient high-quality liquid
assets to survive a significant stress scenario lasting
30 calendar days.
\u2022 Survival period: This is the period the liquidity
position is expected to remain positive in an internally
developed stress scenario in which wholesale funding
markets deteriorate and clients withdraw a material
proportion of their deposits.
\u2022 Net stable funding ratio (NSFR): This ratio is used to
assess resilience over a longer time horizon. The NSFR
requires banks to hold sufficient stable funding to
cover the duration of their long-term assets on an
ongoing basis.
\u2022 Loan-to-Deposit ratio (LtD): The LtD ratio measures
the relationship between the loan book (loans and
advances customers) and deposits from clients (due
to customers), and includes all client-related loans
and deposits. The ratio gives an indication of our
dependence on wholesale funding for financing
client\u00a0loans.
Contingency risk management
Contingency risk management aims to ensure that, in
the event of a bank-specific or general market stress
event, the bank is able to generate sufficient liquidity to
withstand a short or long-term liquidity crisis.
Contingency risk management entails:
\u2022 Contingency Funding Plan: This plan sets out the
guidelines and responsibilities for addressing possible
liquidity shortfalls in emergency situations. This only
comes into effect if the liquidity position is threatened
or if there are strong indications that liquidity stress is
imminent. The Contingency Funding Plan is aligned
with the Recovery Plan, as required by the regulators.
It aims to manage the liquidity position without
unnecessarily jeopardising commercial activities,
while limiting excessive funding costs in severe
market circumstances.
\u2022 Collateral posting in the event of a rating
downgrade: Credit rating downgrades may result in
increased collateral requirements. We monitor these
potential additional collateral postings in our liquidity
risk management framework. Our collateral
capabilities are set out in our collateral management
framework.
\u2022 Collateral posting to guarantee access to critical
financial market infrastructures (FMI): Access to
critical FMI is essential for conducting our business
and collateral requirements may increase in times of
stress. We monitor these potential additional
collateral postings in our liquidity risk management
framework.
\u2022 Liquidity buffer: Treasury manages our liquidity
buffer, of which the liquidity portfolio comprises a
substantial part. This portfolio should at all times be
highly liquid to accommodate liquidity outflows
during stress. The buffer consists of unencumbered,
high-quality liquid assets, including government
bonds, retained covered bonds and cash.
Environmental, social and governance bonds
For our liquidity buffer we target investments in bonds
whose proceeds are allocated in line with the
International Capital Market Association (ICMA) Green
Bond Principles, the Social Bond Principles or a
combination of the two. Inclusion of such bonds in the
liquidity portfolio is subject to availability of ESG
reporting, a thorough project selection process and
sound management of proceeds. To preserve the
portfolio\u2019s high quality and liquidity value, these bonds
must also meet the high-quality liquid assets (HQLA)
criteria of the European Banking Authority (EBA). By
actively investing in the euro-denominated ESG bond
market, we aim to support the growth of this market.
We are also an issuer of green bonds. The Green Bonds
Framework specifies the green assets to which we
allocate the issuance proceeds and how those assets
are EU Taxonomy aligned. Under the framework we can
issue green bonds with the EU Green Bond label and/or
ICMA green bond label. The Green Bonds Framework
also describes how we allocate the issue proceeds to
eligible assets, evaluate and select eligible assets,
obtain independent assurance on the allocation of
proceeds to eligible green assets, and comply with
external reporting requirements. More information is
available on our website.
Liquidity buffer composition\u2002
Audited
31 December 2025
31 December 2024
Liquidity
buffer
LCR
eligible
Liquidity
buffer
LCR
eligible
(in billions, liquidity value)
Level 1
Level 2
Level 1
Level 2
Cash & central bank deposits\u00b9
47.2
47.2
42.3
42.3
Government bonds
37.4
36.7
1.5
35.9
34.4
2.1
Supranational & Agency bonds
12.9
13.4
10.5
10.8
Covered bonds
9.6
9.2
0.2
5.9
5.6
Retained covered bonds
20.6
17.4
Other
2.7
1.7
0.3
0.2
Total liquidity buffer
130.4
106.5
3.4
112.2
93.1
2.3
- of which ESG bonds\u00b2
5.4
5.6
5.1
4.9
1. The mandatory cash reserve with the central bank has been deducted from the cash and central bank deposits in the liquidity buffer.
2. ESG bonds are bonds whose proceeds are invested in line with the International Capital Market Association Green Bond Principles, the Social Bond Principles or a
combination of the two. Inclusion of such bonds in our ESG portfolio is subject to the availability of ESG reporting, a thorough project selection process and sound
management of proceeds. To preserve the portfolios\u2019 high quality and liquidity, these bonds must also meet the high quality liquid assets criteria of the European Banking
Authority.
The liquidity buffer increased to EUR 130.4 billion as at
31\u00a0December 2025 (31 December 2024:
EUR\u00a0112.2\u00a0billion) and consisted largely of cash and
deposits at central banks, government bonds and
securities. Most of the securities in the liquidity buffer,
with the exception of retained covered bonds, qualify
for the LCR. The liquidity buffer faces haircuts based on
the market value. These haircuts are used to determine
the liquidity value. Haircuts may vary between the
liquidity buffer and the LCR eligible buffer because the
internal assessment of the liquidity buffer may deviate
from the LCR definition.
ESG bond holdings increased by 6% in 2025 and
amounted to EUR 5.4 billion in liquidity value at year-
end (31 December 2024: EUR 5.1 billion), reflecting 7%
of total bonds in the liquidity buffer.
The following table shows the breakdown per currency
in the liquidity buffer. The currency composition reflects
the composition of the balance sheet, which mainly
consists of EUR and USD exposures.
Liquidity buffer - currency diversification\u2002
Audited
31 December 2025
31 December 2024
Liquidity value
(in billions)
Percentage
of total
Liquidity value
(in billions)
Percentage
of total
EUR
115.9
88.9%
98.3
87.6%
USD
10.4
8.0%
9.9
8.8%
JPY
1.7
1.3%
2.4
2.2%
GBP
0.6
0.4%
0.2
0.2%
SGD
1.6
1.3%
1.4
1.2%
Other
0.2
0.2%
0.0%
Total
130.4
100.0%
112.2
100.0%
The following table shows the monthly average volume
of individual components within the liquidity buffer.
Liquidity buffer composition - monthly average\u2002
Audited
(in billions, liquidity value)
2025
2024
Cash & central bank deposits\u00b9
42.9
39.0
Government bonds
35.9
31.4
Supranational & Agency bonds
11.2
9.4
Covered bonds
6.8
5.7
Retained covered bonds
19.3
17.6
Other
3.8
2.2
Total
120.0
105.3
1. The mandatory cash reserve with the central bank has been deducted from the cash and central bank deposits in the liquidity buffer.
Funding
Liability and equity breakdown\u2002
Audited
Client deposits are our main source of funding,
complemented by a well-diversified book of wholesale
funding. The following table shows the liability and
equity breakdown for the consolidated statement of
financial position.
Liability and equity breakdown\u2002
Audited
(in billions)
31 December 2025
31 December 2024
Due to customers
279.1
256.2
Issued debt & Subordinated liabilities
79.0
81.2
Due to banks
4.3
2.3
Securities financing
15.3
10.4
Equity
27.0
26.1
Other
8.4
8.9
Total
413.2
385.0
The following table shows the development of client
deposits per segment in 2025. The main driver of the
increase in deposit volumes is the consolidation of
the deposits of HAL in the statement of financial
position as of 1\u00a0July\u00a02025.
Available wholesale instruments\u2002
Audited
A key goal of the funding strategy is to diversify funding
sources. Our funding programmes allow us to issue
various instruments in different currencies and markets,
enabling diversification in our investor base.
The\u00a0following table shows a breakdown of total
wholesale instruments.
Overview of outstanding wholesale instruments\u2002
Audited
(in millions)
31 December 2025
31 December 2024
Commercial Paper/Certificates of Deposit
11,773
17,922
Covered bonds
26,035
23,921
Secured funding (long-term)
26,035
23,921
Senior preferred
18,638
13,373
- of which ESG bonds\u00b9
5,415
3,947
Senior non-preferred
17,625
19,327
- of which ESG bonds\u00b9
7,393
6,620
Unsecured funding (long-term)
36,264
32,700
Total issued debt
74,072
74,542
Subordinated liabilities
4,946
6,613
Other long-term funding 2, 3
717
723
Wholesale funding
79,735
81,879
AT1 capital securities (classified as IFRS equity)
3,233
3,475
Total wholesale instruments 4
82,967
85,353
- of which matures within one year
20,319
29,421
1. Our Green Bond Framework comprises a set of criteria for the issuance of green bonds, including how we allocate the issue proceeds from green bonds to eligible assets,
and independent assurance on the allocation of proceeds to eligible green assets. Green bonds have been issued since 2015, with a focus on sustainable real estate and
renewable energy, and enable investors to invest in, for example, energy efficiency through residential mortgages.
2. Includes funding obtained apart from our long-term programmes and consists mainly of unsecured funding.
3. Funding with either the European Investment Bank and the Dutch State Treasury Agency as counterparty (recorded in due to banks and due to customers respectively) has
been included in other long-term funding.
4. Includes FX effects, fair value adjustments and interest movements.
Total wholesale instruments fell to EUR\u00a083.0\u00a0billion as at
31 December 2025 (31\u00a0December\u00a02024:
EUR\u00a085.4\u00a0billion). This mainly reflects a decrease in
short-term funding from seasonal balance-sheet
developments, which was partly offset by an increase in
long-term wholesale funding. The increase in long-term
funding reflects a rise in covered bond and senior
preferred funding, which was partly offset by a decline
in senior non-preferred and subordinated debt.
Total ESG bonds outstanding increased by 21% in 2025
to EUR 12.8 billion at year-end (31 December 2024:
EUR 10.6 billion), which is 35% of total unsecured long
term funding and 17% of total issued debt.
Wholesale issuance in 2025\u2002
Audited
Total long-term wholesale instruments issued in 2025
amounted to EUR 16.4 billion, which included
EUR\u00a03.0\u00a0billion in covered bonds, EUR\u00a011.8\u00a0billion in
senior preferred funding, EUR\u00a00.9\u00a0billion in senior non-
preferred funding and EUR\u00a00.8 billion in AT1 capital
securities. Of this EUR\u00a016.4 billion, EUR 5.1 billion was
non-EUR denominated and consisted mainly of USD
and GBP issuances (2024: EUR 2.2 billion).
In February 2025, we issued our inaugural green bond
under the new European Green Bond Standard (EuGBS),
making ABN AMRO the first financial institution to issue
a European Green Bond (EuGB). In 2025, we issued four
green bonds in total under the EuGBS, in senior
preferred and senior non-preferred format, in EUR and
GBP. The issuance activities in 2025 received several
awards. ABN AMRO was named \u2018Financial Issuer of the
Year\u2019 by IFR and \u2018Best FIG Issuer\u2019 by CMD Portal, and
received the award for \u2018Financial Institution ESG bond of
the year\u2019 from Global Capital.
Maturity calendar for wholesale instruments\u2002
Audited
31 December 2025
(notional amounts, in billions)
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
\u2265 2036
Total
Covered bonds
1.6
1.9
2.1
1.9
1.9
3.1
2.3
2.3
0.9
2.3
8.8
29.1
Senior preferred
3.6
4.3
3.1
2.4
2.3
1.7
0.8
0.1
0.4
18.6
Senior non-preferred
2.1
3.1
4.1
1.0
2.1
1.8
1.0
2.7
0.1
17.9
Subordinated liabilities
0.9
1.5
0.8
1.9
5.0
AT1 capital securities (classified as
IFRS equity)
1.0
0.8
0.8
0.8
3.3
Other long-term funding\u00b9
0.3
0.2
0.3
0.7
Total wholesale instruments
8.4
11.9
10.1
5.3
6.5
7.4
4.8
4.1
4.4
2.4
9.2
74.5
31 December 2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
\u2265 2035
Total
Total wholesale instruments
11.4
8.9
9.3
5.9
1.7
3.5
6.8
4.0
3.3
4.5
10.9
70.2
1. Includes funding obtained apart from our long-term programmes and consists mainly of unsecured funding.
We target a maturity profile in which redemptions of
funding instruments are well spread over time. The
average remaining maturity of outstanding wholesale
instruments decreased to 5.0 years at year-end 2025
(5.3 years at year-end 2024). The average remaining
maturity of newly issued wholesale instruments
decreased to 3.6 years at year-end 2025
(year-end 2024: 5.4 years).
The maturity calendar assumes redemption on the
earliest possible call date or the legal maturity date.
That does not imply that the instruments will be called
at the earliest possible call date. Early redemption of
senior non-preferred instruments, subordinated
liabilities and AT1 capital securities is subject to
regulatory approval.
Gross carrying amount \u2013 residential mortgages\u2002
Audited
2025
2024
(in millions)
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Balance as at 1 January
138,172
16,118
1,919
156,209
138,671
11,115
1,292
151,078
Transfer to stage 1
2,893
-2,850
-42
5,562
-5,523
-39
Transfer to stage 2
-4,058
4,442
-385
-11,651
11,966
-316
Transfer to stage 3
-283
-434
717
-795
-452
1,247
Additional drawdowns and partial repayments
-11,846
-1,276
-164
-13,286
-11,615
23
2
-11,591
Originated or purchased
24,058
24,058
18,978
18,978
Matured or repaid
-1,999
-522
-87
-2,608
-1,055
-931
-261
-2,247
Write-offs
-3
-3
-2
-2
Foreign exchange
Other movements
-1,032
-151
-2
-1,185
77
-80
-4
-7
Balance as at 31 December
145,906
15,327
1,952
163,185
138,172
16,118
1,919
156,209
1. Excluding fair value adjustments from hedge accounting.
2. Including POCI.
Gross carrying amount \u2013 consumer loans\u2002
Audited
2025
2024
(in millions)
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Balance as at 1 January
6,866
487
222
7,575
7,658
467
255
8,380
Transfer to stage 1
126
-121
-5
145
-136
-10
Transfer to stage 2
-150
156
-6
-237
265
-28
Transfer to stage 3
-24
-32
57
-43
-22
65
Additional drawdowns and partial repayments
-166
53
-8
-120
-512
56
-3
-460
Originated or purchased
1,409
9
1,418
1,237
1,237
Matured or repaid
-1,173
-130
-25
-1,328
-1,383
-143
-26
-1,552
Write-offs
-28
-28
-31
-31
Foreign exchange
-3
-3
1
1
Other movements
-1,134
-58
-56
-1,248
Balance as at 31 December
5,749
364
152
6,266
6,866
487
222
7,575
1. Excluding fair value adjustments from hedge accounting.
2. Including POCI.
Gross carrying amount \u2013 corporate loans\u2002
Audited
2025
2024
(in millions)
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Balance as at 1 January
72,227
8,490
3,110
83,827
73,324
10,308
3,152
86,784
Transfer to stage 1
2,554
-2,434
-119
2,983
-2,973
-10
Transfer to stage 2
-3,516
3,741
-226
-3,469
3,789
-320
Transfer to stage 3
-977
-748
1,726
-630
-713
1,343
Additional drawdowns and partial repayments
-6,028
-92
-418
-6,538
-4,054
1,175
-139
-3,019
Originated or purchased
26,600
40
81
26,721
22,541
22,541
Matured or repaid
-13,300
-1,781
-621
-15,703
-17,785
-3,082
-589
-21,456
Write-offs
-206
-206
-317
-317
Foreign exchange
-1,458
-62
-15
-1,535
854
50
21
925
Other movements
-45
-2
-3
-49
-1,536
-64
-30
-1,630
Balance as at 31 December
76,056
7,151
3,309
86,516
72,227
8,490
3,110
83,827
1. Excluding fair value adjustments from hedge accounting.
2. Including POCI.
Gross carrying amount \u2013 off-balance\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b9
Total\u00b9
Stage 1
Stage 2
Stage 3\u00b9
Total\u00b9
Balance as at 1 January
51,414
3,293
627
55,334
52,141
3,507
965
56,613
Transfer to stage 1
1,033
-1,024
-8
1,123
-1,120
-3
Transfer to stage 2
-1,352
1,411
-59
-1,171
1,260
-89
Transfer to stage 3
-233
-42
275
-160
-113
273
Additional drawdowns and partial repayments
-8,806
-246
-211
-9,263
-12,098
-246
-538
-12,882
Originated or purchased
12,749
12,749
11,397
11,397
Matured or repaid
-81
-47
-10
-138
-384
-4
-388
Foreign exchange
-676
-33
-6
-715
487
6
23
516
Other movements
80
3
2
85
79
79
Balance as at 31 December
54,127
3,316
610
58,052
51,414
3,293
627
55,334
1. Including POCI.
Additional information on impairment charges
Loan impairment charges and allowances \u2013 residential mortgages\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Balance as at 1 January
36
42
55
133
24
49
125
198
Transfer to stage 1
10
-12
-1
-3
19
-20
-3
-4
Transfer to stage 2
-2
20
-12
5
-2
37
-29
6
Transfer to stage 3
-3
11
8
-1
-5
21
16
Remeasurements\u00b9
-18
-4
8
-14
-8
-17
-48
-73
Changes in risk parameters
-1
1
1
-1
1
Originated or purchased
6
6
4
4
Matured or repaid
-2
-3
-7
-12
-2
-3
-9
-14
Impairment charges (releases) on loans
and advances
-6
-3
-1
-10
12
-7
-69
-64
Write-offs
-3
-3
-2
-2
Unwind discount / unearned interest accrued
1
1
1
1
Foreign exchange and other movements
1
Balance as at 31 December
29
39
52
120
36
42
55
133
Impairment charges (releases) on loans and
advances
-6
-3
-1
-10
12
-7
-69
-64
Recoveries and other charges (releases)
-8
-8
-11
-11
Total impairment charges for the period
-6
-3
-9
-18
12
-7
-80
-75
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. Including POCI.
Loan impairment charges and allowances \u2013 consumer loans\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Balance as at 1 January
12
15
102
130
18
11
118
147
Transfer to stage 1
5
-5
-4
-3
4
-3
-4
-4
Transfer to stage 2
-1
6
-6
-1
8
-6
Transfer to stage 3
-1
-2
35
32
-2
31
29
Remeasurements\u00b9
-7
-5
-12
-9
1
-6
-15
Changes in models
1
1
1
Changes in risk parameters
1
1
-1
3
3
Originated or purchased
3
3
3
3
Matured or repaid
-1
-1
-3
-5
-1
-5
-6
Impairment charges (releases) on loans
and advances
-1
-6
25
18
-5
4
12
11
Write-offs
-28
-28
-31
-31
Unwind discount / unearned interest accrued
1
1
3
3
Foreign exchange and other movements
-4
-3
-40
-47
-1
Balance as at 31 December
8
5
61
74
12
15
102
130
Impairment charges (releases) on loans and
advances
-1
-6
25
18
-5
4
12
11
Recoveries and other charges (releases)
-25
-25
-25
-25
Total impairment charges for the period
-1
-6
-7
-5
4
-12
-13
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. Including POCI.
Loan impairment charges and allowances \u2013 corporate loans\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Balance as at 1 January
119
170
811
1,100
192
228
833
1,254
Transfer to stage 1
66
-65
-4
-3
39
-47
-1
-10
Transfer to stage 2
-18
42
-21
3
-29
59
-8
23
Transfer to stage 3
-3
-26
112
83
-5
-23
164
137
Remeasurements\u00b9
-99
-26
93
-33
-89
-29
102
-16
Changes in models
24
16
33
73
Changes in risk parameters
-2
-1
-3
-6
-5
-11
Originated or purchased
36
36
33
33
Matured or repaid
-15
-9
-35
-59
-15
-20
-25
-60
Impairment charges (releases) on loans
and advances
-10
-70
178
98
-72
-64
232
96
Write-offs
-206
-206
-317
-317
Unwind discount / unearned interest accrued
29
29
22
22
Foreign exchange and other movements
1
-4
9
6
-2
6
40
45
Balance as at 31 December
109
96
821
1,026
119
170
811
1,100
Impairment charges (releases) on loans and
advances
-10
-70
178
98
-72
-64
232
96
Recoveries and other charges (releases)
-43
-43
-48
-48
Total impairment charges for the period
-10
-70
135
55
-72
-64
184
48
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. Including POCI.
Loan impairment charges and allowances \u2013 off-balance\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Balance as at 1 January
6
10
80
97
16
12
81
109
Transfer to stage 1
1
-2
-1
2
-2
Transfer to stage 2
2
2
-2
4
2
Transfer to stage 3
-1
Remeasurements\u00b9
-4
-6
-4
-15
-10
-1
33
22
Changes in models
-1
Changes in risk parameters
5
1
6
Originated or purchased
5
5
5
5
Matured or repaid
-3
-2
-6
-4
-2
-7
Impairment charges (releases)
2
-7
-4
-9
-10
-1
33
22
Foreign exchange and other movements
1
1
-26
-24
1
-1
-34
-34
Balance as at 31 December
9
3
50
63
6
10
80
96
Impairment charges (releases) on off-balance
2
-7
-4
-9
-10
-1
33
22
Other charges (releases)
Total impairment charges for the period
2
-7
-4
-9
-10
-1
33
22
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. Including POCI.
Forbearance credit quality\u2002
Audited
31 December 2025
(in millions)
Total
forborne
assets
Forborne assets
not past due and
not stage 3
or POCI
Forborne assets
past due, but
not stage 3
or POCI
Impaired
forborne
assets
Specific
allowance
Collective
allowance
Total
allowance
Loans and advances banks
Residential mortgages
979
469
112
397
19
19
Consumer loans\u00b9
78
37
42
4
3
6
Corporate loans\u00b9
3,703
2,096
6
1,602
319
76
394
Other loans and advances customers\u00b9
2
2
Total\u00a0loans and advances\u00a0customers\u00b9
4,762
2,603
118
2,040
322
97
419
Total loans and advances\u00b9
4,762
2,603
118
2,040
322
97
419
Loans at FV through P&L
2
2
Total loans and advances
4,763
2,605
118
2,040
322
97
419
1. Excluding loans at fair value through P&L.
31 December 2024
(in millions)
Total
forborne
assets
Forborne assets
not past due and
not stage 3
or POCI
Forborne assets
past due, but
not stage 3
or POCI
Impaired
forborne
assets
Specific
allowance
Collective
allowance
Total
allowance
Loans and advances banks
Residential mortgages
1,045
525
106
413
23
23
Consumer loans\u00b9
114
54
14
45
6
15
21
Corporate loans\u00b9
3,932
2,107
100
1,725
342
96
438
Other loans and advances customers\u00b9
1
1
Total\u00a0loans and advances\u00a0customers\u00b9
5,092
2,687
220
2,186
349
134
483
Total loans and advances\u00b9
5,092
2,687
220
2,186
349
134
483
Loans at FV through P&L
8
8
Total loans and advances
5,100
2,694
220
2,186
349
134
483
1. Excluding loans at fair value through P&L.
Forborne assets by geography\u2002
Audited
31 December 2025
(in millions)
The
Netherlands
Rest of
Europe
USA
Asia
Rest of
the world
Total
Loans and advances banks
Residential mortgages
975
3
979
Consumer loans\u00b9
58
20
78
Corporate loans\u00b9
2,587
1,050
67
3,703
Other loans and advances customers\u00b9
2
2
Total\u00a0loans and advances\u00a0customers\u00b9
3,620
1,073
69
4,762
Total loans and advances\u00b9
3,620
1,073
69
4,762
Loans at FV through P&L
2
2
Total loans and advances
3,622
1,073
69
4,763
1. Excluding loans at fair value through P&L.
31 December 2024
(in millions)
The
Netherlands
Rest of
Europe
USA
Asia
Rest of
the world
Total
Loans and advances banks
Residential mortgages
1,020
24
1,045
Consumer loans\u00b9
82
33
114
Corporate loans\u00b9
2,969
846
42
76
3,932
Other loans and advances customers\u00b9
1
1
Total\u00a0loans and advances\u00a0customers\u00b9
4,070
902
42
78
5,092
Total loans and advances\u00b9
4,070
902
42
78
5,092
Loans at FV through P&L
8
8
Total loans and advances
4,079
902
42
78
5,100
1. Excluding loans at fair value through P&L.
Forborne assets by business segment\u2002
Audited
(in millions)
31 December 2025
31 December 2024
Personal & Business Banking
2,108
1,924
Wealth Management
189
295
Corporate Banking
2,466
2,881
Total forborne assets
4,763
5,100
Maturity overview of assets and liabilities\u2002
Audited
The following tables show financial assets and liabilities
arranged by the earliest possible contractual maturity.
Contractual maturity of assets and liabilities\u2002
Audited
31 December 2025
(in millions)
On
demand
Trading
deriva-
tives
Up to
one
month
Between
one and
three
months
Between
three
and six
months
Between
six and
twelve
months
Between
one
and two
years
Between
two
and five
years
More
than five
years
No
maturity
Total
Assets:
Cash and balances at central banks
49,486
49,486
Financial assets held for trading
22
80
117
147
382
327
514
456
2,044
Derivatives
3,472
96
15
13
4
45
37
250
3,933
Financial investments
4
1,536
3,377
1,788
2,383
4,622
14,277
21,225
1,020
50,231
Securities financing
1,654
29,148
5,714
1,665
1,992
40,173
Loans and advances banks
876
737
1
201
12
146
198
2,170
Loans and advances customers
17,635
9,305
4,069
4,011
7,890
12,590
35,888
164,372
255,760
Other assets
1,768
2,670
671
1,527
25
128
789
1,832
9,411
Total assets
71,445
3,472
43,572
13,963
9,152
12,878
17,724
51,652
188,333
1,020
413,210
Liabilities:
Financial liabilities held for trading
166
41
150
76
268
494
436
1,631
Derivatives
1,472
42
50
16
10
1
52
324
1,967
Securities financing
179
14,130
454
395
162
15,320
Due to banks
1,105
1,680
534
476
29
58
269
169
4,320
Due to customers
235,543
21,766
5,206
3,955
4,051
2,227
1,627
4,751
279,126
Issued debt
4,626
4,565
7,316
2,648
9,287
20,992
24,638
74,072
- of which senior secured
1,260
72
164
111
1,883
5,930
16,616
26,036
- of which senior unsecured
776
16
2,445
2,536
7,403
15,063
8,022
36,263
- of which other
2,590
4,477
4,706
11,773
Subordinated liabilities
854
1,564
764
1,764
4,946
Other liabilities
1,282
2,548
440
389
22
78
26
4,786
Total liabilities
238,110
1,472
44,959
11,291
13,550
6,996
13,482
24,199
32,107
386,167
Total equity
27,043
27,043
Total liabilities and equity
238,110
1,472
44,959
11,291
13,550
6,996
13,482
24,199
32,107
27,043
413,210
Off-balance sheet liabilities
Committed credit facilities
55,240
55,240
Guarantees and other
commitments
6,609
6,609
Total off-balance sheet
liabilities
61,849
61,849
31 December 2024
(in millions)
On
demand
Trading
deriva-
tives
Up to
one
month
Between
one and
three
months
Between
three
and six
months
Between
six and
twelve
months
Between
one
and two
years
Between
two
and five
years
More
than five
years
No
maturity
Total
Assets:
Cash and balances at central banks
44,464
44,464
Financial assets held for trading
85
30
169
176
319
202
663
860
2,503
Derivatives
3,892
27
2
3
2
102
318
4,347
Financial investments
932
2,246
1,115
2,613
3,125
4,959
13,334
17,873
977
47,173
Securities financing
1,584
20,935
3,043
922
505
26,989
Loans and advances banks
788
783
12
3
52
34
225
152
2,049
Loans and advances customers
17,757
7,454
4,497
3,976
7,399
12,562
36,445
158,692
248,782
Other assets
2,513
3,115
906
1,423
23
277
190
292
8,739
Total assets
68,123
3,892
34,590
9,742
9,115
11,426
18,036
50,959
178,188
977
385,047
Liabilities:
Financial liabilities held for trading
85
159
9
64
60
263
523
1,163
Derivatives
2,119
54
3
4
18
36
37
228
2,499
Securities financing
101
9,649
601
10,352
Due to banks
1,128
632
377
78
6
5
2
102
2,329
Due to customers
194,039
38,379
7,202
4,515
3,013
1,091
1,453
6,493
256,186
Issued debt
6,471
7,608
10,988
1,910
7,638
13,449
26,478
74,542
- of which senior secured
51
38
485
1,589
2,988
18,770
23,921
- of which senior unsecured
1,862
5,218
1,401
6,050
10,462
7,707
32,700
- of which other
4,608
7,557
5,732
24
17,922
Subordinated liabilities
4
1,452
935
2,374
1,848
6,613
Other liabilities
3,255
829
494
543
21
102
6
5
5,254
Total liabilities
198,523
2,119
56,103
16,444
16,136
6,484
9,867
17,584
35,677
358,939
Total equity
26,108
26,108
Total liabilities and equity
198,523
2,119
56,103
16,444
16,136
6,484
9,867
17,584
35,677
26,108
385,047
Off-balance sheet liabilities
Committed credit facilities
52,617
52,617
Guarantees and other commitments
6,638
6,638
Total off-balance sheet
liabilities
59,255
59,255
Maturity based on contractual undiscounted
cash flows
Audited
The following tables show financial assets and liabilities
arranged by their earliest possible contractual maturity.
31 December 2025
On
demand
Trading
deriva-
tives
Up to
one
month
Between
one and
three
months
Between
three
and six
months
Between
six and
twelve
months
Between
one
and two
years
Between
two
and five
years
More
than five
years
No
maturity
Total
Assets:
Cash and balances at central
banks
49,486
49,486
Financial assets held for trading
22
81
122
159
400
351
545
482
2,161
Derivatives
3,472
140
153
340
607
1,039
2,091
2,255
10,096
Financial investments
4
1,580
3,547
2,184
3,087
5,796
16,083
22,868
1,020
56,168
Securities financing
1,654
29,206
5,761
1,707
2,004
40,333
Loans and advances banks
876
760
39
99
334
230
473
497
3,307
Loans and advances customers
17,635
9,649
5,388
7,235
13,789
23,061
56,601
184,833
318,191
Other assets
1,768
2,671
672
1,530
30
136
803
1,845
9,455
Total undiscounted assets
71,445
3,472
44,088
15,683
13,253
20,250
30,612
76,596
212,779
1,020
489,197
- of which:
Gross settled derivatives
not held for trading:
Contractual amounts receivable
148
128
61
69
73
61
1
541
Contractual amounts payable
65
70
45
54
81
75
4
395
Total undiscounted gross
settled derivatives not held
for trading
83
58
16
15
-8
-14
-3
146
Net settled derivatives not held
for trading
71
110
83
256
465
1,264
2,321
4,571
Liabilities:
Financial liabilities held for
trading
168
45
160
94
295
529
466
1,758
Derivatives
1,472
116
313
605
1,085
2,022
4,218
4,579
14,411
Securities financing
179
14,157
460
401
163
15,360
Due to banks
1,105
1,686
544
489
46
85
300
194
4,449
Due to customers
235,543
21,793
5,259
4,050
4,167
2,378
1,900
5,015
280,104
Issued debt
4,717
4,901
8,068
3,943
11,327
23,891
27,210
84,058
Subordinated liabilities
10
41
948
162
1,760
1,096
2,076
6,095
Other liabilities
1,282
2,539
431
381
17
76
-6
20
4,741
Total liabilities
238,110
1,472
45,187
11,996
15,102
9,676
17,943
31,928
39,561
410,975
- of which:
Gross settled derivatives
not held for trading:
Contractual amounts receivable
123
147
67
50
90
191
62
730
Contractual amounts payable
61
80
43
41
70
148
48
490
Total undiscounted gross
settled derivatives not held
for trading
-62
-67
-24
-9
-20
-43
-14
-240
Net settled derivatives not held
for trading
17
-19
-118
73
47
388
310
699
Net liquidity gap
-166,665
2,000
-1,099
3,687
-1,849
10,574
12,669
44,668
173,218
1,020
78,223
Off-balance sheet liabilities
Committed credit facilities
55,240
55,240
Guarantees and other
commitments
6,609
6,609
Total off-balance sheet
liabilities
61,849
61,849
31 December 2024
(in millions)
On
demand
Trading
deriva-
tives
Up to
one
month
Between
one and
three
months
Between
three
and six
months
Between
six and
twelve
months
Between
one
and two
years
Between
two
and five
years
More
than five
years
No
maturity
Total
Assets:
Cash and balances at central banks
44,464
44,464
Financial assets held for trading
85
32
176
191
343
242
722
912
2,702
Derivatives
3,892
96
260
649
1,223
2,300
4,393
4,332
17,146
Financial investments
932
2,286
1,265
2,969
3,738
5,952
14,812
19,203
977
52,134
Securities financing
1,584
20,981
3,070
940
509
27,083
Loans and advances banks
788
815
61
123
259
387
637
491
3,561
Loans and advances customers
17,757
7,824
5,926
7,462
13,783
23,881
58,666
180,604
315,901
Other assets
2,513
3,118
910
1,429
29
284
201
302
8,786
Total undiscounted assets
68,123
3,892
35,152
11,667
13,762
19,884
33,046
79,431
205,844
977
471,778
- of which:
Gross settled derivatives not
held for trading:
Contractual amounts receivable
255
253
149
114
175
355
117
1,418
Contractual amounts payable
140
157
81
73
140
254
76
921
Total undiscounted gross
settled derivatives not held
for trading
115
96
68
41
36
101
41
497
Net settled derivatives not held for
trading
183
128
243
495
1,076
1,636
3,761
Liabilities:
Financial liabilities held for trading
86
162
16
77
83
301
559
1,285
Derivatives
2,119
138
292
716
1,304
2,171
4,398
4,601
15,739
Securities financing
101
9,670
605
10,376
Due to banks
1,128
635
381
81
11
13
22
122
2,394
Due to customers
194,039
38,431
7,277
4,637
3,169
1,336
1,933
6,967
257,788
Issued debt
6,568
7,954
11,705
3,100
9,534
16,595
29,415
84,870
Subordinated liabilities
18
56
139
1,670
1,260
2,769
2,178
8,090
Other liabilities
3,255
826
486
535
17
101
5
4
5,228
Total liabilities
198,523
2,119
56,371
17,212
17,830
9,349
14,498
26,023
43,846
385,771
- of which:
Gross settled derivatives not
held for trading:
Contractual amounts receivable
109
27
52
52
29
12
19
300
Contractual amounts payable
71
36
32
58
29
10
12
248
Total undiscounted gross
settled derivatives not held
for trading
-38
9
-20
6
-2
-7
-51
Net settled derivatives not held for
trading
180
-153
20
98
39
379
961
1,525
Net liquidity gap
-130,400
1,773
-21,219
-5,545
-4,068
10,535
18,548
53,408
161,998
977
86,007
Off-balance sheet liabilities
Committed credit facilities
52,617
52,617
Guarantees and other
commitments
6,638
6,638
Total off-balance sheet
liabilities
59,255
59,255
Expected maturity based on behavioural
models\u2002
Audited
The following table provides an overview of the
amounts expected to be settled within twelve months
and after twelve months, based on the behavioural
maturity profile.
31 December 2025
31 December 2024
(in millions)
Up to
one year
More than
one year
Total
Up to
one year
More than
one year
Total
Assets
Cash and balances at central banks
49,486
49,486
44,464
44,464
Financial assets held for trading
2,044
2,044
2,503
2,503
Derivatives
3,474
460
3,933
3,891
455
4,347
Financial investments
10,145
40,086
50,231
9,971
37,202
47,173
Securities financing
39,555
618
40,173
26,589
400
26,989
Loans and advances banks
1,780
390
2,170
1,510
540
2,049
Loans and advances customers
63,184
192,576
255,760
59,517
189,265
248,782
Equity-accounted investments
233
233
244
244
Property and equipment
1,014
207
1,221
801
267
1,068
Goodwill and other intangible assets
356
356
253
253
Assets held for sale
2,466
2,466
1,330
1,330
Tax assets
143
143
326
326
Other assets
4,727
266
4,993
4,911
607
5,518
Total assets
178,374
234,836
413,210
156,067
228,980
385,047
Liabilities
Financial liabilities held for trading
1,631
1,631
1,163
1,163
Derivatives
1,472
495
1,967
2,125
374
2,499
Securities financing
15,131
188
15,320
10,256
96
10,352
Due to banks
3,762
558
4,320
2,162
167
2,329
Due to customers
92,440
186,686
279,126
88,593
167,593
256,186
Issued debt
16,903
57,169
74,072
26,214
48,328
74,542
Subordinated liabilities
860
4,086
4,946
1,446
5,167
6,613
Provisions
661
5
666
605
7
612
Liabilities held for sale
20
20
Tax liabilities
183
183
395
395
Other liabilities
3,912
6
3,918
4,239
7
4,247
Total liabilities
136,974
249,193
386,167
137,199
221,740
358,939
The behavioural maturity profile is based on internally
developed liquidity risk models. These models cover
residential mortgages, consumer and corporate loans,
non-maturing assets (mainly current accounts), credit
cards, non-maturing liabilities (demand deposits and
current accounts) and term deposits. The liquidity risk
models predict the behavioural cash flows, which can
differ from the contractual cash flows as a result of, for
example, prepayments or because some products do
not have a defined contractual maturity date.
The models are based on historically observed client
behaviour and use a combination of internal and
external risk drivers. The models are used to monitor
the\u00a0bank\u2019s liquidity mismatch position.
The liquidity risk models are included in the bank\u2019s
model risk management framework. This means that
the models have to follow a regular monitoring and
validation schedule. The Methodology Acceptance
Group (MAG) ALM/T gives approval for the models,
based on independent advice from Model Validation.
Financial assets and liabilities
Classification and measurement of financial assets
ABN AMRO classifies financial assets based on the business model in which they are held in accordance with IFRS\u00a09.
The business model is determined at portfolio level. Portfolios are based on how ABN AMRO manages financial assets
in order to achieve a particular business objective. The business model assessment is based on the level of sales, risk
management, performance evaluation and management compensation. Derecognition is used as a condition
to\u00a0determine whether a transaction results in a sale.
Three business models are distinguished:
\u2022 \u2018Hold to collect\u2019 business model, in which cash flows are primarily generated by collecting contractual cash flows
until maturity of the financial instrument. Sales can occur, as long as they are incidental, infrequent and insignificant.
The assessment of the frequency and significance of sales is determined for each underlying portfolio. Sales that
result from increases in the credit risk of the counterparty or take place close to maturity do not contradict the \u2018hold
to collect\u2019 business model.
\u2022 \u2018Hold to collect and sell\u2019 business model, in which the selling of financial assets is integral to achieving the business
objective. In this business model, sales take place more frequently and have a greater value than in a 'hold to collect'
business model.
\u2022 Other business models not meeting the criteria of the business models mentioned above, for example business
models in which financial assets are managed with the objective of generating cash flows from sales (trading book),
are measured at FVTPL.
After the business model has been determined, the contractual cash flows of financial assets are assessed.
Debt\u00a0instruments can be classified at amortised cost or FVOCI only when the contractual cash flows are solely
payments of\u00a0principal and interest (SPPI). Contractual cash flows that are SPPI are consistent with a basic lending
arrangement in\u00a0which consideration for the time value of money and credit risk are typically the most significant
interest elements. Debt instruments that do not meet the SPPI requirements are mandatorily measured at FVTPL.
Financial\u00a0assets are assessed in their entirety, including any embedded derivatives that are not separated from the host
contract.
Based on the business model determined and the SPPI assessment, the following measurement categories are
identified under IFRS 9:
\u2022 Amortised cost \u2013 Financial instruments measured at amortised cost are debt instruments within a \u2018hold to collect\u2019
business model with fixed or determinable payments which meet the SPPI criteria. These instruments are initially
measured at fair value (including transaction costs) and subsequently measured at amortised cost using the effective
interest rate method. Financial instruments measured at amortised cost are presented net of credit loss allowances
in the statement of financial position.
\u2022 FVTPL \u2013 Financial instruments measured at FVTPL include instruments held for trading, derivatives, equity
instruments for which the FVOCI option has not been elected and instruments whose cash flows do not meet
the\u00a0SPPI requirements. Changes in the fair value of these instruments are directly recognised in the income
statement.
\u2022 FVOCI \u2013 Financial instruments measured at FVOCI are debt instruments which are held in a \u2018hold to collect and sell\u2019
business model and which meet the SPPI criteria. They are initially measured at fair value, with subsequent
unrealised changes recognised in other comprehensive income. Equity instruments for which the fair value option is
elected are also measured at FVOCI.
Reclassifications of financial assets are expected to be very infrequent and occur only when ABN AMRO changes its
business model for a certain portfolio of financial assets.
Measuring allowances for expected credit losses
ABN AMRO recognises loss allowances based on the Expected Credit Loss model (ECL) of IFRS 9, which is designed to
be forward-looking. The amount of ECL is based on the probability-weighted present value of all expected cash
shortfalls over the remaining life of the financial instrument for both on- and off-balance sheet exposures. ABN AMRO
distinguishes between two types of calculation methods for credit loss allowances:
\u2022 Individual Lifetime ECL (LECL) for credit impaired (stage 3) financial instruments with exposures above
EUR\u00a05\u00a0million;
\u2022 Collective 12-month ECL (stage 1) and LECL (stage 2 and 3) for financial instruments that have similar credit risk
characteristics (e.g. residential mortgages, consumer loans and SME loans); these are clustered in portfolios and
collectively assessed for impairment losses. A collective impairment calculation approach based on individual
parameters is also applied to stage 3 exposures below EUR 5 million. ABN AMRO has models to quantify the
Probability of Loss (PL), Loss Given Loss (LGL) and Exposure at Loss (EAL) for the purpose of calculating the collective
12-month ECL and LECL for these financial instruments.
The IFRS 9 impairment requirements are applicable to financial assets measured at amortised cost or fair value
through other comprehensive income (FVOCI), loan commitments, lease receivables and contract assets and financial
guarantee contracts. At each reporting date, these financial instruments are classified into one of three risk stages,
depending on current credit quality, or as purchased or originated credit impaired (POCI).
POCI assets, which are credit impaired at initial recognition, are accounted for at fair value (i.e. net of the initial lifetime
ECLs) and do not carry an impairment allowance. Instead, a credit-adjusted effective interest rate (EIR), which is
calculated using expected cash flows including initial lifetime ECLs, is applied to the amortised cost. Subsequently, the
cumulative changes in lifetime ECLs since initial recognition, which are discounted at the credit-adjusted effective
interest rate, are recognised in the profit or loss statement as an impairment gain or loss, and presented under
impairment charges on financial instruments. Once a financial asset is classified as POCI, it retains that classification
until it is derecognised.
Risk staging
We use quantitative and qualitative stage triggers to determine whether a financial instrument should be classified as
stage 1 or stage 2. A transfer to stage 3 will always be the result of the default of a financial instrument.
Quantitative stage triggers
The key quantitative metric that determines when a financial instrument is transferred from stage 1 to stage 2 is the
deterioration in the lifetime probability of default (LPD) from the date of origination to the reporting date, based on
internal data. The LPD represents the likelihood that a counterparty will default during the lifetime of the financial
instrument and depends on credit risk drivers such as:
\u2022 product characteristics (e.g. repayment and interest terms, term of the product);
\u2022 the financial condition of the borrower;
\u2022 the number of days past due;
\u2022 expected developments in the economy.
The lifetime PD deterioration (LPDD) measures the relative difference between the remaining lifetime PD at reporting
(LPDR) and the remaining lifetime PD at origination (LPDO) as LPDD = LPDR/LPDO. If the LPD deterioration of an
exposure is above a predefined threshold, the LPD is considered to be significantly deteriorated. The exposure is then
transferred to stage 2 and impairment allowances equal to the lifetime expected credit loss are recognised. If the LPD
deterioration subsequently reduces and falls below the threshold, the balance is transferred back to stage 1. When
determining the thresholds, ABN AMRO distinguishes between various portfolios within consumer lending, residential
mortgages and corporate loans. A specific threshold is calculated for each portfolio, based on a statistical method.
Qualitative stage triggers
The bank transfers a financial instrument from stage 1 to stage 2 if the instrument meets any of the following
qualitative triggers:
\u2022 Forborne status of a borrower;
\u2022 Watch status of a borrower. ABN AMRO assigns the watch status to counterparties with an increased credit risk. This
process comprises intensive monitoring, early detection of deterioration in the credit portfolio and appropriate
follow up measures;
\u2022 A delinquency-based regulatory backstop is in place, such that the credit risk of financial assets that are more than
30\u00a0days past due will be assumed to have significantly increased.
Reclassification to stage 1
As a general rule, favourable changes in credit risk are recognised consistently with unfavourable changes, and a
financial instrument is transferred back to stage 1 if quantitative or qualitative triggers are no longer met. In some
cases, a probation period applies:
\u2022 Forborne financial instruments are transferred back from stage 2 to stage 1 only after a probation period of at least
two years has ended, in line with the ABN AMRO forbearance policy. Stage 3 forborne instruments transfer back to
stage 2 after a cure period of at least one year;
\u2022 For financial instruments that are 30 days past due, a three-month probation period is applied for transfers from
stage\u00a02 to stage\u00a01.
Classification in stage 3
A transfer to stage 3 will always be the result of the default of a financial instrument. The definition of default for
IFRS\u00a09 is aligned with the regulatory capital definition. A default is deemed to have occurred when:
\u2022 the counterparty is past due by more than 90 days on any material financial credit obligation to the bank; or
\u2022 the bank considers the borrower to be unlikely to meet its contractual obligations (unlikely to pay, or UTP).
The materiality of a financial obligation past due is assessed against an absolute and a relative threshold, in line with
regulatory standards. To determine unlikeliness to pay, the bank has specified mandatory default triggers (always
resulting in the assignment of a default status, whereby no additional expert judgement is allowed) and judgemental
triggers (requiring an assessment by credit risk managers to determine whether the UTP indications should result in a
default classification).
The mandatory triggers include the reporting of a forborne exposure under probation as non-performing for being
30\u00a0days past due or owing to an additional forbearance measure being applied. As a result, the definitions of non-
performing and default are materially aligned.
Reclassification to stage 2
The default classification for non-forborne exposures ends when the default triggers no longer apply and a probation
or cure period of at least three months has passed since the default trigger was last applied. For forborne exposures, a
twelve-month cure period starts from the moment the last forbearance measure or default trigger was applied. After
the cure period, an assessment is performed to establish whether the improvement in the credit quality is factual and
permanent (including, for example, no remaining past due amounts).
Lifetime expected credit loss
ABN AMRO defines the lifetime of credit as the maximum contractual period during which the bank is exposed to
credit risk; we do not apply a longer period, even if that longer period is consistent with business practice. For some
contracts, such as overdraft facilities or credit cards, no end date is specified or amounts can be contractually
withdrawn by the lender at short notice. In these cases, ABN AMRO uses behavioural maturity models that rely on
historical client behaviour to determine future expected exposures.
Forward-looking information
For expected credit loss calculations, ABN AMRO uses three different scenarios of future economic developments: a
baseline (or most likely) scenario, a negative scenario and a positive scenario. The three scenarios are incorporated into
the expected credit loss calculation and risk stage determination in a probability-weighted manner. In order to
incorporate the latest economic outlook, the scenarios and their weights are reviewed each quarter and adjusted if
necessary. Details of the scenarios and their weights used in the reporting period can be found in the Credit risk review
section. The baseline scenario entails our Group Economics analysts\u2019 current macroeconomic base scenario, which
usually covers the current year and subsequent year. For the purpose of scenario analysis under IFRS 9, this baseline is
extended by three or four additional calendar years, after which it is assumed that macroeconomic variables (MEVs)
gradually move to their potential or equilibrium values. At least once every quarter, Group Economics compares its
forecasts with those of institutions like the Netherlands Bureau for Economic Policy Analysis (CPB), the Dutch central
bank (DNB), ECB, IMF or OECD in order to determine possible differences and to analyse whether it can underpin
them. This external benchmarking exercise is a standard input to the Scenario Booklet that is presented to the bank\u2019s
Scenario and Stress Testing Committee for approval. Group Economics also develops a negative and a positive
scenario. These scenarios are designed to give an impression of the bandwidth within which the economy, interest and
FX rates, and other relevant variables are likely to move in the next four to five years, with a probability of around\u00a085%
(roughly corresponding to a standard deviation of plus and minus one and a half). Hence, these scenarios produce
upper and lower boundaries, with a resulting bandwidth between the outcomes of the negative (\u2018bad weather\u2019 in
terms of financial results of the bank) and positive (\u2018good weather\u2019) scenarios. To determine these boundaries, Group
Economics may look at historical developments, medium-term (non-baseline) scenarios made by the above
institutions and other relevant developments.
Management overlays and other adjustments
Where necessary to reflect credit risk dynamics not captured by our models, management judgement is applied via a
management overlay or other IFRS 9 adjustment. A management overlay is a temporary adjustment in a loss
allowance until a long-term solution (e.g. model adjustment) is effective, and must be an amount commensurate to
the model limitation. All overlays require a decision by the Impairment and Provision Committee (IPC). The main types
of management overlays that ABN AMRO distinguishes are: post-model adjustments (adjustments to model
outcomes), adjustments in the weightings of macroeconomic scenarios and stage overrides. Other adjustments such
as adjustments to model parameters or input data are not considered management overlays, but follow the same
internal approval process.
Cured financial assets
When a credit impaired financial asset cures, the interest that was previously unrecognised is reported as an
impairment release in the impairment charge rather than as a credit to the interest income calculated using the
effective interest method.
Write-off
Under IFRS 9, \u2018write-off\u2019 refers to the process of recognising that a financial asset, or a portion of it, is uncollectible and
should be removed from an entity\u2019s balance sheet. This typically happens when there is no reasonable expectation of
recovering the asset, indicating that the entity has exhausted all practical recovery efforts.
\u2022 For non-programme lending, a loan must be written off if all possible means of recovery have been exhausted and it
has become clear that there is a low probability of recovering the debt, either in part or full.
\u2022 Most of the programme lending facilities are automatically written off after 1,080 days in default.
Such loans are written off after all the necessary procedures have been completed and the amount of the loss has
been determined. Subsequent recoveries of amounts previously written off are credited to impairment charges on
financial instruments in the income statement.
Credit enhancements
Financial guarantees held are included in the ECL calculations of a financial asset when they are an integral element of
the contractual terms of the financial asset. Financial guarantees that do not form an integral element of the
contractual terms of a financial asset are accounted for as a separate asset.
Classification of assets and liabilities held for trading
A financial asset or financial liability is classified as 'held for trading' if it is:
\u2022 acquired or incurred principally for the purpose of selling or repurchasing it in the near term
\u2022 part of a portfolio of identified financial instruments that are managed together and for which there is evidence
of\u00a0a\u00a0recent actual pattern of short-term profit making, or
\u2022 a trading derivative (except for a derivative that is a designated and effective hedging instrument).
Classification and measurement of financial liabilities
Financial liabilities are initially recognised at their fair value minus transaction costs that are directly attributable
to\u00a0the\u00a0acquisition or issue of the financial liability. Under IFRS 9, financial liabilities are classified as subsequently
measured at amortised cost, except for the following instruments:
\u2022 financial liabilities held for trading are measured at fair value through profit or loss
\u2022 financial liabilities that ABN AMRO has irrevocably designated as held at fair value through profit or loss at initial
recognition, which are held to reduce an accounting mismatch, are managed on the basis of their fair value or
include terms that have derivative characteristics by nature.
Under IFRS 9, the changes in fair value attributable to changes in the credit risk of financial liabilities designated at
FVTPL are presented in other comprehensive income. The cumulative amount of changes in fair value attributable
to\u00a0credit risk of such liabilities is presented as liability own credit risk reserve in equity.
Financial liabilities are never reclassified after initial recognition.
Recognition and derecognition
Traded instruments are recognised on the trade date, which is defined as the date on which ABN AMRO commits
to\u00a0purchase or sell the underlying instrument. If the settlement terms are non-standard, the commitment is accounted
for as a derivative between the trade and settlement dates. Loans and advances are recognised when they are
acquired or funded by ABN AMRO and derecognised when settled. Issued debt is recognised when issued, and
deposits are recognised when the cash is deposited with ABN AMRO. Other financial assets and liabilities, including
derivatives, are recognised when ABN AMRO becomes a party to the contractual provisions of the asset or liability.
Financial assets are derecognised when ABN AMRO loses control and the ability to obtain benefits from
the\u00a0contractual rights that comprise that asset. This occurs when the rights are realised or expire, or when substantially
all risks and rewards are transferred. Financial assets are also derecognised if the bank has neither transferred nor
retained substantially all risks and rewards of ownership, but control has passed to the transferee. Financial assets
continue to be recognised in the balance sheet, and a liability recognised for the proceeds of any related funding
transaction, unless a fully proportional share of all or specifically identified cash flows are transferred to the lender
without material delay and the lender\u2019s claim is limited to those cash flows, and substantially all the risks, rewards and
control associated with the financial instruments, that have been transferred, in which case that proportion of the asset
is derecognised.
When the terms and conditions of a financial asset have been renegotiated or otherwise modified to the extent that,
substantially, it becomes a new financial asset, ABN AMRO derecognises the financial asset, with the difference
recognised in the income statement, to the extent that an impairment loss has not already been recorded. The newly
recognised financial asset is classified as stage 1 for ECL measurement purposes. ABN AMRO assesses, in both
qualitative and quantitative terms, whether such modifications are substantial. Generally, a 10% change in the net
present value of the cash flows between the initial and new contract results in a derecognition. With regard
to\u00a0substantial modifications, e.g. due to forbearance measures, the derecognition gains or losses are recognised in net
gains/(losses) on derecognition of financial assets measured at amortised cost and disclosed separately, if material.
If the modification of the financial asset does not result in derecognition, the gross carrying amount of the financial
asset is recalculated, based on the net present value of the new contractual cash flows, and discounted at the financial
asset\u2019s original effective interest rate. The effect is recognised and disclosed as a modification gain or loss
in\u00a0the\u00a0income statement. Credit related modification gains or losses (i.e. due to forbearance measures) are recognised
in the income statement and presented under impairment charges on financial instruments. Non-credit related
modification gains or losses are recognised in the income statement and presented under interest income calculated
using the effective interest method.
Financial liabilities are derecognised when the liability has been settled, has expired or has been extinguished.
An\u00a0exchange of an existing financial liability for a new liability with the same lender on substantially different terms,
qualitatively and quantitatively (a 10% difference in the present value of the cash flows), is accounted for as
an\u00a0extinguishment of the original financial liability and recognition of a new financial liability. The difference between
the former amortised cost and the consideration paid is recognised in the income statement.
Client clearing
As a general clearing member, ABN AMRO provides clearing and settlement services to its clients for, among other
things, exchange-traded derivatives.
In its capacity as a clearing member, ABN AMRO guarantees the fulfilment of obligations towards central counterparty
clearing houses (CCPs) of clients\u2019 transactions. ABN AMRO is not liable to clients for the non-performance of the CCP.
In the event of a client defaulting, ABN AMRO has the legal obligation to settle all the client\u2019s positions with
the\u00a0relevant CCPs, possibly at a loss. Possible losses arising from this guarantee might relate not only to a client\u2019s
current positions, but also to the client's future trades. ABN AMRO receives and collects (cash) margins from clients,
and remits these margins to the relevant CCP in whole or in part. Given the stringent margin requirements set by
the\u00a0CCPs, possible future outflows of resources for new clearing transactions are considered close to zero.
ABN AMRO does not reflect the exchange-traded derivatives cleared on behalf of clients in its financial statements.
Under normal circumstances, the guarantee has no fair value and is not recognised in the financial statements. Any
loss recognised in the event of non-performance of a client is in line with our contingent liabilities policy.
Offsetting financial assets and liabilities
Financial assets and liabilities are offset, and the net amount is reported on the statement of financial position, if there
is a legally enforceable right to offset the recognised amounts and there is an intention either to settle on a net basis or
to realise the asset and settle the liability simultaneously. The bank applies netting to debtor and creditor balances
such as current accounts where offsetting is justified by formal agreement with the client, provided the balances meet
the applicable criteria.
Enforceable master netting arrangements are agreements in which the bank has a legally enforceable right to offset in
the event of default, but no ability and/or intention to realise the asset and settle the liability simultaneously in the
normal course of business. As a result, the criteria to offset are not met. These arrangements include derivative
clearing agreements, global master repurchase agreements and global master securities lending agreements.
3\u00a0 \u00a0 Overview of financial assets and liabilities by measurement base
31 December 2025
(in millions)
Amortised
cost
Fair value through
profit or loss -
trading
Fair value through
profit or loss -
other
Fair value through
other comprehensive
income
Total
Financial assets
Cash and balances at central banks
49,486
49,486
Financial assets held for trading
2,044
2,044
Derivatives
3,474
460
3,933
Financial investments
1,310
48,921
50,231
Securities financing
40,173
40,173
Loans and advances banks
2,170
2,170
Loans and advances customers
255,247
514
255,760
Assets held for sale
2,384
82
2,466
Other financial assets
3,829
3,829
Total financial assets
353,289
5,518
2,365
48,921
410,093
Financial liabilities
Financial liabilities held for trading
1,631
1,631
Derivatives
1,472
495
1,967
Securities financing
15,320
15,320
Due to banks
4,320
4,320
Due to customers
279,126
279,126
Issued debt
73,913
159
74,072
Subordinated liabilities
4,946
4,946
Liabilities held for sale
1
1
Other financial liabilities
1,935
1,935
Total financial liabilities
379,561
3,103
654
383,318
31 December 2024
(in millions)
Amortised
cost
Fair value through
profit or loss -
trading
Fair value through
profit or loss -
other
Fair value through
other comprehensive
income
Total
Financial assets
Cash and balances at central banks
44,464
44,464
Financial assets held for trading
2,503
2,503
Derivatives
3,891
455
4,347
Financial investments
977
46,196
47,173
Securities financing
26,989
26,989
Loans and advances banks
2,049
2,049
Loans and advances customers
248,152
630
248,782
Assets held for sale
1,329
1,329
Other financial assets
4,557
4,557
Total financial assets
327,540
6,394
2,063
46,196
382,193
Financial liabilities
Financial liabilities held for trading
1,163
1,163
Derivatives
2,125
374
2,499
Securities financing
10,352
10,352
Due to banks
2,329
2,329
Due to customers
256,186
256,186
Issued debt
74,337
205
74,542
Subordinated liabilities
6,613
6,613
Other financial liabilities
1,758
1,758
Total financial liabilities
351,576
3,288
579
355,443
4\u00a0 \u00a0 Net interest income
Accounting policy for net interest income
Interest income and expenses on financial instruments are recognised in the income statement on an accrual
basis using the effective interest rate method, except where financial instruments are measured at fair value
through profit or loss. The effective interest rate method allocates interest, amortisation of any discount or
premium or other differences, including transaction costs and qualifying fees and commissions, over
the\u00a0expected lives of the assets and liabilities. The effective interest rate is the rate that exactly discounts
estimated future cash flows to the net carrying amount of the asset. As a result, this method requires ABN AMRO
to estimate future cash flows, in some cases based on its experience with client behaviour, considering all
contractual terms of the financial instrument, as well as the expected lives of the assets and liabilities. Interest on
loans and advances measured at fair value through profit or loss is also included in net interest income and
recognised using the contractual interest rate. Interest income and expenses on trading balances are included
in\u00a0net trading income. Interest paid on assets with a negative interest yield is classified as interest expense.
Interest received from liabilities with a negative interest yield is classified as interest income.
(in millions)
2025
2024
Interest income calculated using the effective interest method
14,205
16,757
Other interest and similar income
253
351
Interest income
14,457
17,108
Interest expense calculated using the effective interest method
8,019
10,532
Other interest and similar expense
103
72
Interest expense
8,122
10,604
Net interest income
6,335
6,504
Interest income
(in millions)
2025
2024
Interest income from:
Financial investments at fair value through other comprehensive income
1,136
1,028
Securities financing
1,455
1,495
Loans and advances banks
1,268
1,917
Loans and advances customers
8,840
9,528
Non-trading derivatives - hedge accounting - Cash flow hedges
274
208
Non-trading derivatives - hedge accounting - Fair value hedges
1,073
2,369
Other
159
213
Interest income calculated using the effective interest method
14,205
16,757
Financial assets at fair value through profit or loss
32
34
Non-trading derivatives - no hedge accounting
95
55
Other
126
262
Other interest and similar income
253
351
Total interest income
14,457
17,108
Interest expense
(in millions)
2025
2024
Interest expenses from:
Securities financing
696
896
Due to banks
244
333
Due to customers
4,199
5,260
Issued debt
2,242
2,139
Subordinated liabilities
281
297
Non-trading derivatives - hedge accounting - Cash flow hedges
288
654
Non-trading derivatives - hedge accounting - Fair value hedges
517
1,283
Other
-449
-330
Interest expense calculated using the effective interest method
8,019
10,532
Financial liabilities at fair value through profit or loss
10
9
Non-trading derivatives - no hedge accounting
72
43
Other
21
20
Other interest and similar expense
103
72
Total interest expense
8,122
10,604
7\u00a0 \u00a0 Net trading income
Accounting policy for net trading income
In accordance with IFRS 9, trading positions are held at fair value, and net trading income includes gains and
losses arising from changes in the fair value of such financial assets and liabilities. The latter comprises gains and
losses from trading financial assets and liabilities, interest income and expenses related to trading financial
assets and liabilities, and dividends received from trading instruments. Dividend income and dividends from
trading instruments are recognised at the dividend announcement date. Net trading income also includes
changes in fair value arising from changes in counterparty credit spreads (CVA) and changes in own credit
spreads (DVA) where these affect the value of our trading assets and liabilities. The funding valuation adjustment
(FVA) incorporates the incremental cost of funding into the valuation of uncollateralised and partly collateralised
derivatives.
(in millions)
2025
2024
Interest instruments trading
118
133
Equity and commodity trading
-12
Foreign exchange transaction results
113
151
Total net trading income
219
283
8\u00a0 \u00a0 Net gains/(losses) on derecognition of financial assets measured at amortised cost
Accounting policy derecognition of financial assets
The net gains/(losses) on derecognition of financial assets measured at amortised cost includes gains and losses
recognised on the sale or derecognition of these financial assets, calculated as the difference between the
carrying amount (which is the amortised cost adjusted for the loss allowance) and the proceeds received.
The net losses on derecognition of financial assets measured at amortised cost comprise EUR\u00a017\u00a0million in gains and
EUR\u00a045\u00a0million in losses, and relate to several smaller portfolio sales.
13\u00a0 Cash and balances at central banks
Accounting policy for cash and balances at central banks
Cash and balances at central banks are held at amortised cost. This item includes cash on hand and available
demand deposits with central banks in countries in which the bank has a presence. Mandatory reserve deposits
are disclosed in Note 20 - Loans and advances banks.
(in millions)
31 December 2025
31 December 2024
Cash on hand and other cash equivalents
479
414
Balances with central banks readily convertible in cash other than mandatory reserve deposits
49,007
44,050
Total cash and balances at central banks
49,486
44,464
14\u00a0 Financial assets and liabilities held for trading
Accounting policy for financial assets and liabilities held for trading
In accordance with IFRS 9, all assets and liabilities held for trading are measured at fair value through profit or
loss, with gains and losses in the changes of the fair value taken to net trading income in the income statement.
Financial assets and liabilities held for trading relates mainly to client-facilitating activities carried out by the Global
Markets business. These contracts are managed on a combined basis and are therefore assessed on a total portfolio
basis rather than as stand-alone asset and liability classes.
Financial assets held for trading
(in millions)
31 December 2025
31 December 2024
Trading securities
Government bonds
606
1,169
Corporate debt securities
1,438
1,246
Equity securities
2
Total trading securities
2,044
2,416
Other trading assets
87
Total financial assets held for trading
2,044
2,503
Financial liabilities held for trading
(in millions)
31 December 2025
31 December 2024
Bonds
1,515
1,040
Equity securities
1
Total short security positions
1,516
1,040
Other liabilities held for trading
114
123
Total financial liabilities held for trading
1,631
1,163
15\u00a0 Derivatives
Accounting policy for derivatives
A derivative is a financial instrument or other contract within the scope of IFRS 9 with all three of the following
characteristics:
\u2022 its value changes in response to the change in a specified interest rate, financial instrument price, commodity
price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided
in\u00a0the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes
called the \u2018underlying\u2019)
\u2022 it requires no initial net investment or an initial net investment that is smaller than would be required for other
types of contracts that would be expected to have a similar response to changes in market factors
\u2022 it is settled at a future date
Derivatives are recorded at fair value.
Derivative assets and liabilities subject to master netting arrangements are presented net only when they satisfy
the eligibility requirements for netting under IAS 32. ABN AMRO did not have any netted derivative positions
in\u00a0the statement of financial position in either 2025 or 2024.
Derivatives comprise derivatives held for trading and derivatives held for risk management purposes. Derivatives held
for trading are closely related to facilitating the needs of our clients. A significant part of the derivatives in the trading
portfolio is related to serving clients in their risk management to hedge, for example, currency or interest rate
exposures. ABN AMRO also provides products traded on the financial markets to institutional and individual clients and
governments.
Derivatives held for risk management purposes include derivatives qualifying for hedge accounting and those used for
economic hedges. A hedging instrument, for hedge accounting purposes, is a designated derivative whose fair value
or cash flows are expected to offset changes in the fair value or cash flows of a designated hedged item.
As derivative transactions and the related cash collateral held at a CCP are settled on a daily basis, the carrying
amount of these positions in the statement of financial position is nil.
From a risk perspective, most of the banks derivative trading activities relate to deals with customers that
are normally offset by transactions with other counterparties. The bank may also take positions with the
expectation of profiting from favourable movements in prices, rates or indices.
31 December 2025
Derivatives held for trading
Economic hedges
Hedge
accounting
Total
derivatives
(in millions)
Interest rate
Currency
Other
Interest rate
Currency
Other
Interest rate
Exchange traded
Fair value assets
5
6
Fair value liabilities
4
23
27
Notionals
1,037
16
198
1,251
Over-the-counter
Fair value assets
2,851
615
2
149
288
23
3,928
Fair value liabilities
1,032
413
67
199
229
1,940
Notionals\u00b9
2,118,161
63,249
460
4,759
37,629
169,816
2,394,075
Total
Fair value assets
2,857
616
2
149
288
23
3,933
Fair value liabilities
1,036
413
23
67
199
229
1,967
Notionals
2,119,198
63,266
658
4,759
37,629
169,816
2,395,326
1. Prior to 30 June 2025, the notional amounts on Over-the-counter derivatives were split in Central counterparties and other bilateral derivatives. As of 30 June 2025, these
lines have been combined.
31 December 2024
Derivatives held for trading
Economic hedges
Hedge
accounting
Total
derivatives
(in millions)
Interest rate
Currency
Other
Interest rate
Currency
Other
Interest rate
Exchange traded
Fair value assets
5
5
Fair value liabilities
3
3
Notionals
429
22
451
Over-the-counter
Fair value assets
3,056
829
1
33
376
46
4,342
Fair value liabilities
1,427
690
4
37
113
224
2,495
Notionals\u00b9
2,054,564
62,798
477
938
31,636
179,884
2,330,297
Total
Fair value assets
3,061
829
1
33
376
46
4,347
Fair value liabilities
1,430
690
4
37
113
224
2,499
Notionals
2,054,992
62,820
477
938
31,636
179,884
2,330,749
1. Prior to 30 June 2025, the notional amounts on Over-the-counter derivatives were split in Central counterparties and other bilateral derivatives. As of 30 June 2025, these
lines have been combined.
16\u00a0 Hedge accounting
Accounting policy for hedge accounting
ABN AMRO enters into various derivative and non-derivative instrument transactions with external parties
to\u00a0hedge risks on assets, liabilities, highly probable forecasted transactions and net investments. The accounting
treatment of the hedged item and the hedging instrument depends on whether the hedge relationship qualifies
for hedge accounting.
Qualifying hedges may be designated as fair value hedges, cash flow hedges or hedges of net investments.
A\u00a0non-derivative financial asset or liability may be designated as a hedging instrument for hedge accounting
purposes only if it hedges the risk of changes in foreign currency exchange rates. The hedged item can be
an\u00a0asset, a liability, or a net investment in a foreign operation that (a) exposes the entity to the risk of changes
in\u00a0fair value or future cash flows, and (b) is designated as being hedged.
The hedged risks are typically changes in interest rates or foreign currency rates. ABN AMRO\u2019s market risk
management strategy, which includes interest rate risk and foreign currency risk in the banking book, is
described in more detail in the Risk, funding & capital chapter.
Both at the inception of the hedge and on an ongoing basis, ABN AMRO assesses whether the derivatives
designated in each hedging relationship are expected to be and have been highly effective in offsetting changes
in the fair value or cash flows of the hedged item. These prospective and retrospective effectiveness tests are
performed by using a regression analysis. ABN AMRO applies the following criteria to assess whether the
hedging relationship is effective:
\u2022 a regression co-efficient (R squared), which measures the correlation between the variables in the regression,
and
\u2022 a slope of the regression line is within a range of 0.80-1.25
Hedge ineffectiveness and gains and losses on components of a derivative that are excluded from the assessment
of hedge effectiveness are recorded directly in the result from financial transactions as part of other operating
income. ABN AMRO discontinues hedge accounting when the hedge relationship has ceased to be effective or is
no longer expected to be effective, or when the derivative or hedged item is sold or otherwise terminated.
Application of IAS 39 as endorsed by the European Union
As permitted by IFRS 9 paragraph 7.2.21, ABN AMRO has elected to continue applying the requirements of IAS
39 as endorsed by the European Union instead of applying the hedge accounting requirements of IFRS 9.
The\u00a0EU\u2011endorsed version of IAS 39 provides relief from certain hedge accounting requirements when compared
to\u00a0the full hedge accounting text of IAS 39. One of these reliefs is that negative credit spreads can be excluded
from hedge relationships. ABN AMRO applies this to several micro fair value hedge relationships. Another relief
is that the impact of changes in the estimates of the repricing dates is considered ineffective only if it leads
to\u00a0over\u2011hedging. This relief is applied in the macro fair value hedge.
Fair value hedges
ABN AMRO applies fair value hedge accounting on individual hedged items (micro fair value hedging), as well as
on a portfolio of hedged items (macro fair value hedging). Where a derivative financial instrument hedges
the\u00a0exposure to changes in the fair value of the hedged item, the hedged item is adjusted in relation to the risk
being hedged. Gains or losses on remeasurement of both the hedging instrument and the hedged item are
recognised in the income statement as result from financial transactions, which is part of the line item Other
operating income.
Hedge effectiveness for fair value hedges is measured as the amount by which the changes in the fair value
of\u00a0the\u00a0hedging instrument are different from the changes in the fair value of the hedged item. When a fair value
hedge of interest rate risk is terminated, any value adjustment to the carrying amount of the hedged item is
amortised to profit or loss over the original designated hedging period, or taken directly to income if the hedged
item is derecognised.
Micro fair value hedge accounting
Hedging instruments designated in individual fair value hedge relationships principally consist of interest rate
swaps and interest rate options that are used to protect against changes in\u00a0the\u00a0fair value of fixed-rate assets and
fixed-rate liabilities due to changes in market interest rates.
The main sources of hedge ineffectiveness in micro fair value hedges are:
\u2022 the effect of the counterparty and the bank\u2019s own credit risk on the fair value of the interest rate swap that is
not reflected in the fair value of the hedged item, which is only attributable to the change in the interest rate
\u2022 the difference in discounting between the hedged item and the hedging instrument
\u2022 potential differences in maturities and interest conditions of the hedged item and the hedging instrument
Macro fair value hedge accounting
ABN AMRO manages the interest rate risk arising from fixed-rate mortgages by entering into interest rate swaps.
The exposure from this portfolio changes frequently due to new loans originated, contractual repayments and
changes in expected future prepayments. To ensure an effective matching of hedged items and hedging
instruments, ABN AMRO applies a dynamic strategy in which hedged items are de-designated and re\u2011designated
on a monthly basis. The hedge accounting relationship is reviewed and re-designated on a monthly basis.
The hedged item consists of a volume of mortgages that have a fixed interest rate and are accounted for at
amortised cost. At each designation, the mortgage cash flows are allocated to monthly time buckets, based on
the expected maturity dates. ABN AMRO models the expected interest maturity dates of mortgages, taking into
account the modelled prepayments applied to the contractual cash flows and the maturity dates of the
mortgage portfolio. If the\u00a0interest rate swap notional exceeds the expected mortgage notional in any given
month, taking into account the uncertainty of the expected mortgage notional by applying a haircut, mortgages
that mature in adjacent buckets are designated to the interest rate swaps.
Changes in the fair value of the mortgages that are attributable to the hedged interest rate risk are recognised as
fair value adjustments from hedge accounting in the income statement and adjust the carrying amount
of\u00a0the\u00a0mortgages. The recognised fair value changes in the mortgages partially offset the changes in fair value
of\u00a0the interest rate swaps and therefore reduce the profit or loss volatility that would otherwise arise from
changes in the fair value of the interest rate swaps alone.
At the start of the hedge relationships and at each monthly re-designation, the difference between the fair value
attributable to the hedged interest rate risk and the carrying amount of the hedged mortgages is amortised over
the remaining life of the hedged item. In addition to the sources of ineffectiveness described for micro fair value
hedges, the sources of ineffectiveness specifically for macro hedges are:
\u2022 the difference between the expected and actual volume of prepayments for the mortgage portfolio
to\u00a0the\u00a0extent that the difference would lead to over-hedging; and
\u2022 the difference in payment frequency between the fixed leg of the hedging instrument and the payment
frequency of the hedged item (mortgages).
Cash flow hedges
ABN AMRO applies cash flow hedge accounting to a portfolio of future cash flows on banking book assets and
liabilities \u2013 the hedged items \u2013 and a portfolio of interest rate swaps \u2013 the hedging instruments. The hedge
relationship is reviewed on a monthly basis and the hedging instruments and hedged items are de-designated or
re-designated, if necessary, to maintain an effective hedge accounting relationship.
When a derivative financial instrument hedges the exposure to variability in the cash flows from a hedged item,
the effective part of any gain or loss on remeasurement of the hedging instrument is recognised directly in other
comprehensive income. Hedge effectiveness for the macro cash flow hedge is measured as the amount by
which the changes in the fair value of the interest rate swaps are in excess of changes in the fair value of the
expected cash flows in the hedge relationship. Any ineffective part of the cash flow hedge is immediately
recognised
in\u00a0other operating income. When a cash flow hedging instrument or hedge relationship is terminated but
the\u00a0hedged transaction is still expected to occur, the accumulated gains or losses continue to be recognised
in\u00a0other comprehensive income and are transferred to the income statement when the hedged transaction
affects profit or loss.
The gains or losses are included in the same line item as the hedged transaction. In the exceptional case that
the\u00a0hedged transaction is no longer expected to occur, the accumulated gains or losses recognised in other
comprehensive income are recognised in the income statement immediately.
The main sources of hedge ineffectiveness for cash flow hedges are:
\u2022 the effect of the counterparty and the bank\u2019s own credit risk on the fair value of the interest rate swap that is
not reflected in the fair value of the hedged item, which is only attributable to the change in the interest rate,
and
\u2022 potential differences in maturities and interest conditions of the hedged item and the hedging instrument
The hedged items in the macro cash flow hedge are future cash flows, which are derived from the projected
balance sheet. This projected balance sheet takes the contractual terms and conditions of financial assets and
liabilities and combines these with estimated prepayments, volume growth rates and interest scenarios. Within
the projected balance sheet, assets and liabilities are grouped on the basis of the specific interest rate index on
which they reprice (e.g. one month, three months, six months, twelve months). For each repricing index, all
assets and liabilities are allocated on a gross basis to monthly buckets in which they reprice until their maturity.
The notional amounts of the interest rate swaps, which can be either pay or receive floating interest, are also
grouped by interest rate index and allocated to monthly repricing buckets until their maturity. The hedge
relationship is established by designating the interest rate swap cash flows per bucket to the corresponding
bucket of cash flows projected for the hedged items. The hedged risk identified is the benchmark rate that
applies to the buckets. If no projected cash flows are available in the corresponding bucket with the applicable
benchmark rate, the interest rate swap cash flows are designated to projected cash flows in a bucket with
a\u00a0different benchmark. The availability of projected cash flows in the buckets is not constant over time and is
therefore evaluated on a monthly basis. Changes in cash flow projections may lead to a revision
of\u00a0the\u00a0designation. Back-testing is performed on the interest rate risk models. Historical data are used to review
the assumptions applied.
Hedges of net investments in foreign operations
ABN AMRO may enter into foreign currency derivatives and currency borrowings to hedge various net
investments in foreign operations. For such hedges, currency translation differences arising on translation
of\u00a0the\u00a0currency of these instruments to euros are recognised directly in the currency translation reserve in other
comprehensive income, insofar as they are effective. The accumulated gains or losses recognised in other
comprehensive income are transferred to the income statement on the disposal of the foreign operation.
In previous years, ABN AMRO hedged its currency exposure to certain investments in foreign operations by
hedging its net investment in these foreign operations with forward contracts. ABN AMRO currently still holds
some currency translation reserve for these respective positions, but no longer applies net investment hedge
accounting.
Hedges not qualifying for hedge accounting
The fair value changes of derivative transactions used to hedge against economic risk exposures that do not
qualify for hedge accounting, or for which it is not cost-beneficial to apply hedge accounting, are recognised
directly in profit or loss.
Effect on financial position and performance - hedging instruments
31 December 2025
Notional
amount
Carrying amount
Line item in the
statement of
financial position
Changes in fair
value used for
calculation hedge
ineffectiveness
for the year
(in millions)
Assets
Liabilities
Cash flow hedges - macro
Interest rate
23,842
Derivatives
105
Fair value hedges - macro
Interest rate
36,832
Derivatives
1,137
Fair value hedges - micro
Interest rate
109,157
23
229
Derivatives
111
Economic hedges
Total economic hedges
42,388
437
266
Derivatives
n/a
31 December 2024
Notional
amount
Carrying amount
Line item in the
statement of
financial position
Changes in fair
value used for
calculation hedge
ineffectiveness
for the year
(in millions)
Assets
Liabilities
Cash flow hedges - macro
Interest rate
36,102
Derivatives
133
Fair value hedges - macro
Interest rate
39,088
Derivatives
-975
Fair value hedges - micro
Interest rate
104,695
46
224
Derivatives
314
Economic hedges
Total economic hedges
32,575
409
150
Derivatives
n/a
The deltas in the hedge accounting numbers are largely caused by interest rate developments in 2025. Please refer
to\u00a0Note 6 - Net income from other operating activities where hedge ineffectiveness is included.
Effect on financial position and performance - hedged item
31 December 2025
Carrying amount
of the hedged item
Accumulated amount
of fair value hedge
adjustments on the
hedged item
Line item in
the
statement
of financial
position
Change in value
used for
calculating
hedge
ineffectiveness
for the year
Cash flow
hedge reserve/
Foreign currency
translation reserve
Assets
Liabilities
Assets
Liabilities
Continuing
hedges
Discontinued
hedges
(in millions)
active and
discontinued
active and
discontinued
active and
discontinued
active and
discontinued
Cash flow hedges -
macro
Interest rate
-92
1,114
-833
Fair value hedges -
macro
Interest rate - Financial
assets at AC
31,355
-5,477
Residential
mortgages
-1,130
Fair value hedges -
micro
Interest rate - Financial
assets at FVOCI
44,603
-1,588
Financial
investments
-607
Interest rate - Financial
assets at AC
408
43
Corporate &
other loans
-61
Interest rate - Financial
liabilities at AC
58,503
-3,605
Issued debt &
subordinated
liabilities
568
Net investment hedges
Currency
-41
31 December 2024
Carrying amount
of the hedged item
Accumulated amount
of fair value hedge
adjustments on the
hedged item
Line item in
the statement
of financial
position
Change in value
used for
calculating hedge
ineffectiveness
for the year
Cash flow
hedge reserve/
Foreign currency
translation reserve
Assets
Liabilities
Assets
Liabilities
Continuing
hedges
Discontinued
hedges
(in millions)
active and
discontinued
active and
discontinued
active and
discontinued
active and
discontinued
Cash flow hedges -
macro
Interest rate
-129
1,032
-1,046
Fair value hedges -
macro
Interest rate - Financial
assets at AC
34,402
-4,686
Residential
mortgages
951
Fair value hedges -
micro
Interest rate - Financial
assets at FVOCI
41,425
-981
Financial
investments
668
Interest rate - Financial
assets at AC
478
102
Corporate &
other loans
5
Interest rate - Financial
liabilities at AC
58,685
-3,076
Issued debt &
subordinated
liabilities
-963
Net investment hedges
Currency
-41
The accumulated amount of fair value hedge adjustments remaining in the statement of financial position for hedged
items that have ceased to be adjusted for hedging gains and losses amounted to EUR\u00a01.3\u00a0billion negative as at
31\u00a0December\u00a02025 (31\u00a0December\u00a02024: EUR\u00a01.3\u00a0billion negative).
Effect on financial position and performance - hedge ineffectiveness and hedging gains or losses
31 December 2025
(in millions)
Changes in
fair value used
for calculation
hedge
ineffectiveness
for the year -
hedged item
Changes in
value used for
calculating
hedge
ineffectiveness
for the year -
hedging
instrument
Hedge
ineffectiveness
recognised in
profit or loss
Line item in
profit or loss
(that includes
hedge
ineffectiveness)
Changes in
the value
of
the
hedging
instrument
recognised
in OCI\u00b9
Amount
reclassified
from the
cash
flow hedge
reserve to
profit or
loss -
hedges
item
affected
profit or
loss\u00b2
Amount
reclassified
from the
foreign
currency
translation
reserve to
profit or
loss
Line item
affected in
profit or loss
because of the
reclassification
Cash flow hedges -
macro
Interest rate
-92
105
13
Other
operating
income
92
204
Net interest
income
Fair value hedges -
macro
Interest rate
-1,130
1,137
6
Other
operating
income
Fair value hedges -
micro
Interest rate
-100
111
11
Other
operating
income
31 December 2024
(in millions)
Changes in
fair value used
for calculation
hedge
ineffectiveness
for the year -
hedged item
Changes in
value used for
calculating
hedge
ineffectiveness
for the year -
hedging
instrument
Hedge
ineffectiveness
recognised in
profit or loss
Line item in
profit or loss
(that includes
hedge
ineffectiveness)
Changes in
the value
of
the
hedging
instrument
recognised
in OCI\u00b9
Amount
reclassified
from the
cash
flow hedge
reserve to
profit or
loss - hedges
item affected
profit or loss\u00b2
Amount
reclassified
from the
foreign
currency
translation
reserve to
profit or
loss
Line item
affected in
profit or loss
because of the
reclassification
Cash flow hedges -
macro
Interest rate
-129
133
4
Other
operating
income
129
194
Net interest
income
Fair value hedges -
macro
Interest rate
951
-975
-24
Other
operating
income
Fair value hedges -
micro
Interest rate
-291
314
23
Other
operating
income
1. The amount reconciles to 'Net gains/(losses)' in the 'Consolidated statement of comprehensive income'.
2. The amount reconciles to 'Less: Reclassification through the income statement' in the 'Consolidated statement of comprehensive income'.
Amount, timing and uncertainty of future cash flows - hedging instruments
31\u00a0 December 2025
(in millions, nominal amounts)
Within
3 months
More than
3 months but
within 1 year
More than
1 year but
within 5 years
More than
5 years but
within 10 years
More than
10 years
Total
Fair value hedges - micro
Payers - Interest rate
1,666
2,804
17,258
15,819
5,912
43,459
Receivers - Interest rate
2,862
5,451
26,786
20,489
10,111
65,698
31\u00a0 December 2024
(in millions, nominal amounts)
Within
3 months
More than
3 months but
within 1 year
More than
1 year but
within 5 years
More than
5 years but
within 10 years
More than
10 years
Total
Fair value hedges - micro
Payers - Interest rate
1,360
3,117
18,566
14,067
6,060
43,170
Receivers - Interest rate
602
7,740
21,530
19,391
12,262
61,524
The weighted average fixed rate of the interest rate swaps included in micro hedge relationships varied between 2.3%
and 2.6% as at 31\u00a0December\u00a02025 (2.0% and 2.5% as at 31\u00a0December\u00a02024), depending on the origination date,
currency, product type and original maturity.
17\u00a0 Financial investments
Accounting policy for financial investments
Financial investments include financial instruments measured at fair value through other comprehensive income
(FVOCI) and financial instruments measured at fair value through profit or loss (FVTPL).
Accounting policy for financial instruments measured at fair value through other
comprehensive income
Unrealised gains and losses on FVOCI assets are recognised directly in other comprehensive income, net
of\u00a0applicable taxes. Interest earned, premiums, discounts and qualifying transaction costs of interest-earning
FVOCI assets are amortised to income on an effective interest rate basis. When FVOCI debt instruments are sold,
the cumulative gain or loss recognised in other comprehensive income is transferred to other operating income
in\u00a0the income statement. The impairment loss resulting from the ECL on FVOCI debt instruments is recognised
in\u00a0the impairment charges on financial instruments in the income statement. The related loss allowance is
recognised in other comprehensive income and does not reduce the carrying amount of the FVOCI debt
instruments. ABN\u00a0AMRO\u2019s impairment assessment and measurement approach for FVOCI debt instruments is set
out in the Credit risk management section of the Risk, funding & capital management chapter and Note 1
Accounting Policies. Fair value changes in equity instruments that are irrevocably designated as FVOCI upon initial
recognition are recognised in other comprehensive income and not subsequently reclassified to the income
statement.
Accounting policy for financial instruments measured at fair value through profit and loss
Financial investments can be designated at FVTPL if doing so eliminates or significantly reduces a measurement
or recognition inconsistency (an accounting mismatch). ABN AMRO also has financial instruments that are
mandatorily measured at fair value because they do not meet the SPPI test.
(in millions)
31 December 2025
31 December 2024
Financial investments
Debt securities held at fair value through other comprehensive income
48,921
46,196
Held at fair value through profit or loss
1,310
977
Total financial investments
50,231
47,173
Debt securities held at fair value through other comprehensive income consist mainly of government bonds.
Financial investments measured at fair value through other comprehensive income
(in millions)
31 December 2025
31 December 2024
Interest-earning securities
Dutch government
3,399
3,261
US Treasury and US government
7,300
7,140
Other OECD government
18,851
19,143
Non-OECD government
190
170
International bonds issued by the European Union
3,529
3,319
European Stability Mechanism
2,566
2,441
Mortgage- and other asset-backed securities
5,400
5,288
Financial institutions
7,624
5,404
Non-financial institutions
63
29
Total investments held at fair value through other comprehensive income
48,921
46,196
Government bonds by country of origin
31 December 2025
31 December 2024
(in millions)
Accumulated unrealised
gains/(losses) and
fair value hedges
gains/(losses)
Impairments
Fair
value
Accumulated unrealised
gains/(losses) and
fair value hedges
gains/(losses)
Impairments
Fair
value
Dutch national government
-155
3,399
-61
-1
3,261
USA national government
-18
7,300
-267
7,140
German national government
-157
5,280
-118
5,315
French national government
-45
-1
1,677
-61
2,025
Belgian national government
-153
2,808
-152
2,791
Austrian national government
-71
1,745
-34
1,658
Finnish national government
-60
1,823
-50
1,496
Luxembourg national government
-18
345
-19
305
Canadian national government
-41
1,112
-45
1,186
Japanese national government
1,692
-1
2,426
Polish national government
32
329
34
330
Spanish national government
707
4
615
United Kingdom national government
-10
162
-11
170
Danish national government
-22
322
-22
341
Italian national government
-12
503
-29
382
Irish national government
-9
159
2
92
Portuguese national government
-1
85
10
Czech national government
28
Slovenian national government
-1
29
Slovak national government
25
Estonian national government
6
Icelandic national government
4
Lithuanian national government
-1
9
Brazilian national government
115
100
Singapore national government
66
70
Croatian national government
9
European Union bonds
(excl. European Financial Stability Facility)
-614
3,529
-523
3,319
Total government bonds
-1,356
-1
33,269
-1,354
-1
33,034
Critical accounting estimates and judgements
Interest-bearing debt securities classified as FVOCI investments are assessed at each reporting date to establish
whether there are any expected credit losses. ABN AMRO has developed models to determine such credit losses.
These are explained in more detail in the Risk, funding & capital chapter and Note 1 Accounting Policies. Impairment
charges on FVOCI instruments are recorded in (un)realised gains/(losses) fair value through OCI in the statement of
comprehensive income.
Financial investments measured at fair value through profit or loss
(in millions)
31 December 2025
31 December 2024
Investments designated held at fair value through profit or loss
289
Private equities and venture capital
670
680
Equity securities
350
297
Total investments held at fair value through profit or loss
1,310
977
18\u00a0 Securities financing
Accounting policy for securities financing
Securities financing is measured at amortised cost. Securities financing consists of securities borrowing and
lending and sale and repurchase transactions. Securities borrowing and securities lending transactions are
generally entered into on a collateralised basis, with securities usually advanced or received as collateral.
The\u00a0transfer of the securities themselves is not reflected in the statement of financial position unless the risks
and rewards of ownership are also transferred. If cash is advanced or received, securities borrowing and lending
activities are recorded at the amount of cash advanced (included in loans and advances) or received (due
to\u00a0banks or customers). The market value of the securities borrowed or lent is monitored on a daily basis, and
the\u00a0collateral levels are adjusted in accordance with the underlying transactions. Fees and interest received or
paid are recognised on an effective interest rate basis and recorded as interest income or interest expense.
Sale and repurchase transactions involve purchases (or sales) of investments with agreements to resell (or
repurchase) substantially identical investments at a certain date in the future at a fixed price. Investments
purchased subject to commitments to resell them at future dates are not recognised. The amounts paid are
recognised in loans and advances to either banks or customers and are shown as collateralised by
the\u00a0underlying security.
Investments sold under repurchase agreements continue to be recognised in the statement of financial position.
Proceeds from the sale of the investments are reported as liabilities to either banks or customers. The difference
between the sale and repurchase price is recognised over the period of the transaction and recorded as interest
income or interest expense, using the effective interest rate method. If borrowed securities are sold to third
parties, the proceeds from the sale and a liability for the obligation to return the collateral are recorded at fair
value.
31 December 2025
31 December 2024
(in millions)
Banks
Customers
Total
Banks
Customers
Total
Assets
Reverse repurchase agreements
5,432
24,525
29,958
3,890
16,099
19,988
Securities borrowing transactions
6,667
3,548
10,215
2,834
4,167
7,001
Total
12,099
28,074
40,173
6,723
20,266
26,989
Liabilities
Repurchase agreements
791
14,502
15,292
769
9,545
10,315
Securities lending transactions
27
27
37
37
Total
818
14,502
15,320
807
9,545
10,352
Securities financing transactions include balances relating to reverse repurchase activities and cash collateral on
securities borrowed. ABN AMRO controls the credit risk associated with these activities by monitoring counterparty
credit exposure and collateral values on a daily basis and requiring additional collateral to be deposited with
ABN AMRO when deemed necessary.
19\u00a0 Fair value of financial instruments carried at fair value
Accounting policy for fair value of financial instruments
The fair value is defined as the price that would be received when selling an asset or paid when transferring
a\u00a0liability in an orderly transaction between market participants at the measurement date.
For financial instruments that are actively traded and for which quoted market prices or market parameters are
readily available, the fair value is determined in a highly objective manner. However, when observable market
prices and parameters do not exist, management judgement is necessary to estimate fair value.
For financial instruments where no active liquid market exists, or quoted prices are unobtainable, recent market
transactions are used or the fair value is estimated using a variety of valuation techniques \u2013 including reference
to similar instruments for which market prices do exist, or to valuation techniques such as discounted cash flow
models or option pricing models (e.g. Black Scholes).
When portfolios of financial assets and liabilities are measured on the basis of the net exposure to the credit risk
of a particular counterparty, any existing arrangements that mitigate the credit risk exposure (e.g. master netting
agreements with the counterparty) are taken into account.
Unobservable inputs are estimated using a combination of management judgement, historical data, market
practice and benchmarking to other relevant observable market data. The difference between the transaction
price and the internal valuation at inception, calculated using a model, is reserved and amortised to profit or loss
at appropriate points over the life of the instrument, typically taking account of the ability to obtain reliable
external data, the passage of time and the use of offsetting transactions. Where inputs to the valuation of a new
transaction cannot be reliably determined, the transaction is initially recognised at its transaction price.
Subsequent changes in fair value as calculated by the valuation model are reported as profit or loss or in equity.
In order to determine a reliable fair value, where appropriate, management applies valuation adjustments
to\u00a0the\u00a0pricing information derived from the above sources. These adjustments reflect management\u2019s assessment
of factors that market participants would consider in setting a price, to the extent that these factors have not
already been included in the information from the above sources. The main valuation adjustments required
to\u00a0arrive at a fair value are as follows:
\u2022 Bid-ask adjustments. If the model calculates a mid-market price, it is adjusted to take into account the relevant
bid-offer spread.
\u2022 Credit and debit valuation adjustments. In addition to credit valuation for loans measured at fair value through
profit or loss, credit valuation adjustments and debit valuation adjustments are incorporated into derivative
valuations to reflect the impact on fair value of counterparty credit risk and how counterparties consider
ABN\u00a0AMRO\u2019s creditworthiness respectively.
\u2022 Liquidity adjustments. ABN AMRO uses different techniques to determine the price or input parameters
of\u00a0the\u00a0pricing model dependent on the liquidity in the market.
\u2022 Funding valuation adjustment. The funding valuation adjustment incorporates the incremental cost of funding
into the valuation of uncollateralised and partially collateralised derivatives.
\u2022 Own credit adjustment. An own credit risk adjustment is applied to financial liabilities where it is believed that
counterparties will consider ABN AMRO\u2019s creditworthiness when pricing such instruments.
\u2022 Model valuation adjustments for any known limitations. Management assesses the appropriateness of any
model used on an ongoing basis. To the extent that the price provided by internal models does not represent
the fair value of the instrument, for instance in highly stressed market conditions, management makes
adjustments to the model valuation to calibrate to other available pricing sources.
We believe our estimates of the fair value are adequate. However, the use of different models or assumptions
could result in changes to our reported results.
Valuation control framework
ABN AMRO has in place designated controls and processes to determine the fair value of financial instruments. A
process has been designed to ensure there are formalised review protocols to independently review and validate fair
values, separately from the business departments entering into the transactions. This includes specific controls to
ensure consistent pricing policies and procedures, incorporating disciplined price verification for both market and
counterparty risk trades.
The business department entering into the transaction is responsible for the initial determination and recording of the
fair value of the transaction. Controls of the profit or loss are recorded on a daily basis by trading and treasury front-
office staff. The independent price-verification process, a key element of the control environment, is segregated from
the recording of the transaction\u2019s valuation. Valuations are first calculated by the department. Such valuations may be
current bid or offer prices in an active market, or may be derived using a model and variable model inputs. These
valuations are reviewed and, if necessary, amended by the independent price-verification process. This process
involves a team that operates independently from the team trading the financial instruments and performs a review of
valuations in light of available pricing evidence. Independent price verification is frequently performed by matching
the business valuations with independent data sources. The reviews are performed at least once a month, both for
trading positions and non-trading positions. The independent price-verification control includes formalised reporting
and escalation to management of any valuation differences in breach of the defined thresholds. When models are
used to value products, these models are subject to a model review process. This process requires different levels of
model documentation, testing and review, depending on the complexity of the model and the size of our exposure to
the model.
Valuation techniques
A number of methodologies are used to determine the fair value of financial instruments for which observable prices
in active markets for identical instruments are not available. Values between and beyond available data points are
obtained by interpolation and/or extrapolation. When valuation techniques are used, the fair value can be significantly
impacted by the choice of the valuation model and the underlying assumptions made for factors such as the amount
and timing of cash flows, discount rates and credit risk.
Interest rate derivatives
This category includes interest rate swaps, cross-currency swaps, options and forward rate agreements. These
products are valued by estimating future cash flows and discounting these cash flows, using appropriate interest rate
curves. The exception is interest option contracts, which are valued using market standard option pricing models. The
inputs for the discounting cash flow models are principally observable benchmark interest rates in active markets such
as interbank rates and quoted interest rates in the swap, bond and futures markets. The inputs for credit spreads \u2013
where available \u2013 are derived from prices of credit default swaps or other credit-based instruments, such as debt
securities. In other cases, credit spreads are obtained from pricing services. The additional inputs for the option pricing
models are price volatilities and correlations, which are obtained from broker quotations or pricing services or derived
from option prices. Because of the observability of the inputs used in the valuation models, the majority of the interest
rate derivative contracts are classified as level 2. If adjustments to interest rate curves, credit spreads, correlations or
volatilities are based on significant unobservable inputs, the contracts are classified as level 3. Exchange traded
options and futures are valued using quoted market prices and are hence classified as level 1.
Foreign exchange contracts
Foreign exchange contracts include foreign exchange forward contracts, foreign exchange options and foreign
exchange swaps. The majority of the foreign exchange contracts at ABN AMRO are traded as over-the-counter
derivatives. These instruments are valued using foreign currency exchange rates. There are observable markets for
spot and forward contracts as well as for futures in the world\u2019s major currencies. The over-the-counter foreign
exchange contracts are therefore classified as level 2.
Government debt securities
Government debt securities consist of government bonds and bills with fixed or floating rate interest payments issued
by sovereign governments. As these instruments are generally traded in active markets and prices can be derived
directly from those markets, they are classified as level 1. Highly liquid bonds are valued using exchange traded prices.
Less liquid bonds are valued using observable market prices, which are sourced from broker quotes, inter-dealer
prices or other reliable pricing services. For a minority of the government debt securities, active market prices are not
available. In these cases ABN AMRO uses discounted cash flow valuation techniques that incorporate observable
market data for similar government instruments. The main inputs are interest rate curves, liquidity spreads and credit
spreads. The instruments for which this method is applied are classified as level 2. If adjustments to any of the main
inputs are made based on significant unobservable inputs, the instrument is classified as level 3.
Corporate debt securities
Corporate debt securities consist primarily of corporate bonds and other debt securities issued by corporate entities.
Most of these instruments are standard fixed or floating rate securities. Corporate debt securities are generally valued
using observable market prices, which are sourced from broker quotes, inter-dealer prices or other reliable pricing
services. These instruments are classified as level 1. If observable market prices are not available, ABN AMRO uses
discounted cash flow valuation techniques, based on inputs derived from comparable instruments and credit default
swap data of the issuer, to estimate credit spreads. These instruments are classified as level 2. If adjustments are made
to any of the main inputs based on significant unobservable inputs, the instrument is classified as level 3.
Equity instruments
Equity instruments that are actively traded on public stock exchanges are valued using readily available quoted prices
and are therefore classified as level 1. Equity investments for which fair value is determined using valuation techniques
based predominantly on observable market inputs are classified as Level 2. Investments in private equity funds are
initially recognised at their transaction price and remeasured to the extent reliable information is available on a case-
by-case basis, and are classified as level 3.
Loans and advances at fair value through profit or loss
Loans and advances at fair value through profit or loss consist primarily of contracts with corporate clients where the
contractual cash flows do not meet the SPPI requirements or are held in a business model with the objective of
generating cash flows from sales. The return on the contracts with embedded derivatives is based on the price of
underlying commodity contracts or loans with a floating interest rate. Discounted cash flow models are used to value
these contracts. The main inputs are interest rate curves, quoted commodity prices, liquidity spreads and credit
spreads. The instruments are classified as level 2. If adjustments to interest rate curves, liquidity spreads and credit
spreads are based on significant unobservable inputs, the instruments are classified as level 3.
Issued debt
Issued debt securities are valued using discounted cash flow models, based on current interest rate curves that
incorporate observable inputs. These instruments are classified as level 2. When there are no, or only limited, publicly
quoted prices available for these instruments and unobservable inputs have a significant effect on the fair value
calculation, these instruments are classified as level 3. ABN AMRO refines and modifies its valuation techniques as
markets and products develop and as prices for individual products becomes more or less readily available. While ABN
AMRO believes its valuation techniques are appropriate and consistent with other market participants, the use of
different methodologies or assumptions could result in different estimates of the fair value at the reporting date.
Fair value hierarchy
ABN AMRO analyses financial instruments held at fair value in the three categories described below.
Level 1 financial instruments are those that are valued using unadjusted prices quoted in active markets for identical
financial instruments.
Level 2 financial instruments are those valued using techniques based primarily on observable market data.
Instruments in this category are valued using prices quoted for similar instruments or identical instruments in markets
that are not considered to be active, or using valuation techniques where all inputs that have a significant effect on the
valuation are directly or indirectly based on observable market data.
Level 3 financial instruments are those valued using a valuation technique where at least one input with a significant
effect on the instrument\u2019s valuation is not based on observable market data. The effect of fair value adjustments on the
instrument\u2019s valuation is included in the assessment.
ABN AMRO recognises transfers between levels of the fair value hierarchy at the end of the reporting period during
which the change occurred.
The following table presents the valuation methods used for determining the fair values of financial instruments
carried at fair value.
31 December 2025
31 December 2024
(in millions)
Quoted
market
prices
in active
markets
Valuation
techniques
- observable
inputs
Valuation
techniques
- significant
unobservable
inputs
Total fair
value
Quoted
market
prices
in active
markets
Valuation
techniques
- observable
inputs
Valuation
techniques
- significant
unobservable
inputs
Total fair
value
Assets
Government debt securities
606
606
1,119
51
1,169
Corporate debt securities
961
477
1,438
743
503
1,246
Equity securities
2
2
Other financial assets held for trading
87
87
Financial assets held for trading
1,568
477
2,044
1,863
640
2,503
Interest rate derivatives
5
3,017
6
3,028
5
3,116
20
3,140
Foreign exchange contracts
897
7
904
1,203
2
1,206
Other derivatives
2
2
1
1
Derivatives
6
3,915
13
3,933
5
4,320
22
4,347
Government debt securities
122
122
Equity instruments
133
40
848
1,020
133
47
797
977
Other
10
158
167
Financial investments at fair value
through profit or loss
265
40
1,006
1,310
133
47
797
977
Government debt securities
35,412
94
329
35,835
35,145
330
35,475
Corporate debt securities
7,518
168
7,686
5,432
5,432
Other debt securities
5,400
5,400
5,288
5,288
Financial assets held at fair value
through other comprehensive
income
48,330
262
329
48,921
45,866
330
46,196
Loans and advances at fair value through
profit or loss
28
486
514
30
600
630
Total financial assets
50,167
4,722
1,833
56,723
47,866
5,037
1,750
54,653
Liabilities
Short positions in government debt
securities
822
822
346
172
518
Corporate debt securities
404
289
693
313
208
522
Equity securities
1
1
Other financial liabilities held for trading
114
114
123
123
Financial liabilities held for trading
1,227
403
1,631
660
503
1,163
Interest rate derivatives
4
1,322
6
1,332
3
1,688
1
1,692
Foreign exchange contracts
612
612
803
803
Other derivatives
23
23
4
4
Derivatives
27
1,934
6
1,967
3
2,495
1
2,499
Issued debt
159
159
205
205
Total financial liabilities
1,255
2,496
6
3,757
663
3,203
1
3,867
Transfers between fair value hierarchies
There were no material transfers between the fair value hierarchies.
Movements in level 3 financial instruments measured at fair value
The following table shows a reconciliation of the opening and closing amounts of level 3 financial assets that are
recorded at fair value.
Assets
Liabilities
(in millions)
Derivatives
Financial
investments at
fair value through
profit or loss
Financial assets
held
at fair value
through
other
comprehensive
income
Loans and
advances at
fair value
through
profit or loss
Derivatives
Balance as at 1 January 2024
26
656
330
676
Purchases
86
Sales
-3
-35
Issuance
42
Redemptions
-14
-157
Gains/(losses) recorded in profit and loss 1
1
-5
Unrealised gains/(losses) 2
-3
89
-1
59
Transfer between levels
-2
1
Other movements
-17
19
Balance as at 31 December 2024
22
797
330
600
1
Acquisitions/divestments of subsidiaries
204
Purchases
89
Sales
Issuance
60
Redemptions
-1
-38
Gains/(losses) recorded in profit and loss\u00b9
2
1
Unrealised gains/(losses)\u00b2
-5
46
-2
-43
Transfer between levels
-4
5
Other movements
-132
-93
Balance as at 31 December 2025
13
1,006
329
486
6
1. Included in other operating income.
2. Unrealised gains/(losses) on derivatives held for trading are included in net trading income, on instruments measured at FVTPL in other operating income and on instruments
measured at FVOCI in other comprehensive income.
Level 3 sensitivity information
Interest-earning securities - government bonds
ABN AMRO has a position in a Polish bond, denominated in euros (see Note 17 - Financial investments, and part of
Other OECD governments), for which the market is relatively illiquid. This bond is valued using a discounted cash flow
model. The main inputs are the interest rate curve, liquidity spread and credit spread. The valuation spread is
determined using an internal model. The sensitivity analysis is performed using a range of reasonable valuation
spreads.
Equity shares - preferred shares
Equities measured at fair value through profit and loss and classified as level 3 mainly comprise private equity
investments. Private equity shares are measured at fair value, applying two calculation techniques:
\u2022 Using comparable pricing in accordance with the European Private Equity and Venture Capitalist Association (EVCA)
guidelines. This valuation technique is based on earnings multiples of comparable listed and unlisted companies.
The fair value calculation of an investment is strongly linked to movements on public equity markets.
\u2022 Net Asset Value (NAV) for fund investments and asset-backed investments. This is determined by using audited and
unaudited company financial statements and any other information available, publicly or otherwise. As a
consequence, the NAV calculation of an investment is strongly linked to movements in the quarterly performance of
the company and can be used as an indicator of fair value.
New investments are initially valued at fair value. Subsequently, the fair value technique - either the EVCA technique or
NAV calculation - is applied for direct investments.
The sensitivity for using comparable pricing is determined by stressing the earnings multiples in a positive and
negative market scenario, whereas sensitivity testing cannot be applied for the NAV calculation based on the quarterly
performance.
Derivatives
ABN AMRO applies a credit valuation adjustment (CVA) that reflects counterparty credit risk in the fair value
measurement of uncollateralised and partially collateralised OTC derivatives. For counterparties that do not have an
observable credit spread, ABN AMRO applies a proxied credit spread extracted from counterparties of comparable
credit quality that do have an observable credit spread. ABN AMRO performs a probability of default assessment for
each counterparty and allocates an appropriate internal credit risk measure known as a Uniform Counterparty Rating
(UCR). This UCR, which is significant to the entire fair value measurement of the derivative contracts included in the
following table of level 3 sensitivity information, is generated internally and is therefore an unobservable input.
Loans and advances \u2013 Equity release mortgages
ABN AMRO offers equity release mortgages which provide a way to liquidate home equity and are designed for senior
homeowners. These loans are valued using a discounted cash flow model for which the assumed prepayment rate is
the most relevant input parameter. The prepayment rate is based on mortality rates and historical prepayment rates
observed for equity release mortgages. The sensitivity range is based on the historical bandwidth observed for
prepayment rates.
Loans and advances - Other
ABN AMRO offers personal loans that feature a waiver on a portion of the outstanding debt upon the decease of the
client. The loans are valued using a discounted cash flow model, in which expected future cashflows are discounted
against actual interest rates, in combination with an adjustment for expected credit losses. The sensitivity range is
based on a bandwidth for expected credit losses.
31 December 2025
Valuation
technique
Unobservable
data
Carrying
value
Possible alternative
assumptions
Unobservable data range
Unobservable
data base
(in millions)
Applying
minimum
Applying
maximum
Applying
minimum
Applying
maximum
Equity shares
Private equity
valuation
EBITDA
multiples
161
-16
16
Equity shares
Private equity
valuation
Net asset
value
845
-84
84
Interest-earning securities -
Government bonds
Discounted
cash flow
Liquidity and
credit spread
329
-10
14
10bps
108bps
67bps
Loans and advances -
Equity release mortgages
Discounted
cash flow
Prepayment
rate
486
-4
6
3.1%
4.1%
3.6%
Loans and advances -
Other
Discounted
cash flow
Credit spread
Derivatives held for trading
- Assets/liabilities (net)
Discounted
cash flow
Probability of
default
7
100.0%
41.5%
31 December 2024
Valuation
technique
Unobservable
data
Carrying
value
Possible alternative
assumptions
Unobservable data range
Unobservable
data base
(in millions)
Applying
minimum
Applying
maximum
Applying
minimum
Applying
maximum
Equity shares
Private equity
valuation
EBITDA
multiples
141
-14
14
Equity shares
Private equity
valuation
Net asset
value
657
-66
66
Interest-earning securities -
Government bonds
Discounted
cash flow
Liquidity and
credit spread
330
-13
19
38bps
157bps
110bps
Loans and advances -
Equity release mortgages
Discounted
cash flow
Prepayment
rate
458
-6
9
2.4%
4.9%
3.6%
Loans and advances -
Other
Discounted
cash flow
Credit spread
142
-4
7
Derivatives held for trading
- Assets/liabilities (net)
Discounted
cash flow
Probability of
default
22
-2
6
100.0%
24.0%
20\u00a0 Loans and advances banks
Accounting policy for loans and advances banks and customers
Loans and advances banks, and loans and advances customers, are held in a \u2018hold to collect\u2019 business model.
Loans and advances for which the contractual cash flows are solely payments of principal and interest (SPPI) are
measured at amortised cost, i.e. fair value at initial recognition, adjusted for repayment and amortisation
of\u00a0coupon, fees and expenses to represent the effective interest rate of the asset. Loans and advances that do
not pass the SPPI test are measured at fair value through profit or loss. Please refer to Note 1 Accounting policies
in the Consolidated Annual Financial Statements.
(in millions)
31 December 2025
31 December 2024
Interest-bearing deposits
1,137
1,169
Loans and advances
708
707
Mandatory reserve deposits with central banks
301
166
Other loans and advances banks
28
12
Subtotal
2,174
2,053
Less: loan impairment allowances
4
4
Total loans and advances banks
2,170
2,049
Mandatory reserve deposits are held with local central banks in accordance with statutory requirements. The most
relevant for the bank are the minimum reserve requirements determined by the ECB. The ECB prescribes how
the minimum reserve amount should be calculated during pre-defined reserve periods. During such a period,
the balances are available for use by ABN AMRO. The bank manages and monitors deposits to ensure that it meets
the minimum reserve requirements for the period.
21\u00a0 Loans and advances customers
Accounting policy for loans and advances customers
The accounting policy for loans and advances customers is included in Note 20 - Loans and advances banks.
Please refer to Note 1 - Accounting policies in the Consolidated Annual Financial Statements.
(in millions)
31 December 2025
31 December 2024
Residential mortgages (excluding fair value adjustment)
163,185
156,209
Fair value adjustment from hedge accounting on residential mortgages
-5,477
-4,686
Residential mortgages, gross
157,708
151,523
Less: loan impairment allowances - residential mortgage loans
120
133
Residential mortgages
157,588
151,390
Consumer loans at amortised cost, gross
6,266
7,575
Less: loan impairment allowances - consumer loans
74
130
Consumer loans at amortised cost
6,192
7,445
Consumer loans at fair value through P&L
486
600
Corporate loans (excluding fair value adjustment)\u00b9
82,535
78,072
Fair value adjustment from hedge accounting on corporate loans
42
102
Financial lease receivables\u00b9
1,891
2,430
Factoring
2,090
3,326
Corporate loans at amortised cost, gross
86,559
83,929
Less: loan impairment allowances - corporate loans
1,026
1,100
Corporate loans at amortised cost
85,532
82,829
Corporate loans at fair value through P&L
28
30
Government and official institutions
342
298
Other loans
5,594
6,191
Fair value adjustment from hedge accounting on other loans
1
Other loans and advances customers, gross
5,936
6,489
Less: loan impairment allowances - other
1
2
Other loans and advances customers
5,935
6,487
Total loans and advances customers
255,760
248,782
1. ABN AMRO performed a review on the classification of loan-to-book value facilities. This resulted in a reclassification from Financial lease receivables to Corporate loans for
comparative purposes of EUR 1.4 billion for 2024.
For information on loan impairment allowances, please refer to the Credit risk review section in the Risk, funding &
capital chapter.
22\u00a0 Fair value of financial instruments not carried at fair value
Accounting policy for fair value of financial instruments not carried at fair value
The categorisation and valuation of financial instruments not carried at fair value is determined in accordance
with the accounting policies set out in Note 19 - Fair value of financial instruments carried at fair value.
Valuation methodologies
The methods and assumptions described below have been applied to estimate the fair value of financial instruments
not carried at fair value. These fair values were calculated for disclosure purposes only. Note that the fair value can be
significantly impacted by the choice of valuation model and underlying assumptions concerning factors such as the
amount and timing of cash flows, discount rates, credit risk and liquidity risk.
Short-term financial instruments
The carrying amounts (net of impairment allowances) of financial instruments maturing within a period of less than
three months or that have no contractual maturity are assumed to be a reasonable approximation of their fair value.
For certain instruments, behavioural maturities are applied.
Short-term financial instruments are classified as level 2 as unobservable inputs (such as inputs to determine credit
risk, prepayment risk and liquidity risk) do not have a significant influence on the determination of the fair value.
Cash and balances at central banks
Cash and balances at central banks are classified as level 1 as these instruments have a short-term nature, prices from
an active market are available and no fair value adjustments are made to the carrying amounts.
Securities financing
Securities financing includes repurchase and reverse repurchase agreements and securities borrowing and lending
transactions. Due to the short-term characteristics of these instruments and the value and liquidity of available
collateral, their carrying amounts (net of impairment allowances) are considered an approximation of the fair value.
Securities financing amounts are classified as level 2.
Loans and advances banks and customers
The fair value of loans and advances \u2013 banks and customers is estimated by a discounted cash flow model based on
contractual cash flows, using actual yields and discounting by risk-free interest rates. Adjustments to reflect changes in
liquidity spreads are applied and prepayment options are included in the estimated fair value. The calculations are
adjusted for credit risk by incorporating the expected credit losses over the estimated lifetime of the loan, based on
parameters including probability of default, loss given default and exposure at default. The loans and advances are
classified as level 3 on the basis that unobservable inputs significantly influence the approximated fair values. The
loans and advances for which unobservable inputs do not significantly influence the approximated fair values are
classified as level 2. Behavioural maturities instead of contractual maturities are used to determine the level
classification of a small part of the portfolio.
Cash collateral paid to counterparties in relation to Credit Support Annexes (CSA) is included in loans and advances \u2013
banks and customers. Due to the short-term characteristics of these instruments, their carrying amounts are
considered an approximation of the fair value. The related amounts are classified as level 2.
Due to banks and customers
The fair value of instruments such as deposits and borrowings included in amounts due to banks and customers is
estimated by a discounted cash flow model based on risk-free interest rates. Adjustments to reflect changes in
liquidity spreads are applied. Amounts due to banks and customers are classified as level 3 on the basis that
unobservable inputs significantly influence the approximated fair values. The financial instruments for which
unobservable inputs do not significantly influence the approximated fair values are classified as level 2. For the
majority of the portfolio, behavioural maturities are used to determine the level classification.
Cash collateral liabilities in relation to Credit Support Annexes (CSA) are included in due to banks and customers.
Due\u00a0to the short-term characteristics of these instruments, their carrying amounts are considered an approximation of
the fair value. The related amounts are classified as level 2.
Issued debt and subordinated liabilities
The fair value of issued debt securities and subordinated liabilities is based on quoted prices. If these are not available,
the fair value is based on a market approach in which independent quotes from market participants are used for the
debt issuance spreads above the average interbank offered rates (over a range of tenors) that the market would
demand when purchasing new senior or subordinated debt from ABN AMRO. Where necessary, these quotes are
interpolated, using a curve shape derived from CDS prices.
31 December 2025
Carrying value
Total fair value
Difference
(in millions)
Quoted market
prices in
active markets
Valuation
techniques
- observable
inputs
Valuation
techniques
- significant
unobservable
inputs
Assets
Cash and balances at central banks
49,486
49,486
49,486
Securities financing
40,173
40,174
40,173
Loans and advances banks
2,170
2,163
12
2,174
4
Loans and advances customers
255,247
28,608
227,367
255,975
728
Total
347,076
49,486
70,944
227,378
347,808
732
Liabilities
Securities financing
15,320
15,320
15,320
Due to banks
4,320
3,666
661
4,328
8
Due to customers
279,126
264,454
14,709
279,163
36
Issued debt
73,913
56,431
17,827
74,258
345
Subordinated liabilities
4,946
1,654
3,461
5,115
169
Total
377,625
58,085
304,728
15,370
378,183
558
31 December 2024
Carrying value
Total fair value
Difference
(in millions)
Quoted market
prices in
active markets
Valuation
techniques
- observable
inputs
Valuation
techniques
- significant
unobservable
inputs
Assets
Cash and balances at central banks
44,464
44,464
44,464
Securities financing
26,989
26,989
26,989
Loans and advances banks
2,049
2,051
2
2,053
4
Loans and advances customers
248,152
28,151
218,379
246,529
-1,622
Total
321,654
44,464
57,190
218,381
320,035
-1,619
Liabilities
Securities financing
10,352
10,352
10,352
Due to banks
2,329
2,038
287
2,325
-5
Due to customers
256,186
241,469
15,305
256,774
587
Issued debt
74,337
50,488
23,618
74,106
-231
Subordinated liabilities
6,613
2,684
4,116
6,800
187
Total
349,818
53,172
281,593
15,592
350,357
539
27\u00a0 Due to banks
Accounting policy for due to banks and due to customers
Amounts due to banks and customers are held at amortised cost. That is, at fair value upon initial recognition,
adjusted for repayment and amortisation of coupon, fees and expenses to represent the effective interest rate
of\u00a0the instrument.
(in millions)
31 December 2025
31 December 2024
Current accounts
1,369
1,522
Demand deposits
2
1
Time deposits
2,387
320
Cash collateral on securities lent
562
485
Total deposits
4,319
2,329
Other
1
Total due to banks
4,320
2,329
28\u00a0 Due to customers
Accounting policy for due to customers
The accounting policy for amounts due to customers is set out in Note 27 - Due to banks .
(in millions)
31 December 2025
31 December 2024
Current accounts
100,140
92,746
Demand deposits
132,299
108,008
Time deposits
45,601
53,533
Other
1,086
1,899
Total due to customers
279,126
256,186
29\u00a0 Issued debt and subordinated liabilities
Accounting policy for issued debt and subordinated liabilities
Issued debt securities and subordinated liabilities are recorded at amortised cost using the effective interest rate
method. Hybrid or structured financial liabilities are irrevocably designated upon initial recognition to be
measured at fair value through profit or loss. The latter is applied when the instruments are held to reduce
an\u00a0accounting mismatch, are managed on the basis of their fair value or include terms that qualify as
an\u00a0embedded derivative that cannot be separated.
ABN AMRO applies IAS 32 Financial Instruments: Presentation to determine whether funding is a financial
liability or equity. Issued financial instruments or their components are classified as financial liabilities where
the\u00a0substance of the contractual arrangement results in ABN AMRO having a present obligation to deliver either
cash or another financial asset or to satisfy the obligation other than by the exchange of a fixed number of equity
shares.
Issued liabilities qualify as subordinated debt if claims by the holders are subordinated to all other current and
future liabilities of ABN AMRO and its subsidiaries.
The valuation of liabilities measured at fair value includes the effect of changes in the bank\u2019s own credit spreads.
The change in fair value applies to those financial liabilities designated at fair value where own value credit risk
would be considered by market participants. The cumulative amount of changes in fair value attributable
to\u00a0credit risk of issued debt is presented as liability own credit risk reserve in equity. Exchange-traded own debt
measured at fair value through profit or loss is valued at market prices.
Fair value changes are calculated based on a yield curve generated from observed external pricing for funding
and quoted CDS spreads
The following table shows the types of debt certificates issued by ABN AMRO and the amounts outstanding at
31\u00a0December\u00a02025. Movements in these debt instruments involve a continual process of redemption and issuance of
long-term and short\u2011term funding.
Issued debt
(in millions)
31 December 2025
31 December 2024
Bonds and notes issued
62,140
56,416
Certificates of deposit and commercial paper
11,773
17,922
Total at amortised cost
73,913
74,337
Designated at fair value through profit or loss
159
205
Total issued debt
74,072
74,542
- of which matures within one year
17,009
24,999
2025
2024
(in millions)
Carrying amount
Carrying amount
Balance as at 1 January
74,542
66,227
Cash flows
Issuance
49,649
42,885
Redemption
-48,161
-36,980
Non-cash changes
Foreign exchange differences
-1,863
909
Fair value changes own credit risk
1
-2
Fair value changes hedge accounting
-636
902
Other
540
601
Balance as at 31 December
74,072
74,542
The amounts of debt issued and redeemed during the period are shown in the Consolidated statement of cash flows.
Non-cash changes consist mainly of unrealised gains and losses and foreign exchange differences. Further details
of\u00a0the funding programmes are provided in the Funding section of the Risk, funding & capital chapter.
Financial liabilities designated at fair value through profit or loss
(in millions)
31 December 2025
31 December 2024
Cumulative change in fair value of the structured notes attributable to changes in credit risk
2
1
Change during the year in fair value of the structured notes attributable to changes in credit risk
1
-2
Difference between amount contractually required to pay at maturity and the carrying amount
7
6
The change in fair value of the structured notes attributable to changes in credit risk is determined using the credit
spread implicit in the fair value of similar bonds traded in active markets and issued by ABN AMRO.
Subordinated liabilities
The following table shows the subordinated liabilities.
31 December 2025
31 December 2024
(in millions)
ISIN/CUSIP
Maturity date
First possible
call date
Nominal
amount
Carrying
amount
Nominal
amount
Carrying
amount
Tier 1\u00b9
EUR 1,000 million 4.75% per annum
XS1693822634
Perpetual
September 2027
1,000
994
1,000
994
EUR 750 million 6.875% per annum
XS2774944008
Perpetual
September 2031
750
746
750
746
EUR 750 million 5.75% per annum
XS3004202811
Perpetual
September 2033
750
746
EUR 750 million 6.375% per annum
XS2893176862
Perpetual
September 2034
750
746
750
746
EUR 1,000 million 4.375% per annum
XS2131567138
Perpetual
September 2025
1,000
988
Total Tier 1 capital instruments
3,250
3,233
3,500
3,475
Tier 2
USD 1,000 million 4.8% per annum
US0008DAL47 /
XS1392917784
April 2026
852
854
960
935
USD 300 million 5.6% per annum
XS1385037558
April 2031
256
238
288
256
SGD 750 million 5.5% per annum
XS2498035455
October 2032
July 2027
497
512
529
537
EUR 1,000 million 5.125% per annum
XS2558022591
February 2033
November 2027
1,000
1,051
1,000
1,056
USD 1,000 million 3.324% per annum
US00084DAV29 /
XS2415308761
March 2037
December 2031
852
757
960
807
EUR 750 million 5.5% per annum
XS2637967139
September 2033
June 2028
750
764
750
782
EUR 750 million 4.375% per annum
XS2859413341
July 2036
July 2031
750
769
750
785
USD 1,500 million 4.75% per annum
US00080QAF28 /
XS1264600310
July 2025
1,440
1,452
EUR various smaller instruments
2023 - 2025
3
4
Total Tier 2 capital instruments
4,956
4,946
6,681
6,613
- of which eligible for regulatory capital:
Basel IV / III, Tier 1 (fully-loaded)
3,250
3,500
Basel IV / III, Tier 2 (fully-loaded)
4,114
4,646
1. AT1 capital securities. For both AT1 instruments, the CET1 trigger levels are 7.0% for ABN AMRO Bank level, and 5.125% for ABN AMRO Bank solo level. The amount of
available distributable items for ABN AMRO Bank N.V. as at 31 December 2025 totals EUR 23.0 billion (31 December 2024: EUR 21.7 billion).
2025
2024
(in millions)
Carrying amount
Carrying amount
Balance as at 1 January
6,613
5,572
Cash flows
Issuance
21
767
Redemption
-1,342
-21
Non-cash changes
Foreign exchange differences
-393
214
Fair value changes hedge accounting
72
60
Other
-25
20
Balance as at 31 December
4,946
6,613
34\u00a0 Transferred, pledged, encumbered and restricted assets
Accounting policy for transferred, pledged and encumbered assets
Transferred financial assets are arrangements/transactions for which ABN AMRO has:
\u2022 transferred the contractual rights to receive the cash flows of the financial asset to a third party, or
\u2022 retained the contractual rights to receive the cash flows of that financial asset, but has assumed a contractual
obligation to pay the cash flows to a third party
Depending on the circumstances, these transfers may either result in financial assets that are not derecognised
in their entirety or in assets that are derecognised in their entirety. More detailed information on our recognition
and derecognition policy is provided in the paragraph on material accounting policies under Note 1 - Accounting
policies.
Pledged assets are assets given as security (collateral) to guarantee the payment of a debt or fulfilment of
an\u00a0obligation by ABN AMRO to a third party. Encumbered assets are assets that have been pledged or are
subject to any form of arrangement to secure, collateralise or credit enhance any transaction from which free
withdrawal is not allowed. The key difference between encumbered and pledged assets is that the latter is
based on the legal terms such as title transfer while the former is based on economic principles.
Transferred financial assets
This disclosure provides insight into the relationship between these transferred financial assets and associated
financial liabilities in order to show the risks the bank is exposed to when the assets are transferred. If transferred
financial assets continue to be recognised in the balance sheet, ABN AMRO is still exposed to changes in the fair value
of these assets.
Transferred financial assets not derecognised in their entirety
The following table shows transferred financial assets that have not been derecognised in their entirety.
31 December 2025
31 December 2024
(in millions)
Financial
investments
(at fair value
through OCI)
Financial assets
held for trading
(at fair value
through profit
and loss)
Total
Financial
investments
(at fair value
through OCI)
Financial assets
held for trading
(at fair value
through profit
and loss)
Total
Securities financing
Carrying amount Transferred assets
12,306
12,306
12,748
1
12,748
Carrying amount Associated liabilities
1,097
1,097
873
1
874
Fair value of assets
12,306
12,306
12,748
1
12,748
Fair value of associated liabilities
1,097
1,097
873
1
874
Net position
11,209
11,209
11,875
11,875
Securitisations
The bank uses securitisations as a source of funding, whereby the special purpose entity (SPE) issues debt securities.
In a securitisation transaction utilising true sale mechanics, the bank transfers the title of the assets to SPEs. When the
cash flows are transferred to investors in the notes issued by consolidated securitisation vehicles, the assets (mainly
residential mortgage loans) are considered to be transferred. The bank does not have any transferred and associated
securitisations at 31\u00a0December\u00a02025.
Continuing involvement in transferred financial assets derecognised in their entirety
The bank does not have any material transferred assets that are derecognised in their entirety while ABN AMRO has
continuing involvement.
35\u00a0 Commitments and contingent liabilities
Accounting policy for off-balance sheet items
Financial guarantee contracts
A financial guarantee contract requires the issuer to make specified payments to reimburse the holder for a loss
it incurs if a specified debtor fails to make payment when due under the original or modified terms of a debt
instrument. Initial recognition of financial guarantee contracts is at their fair value. Subsequent measurement is
at the higher of the amount of the expected credit loss and the amount initially recognised, less \u2013 when
appropriate \u2013 the cumulative amount of income recognised in the income statement.
Committed credit facilities
Commitments to provide credit consist of approved but undrawn loans, revolving and underwriting facilities. New loan
offers have a commitment period that does not extend beyond the normal underwriting and settlement period.
Guarantees and other commitments
ABN AMRO provides financial guarantees and letters of credit to guarantee the performance of its clients to third
parties. These transactions have fixed limits and generally extend for periods of up to 5 years. Expirations are not
concentrated in any particular period. ABN AMRO also provides guarantees by acting as a settlement agent
in\u00a0securities borrowing and lending transactions.
Many of the contingent liabilities and commitments are expected to expire without being paid out in whole or in part.
This means that the amounts stated do not represent expected future cash flows. Additionally, guarantees and letters
of credit are supported by varying levels of collateral. Furthermore, statements of liability within the meaning of article
403, Book 2 of the Dutch Civil Code have been issued for a number of ABN AMRO\u2019s affiliated companies (see also
the\u00a0chapter Other information).
The committed credit facilities, guarantees and other commitments are summarised in the following table.
The\u00a0amounts stated in the table for commitments assume that amounts are fully paid out. The amounts shown
in\u00a0the\u00a0table for guarantees and letters of credit represent the maximum amount ABN AMRO is exposed to if
the\u00a0contract parties completely fail to perform as contracted.
31\u00a0 December 2025
(in millions)
Less than
one year
Between one
and three years
Between three
and five years
After
five years
Total
Committed credit facilities
29,714
7,842
13,832
3,852
55,240
Guarantees and other commitments
Guarantees granted
187
248
223
45
703
Irrevocable letters of credit
2,632
689
370
104
3,796
Recourse risks arising from discounted bills
1,085
815
198
12
2,110
Total guarantees and other commitments
3,904
1,752
791
161
6,609
Total
33,618
9,594
14,623
4,014
61,849
31 December 2024
(in millions)
Less than
one year
Between one
and three years
Between three
and five years
After
five years
Total
Committed credit facilities
27,869
8,408
12,411
3,928
52,617
Guarantees and other commitments
Guarantees granted
225
267
84
203
779
Irrevocable letters of credit
2,507
1,004
183
226
3,920
Recourse risks arising from discounted bills
1,421
290
209
19
1,939
Total guarantees and other commitments
4,154
1,561
476
448
6,638
Total
32,023
9,969
12,887
4,376
59,255
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-3": { "value": "
Credit risk management approach\u2002
Audited
Credit risk constitutes a key risk in our business model.
ABN AMRO employs two different approaches to
manage credit risk, which reflect the bank\u2019s way of
doing business. Standardised products and processes
are managed on a pooled basis (programme lending),
to which uniform risk criteria are applied. For
customised lending to counterparties (non-programme
lending), risks are assessed on an individual basis.
Credit risk management process\u2002
Audited
The following figure presents a simplified overview of
the credit risk management process.
Planning
Credit acceptance
Loan approval and
disbursement
Credit risk monitoring
Business and risk
control\u00a0functions
jointly\u00a0responsible
Restructuring
and recovery
High-risk monitoring
Non-programme
lending
Customised loans,
mostly Wealth
Management,
Corporate Banking
and Business
Banking
(within\u00a0P&BB)
Risk assessment
by client unit
Regular monitoring1
Restructuring
Continual update
of\u00a0risk\u00a0governance,
management and
policies
Processes reflect
guidelines for credit
risk\u00a0management
For programme lending,
product-specific
standards are established
ESG risk assessment for
larger OOEs and/or
periodically\u00a0at
portfolio\u00a0level
Analysis and credit
decision by credit
risk function
Increased risk
Recovery
Intensive monitoring
(\u2018Watch\u2019) 2
Loan disbursement
Programme
lending
Standardised
loans,\u00a0mostly
Personal Banking
(within P&BB)
Credit decision
based\u00a0on credit
score\u00a0and policy
rules
Account maintenance
Restructuring
Loan disbursement
Default prevention
Recovery
1 Daily monitoring or annual or semi-annual credit review.
2 \u2018Watch\u2019: status assigned to counterparties with an increased risk.
For more insight on our credit portfolio,
please refer to the Credit risk review section.
Planning
Within programme lending, the credit cycle starts with
the product planning phase, during which the product is
designed and/or reviewed. The goal is to optimise the
key drivers of risk and return within the context of
ABN\u00a0AMRO\u2019s strategy, risk appetite, clients\u2019 best
interests and sustainability. For non-programme
lending, the lending product is customised and not
subject to a product planning phase.
Credit acceptance
For a credit approval decision within programme
lending, client-specific risk drivers and external data are
taken into consideration to calculate a credit score
(scorecard). The credit decision is based on the
outcome of the scorecard in combination with the
application of policy rules.
Within non-programme lending, the credit acceptance
phase starts with the creation of a credit proposal by the
relevant client unit. The qualitative and quantitative
details of the credit risk associated with the loan are
assessed and documented. Information must be
provided on matters such as the purpose of the loan,
details and structure of the credit facility, the borrower
and other involved parties, the sector and geography,
management and owners, and potential ESG risks,
along with a detailed financial analysis. In addition,
compliance with internal policies is checked. The credit
proposal first requires approval from the client unit,
after which an analysis is performed by Risk
Management. The final credit decision is based on the
independent assessment by the credit risk function.
Credit risk assessment regarding ESG risks
As part of the credit risk acceptance process for
corporate clients, ESG risks are assessed and evaluated
based on the client\u2019s sector, size and the level of
preparedness for transitioning towards an ESG-aligned
business model. This involves different stages of the
credit lifecycle, including client onboarding, credit
acceptance and the periodical credit review. Various
tools are in place in order to assess these risks at client
level: the Client Assessment on Sustainability (CASY)
tool, the Transition Readiness Assessment (TRA) and the
Risk Classification Tool (RCT). The CASY and RCT
assessments are also subject to review by the credit risk
function. For more information on these tools, please
refer to Risk management of ESG matters - Risk
assessment and measurement.
Credit risk monitoring
Consistent and regular monitoring of counterparties,
exposures, risk mitigants and ongoing compliance with
internal policies helps to safeguard the bank\u2019s position
in relation to all risks associated with the counterparties
and portfolios. Monitoring starts when the credit facility
is granted and continues throughout the lifecycle of the
credit facility and the relationship with the counterparty,
until the exposure has been fully repaid and/or the limit
has been cancelled.
Depending on whether a facility comes under
programme or non-programme lending, a time-based
or event-based review applies. For programme lending
portfolios, the entire risk management framework is
defined in a product programme, which must be
reviewed at least annually. Individual credit reviews are
performed on the basis of pre-defined triggers for risk-
based credit reviews. For non-programme lending, all
counterparties are subject to at least an annual review.
The review takes into consideration potential changes in
the risk profile of the counterparty that can impact
creditworthiness, compared with the assessment at the
point of loan origination.
If a situation arises in which an individual counterparty
shows signs of credit risk deterioration and action is
required to avoid the credit risk turning into a default
classification, a \u2018watch\u2019 status is assigned. This status
indicates that a counterparty is subject to increased
monitoring and appropriate follow-up measures, in
order to prevent further deterioration or a default.
Triggers for this status can be changes in the financial
position of the client, potential or actual breaches of
covenants, management issues, or the market or sector
outlook.
In addition to monitoring at counterparty level, the bank
monitors credit risk developments at aggregated level,
including at portfolio, client unit and bank-wide level.
Restructuring and recovery
Non-programme lending counterparties that are subject
to a default event are mandatorily transferred to the
Financial Restructuring & Recovery department (FR&R).
If a \u2018going concern\u2019 approach is applicable and return to
a performing status is considered likely, the
counterparty is transferred to the Restructuring team,
which will devise a plan aimed either at rehabilitation or
enhancement of the likelihood of full repayment. If a
\u2018gone concern\u2019 approach is applicable and the bank
does not expect that the restructuring will result in the
counterparty returning to a performing classification,
the counterparty is transferred to the Recovery team.
Once a client is considered able to meet its future
payment obligations and the involvement of FR&R is no
longer required, the client is transferred back to the
client unit.
Programme lending facilities are transferred to the Late
Collections department if a default status is assigned
because payments have been past due for more than
90 days or because another default trigger applies. If
restructuring is ultimately ineffective, the facility is
transferred to other internal departments or external
parties (such as Flanderijn) for debt collection
Credit concentration risk\u2002
Audited
Credit concentration risk is the risk of losses arising from
large exposures to a single counterparty or group of
counterparties that are highly positively correlated.
Limiting excessive concentrations is fundamental to
our\u00a0credit risk strategy, and therefore we aim to keep
the credit risk portfolio sufficiently diversified. To avoid
credit risk concentrations, the bank sets maximum
levels for subgroups in the following categories:
\u2022 single counterparty and groups of related
counterparties (counterparty concentration)
\u2022 countries (geographic concentration)
\u2022 economic sectors (sector concentration)
\u2022 products (product concentration)
\u2022 ESG risk (physical and/or transition risk concentration)
Counterparty concentration
Counterparty concentration risk is the risk of losses
arising from large exposures to one counterparty or
group of counterparties in a risk group. A risk group is
an interrelated group of counterparties with a high
degree of interdependency due to a control
relationship. This control relationship may be due to
direct or indirect majority interests being held by the
same shareholder or group of shareholders.
Counterparty credit concentration risk is measured by
three metrics: one obligor exposure (OOE), economic
capital (EC) and loss at default (LAD). The OOE is the
total exposure to a risk group and includes all drawn
and undrawn credit facilities granted, plus all indirect
exposures, including guarantees and any other recourse
claims. EC is the internal measure of required capital we
reserve to protect against large unexpected losses,
while the loss at default is the expected loss in the
event that the counterparty defaults. The bank limits
counterparty credit risk by setting OOE, EC and LAD
limits. All credit applications with an OOE/EC/LAD
above the applicable limit are reviewed and require
approval from the Executive Board.
Geographic concentration
Geographic concentration risk is the risk of credit losses
arising from events or circumstances specifically related
to a country or region. ABN AMRO has branches and
subsidiaries located outside the Netherlands, as well as
clients who operate internationally.
Management of country risk focuses on cross-border
risk, which includes the risk that funds, goods or
services cannot be transferred out of a country as
a\u00a0result of actions by local authorities in that country
or\u00a0other events. These risks are managed by setting
country credit limits, based on individual country
analyses by economic, compliance and country risk
experts.
Country limits are reviewed at least once a year. Each
country also has an annually reviewed internal credit
rating, which is an important factor in managing country
concentration risks. As the Netherlands is our home
country, it is not included in any concentration risk
appetite statement or credit limit. Given that our
strategic focus is on Northwest Europe, our country risk
exposure has declined significantly in recent years.
Sector concentration
Sector concentration risk is the risk of losses arising
from large credit exposures to counterparties active in a
single economic sector. Sector concentration risk arises
when deterioration in a specific sector has an effect on
all credit exposures related to that sector. ABN AMRO
manages sector concentration risk by setting limits on
economic capital (EC) for credit risk in each sector as a
percentage of total EC for credit risk. Adhering to these
limits ensures a sufficiently diversified portfolio.
Product concentration
Product concentration risk is the risk of losses arising
from large credit exposures in a specific asset or
product class. This asset or product class concentration
can occur, for example, in residential mortgages,
commercial real estate and leveraged transaction loans.
Limits are defined for each product type in our risk
appetite.
ESG risk concentration
A concentration of clients that are exposed to high
climate transition or physical climate risks can also pose
a risk for the bank. The bank therefore monitors the
concentration of corporate exposures in sectors with
higher climate transition risk. In particular, we limit the
concentration of corporate loans in sectors contributing
highly to climate change and also carbon-related
corporate loans in such sectors. For managing climate
risk in the residential mortgages book, the bank
monitors the percentage of properties that have
relatively high climate transition risks and are located in
an area sensitive to physical climate risk.
Please refer to Effect of climate risk on traditional risk
types for a description of the effect of ESG risks on
credit risk and how these risks are managed.
Credit risk quality and impairment\u2002
Audited
We continuously monitor the credit portfolio for signs
indicating that a counterparty may become credit
impaired in the future. Loans at risk are classified into
different risk categories for individual counterparties
and into days-in-arrears buckets for groups of
aggregated counterparties in order to optimise the
monitoring and review of these loans.
Risk stages
At each reporting date, financial instruments in scope of
IFRS 9 are classified into one of three risk stages,
depending on current credit quality, or as purchased or
originated credit impaired (POCI).
The following flow chart shows the risk stage allocation
of financial instruments.
Asset in scope?
YES
Purchased or originated credit impaired (POCI)?
NO
YES
Default trigger hit?
NO
YES
Lifetime PD significantly deteriorated?
NO
YES
Watch list
Forbearance (but not impaired)
NO
YES
Days past due
0-30
>30
Stage 1
Stage 2
Stage 3
Stage POCI
Change in credit quality
The following figure shows the change in credit quality
of financial instruments since initial recognition. We use
quantitative and qualitative stage triggers to determine
whether a financial instrument should be classified as
stage 1 or stage 2. A transfer to stage 3 will always be
the result of the default of a financial instrument.
Change in credit quality since initial recognition
Stage 1
Stage 2
Stage 3
Performing
(Initial recognition)
Credit quality deteriorated
(Assets with significant increase in
credit risk since initial recognition)
Default = Impaired
(Credit impaired assets)
Recognition of ECL
12 month ECL
Lifetime ECL
Lifetime ECL
Interest income
Effective interest on
gross carrying amount
Effective interest on
gross carrying amount
Effective interest on amortised
cost (gross carrying amount less
loss allowance)
Calculation method for expected credit losses
ABN AMRO recognises loss allowances based on the
Expected Credit Loss (ECL) model of IFRS 9, which is
designed to be forward-looking. The amount of ECL is
based on the probability-weighted present value of all
expected cash shortfalls over the remaining life of the
financial instrument for both on- and off-balance sheet
exposures. ABN AMRO distinguishes between two types
of calculation methods for credit loss allowances:
\u2022 Individual lifetime ECL (LECL) for credit impaired
(stage 3) financial instruments with exposures above
EUR 5 million;
\u2022 Collective 12-month ECL (stage 1) and LECL (stage 2
and 3) for financial instruments that have similar
credit risk characteristics (e.g. residential mortgages,
consumer loans and SME loans); these are clustered
in portfolios and collectively assessed for impairment
losses. This applies to all financial instruments in
stage\u00a01 and stage 2 and to stage 3 exposures below
EUR\u00a05\u00a0million. ABN AMRO has models to quantify the
Probability of Loss (PL), Loss Given Loss (LGL) and
Exposure at Loss (EAL) for the purpose of calculating
the collective 12-month ECL and LECL for these
financial instruments.
Range of lifetime PD deterioration thresholds
The key quantitative metric that determines when a
financial instrument is transferred from stage 1 to
stage\u00a02 is the deterioration in the lifetime probability of
default (LPD) from the date of origination to the
reporting date, based on internal data. If the LPD
deterioration of an exposure is above a predefined
threshold, the LPD is considered to be significantly
deteriorated.
The following table shows LPD deterioration thresholds
that triggered transfers to stage 2 as at
31\u00a0December\u00a02025. The table provides ranges because
each product class uses multiple ECL models, and
thresholds are determined for each ECL model.
Product class
Range
Consumer lending
1.8x-4.0x
Residential mortgages
1.5x-2.1x
Corporate loans
1.3x-4.8x
Management overlays and other adjustments
Where necessary to reflect credit risk dynamics not
captured by our models, management judgement is
applied via a management overlay or other IFRS 9
adjustment. A management overlay is a temporary
adjustment in a loss allowance until a long-term
solution (e.g. model adjustment) is effective, and must
be an amount commensurate with the model limitation.
All overlays require a decision by the Impairment and
Provision Committee (IPC). The main types of
management overlays that ABN AMRO distinguishes
are: post-model adjustments (adjustments to model
outcomes), adjustments in the weightings of
macroeconomic scenarios and stage overrides. Other
adjustments, such as adjustments to model parameters
or input data, are not considered management overlays,
but follow the same internal approval process.
Forbearance
Forbearance is the process of making concessions to
clients who are or will soon be experiencing financial
difficulty, with the intention of bringing them back
within their payment capacity. A forborne asset is any
contract that has been entered into with a counterparty
that is in or about to face financial difficulty, and that
has been refinanced or modified on terms and
conditions that we would not have accepted if the
counterparty had been financially healthy.
Forbearance measures can be applied to contracts on
which the counterparty has already defaulted, as well
as\u00a0to contracts that are still performing. If the contract
is\u00a0considered to be performing at the time the
forbearance measure is taken, an assessment is made
to\u00a0determine whether the counterparty will be able to
meet the revised conditions of the contract and whether
full repayment of the credit facility is expected.
A forborne contract will cease to qualify as forborne
only when all the following conditions are met:
\u2022 The contract is considered performing;
\u2022 A minimum probation period of at least two years has
passed since the date of the last forbearance measure
or, if later, the date on which the forborne contract
was considered performing;
\u2022 Regular and timely payments of more than an
insignificant amount of principal or interest have been
made during at least half of the probation period;
\u2022 The counterparty does not have any contract, within
the credit agreement, that is more than 30 days past
due at the end of the probation period.
If the forborne contract is or has become non-
performing at the time of the forbearance measure,
a\u00a0mandatory cure period of at least one year applies to
the contract before it is returned to performing status.
The cure period starts when the contract becomes
non-performing or, if the contract was already
non-performing, when the last forbearance measure
was taken.
Forbearance lifecycle\u2002
Audited
Non-forborne
Forborne
Non-forborne
Defaulted forbearance clients
remain defaulted for at least a year
Performing
Cure
\u2265 1 year
Probation period
\u2265 2 year
Ceases to be
forborne
Forbearance measure
End of cure period
End of forbearance period
Performing
Non-performing
Performing
Past due credit exposures
A financial asset is past due if a counterparty fails to
make a payment on the contractual due date or if the
counterparty has exceeded an agreed credit limit.
ABN\u00a0AMRO starts counting days past due on the first
day that a counterparty is past due on any financial
obligation.
Credit impaired exposures
Financial assets classified under stage 3 are considered
credit impaired in accordance with IFRS 9. A\u00a0transfer to
stage 3 will always be the result of the default of a
financial instrument. The definition of default for IFRS 9
is aligned with the regulatory capital definition.
A\u00a0default is deemed to have occurred when the
counterparty is past due by more than 90 days on any
material financial credit obligation to the bank, or when
the bank considers the borrower to be unlikely to meet
its contractual obligations (unlikely to pay).
Credit risk measurement
Audited
The models used for measuring and managing credit
risk vary from purely statistical to expert-based models
and employ both quantitative and qualitative risk
drivers. All models are subject to the bank\u2019s model risk
management framework. They undergo initial validation
by the independent model validation function before
their first use, and are then monitored and validated
annually. Independent validation is also required when
a model is changed.
Probability of default
The probability of default (PD) indicates the likelihood
that a counterparty or exposure defaults within a one-
year time horizon. For the non-programme lending
portfolio, the model score is mapped to and expressed
as an internal uniform counterparty rating (UCR). The
UCR rating scale consists of 14 performing ratings, each
representing a fixed PD range. The indicative mapping
of the internal UCR rating scale to external rating
agency ratings is shown in the following table.
Internal rating scale mapped to external ratings
Grade Category
UCR
(internal rating)
Low
PD%
Mid
PD%
High
PD%
Standard & Poor's
equivalent
Moody's
equivalent
Fitch
equivalent
Investment grade
UCR 1
0.000
0.03
0.035
AAA to A+
Aaa to Aa3
AAA to AA-
UCR 2+
0.035
0.04
0.045
A+
A1
A+
UCR 2
0.045
0.05
0.071
A
A2
A+ to A
UCR 2-
0.071
0.10
0.127
A-
A3
A-
UCR 3+
0.127
0.16
0.200
BBB+
Baa1
BBB+
UCR 3
0.200
0.25
0.300
BBB
Baa2
BBB
UCR 3-
0.300
0.36
0.465
BBB-
Baa3
BBB-
Sub-investment grade
UCR 4+
0.465
0.60
0.775
BB+
Ba1
BB+
UCR 4
0.775
1.00
1.285
BB
Ba3
BB
UCR 4-
1.285
1.65
2.225
BB-
B1
B+
UCR 5+
2.225
3.00
4.243
B
B2
B
UCR 5
4.243
6.00
8.485
B-
Caa
B-
UCR 5-
8.485
12.00
16.971
CCC/C
Ca/C
CCC/C
UCR 6+
16.971
24.00
100
CCC/C
Ca/C
CCC/C
Default
UCR 6-8
100
D
C-D
D
Loss given default
Loss given default (LGD) models estimate the amount
the bank would lose if the counterparty were to default.
LGD is expressed as a percentage of the outstanding
amount at default. For credit facilities that are not in
default, LGD estimates are influenced by the risk
mitigating techniques used by the bank (such as
collateral coverage and/or third-party protection), the
credit facility\u2019s seniority and structure, and the bank\u2019s
view on the creditor-friendliness of the relevant
country's legal framework.
Exposure at default
Exposure at default (EAD) models estimate the
expected exposure at the time a counterparty defaults.
If all or part of a facility is undrawn (i.e. the outstanding
amount is less than the approved limit) at the time of
the EAD calculation, a portion of the undrawn amount is
added to the exposure to reflect the tendency of
counterparties to utilise larger portions of their
approved credit facilities when nearing default. The
portion of the undrawn amount is determined by using
the applicable credit conversion factor (CCF). Under the
Basel IV standards/CRR III requirements, own estimates
of CCF are only allowed for undrawn revolving
commitments; for all other types of credit facilities,
regulatory prescribed CCF values are used.
Rating assignment
For non-programme lending, the ratings are individually
assigned to each obligor (PD) and facility (LGD) by the
business account manager (first line of defence) and
approved by Credit Risk (second line of defence). For
programme lending exposures, ratings are not assigned
individually, but assigned to pools with similar
characteristics on a monthly basis. For all exposures, the
EAD estimation is assigned automatically, based on the
facility type and the undrawn part of the facility.
Capital for credit risk
Regulatory capital
For the purpose of determining capital requirements for
credit risk, ABN AMRO applies the Advanced Internal
Ratings Based (A-IRB) approach to the mortgages
portfolio of ABN AMRO Hypotheken Groep B.V. Under
this approach, the previously described internal
estimates for PD, LGD and EAD are used to calculate
credit risk RWA. Additionally, ABN AMRO applies the
Foundation Internal Ratings Based (F-IRB) approach to
its exposures towards banks and financial companies.
Under this approach, internal estimates are used for the
PD parameter only, while for LGD and EAD the
regulatory prescribed values are used to calculate credit
risk RWA. According to the Basel IV/CRR III
requirements, under both A-IRB and F-IRB approaches,
estimated risk parameters are floored to the regulatory
prescribed levels. For the other portfolios, the
standardised approach (SA) is applied, meaning that
regulatory prescribed risk weights are used to
determine credit risk RWA. The PD, LGD and EAD
models are still used for the SA portfolios for internal
purposes, such as origination, pricing, monitoring and
reporting, internal capital calculation and the
calculation of credit risk adjustments.
Economic capital
The EC model for credit risk uses a Monte Carlo
simulation to determine a full portfolio loss distribution,
taking into account specific portfolio characteristics and
diversification effects. Loan facilities are valued on an
economic value (mark-to-market) basis to ensure that
loss estimates can be based not only on defaulting
borrowers, but also on possible credit migrations and
changes associated with the market values of loans.
Credit risk overview\u2002
Audited
(in millions)
31 December 2025
31 December 2024
Cash and balances at central banks
49,486
44,464
Financial assets held for trading
2,044
2,503
Derivatives
3,933
4,347
Financial investments\u00b9
50,231
47,173
Securities financing
40,173
26,989
Loans and advances banks
2,170
2,049
Loans and advances customers
255,760
248,782
Other assets
4,993
5,518
Less: Other\u00b9
564
342
Other assets
4,429
5,176
On-balance sheet maximum exposure to credit risk
408,228
381,484
Off-balance sheet
Committed credit facilities
55,240
52,617
Guarantees and other commitments
6,609
6,638
Revocable credit facilities
36,983
38,093
Off-balance sheet credit facilities and guarantees
98,832
97,348
Maximum exposure to credit risk\u00b2
507,059
478,831
Adjustments on assets 2, 3
4,242
1,996
Valuation adjustments 4
-4,194
5,664
Offsetting and netting
-45,368
-33,229
Off-balance sheet credit facilities and guarantees
-98,832
-97,348
Off-balance sheet exposure fraction expected to be drawn prior to
default (credit conversion factors)
33,223
34,091
Total Exposure at Default 5
396,130
390,006
Credit risk RWA / Total Exposure at Default 5
29.3%
31.5%
1. This contains non-credit obligation assets and assets on accounts which are out of scope for credit risk.
2. Adjustment on assets includes equity positions.
3. Main adjustments on assets relate to selected financial assets held for trading and fair value adjustments from hedge accounting.
4. Adjustments on valuation include loan impairment allowances.
5. As of 1 January 2025, the figures in the table are prepared in accordance with CRR III (Basel IV) regulations. The figures up to 31 December 2024 were prepared in
accordance with CRR II (Basel III) regulations.
The above table shows the maximum exposure to credit
risk and the reconciliation with the total exposure at
default. Exposure at default is predominantly used for
the determination of regulatory and economic capital.
Following the transition to Basel IV as from
1\u00a0January\u00a02025 and the migration of portfolios to the
Standardised Approach in Q3 2025, we reviewed
certain tables in the Credit risk review section and
Additional risk, funding & capital disclosures sections.
This has led to changes in the presentation of
\u2018Overall\u00a0credit risk EAD and RWA\u2019 and \u2018Geographic
concentration by EAD\u2019. Comparative figures for 2024
have been updated accordingly. In addition, we
removed \u2018Credit quality by exposure class\u2019 and \u2018IRB
approach: credit quality by exposure class\u2019, given their
limited remaining added value due to the migration of
certain portfolios to the Standardised Approach.
Overall credit risk EAD and RWA
x
Audited
31 December 2025
Original
EAD
Less: Netting/
EAD mitigation\u00b3
EAD
- of which
RWA
RWA/EAD
(in millions)
Derivatives
Securities
financing
transactions
Credit risk IRB
Institutions\u00b9
10,192
1,082
9,110
746
1,704
1,247
13.7%
Corporates
1,802
121
1,680
348
941
520
31.0%
Retail
169,226
32,019
137,207
15,166
11.1%
\u00a0 - of which secured by immovable property
169,194
32,015
137,178
15,158
11.0%
\u00a0 - of which qualifying revolving exposures
\u00a0 - of which other retail
33
4
29
8
27.3%
Subtotal
181,220
33,223
147,997
1,094
2,645
16,933
11.4%
Equities not held for trading
1,151
1,151
3,265
283.7%
Total credit risk IRB
182,371
33,223
149,148
1,094
2,645
20,198
13.5%
Credit risk SA
Central governments and central banks
86,422
-34,165
120,587
36
198
357
0.3%
Institutions\u00b9
30,286
17,564
12,722
3,855
2,973
1,915
15.1%
Corporates
100,417
43,948
56,469
3,181
1,165
49,510
87.7%
Retail
12,919
8,096
4,823
3,554
73.7%
Covered bonds
924
924
95
10.3%
Secured by mortgages on immovable property
44,139
6,870
37,268
25,436
68.3%
Exposures in default
4,609
2,072
2,537
34
3,145
124.0%
Collective investments undertakings (CIU)
347
100
248
550
222.1%
Other\u00b2
2,984
235
2,749
1,968
71.6%
Total credit risk SA
283,048
44,720
238,328
7,107
4,337
86,532
36.3%
Risk exposure amount for contributions to the
default fund of a CCP
2,068
2,068
797
38.6%
Securitisation positions
6,511
1,309
5,202
689
13.2%
Credit valuation adjustment
1,385
1,385
186
13.4%
Other risk exposure amounts
7,750
Total credit risk
475,383
79,252
396,130
8,201
6,982
\u2014
116,153
29.3%
1. Institutions include exposures to banks and investment undertakings, regional governments and local authorities, and pension funds.
2. Other includes claims on institutions and corporates with a short-term credit assessment under the Standardised Approach and subordinated debt exposures under the
Standardised Approach.
3. Consists mainly of netting, secured funding trades, guarantees, credit conversion factors and impairments under the Standardised Approach.
31 December 2024
Original
EAD
Less: Netting/
EAD mitigation\u00b3
EAD
- of which
RWA
RWA/EAD
(in millions)
Derivatives
Securities
financing
transactions
Credit risk IRB
Institutions\u00b9
10,820
1,187
9,633
810
2,055
1,624
16.9%
Corporates
128,991
29,003
99,988
1,964
1,556
58,499
58.5%
Retail
172,472
4,712
167,760
18,495
11.0%
\u00a0 - of which secured by immovable property
164,118
571
163,547
17,369
10.6%
\u00a0 - of which qualifying revolving exposures
5,354
3,746
1,608
153
9.5%
\u00a0 - of which other retail
3,000
396
2,604
973
37.4%
Subtotal
312,282
34,902
277,380
2,774
3,611
78,618
28.3%
Equities not held for trading
1,100
1,100
3,423
311.3%
Other\u00b2
2,123
2,123
1,568
73.9%
Total credit risk IRB
315,505
34,902
280,603
2,774
3,611
83,609
29.8%
Credit risk SA
Central governments and central banks
79,926
-1,833
81,759
37
136
675
0.8%
Institutions\u00b9
28,434
14,104
14,330
3,750
4,252
1,149
8.0%
Corporates
21,817
15,473
6,344
1,109
1,166
5,226
82.4%
Retail
5,472
2,302
3,170
2,377
75.0%
Secured by mortgages on immovable property
598
12
587
209
35.7%
Exposures in default
330
172
158
213
134.6%
Collective investments undertakings (CIU)
36
36
19
54.8%
Other\u00b2
152
152
110
72.7%
Total credit risk SA
136,763
30,229
106,534
4,896
5,554
9,978
9.4%
Risk exposure amount for contributions to the
default fund of a CCP
716
Securitisation positions
2,869
2,869
371
12.9%
Credit valuation adjustment
122
Other risk exposure amounts
27,982
Total credit risk
455,137
65,131
390,006
7,670
9,165
122,779
31.5%
1. Institutions include exposures to banks and investment undertakings, regional governments and local authorities, and pension funds.
2. Other includes claims on institutions and corporates with a short-term credit assessment under the Standardised Approach and subordinated debt exposures under the
Standardised Approach.
3. Consists mainly of netting, secured funding trades, guarantees, credit conversion factors and impairments under the Standardised Approach.
As of 1 January 2025, we report our risk exposures in
line with Capital Requirements Regulation (CRR) III.
Comparative figures for 31 December 2024 are
reported under CRR II.
EAD increased to EUR 396.1 billion
(31\u00a0December\u00a02024: EUR 390.0 billion), largely as a
result of the increase in loans and advances, which was
partly offset by a higher fair value adjustment from
hedge accounting on residential mortgages.
Total RWA decreased to EUR 135.4 billion
(31\u00a0December 2024: 140.9 billion), driven by a
significant decrease in credit risk RWA of
EUR\u00a06.6\u00a0billion. Credit risk RWA mainly decreased
due\u00a0to RWA optimisation initiatives, including
methodological enhancements and data quality
improvements, and the wind-down of the Asset\u00a0Based
Finance portfolios. Risk transfers also
contributed to the decrease. The decrease in credit risk
RWA was partly offset by the transition of certain
portfolios to the Standardised Approach and the
acquisition of HAL. Market risk RWA decreased by
EUR\u00a00.5 billion over the year due to position changes.
CVA risk RWA (counterparty credit risk) increased by
EUR\u00a00.1\u00a0billion over the year. Operational risk RWA
increased by EUR 1.7 billion compared with 2024. This
RWA increase can be attributed to the bank\u2019s income
growth in the past few years, which forms the basis for
the RWA calculation, and to the inclusion of HAL in
Q3\u00a02025. In keeping with the CRR III regulations
regarding the operational risk framework, the three\u2011year
period used for the calculations is based on full
calendar years, with updates occurring in the fourth
quarter. Accordingly, the Q4 2025 operational risk own
funds requirements are based on financial figures from
the period 2023-2025.
Credit quality by internal rating scale mapped
to stages\u2002
Audited
The following table presents the gross carrying amount
of loans and the contractual amount of undrawn loan
commitments, classified by internal rating and risk
stage. In order to classify a client as stage 2, several
qualitative triggers are needed, which are not
necessarily dependent on internal ratings. Reference is
made to the Credit risk management section for more
information on internal ratings and stage determination.
The largest part of ABN AMRO's portfolio continues to
be classified in the highest and medium internal ratings
of stage 1. Stage 2 clients are mostly classified in the
medium internal UCRs, and mostly comprise corporate
loans and mortgage loans. Compared with 2024, the
share of the portfolio with an investment grade (UCR 1
to UCR 3 bucket) increased slightly, mainly due to
relatively higher investment grades in corporate loans,
which are the result of overall improved client ratings,
and in consumer loans, largely due to the
reclassification of loan portfolios of our subsidiary Alfam
to assets held for sale. Approximately 1.5% of the
bank's portfolio is reported in UCR 6+. This decline
compared with 2024 is mainly attributable to an
internal focus on reducing overdue revisions. In cases
where revision of the UCR is overdue, clients are
classified as UCR 6+ until a new rating is available.
During that time, the mid-PD of UCR\u00a06+ is used for
capital calculation purposes.
31 December 2025
31 December 2024
(in millions)
PD scale
UCR range
Stage 1
Stage 2
Stage 3\u00b3
Total\u00b3
Stage 1
Stage 2
Stage 3\u00b3
Total\u00b3
Residential mortgages
\u00a0 0.000 - <\u00a0 \u00a0 0.035
1\u00a0
69
5
74
73
4
77
\u00a0 0.035 - <\u00a0 \u00a0 0.127
2\u00a0
52,712
719
53,431
51,759
788
52,547
\u00a0 0.127 - <\u00a0 \u00a0 0.465
3\u00a0
70,016
4,896
74,912
65,597
4,976
70,573
\u00a0 0.465 - <\u00a0 \u00a0 2.225
4\u00a0
22,681
5,079
27,761
20,300
5,299
25,599
\u00a0 2.225 - <\u00a0 16.971
5\u00a0
406
3,677
4,083
420
4,383
4,803
16.971 - < 100
6+
21
952
972
23
667
690
100
6-8
1,952
1,952
1,919
1,919
Total residential mortgages
145,906
15,327
1,952
163,185
138,172
16,118
1,919
156,209
Consumer loans
\u00a0 0.000 - <\u00a0 \u00a0 0.035
1\u00a0
645
18
662
748
24
772
\u00a0 0.035 - <\u00a0 \u00a0 0.127
2\u00a0
753
8
760
651
8
659
\u00a0 0.127 - <\u00a0 \u00a0 0.465
3\u00a0
2,297
92
2,389
2,033
75
2,108
\u00a0 0.465 - <\u00a0 \u00a0 2.225
4\u00a0
1,855
155
2,009
2,469
114
2,582
\u00a0 2.225 - <\u00a0 16.971
5\u00a0
77
74
151
451
174
625
16.971 - < 100
6+
47
17
64
431
90
521
100
6-8
152
152
222
222
No rating
76
2
78
83
2
85
Total consumer loans
5,749
364
152
6,266
6,866
487
222
7,575
Corporate loans
\u00a0 0.000 - <\u00a0 \u00a0 0.035
1\u00a0
4,906
89
4,995
4,736
107
4,842
\u00a0 0.035 - <\u00a0 \u00a0 0.127
2\u00a0
8,185
24
8,210
7,580
47
7,627
\u00a0 0.127 - <\u00a0 \u00a0 0.465
3\u00a0
19,678
378
20,056
18,738
779
19,517
\u00a0 0.465 - <\u00a0 \u00a0 2.225
4\u00a0
28,321
3,768
32,089
26,378
4,343
30,721
\u00a0 2.225 - <\u00a0 16.971
5\u00a0
2,356
1,966
4,323
1,885
2,502
4,387
16.971 - < 100
6+
2,562
873
3,435
3,948
614
4,562
100
6-8
3,309
3,309
3,110
3,110
No rating
10,048
53
10,101
8,962
98
9,060
Total corporate loans
76,056
7,151
3,309
86,516
72,227
8,490
3,110
83,827
Other loans
\u00a0 0.000 - <\u00a0 \u00a0 0.035
1\u00a0
5,893
5,893
10,332
37
10,369
\u00a0 0.035 - <\u00a0 \u00a0 0.127
2\u00a0
16,474
3
16,476
8,345
8,345
\u00a0 0.127 - <\u00a0 \u00a0 0.465
3\u00a0
3,080
1
3,081
5,394
5,394
\u00a0 0.465 - <\u00a0 \u00a0 2.225
4\u00a0
2,609
2,609
2,252
2,252
\u00a0 2.225 - <\u00a0 16.971
5\u00a0
82
82
16.971 - < 100
6+
7
2
9
423
1
424
100
6-8
4
4
6
6
No rating
20,174
38
20,212
8,654
4
8,658
Total other loans\u00b9
48,236
43
4
48,283
35,483
42
6
35,531
31 December 2025
31 December 2024
(in millions)
PD scale
UCR range
Stage 1
Stage 2
Stage 3\u00b3
Total\u00b3
Stage 1
Stage 2
Stage 3\u00b3
Total\u00b3
Loan commitments and financial
guarantee contracts
\u00a0 0.000 - <\u00a0 \u00a0 0.035
1\u00a0
7,096
5
7,101
4,737
4,737
\u00a0 0.035 - <\u00a0 \u00a0 0.127
2\u00a0
15,848
36
15,884
15,308
60
15,368
\u00a0 0.127 - <\u00a0 \u00a0 0.465
3\u00a0
16,964
373
17,337
16,096
773
16,869
\u00a0 0.465 - <\u00a0 \u00a0 2.225
4\u00a0
11,795
2,016
13,811
12,385
1,516
13,901
\u00a0 2.225 - <\u00a0 16.971
5\u00a0
1,222
737
1,959
1,269
801
2,071
16.971 - < 100
6+
690
142
832
1,282
140
1,422
100
6-8
610
610
627
627
No rating
511
6
517
336
4
340
Total loan commitments and financial
guarantee contracts\u00b2
54,127
3,316
610
58,052
51,414
3,293
627
55,334
Total
\u00a0 0.000 - <\u00a0 \u00a0 0.035
1\u00a0
18,609
117
18,725
20,625
172
20,797
\u00a0 0.035 - <\u00a0 \u00a0 0.127
2\u00a0
93,972
789
94,761
83,644
902
84,546
\u00a0 0.127 - <\u00a0 \u00a0 0.465
3\u00a0
112,035
5,740
117,775
107,858
6,603
114,461
\u00a0 0.465 - <\u00a0 \u00a0 2.225
4\u00a0
67,261
11,017
78,279
63,784
11,272
75,056
\u00a0 2.225 - <\u00a0 16.971
5\u00a0
4,062
6,454
10,516
4,107
7,861
11,968
16.971 - < 100
6+
3,327
1,986
5,313
6,108
1,511
7,619
100
6-8
6,026
6,026
5,885
5,885
No rating
30,809
99
30,908
18,035
108
18,143
Total
330,075
26,201
6,026
362,302
304,162
28,430
5,885
338,476
1. Including Banks, Securities Financing and Government and official institutions.
2. Excluding performance letters of credit.
3. Including POCI.
Credit risk concentration\u2002
Audited
Geographic concentration
The exposures in the following table have been
classified on the basis of the geographical regions in
which clients are domiciled. The bank actively manages
and monitors the development of its country risk
exposures, based on the country at risk. The country at
risk may be different from the country of domicile, for
example if the bank finances a project in a country other
than the borrower\u2019s country of incorporation.
Geographic concentration by EAD\u2002
Audited
31 December 2025
(in millions, Exposure at Default)
The
Netherlands
Rest of
Europe
USA
Asia
Rest of
the world
Total
Institutions\u00b9
903
7,067
619
84
436
9,110
Corporates
54
1,256
213
152
4
1,680
Retail
137,059
123
9
14
2
137,207
\u00a0 - of which secured by immovable property
137,031
122
9
14
2
137,178
\u00a0 - of which qualifying revolving exposures
\u00a0 - of which other retail
28
1
29
Total IRB\u00b2
138,016
8,446
842
250
442
147,997
Central governments and central banks
76,944
30,651
8,323
4,246
422
120,587
Institutions\u00b9
2,451
8,086
1,056
83
1,046
12,722
Corporates
21,633
28,592
1,309
767
4,169
56,469
Retail
4,568
246
1
6
3
4,823
Secured by mortgages on immovable property
31,729
5,516
11
10
1
37,268
Other
3,911
2,400
80
29
38
6,458
Total SA\u00b3
141,237
75,490
10,779
5,141
5,680
238,328
Total IRB and SA 2, 3
279,253
83,937
11,621
5,391
6,123
386,325
Percentage of total IRB and SA 2, 3
72.3%
21.7%
3.0%
1.4%
1.6%
100.0%
1. Institutions include exposures to banks and investment undertakings, regional governments and local authorities, and pension funds.
2. Total Exposure at Default does not include EAD calculated for equities not held for trading and other non-credit obligations.
3. Exposure at Default does not include EAD calculated for other non-credit obligations.
31 December 2024
The
Netherlands
Rest of
Europe
USA
Asia
Rest of
the world
Total
Institutions\u00b9
1,158
6,977
817
141
540
9,633
Corporates
56,516
36,792
1,359
489
4,832
99,988
Retail
167,270
341
53
66
29
167,760
\u00a0 - of which secured by immovable property
163,087
315
52
65
28
163,547
\u00a0 - of which qualifying revolving exposures
1,581
23
1
1
1
1,608
\u00a0 - of which other retail
2,601
3
2,604
Total IRB\u00b2
224,944
44,110
2,229
697
5,401
277,380
Central governments and central banks
47,653
22,035
7,895
4,071
105
81,759
Institutions\u00b9
3,095
7,080
1,892
583
1,680
14,330
Corporates
3,351
1,514
838
434
207
6,344
Retail
3,083
81
2
3
2
3,170
Other
709
66
5
780
Total SA\u00b3
57,890
30,777
10,626
5,091
1,999
106,383
Total IRB and SA 2, 3
282,834
74,887
12,855
5,787
7,400
383,763
Percentage of total IRB and SA 2, 3
73.7%
19.5%
3.3%
1.5%
1.9%
100.0%
1. Institutions include exposures to banks and investment undertakings, regional governments and local authorities, and pension funds.
2. Total Exposure at Default does not include EAD calculated for equities not held for trading and other non-credit obligations.
3. Exposure at Default does not include EAD calculated for other non-credit obligations.
Our exposure in the Netherlands decreased to 72.3% of
the bank\u2019s portfolio as at 31 December 2025
(31\u00a0December 2024: 73.7%). Our exposure to clients in
the rest of Europe increased from 19.5% to 21.7%.
These clients were primarily located in neighbouring
countries, such as Belgium, France and Germany, and
our exposure in Germany increased due to the
acquisition of HAL. Our exposure to countries outside
Europe decreased slightly. Exposures in Asia and to the
USA were mainly related to treasury and clearing
activities.
Industry concentration\u2002
Audited
31 December 2025
31 December 2024
(in millions)
Gross carrying
amount 4, 5
Percentage
of total
Gross carrying
amount 4, 5
Percentage
of total
Loans and advances banks
2,174
0.8%
2,053
0.8%
Agriculture, forestry and fishing
6,574
2.5%
6,659
2.6%
Mining and quarrying
1,499
0.6%
1,576
0.6%
Manufacturing
5,448
2.1%
6,565
2.6%
Electricity, gas, steam and air conditioning supply
2,661
1.0%
2,241
0.9%
Water supply; sewerage, waste management and remediation
activities
611
0.2%
664
0.3%
Construction
3,077
1.2%
2,952
1.2%
Wholesale and retail trade; repair of motor vehicles and
motorcycles
7,712
2.9%
7,975
3.1%
Transport and storage
7,908
3.0%
8,749
3.4%
Real estate activities
13,189
5.0%
11,052
4.3%
Accommodation and food service activities
1,909
0.7%
1,733
0.7%
Information and communication
5,532
2.1%
4,851
1.9%
Financial and insurance activities\u00b9
19,166
7.3%
17,890
7.0%
Professional, scientific & technical activities
2,464
0.9%
2,024
0.8%
Administrative & support service activities
5,074
1.9%
5,358
2.1%
Human health services & social work activities
2,636
1.0%
2,630
1.0%
Other sectors\u00b2
1,057
0.4%
909
0.4%
Total corporate loans
86,516
32.8%
83,827
32.7%
Private individuals (residential mortgages and consumer loans)
169,450
64.2%
163,783
63.9%
Other loans\u00b3
5,936
2.2%
6,489
2.5%
Total non-industry classification
175,386
66.4%
170,273
66.5%
Total loans and advances customers
261,902
99.2%
254,100
99.2%
Total loans and advances
264,077
100%
256,153
100%
1. Financial and insurance activities include asset managers, credit card companies and providers of personal financial services and securities and brokers. The direct exposure to
private credit funds is limited to approximately EUR 0.2 billion as at 31 December 2025.
2. Other include loans to Public administration & defence, compulsory social security, Education, Arts, entertainment & recreation, Activities of households as employers,
Activities of extraterritorial organisations & bodies and Other services.
3. Other loans include loans to Government and official institutions and default fund contributions for our clearing clients.
4. Excluding loans at fair value through P&L.
5. Excluding fair value adjustments from hedge accounting.
Compared with 2024, the total corporate loan portfolio
grew by EUR 2.7 billion. As a result, the share of
corporate loans in total loans and advances to
customers increased marginally to 32.8% (2024:
32.7%). Portfolio composition by industry remained
stable. The top five industries in terms of exposures
were in the financial sector, followed by real estate,
transport and storage, wholesale and retail trade and
agriculture, which was the same as in 2024.
The table shows the industry in which the original
obligor, i.e. the counterparty with which ABN AMRO has
the contractual relationship, has its main activity. In the
exposure table, non-material industry clusters are
aggregated under Other. Industry concentration limits
are established within the bank\u2019s risk appetite, with the
thresholds for concentrations being based on relative
risk, the importance of the industry to the Dutch
economy and expert opinion.
Management of forborne, past due and
credit impaired loans\u2002
Audited
Credit risk reporting scope
Although all financial assets on our balance sheet are
subject to some form of credit risk, by far the largest
part is in loans and advances. To provide a meaningful
view of the credit risk in our lending book, the figures
presented in this section therefore relate to loans and
advances. Any credit risk outside the reported scope are
mentioned in the notes below the table. All figures are
reported gross of loan impairment allowances and
exclude fair value adjustments. The following table
provides a comparison between the gross carrying
amounts presented in this section and the consolidated
balance sheet.
Total loans and advances customers\u2002
Audited
31 December 2025
31 December 2024
(in millions)
Gross
carrying
amount\u00b3
Fair value
adjustment
from
hedge
accounting
Less: loan
impairment
allowance
Less:
amortisation
and
depreciation
Carrying
amount
Gross
carrying
amount\u00b3
Fair value
adjustment
from
hedge
accounting
Less: loan
impairment
allowance
Less:
amortisation
and
depreciation
Carrying
amount
Loans and advances
banks
2,174
4
2,170
2,053
4
2,049
Residential mortgages
163,185
-5,477
120
157,588
156,209
-4,686
133
151,390
Consumer loans\u00b9
6,266
74
6,192
7,575
130
7,445
Corporate loans\u00b9
86,516
42
1,026
85,532
83,827
102
1,100
82,829
Other loans and
advances customers\u00b9
5,936
1
1
5,935
6,489
2
6,487
Total loans and
advances customers\u00b9
261,902
-5,434
1,222
255,247
254,100
-4,584
1,364
248,152
Total loans and
advances\u00b9
264,077
-5,434
1,226
257,417
256,153
-4,584
1,368
250,201
Other
159,605
-1,588
124
2,100
155,793
138,184
-981
133
2,224
134,845
Total assets
423,681
-7,021
1,350
2,100
413,210
394,336
-5,565
1,501
2,224
385,047
Loans and advances
customers\u00b9
261,902
-5,434
1,222
255,247
254,100
-4,584
1,364
248,152
Consumer loans at fair
value through P&L\u00b2
486
486
600
600
Corporate loans at fair
value through P&L
28
28
30
30
Total loans and
advances customers
262,416
-5,434
1,222
255,760
254,730
-4,584
1,364
248,782
1. Excluding loans at fair value through P&L.
2. As a result of the implementation of IFRS 17 Insurance contracts, residential mortgages with an insurance feature and consumer loans with a death waiver have to be
recorded at fair value through profit and loss.
3. Excluding fair value adjustments from hedge accounting.
Fair value adjustments from hedge accounting for
residential mortgages and corporate loans resulted
from entering into interest rate swaps to hedge
fixed\u2011rate assets against changes in market interest
rates. The fair value adjustment for mortgages
increased as a result of higher market interest rates.
Forborne exposures
Clients in (or potentially in) financial difficulty and
whose contracts have been amended in ways that are
regarded as concessions on the part of the bank are
accounted for as forborne assets. The following table
provides an overview of forborne assets, broken down
into performing and non-performing assets, and
classified by the type of forbearance measure.
Overview of forborne assets\u2002
Audited
31 December 2025
Gross
carrying
amount\u00b2
Performing assets
Total per-
forming
forborne
assets
Non-performing assets
Total
non-per-
forming
forborne
assets
Total
forborne
assets
For-
bear-
ance
ratio
(in millions)
Tem-
porary
modifi-
cation
Perma-
nent
modifi-
cation
Refi-
nancing
Tem-
porary
modifi-
cation
Perma-
nent
modifi-
cation
Refi-
nancing
Loans and advances banks
2,174
0.0%
Residential mortgages
163,185
459
12
471
500
6
1
507
979
0.6%
Consumer loans\u00b9
6,266
7
24
5
37
20
7
15
42
78
1.2%
Corporate loans\u00b9
86,516
664
1,247
190
2,101
122
1,372
108
1,602
3,703
4.3%
Other loans and advances
customers\u00b9
5,936
2
2
2
0.0%
Total loans and advances
customers\u00b9
261,902
1,130
1,283
197
2,611
641
1,385
124
2,150
4,762
1.8%
Total loans and advances\u00b9
264,077
1,130
1,283
197
2,611
641
1,385
124
2,150
4,762
1.8%
Loans at FV through P&L
514
1
1
2
0.3%
Total loans and advances
264,590
1,132
1,283
197
2,612
642
1,385
124
2,151
4,763
1.8%
1. Excluding loans at fair value through P&L.
2. Excluding fair value adjustments from hedge accounting.
31 December 2024
Gross
carrying
amount\u00b2
Performing assets
Total per-
forming
forborne
assets
Non-performing assets
Total
non-per-
forming
forborne
assets
Total
forborne
assets
For-
bear-
ance
ratio
(in millions)
Tem-
porary
modifi-
cation
Perma-
nent
modifi-
cation
Refi-
nancing
Tem-
porary
modifi-
cation
Perma-
nent
modifi-
cation
Refi-
nancing
Loans and advances banks
2,053
0.0%
Residential mortgages
156,209
513
10
523
508
14
521
1,045
0.7%
Consumer loans\u00b9
7,575
20
45
3
68
9
25
12
46
114
1.5%
Corporate loans\u00b9
83,827
660
1,336
210
2,207
175
1,387
163
1,725
3,932
4.7%
Other loans and advances
customers\u00b9
6,489
1
1
1
0.0%
Total loans and advances
customers\u00b9
254,100
1,193
1,391
214
2,798
692
1,426
177
2,294
5,092
2.0%
Total loans and advances\u00b9
256,153
1,193
1,391
214
2,798
692
1,426
177
2,294
5,092
2.0%
Loans at FV through P&L
630
1
2
6
1
6
8
1.3%
Total loans and advances
256,783
1,194
1,392
214
2,799
698
1,426
177
2,301
5,100
2.0%
1. Excluding loans at fair value through P&L.
2. Excluding fair value adjustments from hedge accounting.
The forbearance ratio improved to 1.8%
(31\u00a0December\u00a02024: 2.0%). The forborne exposure
decreased to EUR\u00a04.8\u00a0billion (Q4 2024: EUR 5.1 billion),
mainly because permanent forbearance measures
relating to some corporate loans ended. Approximately
37% of the forborne exposure is now subject to a
temporary measure.
Past due not classified as stage 3\u2002
Audited
31 December 2025
Days past due
(in millions)
Gross
carrying
amount\u00b2
Assets not
classified as
stage 3 or POCI
\u2264\u00a030 days
>\u00a030 days &
\u2264 90 days
> 90 days\u00b3
Total past due,
but not stage 3
or POCI
Past due
ratio
Loans and advances\u00a0banks
2,174
2,174
0.0%
Residential mortgages
163,185
161,233
833
57
45
935
0.6%
Consumer\u00a0loans\u00b9
6,266
6,114
368
14
4
386
6.2%
Corporate loans\u00b9
86,516
83,207
581
47
5
633
0.7%
Other loans and advances customers\u00b9
5,936
5,932
0.0%
Total\u00a0loans and advances customers\u00b9
261,902
256,486
1,782
117
54
1,953
0.7%
Total\u00a0loans and advances\u00b9
264,077
258,660
1,782
117
54
1,953
0.7%
1. Excluding loans at fair value through P&L.
2. Excluding fair value adjustments from hedge accounting.
3. Materiality thresholds are applied for counterparties transferring to stage 3. Below these thresholds, amounts are reported on > 90 days past due.
31 December 2024
Days past due
(in millions)
Gross
carrying
amount\u00b2
Assets not
classified as
stage 3 or POCI
\u2264\u00a030 days
>\u00a030 days &
\u2264 90 days
> 90 days\u00b3
Total past due,
but not stage 3
or POCI
Past due
ratio
Loans and advances\u00a0banks
2,053
2,053
0.0%
Residential mortgages
156,209
154,290
1,195
26
3
1,224
0.8%
Consumer\u00a0loans\u00b9
7,575
7,353
356
16
20
392
5.2%
Corporate loans\u00b9
83,827
80,717
570
200
2
772
0.9%
Other loans and advances customers\u00b9
6,489
6,483
0.0%
Total\u00a0loans and advances customers\u00b9
254,100
248,842
2,122
242
25
2,389
0.9%
Total\u00a0loans and advances\u00b9
256,153
250,895
2,122
242
25
2,389
0.9%
1. Excluding loans at fair value through P&L.
2. Excluding fair value adjustments from hedge accounting.
3. Materiality thresholds are applied for counterparties transferring to stage 3. Below these thresholds, amounts are reported on > 90 days past due.
Past due exposures
When a counterparty is past due or exceeds its credit
limit, all loans and advances (total gross carrying
amount) in the related credit arrangement are
considered to be past due. The absolute and relative
materiality thresholds used for determining a defaulted
status do not apply for the purposes of classification as
past due. Below these thresholds, arrears of more than
90 days are reported as past due.
Total arrears fell EUR\u00a00.4 billion to EUR 2.0 billion, or
0.7%, compared with 31 December 2024. In Q4\u00a02025,
we made further progress in aligning the past due
reporting over the different segments, which led to an
increase in the >30 days buckets and a decrease in the
<=30 days buckets for residential mortgages.
Furthermore, a EUR 0.2 billion decline in loans in arrears
was observed in the medium term bucket of the
corporate loans category.
Coverage and stage ratios\u2002
Audited
31 December 2025
31 December 2024
(in millions)
Gross
carrying
amount\u00b2
Allowances
for credit
losses\u00b3
Coverage
ratio
Stage
ratio
Gross
carrying
amount\u00b2
Allowances
for credit
losses\u00b3
Coverage
ratio
Stage
ratio
Stage 1
Loans and advances banks
2,137
4
0.2%
98.3%
2,016
4
0.2%
98.2%
Residential mortgages
145,906
29
0.0%
89.4%
138,172
36
0.0%
88.5%
Consumer loans\u00b9
5,749
8
0.1%
91.8%
6,866
12
0.2%
90.6%
Corporate loans\u00b9
76,056
109
0.1%
87.9%
72,227
119
0.2%
86.2%
Other loans and advances customers\u00b9
5,926
0.0%
99.8%
6,478
0.0%
99.8%
Total loans and advances customers\u00b9
233,637
146
0.1%
89.2%
223,743
167
0.1%
88.1%
Stage 2
Loans and advances banks
37
0.0%
1.7%
37
0.0%
1.8%
Residential mortgages
15,327
39
0.3%
9.4%
16,118
42
0.3%
10.3%
Consumer loans\u00b9
364
5
1.5%
5.8%
487
15
3.1%
6.4%
Corporate loans\u00b9
7,151
96
1.3%
8.3%
8,490
170
2.0%
10.1%
Other loans and advances customers\u00b9
6
0.4%
0.1%
5
1.1%
0.1%
Total loans and advances customers\u00b9
22,848
141
0.6%
8.7%
25,100
226
0.9%
9.9%
Stage 3 and POCI
Loans and advances banks
Residential mortgages
1,952
52
2.7%
1.2%
1,919
55
2.9%
1.2%
Consumer loans\u00b9
152
61
40.1%
2.4%
222
102
46.1%
2.9%
Corporate loans\u00b9
3,309
821
24.8%
3.8%
3,110
811
26.1%
3.7%
Other loans and advances customers\u00b9
4
1
32.8%
0.1%
6
2
27.1%
0.1%
Total loans and advances customers\u00b9
5,417
935
17.3%
2.1%
5,258
971
18.5%
2.1%
Total of stages 1, 2, 3 and POCI
Total loans and advances banks
2,174
4
0.2%
2,053
4
0.2%
Residential mortgages
163,185
120
0.1%
156,209
133
0.1%
Consumer loans\u00b9
6,266
74
1.2%
7,575
130
1.7%
Corporate loans\u00b9
86,516
1,026
1.2%
83,827
1,100
1.3%
Other loans and advances customers\u00b9
5,936
1
0.0%
6,489
2
0.0%
Total loans and advances customers\u00b9
261,902
1,222
0.5%
254,100
1,364
0.5%
Total loans and advances\u00b9
264,077
1,226
0.5%
256,153
1,368
0.5%
1. Excluding loans at fair value through P&L.
2. Gross carrying amount excludes fair value adjustments from hedge accounting.
3. The allowances for credit losses excludes allowances for financial investments held at FVOCI (31 December 2025: EUR 1 million; 31 December 2024: EUR 1 million).
Overall portfolio developments in combination with
lower allowances for credit losses at Corporate Banking
resulted in a decrease in the stage 2 ratio and
the\u00a0stage\u00a02 coverage ratio. The stage 3 ratio remained
stable, while the stage 3 coverage ratio showed a
decline as a result of portfolio developments in the
corporate and consumer loan portfolios.
For residential mortgages, the stage 2 ratio fell to 9.4%
(Q4 2025: 10.3%) due to the growth of the total
portfolio and stage shifts. The coverage ratio for stage 3
was down slightly at 2.7% (Q4 2025: 2.9%), mainly as a
result of a reduction in modelled impairments.
Purchased or Originated Credit Impaired (POCI)
As at 31 December 2025, loans classified as POCI
amounted to EUR 84 million. The increase in POCI
compared with 31 December 2024 is due to the
acquisition of HAL. Due to the immateriality of this
amount, it has been included in the amount shown for
stage 3 throughout this report.
Exposure and impairment flows
This section provides more details on the exposure and
impairment flows underlying the change in coverage
and stage ratios shown in the previous section.
Total loans and advances\u2002
Audited
2025
2024
(in millions)
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Balance as at 1 January
225,759
25,136
5,258
256,153
228,418
21,940
4,707
255,066
Transfer to stage 1
5,574
-5,407
-167
8,704
-8,644
-59
Transfer to stage 2
-7,724
8,341
-617
-15,361
16,025
-664
Transfer to stage 3
-1,285
-1,214
2,499
-1,468
-1,186
2,654
Additional drawdowns and partial repayments
-18,760
-1,315
-590
-20,665
-16,518
1,265
-142
-15,394
Originated or purchased
52,982
49
81
53,112
42,922
42,922
Matured or repaid
-16,671
-2,433
-734
-19,837
-20,472
-4,170
-876
-25,518
Write-offs
-237
-237
-350
-350
Foreign exchange
-1,884
-62
-15
-1,961
1,017
50
21
1,088
Other movements
-2,217
-211
-61
-2,488
-1,483
-144
-34
-1,660
Balance as at 31 December
235,775
22,885
5,417
264,077
225,759
25,136
5,258
256,153
1. Excluding fair value adjustments from hedge accounting.
2. Including POCI.
Total loans and advances increased compared with
31\u00a0December 2024. This was mainly due to an increase
in mortgages and corporate loans, which was partly
offset by a decrease in consumer loans. Compared with
2024, there was a significant increase in total loans and
advances \u2018originated or purchased\u2019, which was due in
part to the acquisition of HAL.
There was a decrease in other movements in 2025,
which was primarily the result of consumer loan
portfolios of Alfam, and mortgages loans, being
reclassified to assets held for sale. Exposure flows per
product class are presented in the Additional risk,
funding & capital disclosures section.
Loan impairment charges and allowances\u2002
Audited
(in millions)
Banks
Residential
mortgages
Consumer
loans
Corporate
loans
Other
loans
Total loans
and advances
Off-balance
Balance as at 31 December 2024
4
133
130
1,100
2
1,368
97
Transfer to stage 1
-3
-3
-3
-8
-1
Transfer to stage 2
5
3
8
2
Transfer to stage 3
8
32
83
123
Remeasurements\u00b9
-14
-12
-33
-1
-59
-15
Changes in models
1
73
75
-1
Changes in risk parameters
-1
1
-3
-3
6
Originated or purchased
6
3
36
45
5
Matured or repaid
-12
-5
-59
-75
-6
Impairment charges (releases) on loans and
advances
-10
18
98
-1
106
-9
Write-offs
-3
-28
-206
-237
Unwind discount / unearned interest accrued
1
1
29
30
Foreign exchange and other movements
-47
6
-41
-24
Balance as at 31 December 2025
4
120
74
1,026
1
1,226
63
2025
Impairment charges (releases) on loans and advances
-10
18
98
-1
106
-9
Recoveries and other charges (releases)
-8
-25
-43
-76
Total impairment charges for the period\u00b2
-18
-7
55
-1
29
-9
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. The impairment charges for the period excludes charges (releases) for financial investments held at FVOCI 31 December 2025: EUR 0 million.
(in millions)
Banks
Residential
mortgages
Consumer
loans
Corporate
loans
Other
loans
Total loans
and advances
Off-balance
Balance as at 31 December 2023
3
198
147
1,254
3
1,605
109
Transfer to stage 1
-4
-4
-10
-18
Transfer to stage 2
6
23
29
2
Transfer to stage 3
16
29
137
181
Remeasurements\u00b9
-73
-15
-16
-2
-105
22
Changes in risk parameters
1
3
-11
-7
Originated or purchased
4
3
33
1
41
5
Matured or repaid
-14
-6
-60
-79
-7
Impairment charges (releases) on loans and
advances
-64
11
96
-2
41
22
Write-offs
-2
-31
-317
-350
Unwind discount / unearned interest accrued
1
3
22
1
27
Foreign exchange and other movements
-1
45
45
-34
Balance at 31 December 2024
4
133
130
1,100
2
1,368
96
2024
Impairment charges (releases) on loans and advances
-64
11
96
-2
41
22
Recoveries and other charges (releases)
-11
-25
-48
-83
Total impairment charges for the period\u00b2
-75
-13
48
-2
-42
22
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. The impairment charges for the period excludes charges (releases) for financial investments held at FVOCI 31 December 2024: EUR 1 million.
Loan impairment charges and allowances per stage\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Balance as at 1 January
170
226
971
1,368
237
289
1,079
1,605
Transfer to stage 1
82
-82
-8
-8
61
-70
-9
-18
Transfer to stage 2
-21
68
-39
8
-32
104
-43
29
Transfer to stage 3
-5
-31
159
123
-6
-29
216
181
Remeasurements\u00b9
-123
-36
100
-59
-106
-46
46
-105
Changes in models
24
17
34
75
Changes in risk parameters
-2
-2
-3
-5
-4
2
-7
Originated or purchased
45
45
41
41
Matured or repaid
-17
-13
-44
-75
-18
-24
-38
-79
Impairment charges (releases) on loans and
advances
-17
-79
202
106
-65
-68
174
41
Write-offs
-237
-237
-350
-350
Unwind discount / unearned interest accrued
30
30
27
27
Foreign exchange and other movements
-3
-7
-30
-41
-2
6
41
45
Balance as at 31 December
150
141
935
1,226
170
226
971
1,368
Impairment charges (releases) on loans and
advances
-17
-79
202
106
-65
-68
174
41
Recoveries and other charges (releases)
-76
-76
-83
-83
Total impairment charges for the period
-17
-79
125
29
-65
-68
91
-42
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. Including POCI.
Impairment charges of EUR 20 million (consisting of on-
balance sheet charges of EUR 29 million and an off-
balance-sheet release of EUR 9 million) were recorded
for 2025 (2024: a release of EUR 42 million and
off\u2011balance sheet charges of EUR 22 million charges).
Impairment charges were primarily related to corporate
loans and, to a lesser extent, consumer loans, and were
partly offset by impairment releases related to
residential loans.
For corporate loans, charges of EUR 55 million were
recorded in 2025, primarily due to an increase in
individual files over different sectors. In 2024, there
were charges of EUR 48 million. The increase in 2025
was partly offset by a decrease in management overlays
of EUR 51 million, which was largely attributable to the
decommissioning of the management overlay that had
been put in place to deal with the potential impact of
the government\u2019s nitrogen-reducing measures on
clients active in livestock farming. This risk is now taken
into account in the client\u2019s credit risk assessment. In
addition, there was a reduction of the overlay for
climate and environmental transition risk. This reduction
reflects updated figures and the incorporation of the
CER materiality framework methodology improvements
when estimating the impact of the CER on the expected
credit losses. Furthermore, the in-model adjustment for
the small business loans portfolio model was reduced,
based on model monitoring results.
For residential mortgages, releases of EUR 18 million
were recorded in 2025, compared with releases of
EUR\u00a075 million in 2024. The release in 2025 was mainly
caused by the improved House Price Index, which also
led to a decrease in the management overlay for
interest-only mortgages.
Individual and collective loan impairment allowances and management overlays\u2002
Audited
31 December 2025
(in millions)
Banks
Residential
mortgages
Consumer
loans
Corporate
loans
Other
loans
Total loans
and advances
Off-balance
Individual impairments
Stage 3\u00b9
41
685
1
728
50
Total individual impairments
41
685
1
728
50
Collective impairments
Stage 1
4
29
8
109
150
9
Stage 2
39
5
96
141
3
Stage 3\u00b9
52
20
136
208
Total collective impairments
4
120
33
341
498
13
- of which management overlay
72
5
77
Total impairments
4
120
74
1,026
1
1,226
63
Carrying amount of loans, determined to be impaired,
before deducting any assessed impairment allowance
1,952
152
3,309
4
5,417
1. Including POCI.
31 December 2024
(in millions)
Banks
Residential
mortgages
Consumer
loans
Corporate
loans
Other
loans
Total loans
and advances
Off-balance
Individual impairments
Stage 3\u00b9
42
600
2
643
80
Total individual impairments
42
600
2
643
80
Collective impairments
Stage 1
4
36
12
119
170
6
Stage 2
42
15
170
226
10
Stage 3\u00b9
55
60
212
327
Total collective impairments
4
133
88
500
724
16
- of which management overlay
85
56
140
Total impairments
4
133
130
1,100
2
1,368
96
Carrying amount of loans, determined to be impaired,
before deducting any assessed impairment allowance
1,919
222
3,110
6
5,258
1. Including POCI.
Total collective impairments amounted to
EUR\u00a0498\u00a0million as at 31 December 2025
(31\u00a0December 2024: EUR 724 million). These
impairments included expected credit losses (ECL) as
calculated by our IFRS 9 models and the management
overlays we recorded. The ECL calculations take into
account a probability-weighted average of three
economic scenarios. As the ECL model outcomes do not
always reflect the current economic environment and
circumstances, additional management overlays are
applied to incorporate novel risks not fully captured by
the model.
During 2025, management overlays significantly
decreased to a total of EUR 77 million
(31\u00a0December\u00a02024: EUR 140 million). Some of the
management overlays were recorded for risks in
corporate loans portfolios, where impairments declined
sharply from EUR 56 million to EUR\u00a05\u00a0million. This was
mainly due to the following factors:
\u2022 Discontinuation of the management overlay
introduced to address the potential impact of the
government\u2019s nitrogen reducing measures on clients
active in livestock farming. This decision reflects the
sector\u2019s demonstrated ability to manage associated
risks effectively. Furthermore, recent credit risk
assessments did not reveal any material increase in
client-level credit risk. The discontinuation resulted in
a release of EUR 29 million.
\u2022 Reduction of EUR 14 million in the climate and
environmental risk-related overlay, reflecting updated
figures and the incorporation of the CER materiality
framework methodology improvements in estimates
of the impact of the CER on the expected credit
losses.
\u2022 Discontinuation of the overlays covering potential
additional risk costs relating to the wind-down of
portfolios, leading to a release of EUR\u00a07\u00a0million.
The overlays recorded for risks in the interest-only
mortgages portfolio decreased from EUR 85 million to
EUR 72 million, primarily as a result of improved
collateral indexation.
All management overlays represent best estimates of
the risks involved. The underlying reasoning and
calculations are documented and are discussed and
approved by the Impairments and Provisioning
Committee (IPC).
Macroeconomic scenarios in 2025\u2002
Audited
(in millions)
Weight
Macroeconomic variable\u00b9
2026
2027
2028
2029
Unweighted
ECL 5
Weighted
ECL 5
Real GDP Netherlands\u00b2
2.4%
2.0%
1.4%
1.5%
Positive
15%
Unemployment\u00b3
3.7%
3.7%
3.7%
3.7%
449
House price index 4
5.7%
3.9%
3.2%
3.1%
Real GDP Netherlands\u00b2
1.2%
1.4%
1.4%
1.3%
Baseline
55%
Unemployment\u00b3
4.2%
4.3%
4.4%
4.4%
479
498
House price index 4
3.0%
2.3%
3.6%
3.7%
Real GDP Netherlands\u00b2
-0.3%
0.6%
1.3%
1.2%
Negative
30%
Unemployment\u00b3
6.0%
5.9%
5.8%
5.5%
559
House price index 4
-2.2%
-0.9%
1.7%
3.6%
1. The variables presented in this table are a selection of the key macroeconomic variables.
2. Real GDP Netherlands, % change year-on-year.
3. Unemployment Netherlands, % of labour force.
4. House price index Netherlands, average % change year-on-year.
5. Excluding ECL for stage 3 and POCI for exposures not affected by macroeconomic scenarios.
Macroeconomic scenarios in 2024\u2002
Audited
(in millions)
Weight
Macroeconomic variable\u00b9
2025
2026
2027
2028
Unweighted
ECL 5
Weighted
ECL 5
Real GDP Netherlands\u00b2
2.6%
2.1%
1.7%
1.3%
Positive
15%
Unemployment\u00b3
3.5%
3.5%
3.6%
3.5%
639
House price index 4
7.5%
3.8%
3.0%
3.0%
Real GDP Netherlands\u00b2
1.5%
0.8%
1.2%
1.3%
Baseline
55%
Unemployment\u00b3
3.9%
4.2%
4.4%
4.4%
692
724
House price index 4
7.0%
3.5%
2.1%
2.5%
Real GDP Netherlands\u00b2
0.5%
-0.4%
0.7%
1.2%
Negative
30%
Unemployment\u00b3
6.0%
6.0%
5.8%
5.7%
826
House price index 4
0.2%
-4.5%
1.5%
2.6%
1. The variables presented in this table are a selection of the key macroeconomic variables.
2. Real GDP Netherlands, % change year-on-year.
3. Unemployment Netherlands, % of labour force.
4. House price index Netherlands, average % change year-on-year.
5. Excluding ECL for stage 3 and POCI for exposures not affected by macroeconomic scenarios.
Credit risk mitigation\u2002
Audited
Collateral reporting is based on the net collateral value
(NCV). The NCV represents the amount expected to be
recovered from the collateral pledged to the bank if the
client defaults. Where necessary, certain discounts are
applied. The NCV is approached by an average recovery
rate observed for the specific type of collateral and,
where applicable, by applying haircuts, for example in
the event of currency mismatches. Surplus collateral is
the amount of over-collateralisation, calculated on an
individual basis. A surplus is not included for
guarantees, as the debtor cannot be held liable for
more than the maximum debt.
Financial assets: offsetting, netting, collateral and guarantees\u2002
Audited
31 December 2025
Offset in the statement of financial
position
Not offset in the statement of financial position
Net
exposure 5
(in millions)
Carrying
amount
before
balance-
sheet
netting
Less:
balance-
sheet
netting with
gross
liabilities
Carrying
amount\u00b2
Master
netting
agree-
ment\u00b3
Financial
instru-
ments
collateral
Property
& equip-
ment
Other
collateral
and guar-
antees
Total risk
mitigation
- of which
surplus
collateral 4
Financial assets held for
trading
2,044
2,044
2,044
Derivatives
3,933
3,933
2,295
1,181
3,476
37
494
Financial investments
50,231
50,231
50,231
Securities financing
44,214
4,041
40,173
985
43,772
44,757
5,453
870
Interest-bearing deposits
1,137
1,137
33
33
1,104
Loans and advances
708
708
468
816
1,284
814
238
Other
326
326
326
Total loans and advances
banks
2,170
2,170
501
816
1,316
814
1,668
Residential mortgages
163,065
163,065
2,816
347,227
628
350,670
191,335
3,729
Consumer loans
6,192
1
6,192
3,489
3,705
36
7,229
2,691
1,653
Corporate loans
86,218
728
85,490
1,414
31,317
52,051
3,333
88,115
33,171
30,546
Other loans and advances
customers
5,934
5,934
11
19
2
31
11
5,914
Fair value adjustment from
hedge accounting
-5,434
-5,434
-5,434
Total loans and advances
customers\u00b9
255,975
729
255,247
1,424
37,622
403,002
3,998
446,045
227,208
36,409
Loans at fair value through P&L
514
514
1,867
20
1,887
1,376
3
Total loans and advances
customers
256,489
729
255,760
1,424
37,622
404,868
4,018
447,932
228,584
36,412
Other assets
3,877
3,877
9
423
432
3,446
Total\u00a0on-balance sheet
subject to netting and
pledged agreements
362,959
4,769
358,190
5,214
83,390
404,868
4,441
497,913
234,888
95,165
Assets not subject to netting
and pledged agreements
55,020
55,020
55,020
Total assets
417,979
4,769
413,210
5,214
83,390
404,868
4,441
497,913
234,888
150,185
Total\u00a0off-balance sheet
98,832
98,832
1,336
10,883
618
12,837
3,910
89,904
Total on- and off-balance
sheet
516,811
4,769
512,041
5,214
84,726
415,751
5,059
510,750
238,798
240,090
1. Excluding loans at fair value through P&L.
2. Carrying amount includes loan impairment allowances where applicable.
3. Collateral in the column Master netting agreement is mainly markets related and consists of master netting agreements which also includes cash collateral as part of these
agreements. Cash collateral not part of master netting agreements has been reported under the column Financial instruments.
4. Surplus collateral is the amount of over-collateralisation, calculated on an individual basis.
5. Net exposure represents the portfolio corrected for the surplus amount and gives a view on the potential shortfall in collateral on the total portfolio.
31 December 2024
Offset in the statement of financial
position
Not offset in the statement of financial position
Net
exposure 5
(in millions)
Carrying
amount
before
balance-
sheet
netting
Less:
balance-
sheet
netting with
gross
liabilities
Carrying
amount\u00b2
Master
netting
agree-
ment\u00b3
Financial
instru-
ments
collateral
Property
& equip-
ment
Other
collateral
and guar-
antees
Total risk
mitigation
- of which
surplus
collateral 4
Financial assets held for
trading
2,503
2,503
2,503
Derivatives
4,347
4,347
3,176
639
3,815
103
635
Financial investments
47,173
47,173
47,173
Securities financing
32,192
5,203
26,989
847
32,348
33,195
6,452
246
Interest-bearing deposits
1,169
1,169
16
16
1,153
Loans and advances
707
707
527
728
1,255
721
173
Other
174
174
174
Total loans and advances
banks
2,049
2,049
543
728
1,271
721
1,500
Residential mortgages
156,076
156,076
2,695
325,975
372
329,041
176,542
3,577
Consumer loans
7,446
1
7,445
2,866
3,958
48
6,873
2,928
3,501
Corporate loans
83,433
705
82,727
1,759
30,917
54,489
3,303
90,468
37,508
29,767
Other loans and advances
customers
6,491
4
6,487
49
31
80
10
6,417
Fair value adjustment from
hedge accounting
-4,584
-4,584
-4,584
Total loans and advances
customers\u00b9
248,863
711
248,152
1,808
36,478
384,453
3,723
426,463
216,988
38,677
Loans at fair value through P&L
630
630
1,715
1,715
1,252
167
Total loans and advances
customers
249,493
711
248,782
1,808
36,478
386,168
3,723
428,178
218,239
38,843
Other assets
4,652
4,652
7
584
1,163
1,754
584
3,482
Total\u00a0on-balance sheet
subject to netting and
pledged agreements
342,409
5,914
336,496
6,380
70,777
386,168
4,887
468,212
226,099
94,383
Assets not subject to netting
and pledged agreements
48,551
48,551
48,551
Total assets
390,960
5,914
385,047
6,380
70,777
386,168
4,887
468,212
226,099
142,934
Total\u00a0off-balance sheet
97,348
97,348
1,952
11,547
845
14,344
5,478
88,482
Total on- and off-balance
sheet
488,308
5,914
482,394
6,380
72,729
397,715
5,732
482,556
231,577
231,415
1. Excluding loans at fair value through P&L.
2. Carrying amount includes loan impairment allowances where applicable.
3. Collateral in the column Master netting agreement is mainly markets related and consists of master netting agreements which also includes cash collateral as part of these
agreements. Cash collateral not part of master netting agreements has been reported under the column Financial instruments.
4. Surplus collateral is the amount of over-collateralisation, calculated on an individual basis.
5. Net exposure represents the portfolio corrected for the surplus amount and gives a view on the potential shortfall in collateral on the total portfolio.
Total risk mitigation increased owing to an increase in
property and equipment for residential mortgages,
which was mainly due to rising house prices and loan
portfolio growth. As a result, surplus collateral also
increased. For consumer loans, net exposure declined
because of the reclassification of loan portfolios of our
subsidiary Alfam. For corporate loans, there was an
increase in exposure, which was mainly attributable to
the acquisition of HAL. This increase, in combination
with a decrease in collateral, led to a decline in surplus
collateral and, to a lesser extent, an increase in net
exposure.
The total net exposure of loans and advances customers
decreased to EUR 36.4 billion in 2025
(31\u00a0December\u00a02024: EUR 38.8 billion). The main cause
of this decrease was the decline in net exposure on
consumer loans and in the net exposure on fair value
adjustment from hedge accounting, due to rising
interest rates. The decrease was partly offset by the
increase in corporate loans.
Financial assets: offsetting, netting,
collateral\u00a0and guarantees for credit-impaired
assets\u2002
Audited
Collateral and guarantees for credit-impaired assets
(stage 3 and POCI) represent credit risk mitigation based
on the net collateral value (NCV) for clients in default. The
carrying amount includes expected credit loss
allowances, based on the probability-weighted present
value of all expected cash shortfalls over the remaining
life of the financial instrument for both on- and off-
balance sheet exposures. The Financial Restructuring &
Recovery department identifies the most likely scenarios
for non-programme lending defaulted clients (going
concern or gone concern) and estimates the amounts and
timing of expected future cash flows. This explains why a
net exposure remains after taking into account collateral
pledged to the bank.
31 December 2025
Offset in the statement
of financial position
Not offset in the statement
of financial position
Net
exposure 4
(in millions)
Carrying
amount
before
balance-
sheet
netting
Less:
balance-
sheet
netting
with gross
liabilities
Carrying
amount\u00b9
Master
netting
agree-
ment\u00b2
Financial
instru-
ments
collateral
Property
& equip-
ment
Other
collateral
and gua-
rantees
Total risk
mitigation
- of which
surplus
collateral\u00b3
Loans and advances banks
Residential mortgages
1,899
1,899
13
3,478
1
3,493
1,593
Consumer loans
91
91
8
54
62
19
48
Corporate loans
2,488
2,488
464
1,237
407
2,107
592
973
Other loans and advances
customers
3
3
2
2
1
Total\u00a0loans and advances
\u00a0customers
4,481
4,481
485
4,769
410
5,664
2,204
1,022
Total loans and advances
4,481
4,481
485
4,769
410
5,664
2,204
1,022
1. Carrying amount includes loan impairment allowances where applicable.
2. Collateral in the column Master netting agreement is mainly markets related and consists of master netting agreements which also includes cash collateral as part of these
agreements. Cash collateral not part of master netting agreements has been reported under the column Financial instruments.
3. Surplus collateral is the amount of over-collateralisation, calculated on an individual basis.
4. Net exposure represents the portfolio corrected for the surplus amount and gives a view on the potential shortfall in collateral on the total portfolio.
31 December 2024
Offset in the statement
of financial position
Not offset in the statement
of financial position
Net
exposure 4
(in millions)
Carrying
amount
before
balance-
sheet
netting
Less:
balance-
sheet
netting
with gross
liabilities
Carrying
amount\u00b9
Master
netting
agree-
ment\u00b2
Financial
instru-
ments
collateral
Property
& equip-
ment
Other
collateral
and gua-
rantees
Total risk
mitigation
- of which
surplus
collateral\u00b3
Loans and advances banks
Residential mortgages
1,863
1,863
13
3,333
1
3,348
1,483
-1
Consumer loans
120
120
18
62
80
27
66
Corporate loans
2,299
2,299
774
1,768
230
2,773
825
351
Other loans and advances
customers
5
5
5
Total\u00a0loans and
advances\u00a0customers
4,287
4,287
805
5,163
232
6,201
2,335
421
Total loans and advances
4,287
4,287
805
5,163
232
6,201
2,335
421
1. Carrying amount includes loan impairment allowances where applicable.
2. Collateral in the column Master netting agreement is mainly markets related and consists of master netting agreements which also includes cash collateral as part of these
agreements. Cash collateral not part of master netting agreements has been reported under the column Financial instruments.
3. Surplus collateral is the amount of over-collateralisation, calculated on an individual basis.
4. Net exposure represents the portfolio corrected for the surplus amount and gives a view on the potential shortfall in collateral on the total portfolio.
The stage 3 carrying amount (including POCI) rose
marginally to EUR 4.5 billion (31 December 2024:
EUR\u00a04.3 billion), while total risk mitigation decreased to
EUR 5.7 billion in 2025 (31 December 2024:
EUR\u00a06.2\u00a0billion). This decrease in risk mitigation was
mainly observed in corporate loans, and was caused by
a decrease in collateral at Corporate Banking. The
carrying amount of the stage 3 portfolio (including
POCI) increased, while the total risk mitigation
decreased. This led to a EUR\u00a0601\u00a0million increase in the
net exposure, which was EUR 1,022 million as at
31\u00a0December 2025.
During 2025 ABN AMRO obtained property and
equipment by taking possession of collateral held as
security for loans and advances. The total amount of
such assets held on 31 December 2025 amounted to
EUR 3 million (2024: EUR 4 million). ABN AMRO does
not intend to use these assets in its operations and will
pursue timely and orderly realisation of the collateral.
Financial liabilities: offsetting, netting, collateral and guarantees\u2002
Audited
31 December 2025
Offset in the statement
of financial position
Not offset in the statement
of financial position
Net
exposure\u00b3
(in millions)
Carrying
amount
before
balance-
sheet
netting
Less:
balance-
sheet netting
with gross
assets
Carrying
amount
Master
netting
agree-
ment\u00b9
Financial
instru-
ments
collateral
Total risk
mitigation
- of which
surplus
collateral\u00b2
Financial liabilities held for trading
1,631
1,631
1,631
Derivatives
1,967
1,967
1,397
116
1,513
37
492
Securities financing
19,361
4,041
15,320
978
19,774
20,752
5,467
34
Deposits
4,319
4,319
829
829
3,491
Other
1
1
1
Due to banks
4,320
4,320
829
829
3,491
Deposits
278,768
728
278,040
1,027
1,027
277,013
Other borrowings
1,086
1,086
982
982
104
Due to customers
279,854
728
279,126
2,010
2,010
277,117
Other liabilities
3,918
1
3,918
3,918
Total\u00a0liabilities subject to netting
arrangements
311,051
4,769
306,281
5,214
19,890
25,104
5,505
286,682
Remaining liabilities not subject to netting
79,886
79,886
79,886
Total liabilities
390,937
4,769
386,167
5,214
19,890
25,104
5,505
366,568
1. Collateral in the column Master netting agreement is mainly markets related and consists of master netting agreements which also includes cash collateral as part of these
agreements. Cash collateral not part of master netting agreements has been reported under the column Financial instruments.
2. Surplus collateral is the amount of over-collateralisation, calculated on an individual basis.
3. Net exposure represents the portfolio corrected for the surplus amount and gives a view on the potential shortfall in collateral on the total portfolio.
31 December 2024
Offset in the statement
of financial position
Not offset in the statement
of financial position
Net
exposure\u00b3
(in millions)
Carrying
amount
before
balance-
sheet
netting
Less: balance-
sheet netting
with gross
assets
Carrying
amount
Master
netting
agree-
ment\u00b9
Financial
instru-
ments
collateral
Total risk
mitigation
- of which
surplus
collateral\u00b2
Financial liabilities held for trading
1,163
1,163
1,163
Derivatives
2,499
2,499
1,590
207
1,797
27
729
Securities financing
15,555
5,203
10,352
846
15,792
16,638
6,305
19
Deposits
2,329
2,329
658
658
1,671
Due to banks
2,329
2,329
658
658
1,672
Deposits
254,998
710
254,288
1,589
1,589
252,699
Other borrowings
1,899
1,899
1,698
1,698
200
Due to customers
256,896
710
256,186
3,287
3,287
252,900
Other liabilities
4,247
1
4,247
4,247
Total\u00a0liabilities subject to netting
arrangements
282,689
5,914
276,776
6,380
15,999
22,379
6,332
260,728
Remaining liabilities not subject to netting
82,163
82,163
82,163
Total liabilities
364,852
5,914
358,939
6,380
15,999
22,379
6,332
342,892
1. Collateral in the column Master netting agreement is mainly markets related and consists of master netting agreements which also includes cash collateral as part of these
agreements. Cash collateral not part of master netting agreements has been reported under the column Financial instruments.
2. Surplus collateral is the amount of over-collateralisation, calculated on an individual basis.
3. Net exposure represents the portfolio corrected for the surplus amount and gives a view on the potential shortfall in collateral on the total portfolio.
Gross carrying amount \u2013 residential mortgages\u2002
Audited
2025
2024
(in millions)
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Balance as at 1 January
138,172
16,118
1,919
156,209
138,671
11,115
1,292
151,078
Transfer to stage 1
2,893
-2,850
-42
5,562
-5,523
-39
Transfer to stage 2
-4,058
4,442
-385
-11,651
11,966
-316
Transfer to stage 3
-283
-434
717
-795
-452
1,247
Additional drawdowns and partial repayments
-11,846
-1,276
-164
-13,286
-11,615
23
2
-11,591
Originated or purchased
24,058
24,058
18,978
18,978
Matured or repaid
-1,999
-522
-87
-2,608
-1,055
-931
-261
-2,247
Write-offs
-3
-3
-2
-2
Foreign exchange
Other movements
-1,032
-151
-2
-1,185
77
-80
-4
-7
Balance as at 31 December
145,906
15,327
1,952
163,185
138,172
16,118
1,919
156,209
1. Excluding fair value adjustments from hedge accounting.
2. Including POCI.
Gross carrying amount \u2013 consumer loans\u2002
Audited
2025
2024
(in millions)
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Balance as at 1 January
6,866
487
222
7,575
7,658
467
255
8,380
Transfer to stage 1
126
-121
-5
145
-136
-10
Transfer to stage 2
-150
156
-6
-237
265
-28
Transfer to stage 3
-24
-32
57
-43
-22
65
Additional drawdowns and partial repayments
-166
53
-8
-120
-512
56
-3
-460
Originated or purchased
1,409
9
1,418
1,237
1,237
Matured or repaid
-1,173
-130
-25
-1,328
-1,383
-143
-26
-1,552
Write-offs
-28
-28
-31
-31
Foreign exchange
-3
-3
1
1
Other movements
-1,134
-58
-56
-1,248
Balance as at 31 December
5,749
364
152
6,266
6,866
487
222
7,575
1. Excluding fair value adjustments from hedge accounting.
2. Including POCI.
Gross carrying amount \u2013 corporate loans\u2002
Audited
2025
2024
(in millions)
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Balance as at 1 January
72,227
8,490
3,110
83,827
73,324
10,308
3,152
86,784
Transfer to stage 1
2,554
-2,434
-119
2,983
-2,973
-10
Transfer to stage 2
-3,516
3,741
-226
-3,469
3,789
-320
Transfer to stage 3
-977
-748
1,726
-630
-713
1,343
Additional drawdowns and partial repayments
-6,028
-92
-418
-6,538
-4,054
1,175
-139
-3,019
Originated or purchased
26,600
40
81
26,721
22,541
22,541
Matured or repaid
-13,300
-1,781
-621
-15,703
-17,785
-3,082
-589
-21,456
Write-offs
-206
-206
-317
-317
Foreign exchange
-1,458
-62
-15
-1,535
854
50
21
925
Other movements
-45
-2
-3
-49
-1,536
-64
-30
-1,630
Balance as at 31 December
76,056
7,151
3,309
86,516
72,227
8,490
3,110
83,827
1. Excluding fair value adjustments from hedge accounting.
2. Including POCI.
Gross carrying amount \u2013 off-balance\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b9
Total\u00b9
Stage 1
Stage 2
Stage 3\u00b9
Total\u00b9
Balance as at 1 January
51,414
3,293
627
55,334
52,141
3,507
965
56,613
Transfer to stage 1
1,033
-1,024
-8
1,123
-1,120
-3
Transfer to stage 2
-1,352
1,411
-59
-1,171
1,260
-89
Transfer to stage 3
-233
-42
275
-160
-113
273
Additional drawdowns and partial repayments
-8,806
-246
-211
-9,263
-12,098
-246
-538
-12,882
Originated or purchased
12,749
12,749
11,397
11,397
Matured or repaid
-81
-47
-10
-138
-384
-4
-388
Foreign exchange
-676
-33
-6
-715
487
6
23
516
Other movements
80
3
2
85
79
79
Balance as at 31 December
54,127
3,316
610
58,052
51,414
3,293
627
55,334
1. Including POCI.
Additional information on impairment charges
Loan impairment charges and allowances \u2013 residential mortgages\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Balance as at 1 January
36
42
55
133
24
49
125
198
Transfer to stage 1
10
-12
-1
-3
19
-20
-3
-4
Transfer to stage 2
-2
20
-12
5
-2
37
-29
6
Transfer to stage 3
-3
11
8
-1
-5
21
16
Remeasurements\u00b9
-18
-4
8
-14
-8
-17
-48
-73
Changes in risk parameters
-1
1
1
-1
1
Originated or purchased
6
6
4
4
Matured or repaid
-2
-3
-7
-12
-2
-3
-9
-14
Impairment charges (releases) on loans
and advances
-6
-3
-1
-10
12
-7
-69
-64
Write-offs
-3
-3
-2
-2
Unwind discount / unearned interest accrued
1
1
1
1
Foreign exchange and other movements
1
Balance as at 31 December
29
39
52
120
36
42
55
133
Impairment charges (releases) on loans and
advances
-6
-3
-1
-10
12
-7
-69
-64
Recoveries and other charges (releases)
-8
-8
-11
-11
Total impairment charges for the period
-6
-3
-9
-18
12
-7
-80
-75
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. Including POCI.
Loan impairment charges and allowances \u2013 consumer loans\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Balance as at 1 January
12
15
102
130
18
11
118
147
Transfer to stage 1
5
-5
-4
-3
4
-3
-4
-4
Transfer to stage 2
-1
6
-6
-1
8
-6
Transfer to stage 3
-1
-2
35
32
-2
31
29
Remeasurements\u00b9
-7
-5
-12
-9
1
-6
-15
Changes in models
1
1
1
Changes in risk parameters
1
1
-1
3
3
Originated or purchased
3
3
3
3
Matured or repaid
-1
-1
-3
-5
-1
-5
-6
Impairment charges (releases) on loans
and advances
-1
-6
25
18
-5
4
12
11
Write-offs
-28
-28
-31
-31
Unwind discount / unearned interest accrued
1
1
3
3
Foreign exchange and other movements
-4
-3
-40
-47
-1
Balance as at 31 December
8
5
61
74
12
15
102
130
Impairment charges (releases) on loans and
advances
-1
-6
25
18
-5
4
12
11
Recoveries and other charges (releases)
-25
-25
-25
-25
Total impairment charges for the period
-1
-6
-7
-5
4
-12
-13
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. Including POCI.
Loan impairment charges and allowances \u2013 corporate loans\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Balance as at 1 January
119
170
811
1,100
192
228
833
1,254
Transfer to stage 1
66
-65
-4
-3
39
-47
-1
-10
Transfer to stage 2
-18
42
-21
3
-29
59
-8
23
Transfer to stage 3
-3
-26
112
83
-5
-23
164
137
Remeasurements\u00b9
-99
-26
93
-33
-89
-29
102
-16
Changes in models
24
16
33
73
Changes in risk parameters
-2
-1
-3
-6
-5
-11
Originated or purchased
36
36
33
33
Matured or repaid
-15
-9
-35
-59
-15
-20
-25
-60
Impairment charges (releases) on loans
and advances
-10
-70
178
98
-72
-64
232
96
Write-offs
-206
-206
-317
-317
Unwind discount / unearned interest accrued
29
29
22
22
Foreign exchange and other movements
1
-4
9
6
-2
6
40
45
Balance as at 31 December
109
96
821
1,026
119
170
811
1,100
Impairment charges (releases) on loans and
advances
-10
-70
178
98
-72
-64
232
96
Recoveries and other charges (releases)
-43
-43
-48
-48
Total impairment charges for the period
-10
-70
135
55
-72
-64
184
48
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. Including POCI.
Loan impairment charges and allowances \u2013 off-balance\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Balance as at 1 January
6
10
80
97
16
12
81
109
Transfer to stage 1
1
-2
-1
2
-2
Transfer to stage 2
2
2
-2
4
2
Transfer to stage 3
-1
Remeasurements\u00b9
-4
-6
-4
-15
-10
-1
33
22
Changes in models
-1
Changes in risk parameters
5
1
6
Originated or purchased
5
5
5
5
Matured or repaid
-3
-2
-6
-4
-2
-7
Impairment charges (releases)
2
-7
-4
-9
-10
-1
33
22
Foreign exchange and other movements
1
1
-26
-24
1
-1
-34
-34
Balance as at 31 December
9
3
50
63
6
10
80
96
Impairment charges (releases) on off-balance
2
-7
-4
-9
-10
-1
33
22
Other charges (releases)
Total impairment charges for the period
2
-7
-4
-9
-10
-1
33
22
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. Including POCI.
Forbearance credit quality\u2002
Audited
31 December 2025
(in millions)
Total
forborne
assets
Forborne assets
not past due and
not stage 3
or POCI
Forborne assets
past due, but
not stage 3
or POCI
Impaired
forborne
assets
Specific
allowance
Collective
allowance
Total
allowance
Loans and advances banks
Residential mortgages
979
469
112
397
19
19
Consumer loans\u00b9
78
37
42
4
3
6
Corporate loans\u00b9
3,703
2,096
6
1,602
319
76
394
Other loans and advances customers\u00b9
2
2
Total\u00a0loans and advances\u00a0customers\u00b9
4,762
2,603
118
2,040
322
97
419
Total loans and advances\u00b9
4,762
2,603
118
2,040
322
97
419
Loans at FV through P&L
2
2
Total loans and advances
4,763
2,605
118
2,040
322
97
419
1. Excluding loans at fair value through P&L.
31 December 2024
(in millions)
Total
forborne
assets
Forborne assets
not past due and
not stage 3
or POCI
Forborne assets
past due, but
not stage 3
or POCI
Impaired
forborne
assets
Specific
allowance
Collective
allowance
Total
allowance
Loans and advances banks
Residential mortgages
1,045
525
106
413
23
23
Consumer loans\u00b9
114
54
14
45
6
15
21
Corporate loans\u00b9
3,932
2,107
100
1,725
342
96
438
Other loans and advances customers\u00b9
1
1
Total\u00a0loans and advances\u00a0customers\u00b9
5,092
2,687
220
2,186
349
134
483
Total loans and advances\u00b9
5,092
2,687
220
2,186
349
134
483
Loans at FV through P&L
8
8
Total loans and advances
5,100
2,694
220
2,186
349
134
483
1. Excluding loans at fair value through P&L.
Forborne assets by geography\u2002
Audited
31 December 2025
(in millions)
The
Netherlands
Rest of
Europe
USA
Asia
Rest of
the world
Total
Loans and advances banks
Residential mortgages
975
3
979
Consumer loans\u00b9
58
20
78
Corporate loans\u00b9
2,587
1,050
67
3,703
Other loans and advances customers\u00b9
2
2
Total\u00a0loans and advances\u00a0customers\u00b9
3,620
1,073
69
4,762
Total loans and advances\u00b9
3,620
1,073
69
4,762
Loans at FV through P&L
2
2
Total loans and advances
3,622
1,073
69
4,763
1. Excluding loans at fair value through P&L.
31 December 2024
(in millions)
The
Netherlands
Rest of
Europe
USA
Asia
Rest of
the world
Total
Loans and advances banks
Residential mortgages
1,020
24
1,045
Consumer loans\u00b9
82
33
114
Corporate loans\u00b9
2,969
846
42
76
3,932
Other loans and advances customers\u00b9
1
1
Total\u00a0loans and advances\u00a0customers\u00b9
4,070
902
42
78
5,092
Total loans and advances\u00b9
4,070
902
42
78
5,092
Loans at FV through P&L
8
8
Total loans and advances
4,079
902
42
78
5,100
1. Excluding loans at fair value through P&L.
Forborne assets by business segment\u2002
Audited
(in millions)
31 December 2025
31 December 2024
Personal & Business Banking
2,108
1,924
Wealth Management
189
295
Corporate Banking
2,466
2,881
Total forborne assets
4,763
5,100
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-5": { "value": "
Industry concentration\u2002
Audited
31 December 2025
31 December 2024
(in millions)
Gross carrying
amount 4, 5
Percentage
of total
Gross carrying
amount 4, 5
Percentage
of total
Loans and advances banks
2,174
0.8%
2,053
0.8%
Agriculture, forestry and fishing
6,574
2.5%
6,659
2.6%
Mining and quarrying
1,499
0.6%
1,576
0.6%
Manufacturing
5,448
2.1%
6,565
2.6%
Electricity, gas, steam and air conditioning supply
2,661
1.0%
2,241
0.9%
Water supply; sewerage, waste management and remediation
activities
611
0.2%
664
0.3%
Construction
3,077
1.2%
2,952
1.2%
Wholesale and retail trade; repair of motor vehicles and
motorcycles
7,712
2.9%
7,975
3.1%
Transport and storage
7,908
3.0%
8,749
3.4%
Real estate activities
13,189
5.0%
11,052
4.3%
Accommodation and food service activities
1,909
0.7%
1,733
0.7%
Information and communication
5,532
2.1%
4,851
1.9%
Financial and insurance activities\u00b9
19,166
7.3%
17,890
7.0%
Professional, scientific & technical activities
2,464
0.9%
2,024
0.8%
Administrative & support service activities
5,074
1.9%
5,358
2.1%
Human health services & social work activities
2,636
1.0%
2,630
1.0%
Other sectors\u00b2
1,057
0.4%
909
0.4%
Total corporate loans
86,516
32.8%
83,827
32.7%
Private individuals (residential mortgages and consumer loans)
169,450
64.2%
163,783
63.9%
Other loans\u00b3
5,936
2.2%
6,489
2.5%
Total non-industry classification
175,386
66.4%
170,273
66.5%
Total loans and advances customers
261,902
99.2%
254,100
99.2%
Total loans and advances
264,077
100%
256,153
100%
1. Financial and insurance activities include asset managers, credit card companies and providers of personal financial services and securities and brokers. The direct exposure to
private credit funds is limited to approximately EUR 0.2 billion as at 31 December 2025.
2. Other include loans to Public administration & defence, compulsory social security, Education, Arts, entertainment & recreation, Activities of households as employers,
Activities of extraterritorial organisations & bodies and Other services.
3. Other loans include loans to Government and official institutions and default fund contributions for our clearing clients.
4. Excluding loans at fair value through P&L.
5. Excluding fair value adjustments from hedge accounting.
Compared with 2024, the total corporate loan portfolio
grew by EUR 2.7 billion. As a result, the share of
corporate loans in total loans and advances to
customers increased marginally to 32.8% (2024:
32.7%). Portfolio composition by industry remained
stable. The top five industries in terms of exposures
were in the financial sector, followed by real estate,
transport and storage, wholesale and retail trade and
agriculture, which was the same as in 2024.
The table shows the industry in which the original
obligor, i.e. the counterparty with which ABN AMRO has
the contractual relationship, has its main activity. In the
exposure table, non-material industry clusters are
aggregated under Other. Industry concentration limits
are established within the bank\u2019s risk appetite, with the
thresholds for concentrations being based on relative
risk, the importance of the industry to the Dutch
economy and expert opinion.
Management of forborne, past due and
credit impaired loans\u2002
Audited
Credit risk reporting scope
Although all financial assets on our balance sheet are
subject to some form of credit risk, by far the largest
part is in loans and advances. To provide a meaningful
view of the credit risk in our lending book, the figures
presented in this section therefore relate to loans and
advances. Any credit risk outside the reported scope are
mentioned in the notes below the table. All figures are
reported gross of loan impairment allowances and
exclude fair value adjustments. The following table
provides a comparison between the gross carrying
amounts presented in this section and the consolidated
balance sheet.
Total loans and advances customers\u2002
Audited
31 December 2025
31 December 2024
(in millions)
Gross
carrying
amount\u00b3
Fair value
adjustment
from
hedge
accounting
Less: loan
impairment
allowance
Less:
amortisation
and
depreciation
Carrying
amount
Gross
carrying
amount\u00b3
Fair value
adjustment
from
hedge
accounting
Less: loan
impairment
allowance
Less:
amortisation
and
depreciation
Carrying
amount
Loans and advances
banks
2,174
4
2,170
2,053
4
2,049
Residential mortgages
163,185
-5,477
120
157,588
156,209
-4,686
133
151,390
Consumer loans\u00b9
6,266
74
6,192
7,575
130
7,445
Corporate loans\u00b9
86,516
42
1,026
85,532
83,827
102
1,100
82,829
Other loans and
advances customers\u00b9
5,936
1
1
5,935
6,489
2
6,487
Total loans and
advances customers\u00b9
261,902
-5,434
1,222
255,247
254,100
-4,584
1,364
248,152
Total loans and
advances\u00b9
264,077
-5,434
1,226
257,417
256,153
-4,584
1,368
250,201
Other
159,605
-1,588
124
2,100
155,793
138,184
-981
133
2,224
134,845
Total assets
423,681
-7,021
1,350
2,100
413,210
394,336
-5,565
1,501
2,224
385,047
Loans and advances
customers\u00b9
261,902
-5,434
1,222
255,247
254,100
-4,584
1,364
248,152
Consumer loans at fair
value through P&L\u00b2
486
486
600
600
Corporate loans at fair
value through P&L
28
28
30
30
Total loans and
advances customers
262,416
-5,434
1,222
255,760
254,730
-4,584
1,364
248,782
1. Excluding loans at fair value through P&L.
2. As a result of the implementation of IFRS 17 Insurance contracts, residential mortgages with an insurance feature and consumer loans with a death waiver have to be
recorded at fair value through profit and loss.
3. Excluding fair value adjustments from hedge accounting.
Fair value adjustments from hedge accounting for
residential mortgages and corporate loans resulted
from entering into interest rate swaps to hedge
fixed\u2011rate assets against changes in market interest
rates. The fair value adjustment for mortgages
increased as a result of higher market interest rates.
Overview of forborne assets\u2002
Audited
31 December 2025
Gross
carrying
amount\u00b2
Performing assets
Total per-
forming
forborne
assets
Non-performing assets
Total
non-per-
forming
forborne
assets
Total
forborne
assets
For-
bear-
ance
ratio
(in millions)
Tem-
porary
modifi-
cation
Perma-
nent
modifi-
cation
Refi-
nancing
Tem-
porary
modifi-
cation
Perma-
nent
modifi-
cation
Refi-
nancing
Loans and advances banks
2,174
0.0%
Residential mortgages
163,185
459
12
471
500
6
1
507
979
0.6%
Consumer loans\u00b9
6,266
7
24
5
37
20
7
15
42
78
1.2%
Corporate loans\u00b9
86,516
664
1,247
190
2,101
122
1,372
108
1,602
3,703
4.3%
Other loans and advances
customers\u00b9
5,936
2
2
2
0.0%
Total loans and advances
customers\u00b9
261,902
1,130
1,283
197
2,611
641
1,385
124
2,150
4,762
1.8%
Total loans and advances\u00b9
264,077
1,130
1,283
197
2,611
641
1,385
124
2,150
4,762
1.8%
Loans at FV through P&L
514
1
1
2
0.3%
Total loans and advances
264,590
1,132
1,283
197
2,612
642
1,385
124
2,151
4,763
1.8%
1. Excluding loans at fair value through P&L.
2. Excluding fair value adjustments from hedge accounting.
31 December 2024
Gross
carrying
amount\u00b2
Performing assets
Total per-
forming
forborne
assets
Non-performing assets
Total
non-per-
forming
forborne
assets
Total
forborne
assets
For-
bear-
ance
ratio
(in millions)
Tem-
porary
modifi-
cation
Perma-
nent
modifi-
cation
Refi-
nancing
Tem-
porary
modifi-
cation
Perma-
nent
modifi-
cation
Refi-
nancing
Loans and advances banks
2,053
0.0%
Residential mortgages
156,209
513
10
523
508
14
521
1,045
0.7%
Consumer loans\u00b9
7,575
20
45
3
68
9
25
12
46
114
1.5%
Corporate loans\u00b9
83,827
660
1,336
210
2,207
175
1,387
163
1,725
3,932
4.7%
Other loans and advances
customers\u00b9
6,489
1
1
1
0.0%
Total loans and advances
customers\u00b9
254,100
1,193
1,391
214
2,798
692
1,426
177
2,294
5,092
2.0%
Total loans and advances\u00b9
256,153
1,193
1,391
214
2,798
692
1,426
177
2,294
5,092
2.0%
Loans at FV through P&L
630
1
2
6
1
6
8
1.3%
Total loans and advances
256,783
1,194
1,392
214
2,799
698
1,426
177
2,301
5,100
2.0%
1. Excluding loans at fair value through P&L.
2. Excluding fair value adjustments from hedge accounting.
The forbearance ratio improved to 1.8%
(31\u00a0December\u00a02024: 2.0%). The forborne exposure
decreased to EUR\u00a04.8\u00a0billion (Q4 2024: EUR 5.1 billion),
mainly because permanent forbearance measures
relating to some corporate loans ended. Approximately
37% of the forborne exposure is now subject to a
temporary measure.
Past due not classified as stage 3\u2002
Audited
31 December 2025
Days past due
(in millions)
Gross
carrying
amount\u00b2
Assets not
classified as
stage 3 or POCI
\u2264\u00a030 days
>\u00a030 days &
\u2264 90 days
> 90 days\u00b3
Total past due,
but not stage 3
or POCI
Past due
ratio
Loans and advances\u00a0banks
2,174
2,174
0.0%
Residential mortgages
163,185
161,233
833
57
45
935
0.6%
Consumer\u00a0loans\u00b9
6,266
6,114
368
14
4
386
6.2%
Corporate loans\u00b9
86,516
83,207
581
47
5
633
0.7%
Other loans and advances customers\u00b9
5,936
5,932
0.0%
Total\u00a0loans and advances customers\u00b9
261,902
256,486
1,782
117
54
1,953
0.7%
Total\u00a0loans and advances\u00b9
264,077
258,660
1,782
117
54
1,953
0.7%
1. Excluding loans at fair value through P&L.
2. Excluding fair value adjustments from hedge accounting.
3. Materiality thresholds are applied for counterparties transferring to stage 3. Below these thresholds, amounts are reported on > 90 days past due.
31 December 2024
Days past due
(in millions)
Gross
carrying
amount\u00b2
Assets not
classified as
stage 3 or POCI
\u2264\u00a030 days
>\u00a030 days &
\u2264 90 days
> 90 days\u00b3
Total past due,
but not stage 3
or POCI
Past due
ratio
Loans and advances\u00a0banks
2,053
2,053
0.0%
Residential mortgages
156,209
154,290
1,195
26
3
1,224
0.8%
Consumer\u00a0loans\u00b9
7,575
7,353
356
16
20
392
5.2%
Corporate loans\u00b9
83,827
80,717
570
200
2
772
0.9%
Other loans and advances customers\u00b9
6,489
6,483
0.0%
Total\u00a0loans and advances customers\u00b9
254,100
248,842
2,122
242
25
2,389
0.9%
Total\u00a0loans and advances\u00b9
256,153
250,895
2,122
242
25
2,389
0.9%
1. Excluding loans at fair value through P&L.
2. Excluding fair value adjustments from hedge accounting.
3. Materiality thresholds are applied for counterparties transferring to stage 3. Below these thresholds, amounts are reported on > 90 days past due.
Past due exposures
When a counterparty is past due or exceeds its credit
limit, all loans and advances (total gross carrying
amount) in the related credit arrangement are
considered to be past due. The absolute and relative
materiality thresholds used for determining a defaulted
status do not apply for the purposes of classification as
past due. Below these thresholds, arrears of more than
90 days are reported as past due.
Total arrears fell EUR\u00a00.4 billion to EUR 2.0 billion, or
0.7%, compared with 31 December 2024. In Q4\u00a02025,
we made further progress in aligning the past due
reporting over the different segments, which led to an
increase in the >30 days buckets and a decrease in the
<=30 days buckets for residential mortgages.
Furthermore, a EUR 0.2 billion decline in loans in arrears
was observed in the medium term bucket of the
corporate loans category.
Coverage and stage ratios\u2002
Audited
31 December 2025
31 December 2024
(in millions)
Gross
carrying
amount\u00b2
Allowances
for credit
losses\u00b3
Coverage
ratio
Stage
ratio
Gross
carrying
amount\u00b2
Allowances
for credit
losses\u00b3
Coverage
ratio
Stage
ratio
Stage 1
Loans and advances banks
2,137
4
0.2%
98.3%
2,016
4
0.2%
98.2%
Residential mortgages
145,906
29
0.0%
89.4%
138,172
36
0.0%
88.5%
Consumer loans\u00b9
5,749
8
0.1%
91.8%
6,866
12
0.2%
90.6%
Corporate loans\u00b9
76,056
109
0.1%
87.9%
72,227
119
0.2%
86.2%
Other loans and advances customers\u00b9
5,926
0.0%
99.8%
6,478
0.0%
99.8%
Total loans and advances customers\u00b9
233,637
146
0.1%
89.2%
223,743
167
0.1%
88.1%
Stage 2
Loans and advances banks
37
0.0%
1.7%
37
0.0%
1.8%
Residential mortgages
15,327
39
0.3%
9.4%
16,118
42
0.3%
10.3%
Consumer loans\u00b9
364
5
1.5%
5.8%
487
15
3.1%
6.4%
Corporate loans\u00b9
7,151
96
1.3%
8.3%
8,490
170
2.0%
10.1%
Other loans and advances customers\u00b9
6
0.4%
0.1%
5
1.1%
0.1%
Total loans and advances customers\u00b9
22,848
141
0.6%
8.7%
25,100
226
0.9%
9.9%
Stage 3 and POCI
Loans and advances banks
Residential mortgages
1,952
52
2.7%
1.2%
1,919
55
2.9%
1.2%
Consumer loans\u00b9
152
61
40.1%
2.4%
222
102
46.1%
2.9%
Corporate loans\u00b9
3,309
821
24.8%
3.8%
3,110
811
26.1%
3.7%
Other loans and advances customers\u00b9
4
1
32.8%
0.1%
6
2
27.1%
0.1%
Total loans and advances customers\u00b9
5,417
935
17.3%
2.1%
5,258
971
18.5%
2.1%
Total of stages 1, 2, 3 and POCI
Total loans and advances banks
2,174
4
0.2%
2,053
4
0.2%
Residential mortgages
163,185
120
0.1%
156,209
133
0.1%
Consumer loans\u00b9
6,266
74
1.2%
7,575
130
1.7%
Corporate loans\u00b9
86,516
1,026
1.2%
83,827
1,100
1.3%
Other loans and advances customers\u00b9
5,936
1
0.0%
6,489
2
0.0%
Total loans and advances customers\u00b9
261,902
1,222
0.5%
254,100
1,364
0.5%
Total loans and advances\u00b9
264,077
1,226
0.5%
256,153
1,368
0.5%
1. Excluding loans at fair value through P&L.
2. Gross carrying amount excludes fair value adjustments from hedge accounting.
3. The allowances for credit losses excludes allowances for financial investments held at FVOCI (31 December 2025: EUR 1 million; 31 December 2024: EUR 1 million).
Overall portfolio developments in combination with
lower allowances for credit losses at Corporate Banking
resulted in a decrease in the stage 2 ratio and
the\u00a0stage\u00a02 coverage ratio. The stage 3 ratio remained
stable, while the stage 3 coverage ratio showed a
decline as a result of portfolio developments in the
corporate and consumer loan portfolios.
For residential mortgages, the stage 2 ratio fell to 9.4%
(Q4 2025: 10.3%) due to the growth of the total
portfolio and stage shifts. The coverage ratio for stage 3
was down slightly at 2.7% (Q4 2025: 2.9%), mainly as a
result of a reduction in modelled impairments.
Purchased or Originated Credit Impaired (POCI)
As at 31 December 2025, loans classified as POCI
amounted to EUR 84 million. The increase in POCI
compared with 31 December 2024 is due to the
acquisition of HAL. Due to the immateriality of this
amount, it has been included in the amount shown for
stage 3 throughout this report.
Exposure and impairment flows
This section provides more details on the exposure and
impairment flows underlying the change in coverage
and stage ratios shown in the previous section.
Total loans and advances\u2002
Audited
2025
2024
(in millions)
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Balance as at 1 January
225,759
25,136
5,258
256,153
228,418
21,940
4,707
255,066
Transfer to stage 1
5,574
-5,407
-167
8,704
-8,644
-59
Transfer to stage 2
-7,724
8,341
-617
-15,361
16,025
-664
Transfer to stage 3
-1,285
-1,214
2,499
-1,468
-1,186
2,654
Additional drawdowns and partial repayments
-18,760
-1,315
-590
-20,665
-16,518
1,265
-142
-15,394
Originated or purchased
52,982
49
81
53,112
42,922
42,922
Matured or repaid
-16,671
-2,433
-734
-19,837
-20,472
-4,170
-876
-25,518
Write-offs
-237
-237
-350
-350
Foreign exchange
-1,884
-62
-15
-1,961
1,017
50
21
1,088
Other movements
-2,217
-211
-61
-2,488
-1,483
-144
-34
-1,660
Balance as at 31 December
235,775
22,885
5,417
264,077
225,759
25,136
5,258
256,153
1. Excluding fair value adjustments from hedge accounting.
2. Including POCI.
Total loans and advances increased compared with
31\u00a0December 2024. This was mainly due to an increase
in mortgages and corporate loans, which was partly
offset by a decrease in consumer loans. Compared with
2024, there was a significant increase in total loans and
advances \u2018originated or purchased\u2019, which was due in
part to the acquisition of HAL.
There was a decrease in other movements in 2025,
which was primarily the result of consumer loan
portfolios of Alfam, and mortgages loans, being
reclassified to assets held for sale. Exposure flows per
product class are presented in the Additional risk,
funding & capital disclosures section.
Loan impairment charges and allowances\u2002
Audited
(in millions)
Banks
Residential
mortgages
Consumer
loans
Corporate
loans
Other
loans
Total loans
and advances
Off-balance
Balance as at 31 December 2024
4
133
130
1,100
2
1,368
97
Transfer to stage 1
-3
-3
-3
-8
-1
Transfer to stage 2
5
3
8
2
Transfer to stage 3
8
32
83
123
Remeasurements\u00b9
-14
-12
-33
-1
-59
-15
Changes in models
1
73
75
-1
Changes in risk parameters
-1
1
-3
-3
6
Originated or purchased
6
3
36
45
5
Matured or repaid
-12
-5
-59
-75
-6
Impairment charges (releases) on loans and
advances
-10
18
98
-1
106
-9
Write-offs
-3
-28
-206
-237
Unwind discount / unearned interest accrued
1
1
29
30
Foreign exchange and other movements
-47
6
-41
-24
Balance as at 31 December 2025
4
120
74
1,026
1
1,226
63
2025
Impairment charges (releases) on loans and advances
-10
18
98
-1
106
-9
Recoveries and other charges (releases)
-8
-25
-43
-76
Total impairment charges for the period\u00b2
-18
-7
55
-1
29
-9
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. The impairment charges for the period excludes charges (releases) for financial investments held at FVOCI 31 December 2025: EUR 0 million.
(in millions)
Banks
Residential
mortgages
Consumer
loans
Corporate
loans
Other
loans
Total loans
and advances
Off-balance
Balance as at 31 December 2023
3
198
147
1,254
3
1,605
109
Transfer to stage 1
-4
-4
-10
-18
Transfer to stage 2
6
23
29
2
Transfer to stage 3
16
29
137
181
Remeasurements\u00b9
-73
-15
-16
-2
-105
22
Changes in risk parameters
1
3
-11
-7
Originated or purchased
4
3
33
1
41
5
Matured or repaid
-14
-6
-60
-79
-7
Impairment charges (releases) on loans and
advances
-64
11
96
-2
41
22
Write-offs
-2
-31
-317
-350
Unwind discount / unearned interest accrued
1
3
22
1
27
Foreign exchange and other movements
-1
45
45
-34
Balance at 31 December 2024
4
133
130
1,100
2
1,368
96
2024
Impairment charges (releases) on loans and advances
-64
11
96
-2
41
22
Recoveries and other charges (releases)
-11
-25
-48
-83
Total impairment charges for the period\u00b2
-75
-13
48
-2
-42
22
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. The impairment charges for the period excludes charges (releases) for financial investments held at FVOCI 31 December 2024: EUR 1 million.
Loan impairment charges and allowances per stage\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Balance as at 1 January
170
226
971
1,368
237
289
1,079
1,605
Transfer to stage 1
82
-82
-8
-8
61
-70
-9
-18
Transfer to stage 2
-21
68
-39
8
-32
104
-43
29
Transfer to stage 3
-5
-31
159
123
-6
-29
216
181
Remeasurements\u00b9
-123
-36
100
-59
-106
-46
46
-105
Changes in models
24
17
34
75
Changes in risk parameters
-2
-2
-3
-5
-4
2
-7
Originated or purchased
45
45
41
41
Matured or repaid
-17
-13
-44
-75
-18
-24
-38
-79
Impairment charges (releases) on loans and
advances
-17
-79
202
106
-65
-68
174
41
Write-offs
-237
-237
-350
-350
Unwind discount / unearned interest accrued
30
30
27
27
Foreign exchange and other movements
-3
-7
-30
-41
-2
6
41
45
Balance as at 31 December
150
141
935
1,226
170
226
971
1,368
Impairment charges (releases) on loans and
advances
-17
-79
202
106
-65
-68
174
41
Recoveries and other charges (releases)
-76
-76
-83
-83
Total impairment charges for the period
-17
-79
125
29
-65
-68
91
-42
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. Including POCI.
Impairment charges of EUR 20 million (consisting of on-
balance sheet charges of EUR 29 million and an off-
balance-sheet release of EUR 9 million) were recorded
for 2025 (2024: a release of EUR 42 million and
off\u2011balance sheet charges of EUR 22 million charges).
Impairment charges were primarily related to corporate
loans and, to a lesser extent, consumer loans, and were
partly offset by impairment releases related to
residential loans.
For corporate loans, charges of EUR 55 million were
recorded in 2025, primarily due to an increase in
individual files over different sectors. In 2024, there
were charges of EUR 48 million. The increase in 2025
was partly offset by a decrease in management overlays
of EUR 51 million, which was largely attributable to the
decommissioning of the management overlay that had
been put in place to deal with the potential impact of
the government\u2019s nitrogen-reducing measures on
clients active in livestock farming. This risk is now taken
into account in the client\u2019s credit risk assessment. In
addition, there was a reduction of the overlay for
climate and environmental transition risk. This reduction
reflects updated figures and the incorporation of the
CER materiality framework methodology improvements
when estimating the impact of the CER on the expected
credit losses. Furthermore, the in-model adjustment for
the small business loans portfolio model was reduced,
based on model monitoring results.
For residential mortgages, releases of EUR 18 million
were recorded in 2025, compared with releases of
EUR\u00a075 million in 2024. The release in 2025 was mainly
caused by the improved House Price Index, which also
led to a decrease in the management overlay for
interest-only mortgages.
20\u00a0 Loans and advances banks
Accounting policy for loans and advances banks and customers
Loans and advances banks, and loans and advances customers, are held in a \u2018hold to collect\u2019 business model.
Loans and advances for which the contractual cash flows are solely payments of principal and interest (SPPI) are
measured at amortised cost, i.e. fair value at initial recognition, adjusted for repayment and amortisation
of\u00a0coupon, fees and expenses to represent the effective interest rate of the asset. Loans and advances that do
not pass the SPPI test are measured at fair value through profit or loss. Please refer to Note 1 Accounting policies
in the Consolidated Annual Financial Statements.
(in millions)
31 December 2025
31 December 2024
Interest-bearing deposits
1,137
1,169
Loans and advances
708
707
Mandatory reserve deposits with central banks
301
166
Other loans and advances banks
28
12
Subtotal
2,174
2,053
Less: loan impairment allowances
4
4
Total loans and advances banks
2,170
2,049
Mandatory reserve deposits are held with local central banks in accordance with statutory requirements. The most
relevant for the bank are the minimum reserve requirements determined by the ECB. The ECB prescribes how
the minimum reserve amount should be calculated during pre-defined reserve periods. During such a period,
the balances are available for use by ABN AMRO. The bank manages and monitors deposits to ensure that it meets
the minimum reserve requirements for the period.
21\u00a0 Loans and advances customers
Accounting policy for loans and advances customers
The accounting policy for loans and advances customers is included in Note 20 - Loans and advances banks.
Please refer to Note 1 - Accounting policies in the Consolidated Annual Financial Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-4": { "value": "
Industry concentration\u2002
Audited
31 December 2025
31 December 2024
(in millions)
Gross carrying
amount 4, 5
Percentage
of total
Gross carrying
amount 4, 5
Percentage
of total
Loans and advances banks
2,174
0.8%
2,053
0.8%
Agriculture, forestry and fishing
6,574
2.5%
6,659
2.6%
Mining and quarrying
1,499
0.6%
1,576
0.6%
Manufacturing
5,448
2.1%
6,565
2.6%
Electricity, gas, steam and air conditioning supply
2,661
1.0%
2,241
0.9%
Water supply; sewerage, waste management and remediation
activities
611
0.2%
664
0.3%
Construction
3,077
1.2%
2,952
1.2%
Wholesale and retail trade; repair of motor vehicles and
motorcycles
7,712
2.9%
7,975
3.1%
Transport and storage
7,908
3.0%
8,749
3.4%
Real estate activities
13,189
5.0%
11,052
4.3%
Accommodation and food service activities
1,909
0.7%
1,733
0.7%
Information and communication
5,532
2.1%
4,851
1.9%
Financial and insurance activities\u00b9
19,166
7.3%
17,890
7.0%
Professional, scientific & technical activities
2,464
0.9%
2,024
0.8%
Administrative & support service activities
5,074
1.9%
5,358
2.1%
Human health services & social work activities
2,636
1.0%
2,630
1.0%
Other sectors\u00b2
1,057
0.4%
909
0.4%
Total corporate loans
86,516
32.8%
83,827
32.7%
Private individuals (residential mortgages and consumer loans)
169,450
64.2%
163,783
63.9%
Other loans\u00b3
5,936
2.2%
6,489
2.5%
Total non-industry classification
175,386
66.4%
170,273
66.5%
Total loans and advances customers
261,902
99.2%
254,100
99.2%
Total loans and advances
264,077
100%
256,153
100%
1. Financial and insurance activities include asset managers, credit card companies and providers of personal financial services and securities and brokers. The direct exposure to
private credit funds is limited to approximately EUR 0.2 billion as at 31 December 2025.
2. Other include loans to Public administration & defence, compulsory social security, Education, Arts, entertainment & recreation, Activities of households as employers,
Activities of extraterritorial organisations & bodies and Other services.
3. Other loans include loans to Government and official institutions and default fund contributions for our clearing clients.
4. Excluding loans at fair value through P&L.
5. Excluding fair value adjustments from hedge accounting.
Compared with 2024, the total corporate loan portfolio
grew by EUR 2.7 billion. As a result, the share of
corporate loans in total loans and advances to
customers increased marginally to 32.8% (2024:
32.7%). Portfolio composition by industry remained
stable. The top five industries in terms of exposures
were in the financial sector, followed by real estate,
transport and storage, wholesale and retail trade and
agriculture, which was the same as in 2024.
The table shows the industry in which the original
obligor, i.e. the counterparty with which ABN AMRO has
the contractual relationship, has its main activity. In the
exposure table, non-material industry clusters are
aggregated under Other. Industry concentration limits
are established within the bank\u2019s risk appetite, with the
thresholds for concentrations being based on relative
risk, the importance of the industry to the Dutch
economy and expert opinion.
Management of forborne, past due and
credit impaired loans\u2002
Audited
Credit risk reporting scope
Although all financial assets on our balance sheet are
subject to some form of credit risk, by far the largest
part is in loans and advances. To provide a meaningful
view of the credit risk in our lending book, the figures
presented in this section therefore relate to loans and
advances. Any credit risk outside the reported scope are
mentioned in the notes below the table. All figures are
reported gross of loan impairment allowances and
exclude fair value adjustments. The following table
provides a comparison between the gross carrying
amounts presented in this section and the consolidated
balance sheet.
Total loans and advances customers\u2002
Audited
31 December 2025
31 December 2024
(in millions)
Gross
carrying
amount\u00b3
Fair value
adjustment
from
hedge
accounting
Less: loan
impairment
allowance
Less:
amortisation
and
depreciation
Carrying
amount
Gross
carrying
amount\u00b3
Fair value
adjustment
from
hedge
accounting
Less: loan
impairment
allowance
Less:
amortisation
and
depreciation
Carrying
amount
Loans and advances
banks
2,174
4
2,170
2,053
4
2,049
Residential mortgages
163,185
-5,477
120
157,588
156,209
-4,686
133
151,390
Consumer loans\u00b9
6,266
74
6,192
7,575
130
7,445
Corporate loans\u00b9
86,516
42
1,026
85,532
83,827
102
1,100
82,829
Other loans and
advances customers\u00b9
5,936
1
1
5,935
6,489
2
6,487
Total loans and
advances customers\u00b9
261,902
-5,434
1,222
255,247
254,100
-4,584
1,364
248,152
Total loans and
advances\u00b9
264,077
-5,434
1,226
257,417
256,153
-4,584
1,368
250,201
Other
159,605
-1,588
124
2,100
155,793
138,184
-981
133
2,224
134,845
Total assets
423,681
-7,021
1,350
2,100
413,210
394,336
-5,565
1,501
2,224
385,047
Loans and advances
customers\u00b9
261,902
-5,434
1,222
255,247
254,100
-4,584
1,364
248,152
Consumer loans at fair
value through P&L\u00b2
486
486
600
600
Corporate loans at fair
value through P&L
28
28
30
30
Total loans and
advances customers
262,416
-5,434
1,222
255,760
254,730
-4,584
1,364
248,782
1. Excluding loans at fair value through P&L.
2. As a result of the implementation of IFRS 17 Insurance contracts, residential mortgages with an insurance feature and consumer loans with a death waiver have to be
recorded at fair value through profit and loss.
3. Excluding fair value adjustments from hedge accounting.
Fair value adjustments from hedge accounting for
residential mortgages and corporate loans resulted
from entering into interest rate swaps to hedge
fixed\u2011rate assets against changes in market interest
rates. The fair value adjustment for mortgages
increased as a result of higher market interest rates.
Forborne exposures
Clients in (or potentially in) financial difficulty and
whose contracts have been amended in ways that are
regarded as concessions on the part of the bank are
accounted for as forborne assets. The following table
provides an overview of forborne assets, broken down
into performing and non-performing assets, and
classified by the type of forbearance measure.
Overview of forborne assets\u2002
Audited
31 December 2025
Gross
carrying
amount\u00b2
Performing assets
Total per-
forming
forborne
assets
Non-performing assets
Total
non-per-
forming
forborne
assets
Total
forborne
assets
For-
bear-
ance
ratio
(in millions)
Tem-
porary
modifi-
cation
Perma-
nent
modifi-
cation
Refi-
nancing
Tem-
porary
modifi-
cation
Perma-
nent
modifi-
cation
Refi-
nancing
Loans and advances banks
2,174
0.0%
Residential mortgages
163,185
459
12
471
500
6
1
507
979
0.6%
Consumer loans\u00b9
6,266
7
24
5
37
20
7
15
42
78
1.2%
Corporate loans\u00b9
86,516
664
1,247
190
2,101
122
1,372
108
1,602
3,703
4.3%
Other loans and advances
customers\u00b9
5,936
2
2
2
0.0%
Total loans and advances
customers\u00b9
261,902
1,130
1,283
197
2,611
641
1,385
124
2,150
4,762
1.8%
Total loans and advances\u00b9
264,077
1,130
1,283
197
2,611
641
1,385
124
2,150
4,762
1.8%
Loans at FV through P&L
514
1
1
2
0.3%
Total loans and advances
264,590
1,132
1,283
197
2,612
642
1,385
124
2,151
4,763
1.8%
1. Excluding loans at fair value through P&L.
2. Excluding fair value adjustments from hedge accounting.
31 December 2024
Gross
carrying
amount\u00b2
Performing assets
Total per-
forming
forborne
assets
Non-performing assets
Total
non-per-
forming
forborne
assets
Total
forborne
assets
For-
bear-
ance
ratio
(in millions)
Tem-
porary
modifi-
cation
Perma-
nent
modifi-
cation
Refi-
nancing
Tem-
porary
modifi-
cation
Perma-
nent
modifi-
cation
Refi-
nancing
Loans and advances banks
2,053
0.0%
Residential mortgages
156,209
513
10
523
508
14
521
1,045
0.7%
Consumer loans\u00b9
7,575
20
45
3
68
9
25
12
46
114
1.5%
Corporate loans\u00b9
83,827
660
1,336
210
2,207
175
1,387
163
1,725
3,932
4.7%
Other loans and advances
customers\u00b9
6,489
1
1
1
0.0%
Total loans and advances
customers\u00b9
254,100
1,193
1,391
214
2,798
692
1,426
177
2,294
5,092
2.0%
Total loans and advances\u00b9
256,153
1,193
1,391
214
2,798
692
1,426
177
2,294
5,092
2.0%
Loans at FV through P&L
630
1
2
6
1
6
8
1.3%
Total loans and advances
256,783
1,194
1,392
214
2,799
698
1,426
177
2,301
5,100
2.0%
1. Excluding loans at fair value through P&L.
2. Excluding fair value adjustments from hedge accounting.
The forbearance ratio improved to 1.8%
(31\u00a0December\u00a02024: 2.0%). The forborne exposure
decreased to EUR\u00a04.8\u00a0billion (Q4 2024: EUR 5.1 billion),
mainly because permanent forbearance measures
relating to some corporate loans ended. Approximately
37% of the forborne exposure is now subject to a
temporary measure.
Past due not classified as stage 3\u2002
Audited
31 December 2025
Days past due
(in millions)
Gross
carrying
amount\u00b2
Assets not
classified as
stage 3 or POCI
\u2264\u00a030 days
>\u00a030 days &
\u2264 90 days
> 90 days\u00b3
Total past due,
but not stage 3
or POCI
Past due
ratio
Loans and advances\u00a0banks
2,174
2,174
0.0%
Residential mortgages
163,185
161,233
833
57
45
935
0.6%
Consumer\u00a0loans\u00b9
6,266
6,114
368
14
4
386
6.2%
Corporate loans\u00b9
86,516
83,207
581
47
5
633
0.7%
Other loans and advances customers\u00b9
5,936
5,932
0.0%
Total\u00a0loans and advances customers\u00b9
261,902
256,486
1,782
117
54
1,953
0.7%
Total\u00a0loans and advances\u00b9
264,077
258,660
1,782
117
54
1,953
0.7%
1. Excluding loans at fair value through P&L.
2. Excluding fair value adjustments from hedge accounting.
3. Materiality thresholds are applied for counterparties transferring to stage 3. Below these thresholds, amounts are reported on > 90 days past due.
31 December 2024
Days past due
(in millions)
Gross
carrying
amount\u00b2
Assets not
classified as
stage 3 or POCI
\u2264\u00a030 days
>\u00a030 days &
\u2264 90 days
> 90 days\u00b3
Total past due,
but not stage 3
or POCI
Past due
ratio
Loans and advances\u00a0banks
2,053
2,053
0.0%
Residential mortgages
156,209
154,290
1,195
26
3
1,224
0.8%
Consumer\u00a0loans\u00b9
7,575
7,353
356
16
20
392
5.2%
Corporate loans\u00b9
83,827
80,717
570
200
2
772
0.9%
Other loans and advances customers\u00b9
6,489
6,483
0.0%
Total\u00a0loans and advances customers\u00b9
254,100
248,842
2,122
242
25
2,389
0.9%
Total\u00a0loans and advances\u00b9
256,153
250,895
2,122
242
25
2,389
0.9%
1. Excluding loans at fair value through P&L.
2. Excluding fair value adjustments from hedge accounting.
3. Materiality thresholds are applied for counterparties transferring to stage 3. Below these thresholds, amounts are reported on > 90 days past due.
Past due exposures
When a counterparty is past due or exceeds its credit
limit, all loans and advances (total gross carrying
amount) in the related credit arrangement are
considered to be past due. The absolute and relative
materiality thresholds used for determining a defaulted
status do not apply for the purposes of classification as
past due. Below these thresholds, arrears of more than
90 days are reported as past due.
Total arrears fell EUR\u00a00.4 billion to EUR 2.0 billion, or
0.7%, compared with 31 December 2024. In Q4\u00a02025,
we made further progress in aligning the past due
reporting over the different segments, which led to an
increase in the >30 days buckets and a decrease in the
<=30 days buckets for residential mortgages.
Furthermore, a EUR 0.2 billion decline in loans in arrears
was observed in the medium term bucket of the
corporate loans category.
Coverage and stage ratios\u2002
Audited
31 December 2025
31 December 2024
(in millions)
Gross
carrying
amount\u00b2
Allowances
for credit
losses\u00b3
Coverage
ratio
Stage
ratio
Gross
carrying
amount\u00b2
Allowances
for credit
losses\u00b3
Coverage
ratio
Stage
ratio
Stage 1
Loans and advances banks
2,137
4
0.2%
98.3%
2,016
4
0.2%
98.2%
Residential mortgages
145,906
29
0.0%
89.4%
138,172
36
0.0%
88.5%
Consumer loans\u00b9
5,749
8
0.1%
91.8%
6,866
12
0.2%
90.6%
Corporate loans\u00b9
76,056
109
0.1%
87.9%
72,227
119
0.2%
86.2%
Other loans and advances customers\u00b9
5,926
0.0%
99.8%
6,478
0.0%
99.8%
Total loans and advances customers\u00b9
233,637
146
0.1%
89.2%
223,743
167
0.1%
88.1%
Stage 2
Loans and advances banks
37
0.0%
1.7%
37
0.0%
1.8%
Residential mortgages
15,327
39
0.3%
9.4%
16,118
42
0.3%
10.3%
Consumer loans\u00b9
364
5
1.5%
5.8%
487
15
3.1%
6.4%
Corporate loans\u00b9
7,151
96
1.3%
8.3%
8,490
170
2.0%
10.1%
Other loans and advances customers\u00b9
6
0.4%
0.1%
5
1.1%
0.1%
Total loans and advances customers\u00b9
22,848
141
0.6%
8.7%
25,100
226
0.9%
9.9%
Stage 3 and POCI
Loans and advances banks
Residential mortgages
1,952
52
2.7%
1.2%
1,919
55
2.9%
1.2%
Consumer loans\u00b9
152
61
40.1%
2.4%
222
102
46.1%
2.9%
Corporate loans\u00b9
3,309
821
24.8%
3.8%
3,110
811
26.1%
3.7%
Other loans and advances customers\u00b9
4
1
32.8%
0.1%
6
2
27.1%
0.1%
Total loans and advances customers\u00b9
5,417
935
17.3%
2.1%
5,258
971
18.5%
2.1%
Total of stages 1, 2, 3 and POCI
Total loans and advances banks
2,174
4
0.2%
2,053
4
0.2%
Residential mortgages
163,185
120
0.1%
156,209
133
0.1%
Consumer loans\u00b9
6,266
74
1.2%
7,575
130
1.7%
Corporate loans\u00b9
86,516
1,026
1.2%
83,827
1,100
1.3%
Other loans and advances customers\u00b9
5,936
1
0.0%
6,489
2
0.0%
Total loans and advances customers\u00b9
261,902
1,222
0.5%
254,100
1,364
0.5%
Total loans and advances\u00b9
264,077
1,226
0.5%
256,153
1,368
0.5%
1. Excluding loans at fair value through P&L.
2. Gross carrying amount excludes fair value adjustments from hedge accounting.
3. The allowances for credit losses excludes allowances for financial investments held at FVOCI (31 December 2025: EUR 1 million; 31 December 2024: EUR 1 million).
Overall portfolio developments in combination with
lower allowances for credit losses at Corporate Banking
resulted in a decrease in the stage 2 ratio and
the\u00a0stage\u00a02 coverage ratio. The stage 3 ratio remained
stable, while the stage 3 coverage ratio showed a
decline as a result of portfolio developments in the
corporate and consumer loan portfolios.
For residential mortgages, the stage 2 ratio fell to 9.4%
(Q4 2025: 10.3%) due to the growth of the total
portfolio and stage shifts. The coverage ratio for stage 3
was down slightly at 2.7% (Q4 2025: 2.9%), mainly as a
result of a reduction in modelled impairments.
Purchased or Originated Credit Impaired (POCI)
As at 31 December 2025, loans classified as POCI
amounted to EUR 84 million. The increase in POCI
compared with 31 December 2024 is due to the
acquisition of HAL. Due to the immateriality of this
amount, it has been included in the amount shown for
stage 3 throughout this report.
Exposure and impairment flows
This section provides more details on the exposure and
impairment flows underlying the change in coverage
and stage ratios shown in the previous section.
Total loans and advances\u2002
Audited
2025
2024
(in millions)
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Balance as at 1 January
225,759
25,136
5,258
256,153
228,418
21,940
4,707
255,066
Transfer to stage 1
5,574
-5,407
-167
8,704
-8,644
-59
Transfer to stage 2
-7,724
8,341
-617
-15,361
16,025
-664
Transfer to stage 3
-1,285
-1,214
2,499
-1,468
-1,186
2,654
Additional drawdowns and partial repayments
-18,760
-1,315
-590
-20,665
-16,518
1,265
-142
-15,394
Originated or purchased
52,982
49
81
53,112
42,922
42,922
Matured or repaid
-16,671
-2,433
-734
-19,837
-20,472
-4,170
-876
-25,518
Write-offs
-237
-237
-350
-350
Foreign exchange
-1,884
-62
-15
-1,961
1,017
50
21
1,088
Other movements
-2,217
-211
-61
-2,488
-1,483
-144
-34
-1,660
Balance as at 31 December
235,775
22,885
5,417
264,077
225,759
25,136
5,258
256,153
1. Excluding fair value adjustments from hedge accounting.
2. Including POCI.
Total loans and advances increased compared with
31\u00a0December 2024. This was mainly due to an increase
in mortgages and corporate loans, which was partly
offset by a decrease in consumer loans. Compared with
2024, there was a significant increase in total loans and
advances \u2018originated or purchased\u2019, which was due in
part to the acquisition of HAL.
There was a decrease in other movements in 2025,
which was primarily the result of consumer loan
portfolios of Alfam, and mortgages loans, being
reclassified to assets held for sale. Exposure flows per
product class are presented in the Additional risk,
funding & capital disclosures section.
Loan impairment charges and allowances\u2002
Audited
(in millions)
Banks
Residential
mortgages
Consumer
loans
Corporate
loans
Other
loans
Total loans
and advances
Off-balance
Balance as at 31 December 2024
4
133
130
1,100
2
1,368
97
Transfer to stage 1
-3
-3
-3
-8
-1
Transfer to stage 2
5
3
8
2
Transfer to stage 3
8
32
83
123
Remeasurements\u00b9
-14
-12
-33
-1
-59
-15
Changes in models
1
73
75
-1
Changes in risk parameters
-1
1
-3
-3
6
Originated or purchased
6
3
36
45
5
Matured or repaid
-12
-5
-59
-75
-6
Impairment charges (releases) on loans and
advances
-10
18
98
-1
106
-9
Write-offs
-3
-28
-206
-237
Unwind discount / unearned interest accrued
1
1
29
30
Foreign exchange and other movements
-47
6
-41
-24
Balance as at 31 December 2025
4
120
74
1,026
1
1,226
63
2025
Impairment charges (releases) on loans and advances
-10
18
98
-1
106
-9
Recoveries and other charges (releases)
-8
-25
-43
-76
Total impairment charges for the period\u00b2
-18
-7
55
-1
29
-9
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. The impairment charges for the period excludes charges (releases) for financial investments held at FVOCI 31 December 2025: EUR 0 million.
(in millions)
Banks
Residential
mortgages
Consumer
loans
Corporate
loans
Other
loans
Total loans
and advances
Off-balance
Balance as at 31 December 2023
3
198
147
1,254
3
1,605
109
Transfer to stage 1
-4
-4
-10
-18
Transfer to stage 2
6
23
29
2
Transfer to stage 3
16
29
137
181
Remeasurements\u00b9
-73
-15
-16
-2
-105
22
Changes in risk parameters
1
3
-11
-7
Originated or purchased
4
3
33
1
41
5
Matured or repaid
-14
-6
-60
-79
-7
Impairment charges (releases) on loans and
advances
-64
11
96
-2
41
22
Write-offs
-2
-31
-317
-350
Unwind discount / unearned interest accrued
1
3
22
1
27
Foreign exchange and other movements
-1
45
45
-34
Balance at 31 December 2024
4
133
130
1,100
2
1,368
96
2024
Impairment charges (releases) on loans and advances
-64
11
96
-2
41
22
Recoveries and other charges (releases)
-11
-25
-48
-83
Total impairment charges for the period\u00b2
-75
-13
48
-2
-42
22
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. The impairment charges for the period excludes charges (releases) for financial investments held at FVOCI 31 December 2024: EUR 1 million.
Loan impairment charges and allowances per stage\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Balance as at 1 January
170
226
971
1,368
237
289
1,079
1,605
Transfer to stage 1
82
-82
-8
-8
61
-70
-9
-18
Transfer to stage 2
-21
68
-39
8
-32
104
-43
29
Transfer to stage 3
-5
-31
159
123
-6
-29
216
181
Remeasurements\u00b9
-123
-36
100
-59
-106
-46
46
-105
Changes in models
24
17
34
75
Changes in risk parameters
-2
-2
-3
-5
-4
2
-7
Originated or purchased
45
45
41
41
Matured or repaid
-17
-13
-44
-75
-18
-24
-38
-79
Impairment charges (releases) on loans and
advances
-17
-79
202
106
-65
-68
174
41
Write-offs
-237
-237
-350
-350
Unwind discount / unearned interest accrued
30
30
27
27
Foreign exchange and other movements
-3
-7
-30
-41
-2
6
41
45
Balance as at 31 December
150
141
935
1,226
170
226
971
1,368
Impairment charges (releases) on loans and
advances
-17
-79
202
106
-65
-68
174
41
Recoveries and other charges (releases)
-76
-76
-83
-83
Total impairment charges for the period
-17
-79
125
29
-65
-68
91
-42
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. Including POCI.
Impairment charges of EUR 20 million (consisting of on-
balance sheet charges of EUR 29 million and an off-
balance-sheet release of EUR 9 million) were recorded
for 2025 (2024: a release of EUR 42 million and
off\u2011balance sheet charges of EUR 22 million charges).
Impairment charges were primarily related to corporate
loans and, to a lesser extent, consumer loans, and were
partly offset by impairment releases related to
residential loans.
For corporate loans, charges of EUR 55 million were
recorded in 2025, primarily due to an increase in
individual files over different sectors. In 2024, there
were charges of EUR 48 million. The increase in 2025
was partly offset by a decrease in management overlays
of EUR 51 million, which was largely attributable to the
decommissioning of the management overlay that had
been put in place to deal with the potential impact of
the government\u2019s nitrogen-reducing measures on
clients active in livestock farming. This risk is now taken
into account in the client\u2019s credit risk assessment. In
addition, there was a reduction of the overlay for
climate and environmental transition risk. This reduction
reflects updated figures and the incorporation of the
CER materiality framework methodology improvements
when estimating the impact of the CER on the expected
credit losses. Furthermore, the in-model adjustment for
the small business loans portfolio model was reduced,
based on model monitoring results.
For residential mortgages, releases of EUR 18 million
were recorded in 2025, compared with releases of
EUR\u00a075 million in 2024. The release in 2025 was mainly
caused by the improved House Price Index, which also
led to a decrease in the management overlay for
interest-only mortgages.
20\u00a0 Loans and advances banks
Accounting policy for loans and advances banks and customers
Loans and advances banks, and loans and advances customers, are held in a \u2018hold to collect\u2019 business model.
Loans and advances for which the contractual cash flows are solely payments of principal and interest (SPPI) are
measured at amortised cost, i.e. fair value at initial recognition, adjusted for repayment and amortisation
of\u00a0coupon, fees and expenses to represent the effective interest rate of the asset. Loans and advances that do
not pass the SPPI test are measured at fair value through profit or loss. Please refer to Note 1 Accounting policies
in the Consolidated Annual Financial Statements.
21\u00a0 Loans and advances customers
Accounting policy for loans and advances customers
The accounting policy for loans and advances customers is included in Note 20 - Loans and advances banks.
Please refer to Note 1 - Accounting policies in the Consolidated Annual Financial Statements.
(in millions)
31 December 2025
31 December 2024
Residential mortgages (excluding fair value adjustment)
163,185
156,209
Fair value adjustment from hedge accounting on residential mortgages
-5,477
-4,686
Residential mortgages, gross
157,708
151,523
Less: loan impairment allowances - residential mortgage loans
120
133
Residential mortgages
157,588
151,390
Consumer loans at amortised cost, gross
6,266
7,575
Less: loan impairment allowances - consumer loans
74
130
Consumer loans at amortised cost
6,192
7,445
Consumer loans at fair value through P&L
486
600
Corporate loans (excluding fair value adjustment)\u00b9
82,535
78,072
Fair value adjustment from hedge accounting on corporate loans
42
102
Financial lease receivables\u00b9
1,891
2,430
Factoring
2,090
3,326
Corporate loans at amortised cost, gross
86,559
83,929
Less: loan impairment allowances - corporate loans
1,026
1,100
Corporate loans at amortised cost
85,532
82,829
Corporate loans at fair value through P&L
28
30
Government and official institutions
342
298
Other loans
5,594
6,191
Fair value adjustment from hedge accounting on other loans
1
Other loans and advances customers, gross
5,936
6,489
Less: loan impairment allowances - other
1
2
Other loans and advances customers
5,935
6,487
Total loans and advances customers
255,760
248,782
1. ABN AMRO performed a review on the classification of loan-to-book value facilities. This resulted in a reclassification from Financial lease receivables to Corporate loans for
comparative purposes of EUR 1.4 billion for 2024.
For information on loan impairment allowances, please refer to the Credit risk review section in the Risk, funding &
capital chapter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-8": { "value": "
Management of forborne, past due and
credit impaired loans\u2002
Audited
Credit risk reporting scope
Although all financial assets on our balance sheet are
subject to some form of credit risk, by far the largest
part is in loans and advances. To provide a meaningful
view of the credit risk in our lending book, the figures
presented in this section therefore relate to loans and
advances. Any credit risk outside the reported scope are
mentioned in the notes below the table. All figures are
reported gross of loan impairment allowances and
exclude fair value adjustments. The following table
provides a comparison between the gross carrying
amounts presented in this section and the consolidated
balance sheet.
Total loans and advances customers\u2002
Audited
31 December 2025
31 December 2024
(in millions)
Gross
carrying
amount\u00b3
Fair value
adjustment
from
hedge
accounting
Less: loan
impairment
allowance
Less:
amortisation
and
depreciation
Carrying
amount
Gross
carrying
amount\u00b3
Fair value
adjustment
from
hedge
accounting
Less: loan
impairment
allowance
Less:
amortisation
and
depreciation
Carrying
amount
Loans and advances
banks
2,174
4
2,170
2,053
4
2,049
Residential mortgages
163,185
-5,477
120
157,588
156,209
-4,686
133
151,390
Consumer loans\u00b9
6,266
74
6,192
7,575
130
7,445
Corporate loans\u00b9
86,516
42
1,026
85,532
83,827
102
1,100
82,829
Other loans and
advances customers\u00b9
5,936
1
1
5,935
6,489
2
6,487
Total loans and
advances customers\u00b9
261,902
-5,434
1,222
255,247
254,100
-4,584
1,364
248,152
Total loans and
advances\u00b9
264,077
-5,434
1,226
257,417
256,153
-4,584
1,368
250,201
Other
159,605
-1,588
124
2,100
155,793
138,184
-981
133
2,224
134,845
Total assets
423,681
-7,021
1,350
2,100
413,210
394,336
-5,565
1,501
2,224
385,047
Loans and advances
customers\u00b9
261,902
-5,434
1,222
255,247
254,100
-4,584
1,364
248,152
Consumer loans at fair
value through P&L\u00b2
486
486
600
600
Corporate loans at fair
value through P&L
28
28
30
30
Total loans and
advances customers
262,416
-5,434
1,222
255,760
254,730
-4,584
1,364
248,782
1. Excluding loans at fair value through P&L.
2. As a result of the implementation of IFRS 17 Insurance contracts, residential mortgages with an insurance feature and consumer loans with a death waiver have to be
recorded at fair value through profit and loss.
3. Excluding fair value adjustments from hedge accounting.
Fair value adjustments from hedge accounting for
residential mortgages and corporate loans resulted
from entering into interest rate swaps to hedge
fixed\u2011rate assets against changes in market interest
rates. The fair value adjustment for mortgages
increased as a result of higher market interest rates.
Coverage and stage ratios\u2002
Audited
31 December 2025
31 December 2024
(in millions)
Gross
carrying
amount\u00b2
Allowances
for credit
losses\u00b3
Coverage
ratio
Stage
ratio
Gross
carrying
amount\u00b2
Allowances
for credit
losses\u00b3
Coverage
ratio
Stage
ratio
Stage 1
Loans and advances banks
2,137
4
0.2%
98.3%
2,016
4
0.2%
98.2%
Residential mortgages
145,906
29
0.0%
89.4%
138,172
36
0.0%
88.5%
Consumer loans\u00b9
5,749
8
0.1%
91.8%
6,866
12
0.2%
90.6%
Corporate loans\u00b9
76,056
109
0.1%
87.9%
72,227
119
0.2%
86.2%
Other loans and advances customers\u00b9
5,926
0.0%
99.8%
6,478
0.0%
99.8%
Total loans and advances customers\u00b9
233,637
146
0.1%
89.2%
223,743
167
0.1%
88.1%
Stage 2
Loans and advances banks
37
0.0%
1.7%
37
0.0%
1.8%
Residential mortgages
15,327
39
0.3%
9.4%
16,118
42
0.3%
10.3%
Consumer loans\u00b9
364
5
1.5%
5.8%
487
15
3.1%
6.4%
Corporate loans\u00b9
7,151
96
1.3%
8.3%
8,490
170
2.0%
10.1%
Other loans and advances customers\u00b9
6
0.4%
0.1%
5
1.1%
0.1%
Total loans and advances customers\u00b9
22,848
141
0.6%
8.7%
25,100
226
0.9%
9.9%
Stage 3 and POCI
Loans and advances banks
Residential mortgages
1,952
52
2.7%
1.2%
1,919
55
2.9%
1.2%
Consumer loans\u00b9
152
61
40.1%
2.4%
222
102
46.1%
2.9%
Corporate loans\u00b9
3,309
821
24.8%
3.8%
3,110
811
26.1%
3.7%
Other loans and advances customers\u00b9
4
1
32.8%
0.1%
6
2
27.1%
0.1%
Total loans and advances customers\u00b9
5,417
935
17.3%
2.1%
5,258
971
18.5%
2.1%
Total of stages 1, 2, 3 and POCI
Total loans and advances banks
2,174
4
0.2%
2,053
4
0.2%
Residential mortgages
163,185
120
0.1%
156,209
133
0.1%
Consumer loans\u00b9
6,266
74
1.2%
7,575
130
1.7%
Corporate loans\u00b9
86,516
1,026
1.2%
83,827
1,100
1.3%
Other loans and advances customers\u00b9
5,936
1
0.0%
6,489
2
0.0%
Total loans and advances customers\u00b9
261,902
1,222
0.5%
254,100
1,364
0.5%
Total loans and advances\u00b9
264,077
1,226
0.5%
256,153
1,368
0.5%
1. Excluding loans at fair value through P&L.
2. Gross carrying amount excludes fair value adjustments from hedge accounting.
3. The allowances for credit losses excludes allowances for financial investments held at FVOCI (31 December 2025: EUR 1 million; 31 December 2024: EUR 1 million).
Overall portfolio developments in combination with
lower allowances for credit losses at Corporate Banking
resulted in a decrease in the stage 2 ratio and
the\u00a0stage\u00a02 coverage ratio. The stage 3 ratio remained
stable, while the stage 3 coverage ratio showed a
decline as a result of portfolio developments in the
corporate and consumer loan portfolios.
For residential mortgages, the stage 2 ratio fell to 9.4%
(Q4 2025: 10.3%) due to the growth of the total
portfolio and stage shifts. The coverage ratio for stage 3
was down slightly at 2.7% (Q4 2025: 2.9%), mainly as a
result of a reduction in modelled impairments.
Purchased or Originated Credit Impaired (POCI)
As at 31 December 2025, loans classified as POCI
amounted to EUR 84 million. The increase in POCI
compared with 31 December 2024 is due to the
acquisition of HAL. Due to the immateriality of this
amount, it has been included in the amount shown for
stage 3 throughout this report.
Exposure and impairment flows
This section provides more details on the exposure and
impairment flows underlying the change in coverage
and stage ratios shown in the previous section.
Total loans and advances\u2002
Audited
2025
2024
(in millions)
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Balance as at 1 January
225,759
25,136
5,258
256,153
228,418
21,940
4,707
255,066
Transfer to stage 1
5,574
-5,407
-167
8,704
-8,644
-59
Transfer to stage 2
-7,724
8,341
-617
-15,361
16,025
-664
Transfer to stage 3
-1,285
-1,214
2,499
-1,468
-1,186
2,654
Additional drawdowns and partial repayments
-18,760
-1,315
-590
-20,665
-16,518
1,265
-142
-15,394
Originated or purchased
52,982
49
81
53,112
42,922
42,922
Matured or repaid
-16,671
-2,433
-734
-19,837
-20,472
-4,170
-876
-25,518
Write-offs
-237
-237
-350
-350
Foreign exchange
-1,884
-62
-15
-1,961
1,017
50
21
1,088
Other movements
-2,217
-211
-61
-2,488
-1,483
-144
-34
-1,660
Balance as at 31 December
235,775
22,885
5,417
264,077
225,759
25,136
5,258
256,153
1. Excluding fair value adjustments from hedge accounting.
2. Including POCI.
Total loans and advances increased compared with
31\u00a0December 2024. This was mainly due to an increase
in mortgages and corporate loans, which was partly
offset by a decrease in consumer loans. Compared with
2024, there was a significant increase in total loans and
advances \u2018originated or purchased\u2019, which was due in
part to the acquisition of HAL.
There was a decrease in other movements in 2025,
which was primarily the result of consumer loan
portfolios of Alfam, and mortgages loans, being
reclassified to assets held for sale. Exposure flows per
product class are presented in the Additional risk,
funding & capital disclosures section.
Loan impairment charges and allowances\u2002
Audited
(in millions)
Banks
Residential
mortgages
Consumer
loans
Corporate
loans
Other
loans
Total loans
and advances
Off-balance
Balance as at 31 December 2024
4
133
130
1,100
2
1,368
97
Transfer to stage 1
-3
-3
-3
-8
-1
Transfer to stage 2
5
3
8
2
Transfer to stage 3
8
32
83
123
Remeasurements\u00b9
-14
-12
-33
-1
-59
-15
Changes in models
1
73
75
-1
Changes in risk parameters
-1
1
-3
-3
6
Originated or purchased
6
3
36
45
5
Matured or repaid
-12
-5
-59
-75
-6
Impairment charges (releases) on loans and
advances
-10
18
98
-1
106
-9
Write-offs
-3
-28
-206
-237
Unwind discount / unearned interest accrued
1
1
29
30
Foreign exchange and other movements
-47
6
-41
-24
Balance as at 31 December 2025
4
120
74
1,026
1
1,226
63
2025
Impairment charges (releases) on loans and advances
-10
18
98
-1
106
-9
Recoveries and other charges (releases)
-8
-25
-43
-76
Total impairment charges for the period\u00b2
-18
-7
55
-1
29
-9
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. The impairment charges for the period excludes charges (releases) for financial investments held at FVOCI 31 December 2025: EUR 0 million.
(in millions)
Banks
Residential
mortgages
Consumer
loans
Corporate
loans
Other
loans
Total loans
and advances
Off-balance
Balance as at 31 December 2023
3
198
147
1,254
3
1,605
109
Transfer to stage 1
-4
-4
-10
-18
Transfer to stage 2
6
23
29
2
Transfer to stage 3
16
29
137
181
Remeasurements\u00b9
-73
-15
-16
-2
-105
22
Changes in risk parameters
1
3
-11
-7
Originated or purchased
4
3
33
1
41
5
Matured or repaid
-14
-6
-60
-79
-7
Impairment charges (releases) on loans and
advances
-64
11
96
-2
41
22
Write-offs
-2
-31
-317
-350
Unwind discount / unearned interest accrued
1
3
22
1
27
Foreign exchange and other movements
-1
45
45
-34
Balance at 31 December 2024
4
133
130
1,100
2
1,368
96
2024
Impairment charges (releases) on loans and advances
-64
11
96
-2
41
22
Recoveries and other charges (releases)
-11
-25
-48
-83
Total impairment charges for the period\u00b2
-75
-13
48
-2
-42
22
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. The impairment charges for the period excludes charges (releases) for financial investments held at FVOCI 31 December 2024: EUR 1 million.
Loan impairment charges and allowances per stage\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Balance as at 1 January
170
226
971
1,368
237
289
1,079
1,605
Transfer to stage 1
82
-82
-8
-8
61
-70
-9
-18
Transfer to stage 2
-21
68
-39
8
-32
104
-43
29
Transfer to stage 3
-5
-31
159
123
-6
-29
216
181
Remeasurements\u00b9
-123
-36
100
-59
-106
-46
46
-105
Changes in models
24
17
34
75
Changes in risk parameters
-2
-2
-3
-5
-4
2
-7
Originated or purchased
45
45
41
41
Matured or repaid
-17
-13
-44
-75
-18
-24
-38
-79
Impairment charges (releases) on loans and
advances
-17
-79
202
106
-65
-68
174
41
Write-offs
-237
-237
-350
-350
Unwind discount / unearned interest accrued
30
30
27
27
Foreign exchange and other movements
-3
-7
-30
-41
-2
6
41
45
Balance as at 31 December
150
141
935
1,226
170
226
971
1,368
Impairment charges (releases) on loans and
advances
-17
-79
202
106
-65
-68
174
41
Recoveries and other charges (releases)
-76
-76
-83
-83
Total impairment charges for the period
-17
-79
125
29
-65
-68
91
-42
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. Including POCI.
Impairment charges of EUR 20 million (consisting of on-
balance sheet charges of EUR 29 million and an off-
balance-sheet release of EUR 9 million) were recorded
for 2025 (2024: a release of EUR 42 million and
off\u2011balance sheet charges of EUR 22 million charges).
Impairment charges were primarily related to corporate
loans and, to a lesser extent, consumer loans, and were
partly offset by impairment releases related to
residential loans.
For corporate loans, charges of EUR 55 million were
recorded in 2025, primarily due to an increase in
individual files over different sectors. In 2024, there
were charges of EUR 48 million. The increase in 2025
was partly offset by a decrease in management overlays
of EUR 51 million, which was largely attributable to the
decommissioning of the management overlay that had
been put in place to deal with the potential impact of
the government\u2019s nitrogen-reducing measures on
clients active in livestock farming. This risk is now taken
into account in the client\u2019s credit risk assessment. In
addition, there was a reduction of the overlay for
climate and environmental transition risk. This reduction
reflects updated figures and the incorporation of the
CER materiality framework methodology improvements
when estimating the impact of the CER on the expected
credit losses. Furthermore, the in-model adjustment for
the small business loans portfolio model was reduced,
based on model monitoring results.
For residential mortgages, releases of EUR 18 million
were recorded in 2025, compared with releases of
EUR\u00a075 million in 2024. The release in 2025 was mainly
caused by the improved House Price Index, which also
led to a decrease in the management overlay for
interest-only mortgages.
Individual and collective loan impairment allowances and management overlays\u2002
Audited
31 December 2025
(in millions)
Banks
Residential
mortgages
Consumer
loans
Corporate
loans
Other
loans
Total loans
and advances
Off-balance
Individual impairments
Stage 3\u00b9
41
685
1
728
50
Total individual impairments
41
685
1
728
50
Collective impairments
Stage 1
4
29
8
109
150
9
Stage 2
39
5
96
141
3
Stage 3\u00b9
52
20
136
208
Total collective impairments
4
120
33
341
498
13
- of which management overlay
72
5
77
Total impairments
4
120
74
1,026
1
1,226
63
Carrying amount of loans, determined to be impaired,
before deducting any assessed impairment allowance
1,952
152
3,309
4
5,417
1. Including POCI.
31 December 2024
(in millions)
Banks
Residential
mortgages
Consumer
loans
Corporate
loans
Other
loans
Total loans
and advances
Off-balance
Individual impairments
Stage 3\u00b9
42
600
2
643
80
Total individual impairments
42
600
2
643
80
Collective impairments
Stage 1
4
36
12
119
170
6
Stage 2
42
15
170
226
10
Stage 3\u00b9
55
60
212
327
Total collective impairments
4
133
88
500
724
16
- of which management overlay
85
56
140
Total impairments
4
133
130
1,100
2
1,368
96
Carrying amount of loans, determined to be impaired,
before deducting any assessed impairment allowance
1,919
222
3,110
6
5,258
1. Including POCI.
Total collective impairments amounted to
EUR\u00a0498\u00a0million as at 31 December 2025
(31\u00a0December 2024: EUR 724 million). These
impairments included expected credit losses (ECL) as
calculated by our IFRS 9 models and the management
overlays we recorded. The ECL calculations take into
account a probability-weighted average of three
economic scenarios. As the ECL model outcomes do not
always reflect the current economic environment and
circumstances, additional management overlays are
applied to incorporate novel risks not fully captured by
the model.
During 2025, management overlays significantly
decreased to a total of EUR 77 million
(31\u00a0December\u00a02024: EUR 140 million). Some of the
management overlays were recorded for risks in
corporate loans portfolios, where impairments declined
sharply from EUR 56 million to EUR\u00a05\u00a0million. This was
mainly due to the following factors:
\u2022 Discontinuation of the management overlay
introduced to address the potential impact of the
government\u2019s nitrogen reducing measures on clients
active in livestock farming. This decision reflects the
sector\u2019s demonstrated ability to manage associated
risks effectively. Furthermore, recent credit risk
assessments did not reveal any material increase in
client-level credit risk. The discontinuation resulted in
a release of EUR 29 million.
\u2022 Reduction of EUR 14 million in the climate and
environmental risk-related overlay, reflecting updated
figures and the incorporation of the CER materiality
framework methodology improvements in estimates
of the impact of the CER on the expected credit
losses.
\u2022 Discontinuation of the overlays covering potential
additional risk costs relating to the wind-down of
portfolios, leading to a release of EUR\u00a07\u00a0million.
The overlays recorded for risks in the interest-only
mortgages portfolio decreased from EUR 85 million to
EUR 72 million, primarily as a result of improved
collateral indexation.
All management overlays represent best estimates of
the risks involved. The underlying reasoning and
calculations are documented and are discussed and
approved by the Impairments and Provisioning
Committee (IPC).
Loan impairment charges and allowances \u2013 residential mortgages\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Balance as at 1 January
36
42
55
133
24
49
125
198
Transfer to stage 1
10
-12
-1
-3
19
-20
-3
-4
Transfer to stage 2
-2
20
-12
5
-2
37
-29
6
Transfer to stage 3
-3
11
8
-1
-5
21
16
Remeasurements\u00b9
-18
-4
8
-14
-8
-17
-48
-73
Changes in risk parameters
-1
1
1
-1
1
Originated or purchased
6
6
4
4
Matured or repaid
-2
-3
-7
-12
-2
-3
-9
-14
Impairment charges (releases) on loans
and advances
-6
-3
-1
-10
12
-7
-69
-64
Write-offs
-3
-3
-2
-2
Unwind discount / unearned interest accrued
1
1
1
1
Foreign exchange and other movements
1
Balance as at 31 December
29
39
52
120
36
42
55
133
Impairment charges (releases) on loans and
advances
-6
-3
-1
-10
12
-7
-69
-64
Recoveries and other charges (releases)
-8
-8
-11
-11
Total impairment charges for the period
-6
-3
-9
-18
12
-7
-80
-75
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. Including POCI.
Loan impairment charges and allowances \u2013 consumer loans\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Balance as at 1 January
12
15
102
130
18
11
118
147
Transfer to stage 1
5
-5
-4
-3
4
-3
-4
-4
Transfer to stage 2
-1
6
-6
-1
8
-6
Transfer to stage 3
-1
-2
35
32
-2
31
29
Remeasurements\u00b9
-7
-5
-12
-9
1
-6
-15
Changes in models
1
1
1
Changes in risk parameters
1
1
-1
3
3
Originated or purchased
3
3
3
3
Matured or repaid
-1
-1
-3
-5
-1
-5
-6
Impairment charges (releases) on loans
and advances
-1
-6
25
18
-5
4
12
11
Write-offs
-28
-28
-31
-31
Unwind discount / unearned interest accrued
1
1
3
3
Foreign exchange and other movements
-4
-3
-40
-47
-1
Balance as at 31 December
8
5
61
74
12
15
102
130
Impairment charges (releases) on loans and
advances
-1
-6
25
18
-5
4
12
11
Recoveries and other charges (releases)
-25
-25
-25
-25
Total impairment charges for the period
-1
-6
-7
-5
4
-12
-13
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. Including POCI.
Loan impairment charges and allowances \u2013 corporate loans\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Balance as at 1 January
119
170
811
1,100
192
228
833
1,254
Transfer to stage 1
66
-65
-4
-3
39
-47
-1
-10
Transfer to stage 2
-18
42
-21
3
-29
59
-8
23
Transfer to stage 3
-3
-26
112
83
-5
-23
164
137
Remeasurements\u00b9
-99
-26
93
-33
-89
-29
102
-16
Changes in models
24
16
33
73
Changes in risk parameters
-2
-1
-3
-6
-5
-11
Originated or purchased
36
36
33
33
Matured or repaid
-15
-9
-35
-59
-15
-20
-25
-60
Impairment charges (releases) on loans
and advances
-10
-70
178
98
-72
-64
232
96
Write-offs
-206
-206
-317
-317
Unwind discount / unearned interest accrued
29
29
22
22
Foreign exchange and other movements
1
-4
9
6
-2
6
40
45
Balance as at 31 December
109
96
821
1,026
119
170
811
1,100
Impairment charges (releases) on loans and
advances
-10
-70
178
98
-72
-64
232
96
Recoveries and other charges (releases)
-43
-43
-48
-48
Total impairment charges for the period
-10
-70
135
55
-72
-64
184
48
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. Including POCI.
Loan impairment charges and allowances \u2013 off-balance\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Balance as at 1 January
6
10
80
97
16
12
81
109
Transfer to stage 1
1
-2
-1
2
-2
Transfer to stage 2
2
2
-2
4
2
Transfer to stage 3
-1
Remeasurements\u00b9
-4
-6
-4
-15
-10
-1
33
22
Changes in models
-1
Changes in risk parameters
5
1
6
Originated or purchased
5
5
5
5
Matured or repaid
-3
-2
-6
-4
-2
-7
Impairment charges (releases)
2
-7
-4
-9
-10
-1
33
22
Foreign exchange and other movements
1
1
-26
-24
1
-1
-34
-34
Balance as at 31 December
9
3
50
63
6
10
80
96
Impairment charges (releases) on off-balance
2
-7
-4
-9
-10
-1
33
22
Other charges (releases)
Total impairment charges for the period
2
-7
-4
-9
-10
-1
33
22
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. Including POCI.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-7": { "value": "
Management of forborne, past due and
credit impaired loans\u2002
Audited
Credit risk reporting scope
Although all financial assets on our balance sheet are
subject to some form of credit risk, by far the largest
part is in loans and advances. To provide a meaningful
view of the credit risk in our lending book, the figures
presented in this section therefore relate to loans and
advances. Any credit risk outside the reported scope are
mentioned in the notes below the table. All figures are
reported gross of loan impairment allowances and
exclude fair value adjustments. The following table
provides a comparison between the gross carrying
amounts presented in this section and the consolidated
balance sheet.
Total loans and advances customers\u2002
Audited
31 December 2025
31 December 2024
(in millions)
Gross
carrying
amount\u00b3
Fair value
adjustment
from
hedge
accounting
Less: loan
impairment
allowance
Less:
amortisation
and
depreciation
Carrying
amount
Gross
carrying
amount\u00b3
Fair value
adjustment
from
hedge
accounting
Less: loan
impairment
allowance
Less:
amortisation
and
depreciation
Carrying
amount
Loans and advances
banks
2,174
4
2,170
2,053
4
2,049
Residential mortgages
163,185
-5,477
120
157,588
156,209
-4,686
133
151,390
Consumer loans\u00b9
6,266
74
6,192
7,575
130
7,445
Corporate loans\u00b9
86,516
42
1,026
85,532
83,827
102
1,100
82,829
Other loans and
advances customers\u00b9
5,936
1
1
5,935
6,489
2
6,487
Total loans and
advances customers\u00b9
261,902
-5,434
1,222
255,247
254,100
-4,584
1,364
248,152
Total loans and
advances\u00b9
264,077
-5,434
1,226
257,417
256,153
-4,584
1,368
250,201
Other
159,605
-1,588
124
2,100
155,793
138,184
-981
133
2,224
134,845
Total assets
423,681
-7,021
1,350
2,100
413,210
394,336
-5,565
1,501
2,224
385,047
Loans and advances
customers\u00b9
261,902
-5,434
1,222
255,247
254,100
-4,584
1,364
248,152
Consumer loans at fair
value through P&L\u00b2
486
486
600
600
Corporate loans at fair
value through P&L
28
28
30
30
Total loans and
advances customers
262,416
-5,434
1,222
255,760
254,730
-4,584
1,364
248,782
1. Excluding loans at fair value through P&L.
2. As a result of the implementation of IFRS 17 Insurance contracts, residential mortgages with an insurance feature and consumer loans with a death waiver have to be
recorded at fair value through profit and loss.
3. Excluding fair value adjustments from hedge accounting.
Fair value adjustments from hedge accounting for
residential mortgages and corporate loans resulted
from entering into interest rate swaps to hedge
fixed\u2011rate assets against changes in market interest
rates. The fair value adjustment for mortgages
increased as a result of higher market interest rates.
Coverage and stage ratios\u2002
Audited
31 December 2025
31 December 2024
(in millions)
Gross
carrying
amount\u00b2
Allowances
for credit
losses\u00b3
Coverage
ratio
Stage
ratio
Gross
carrying
amount\u00b2
Allowances
for credit
losses\u00b3
Coverage
ratio
Stage
ratio
Stage 1
Loans and advances banks
2,137
4
0.2%
98.3%
2,016
4
0.2%
98.2%
Residential mortgages
145,906
29
0.0%
89.4%
138,172
36
0.0%
88.5%
Consumer loans\u00b9
5,749
8
0.1%
91.8%
6,866
12
0.2%
90.6%
Corporate loans\u00b9
76,056
109
0.1%
87.9%
72,227
119
0.2%
86.2%
Other loans and advances customers\u00b9
5,926
0.0%
99.8%
6,478
0.0%
99.8%
Total loans and advances customers\u00b9
233,637
146
0.1%
89.2%
223,743
167
0.1%
88.1%
Stage 2
Loans and advances banks
37
0.0%
1.7%
37
0.0%
1.8%
Residential mortgages
15,327
39
0.3%
9.4%
16,118
42
0.3%
10.3%
Consumer loans\u00b9
364
5
1.5%
5.8%
487
15
3.1%
6.4%
Corporate loans\u00b9
7,151
96
1.3%
8.3%
8,490
170
2.0%
10.1%
Other loans and advances customers\u00b9
6
0.4%
0.1%
5
1.1%
0.1%
Total loans and advances customers\u00b9
22,848
141
0.6%
8.7%
25,100
226
0.9%
9.9%
Stage 3 and POCI
Loans and advances banks
Residential mortgages
1,952
52
2.7%
1.2%
1,919
55
2.9%
1.2%
Consumer loans\u00b9
152
61
40.1%
2.4%
222
102
46.1%
2.9%
Corporate loans\u00b9
3,309
821
24.8%
3.8%
3,110
811
26.1%
3.7%
Other loans and advances customers\u00b9
4
1
32.8%
0.1%
6
2
27.1%
0.1%
Total loans and advances customers\u00b9
5,417
935
17.3%
2.1%
5,258
971
18.5%
2.1%
Total of stages 1, 2, 3 and POCI
Total loans and advances banks
2,174
4
0.2%
2,053
4
0.2%
Residential mortgages
163,185
120
0.1%
156,209
133
0.1%
Consumer loans\u00b9
6,266
74
1.2%
7,575
130
1.7%
Corporate loans\u00b9
86,516
1,026
1.2%
83,827
1,100
1.3%
Other loans and advances customers\u00b9
5,936
1
0.0%
6,489
2
0.0%
Total loans and advances customers\u00b9
261,902
1,222
0.5%
254,100
1,364
0.5%
Total loans and advances\u00b9
264,077
1,226
0.5%
256,153
1,368
0.5%
1. Excluding loans at fair value through P&L.
2. Gross carrying amount excludes fair value adjustments from hedge accounting.
3. The allowances for credit losses excludes allowances for financial investments held at FVOCI (31 December 2025: EUR 1 million; 31 December 2024: EUR 1 million).
Overall portfolio developments in combination with
lower allowances for credit losses at Corporate Banking
resulted in a decrease in the stage 2 ratio and
the\u00a0stage\u00a02 coverage ratio. The stage 3 ratio remained
stable, while the stage 3 coverage ratio showed a
decline as a result of portfolio developments in the
corporate and consumer loan portfolios.
For residential mortgages, the stage 2 ratio fell to 9.4%
(Q4 2025: 10.3%) due to the growth of the total
portfolio and stage shifts. The coverage ratio for stage 3
was down slightly at 2.7% (Q4 2025: 2.9%), mainly as a
result of a reduction in modelled impairments.
Purchased or Originated Credit Impaired (POCI)
As at 31 December 2025, loans classified as POCI
amounted to EUR 84 million. The increase in POCI
compared with 31 December 2024 is due to the
acquisition of HAL. Due to the immateriality of this
amount, it has been included in the amount shown for
stage 3 throughout this report.
Exposure and impairment flows
This section provides more details on the exposure and
impairment flows underlying the change in coverage
and stage ratios shown in the previous section.
Total loans and advances\u2002
Audited
2025
2024
(in millions)
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Stage 1\u00b9
Stage 2\u00b9
Stage 3 1, 2
Total 1, 2
Balance as at 1 January
225,759
25,136
5,258
256,153
228,418
21,940
4,707
255,066
Transfer to stage 1
5,574
-5,407
-167
8,704
-8,644
-59
Transfer to stage 2
-7,724
8,341
-617
-15,361
16,025
-664
Transfer to stage 3
-1,285
-1,214
2,499
-1,468
-1,186
2,654
Additional drawdowns and partial repayments
-18,760
-1,315
-590
-20,665
-16,518
1,265
-142
-15,394
Originated or purchased
52,982
49
81
53,112
42,922
42,922
Matured or repaid
-16,671
-2,433
-734
-19,837
-20,472
-4,170
-876
-25,518
Write-offs
-237
-237
-350
-350
Foreign exchange
-1,884
-62
-15
-1,961
1,017
50
21
1,088
Other movements
-2,217
-211
-61
-2,488
-1,483
-144
-34
-1,660
Balance as at 31 December
235,775
22,885
5,417
264,077
225,759
25,136
5,258
256,153
1. Excluding fair value adjustments from hedge accounting.
2. Including POCI.
Total loans and advances increased compared with
31\u00a0December 2024. This was mainly due to an increase
in mortgages and corporate loans, which was partly
offset by a decrease in consumer loans. Compared with
2024, there was a significant increase in total loans and
advances \u2018originated or purchased\u2019, which was due in
part to the acquisition of HAL.
There was a decrease in other movements in 2025,
which was primarily the result of consumer loan
portfolios of Alfam, and mortgages loans, being
reclassified to assets held for sale. Exposure flows per
product class are presented in the Additional risk,
funding & capital disclosures section.
Loan impairment charges and allowances\u2002
Audited
(in millions)
Banks
Residential
mortgages
Consumer
loans
Corporate
loans
Other
loans
Total loans
and advances
Off-balance
Balance as at 31 December 2024
4
133
130
1,100
2
1,368
97
Transfer to stage 1
-3
-3
-3
-8
-1
Transfer to stage 2
5
3
8
2
Transfer to stage 3
8
32
83
123
Remeasurements\u00b9
-14
-12
-33
-1
-59
-15
Changes in models
1
73
75
-1
Changes in risk parameters
-1
1
-3
-3
6
Originated or purchased
6
3
36
45
5
Matured or repaid
-12
-5
-59
-75
-6
Impairment charges (releases) on loans and
advances
-10
18
98
-1
106
-9
Write-offs
-3
-28
-206
-237
Unwind discount / unearned interest accrued
1
1
29
30
Foreign exchange and other movements
-47
6
-41
-24
Balance as at 31 December 2025
4
120
74
1,026
1
1,226
63
2025
Impairment charges (releases) on loans and advances
-10
18
98
-1
106
-9
Recoveries and other charges (releases)
-8
-25
-43
-76
Total impairment charges for the period\u00b2
-18
-7
55
-1
29
-9
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. The impairment charges for the period excludes charges (releases) for financial investments held at FVOCI 31 December 2025: EUR 0 million.
(in millions)
Banks
Residential
mortgages
Consumer
loans
Corporate
loans
Other
loans
Total loans
and advances
Off-balance
Balance as at 31 December 2023
3
198
147
1,254
3
1,605
109
Transfer to stage 1
-4
-4
-10
-18
Transfer to stage 2
6
23
29
2
Transfer to stage 3
16
29
137
181
Remeasurements\u00b9
-73
-15
-16
-2
-105
22
Changes in risk parameters
1
3
-11
-7
Originated or purchased
4
3
33
1
41
5
Matured or repaid
-14
-6
-60
-79
-7
Impairment charges (releases) on loans and
advances
-64
11
96
-2
41
22
Write-offs
-2
-31
-317
-350
Unwind discount / unearned interest accrued
1
3
22
1
27
Foreign exchange and other movements
-1
45
45
-34
Balance at 31 December 2024
4
133
130
1,100
2
1,368
96
2024
Impairment charges (releases) on loans and advances
-64
11
96
-2
41
22
Recoveries and other charges (releases)
-11
-25
-48
-83
Total impairment charges for the period\u00b2
-75
-13
48
-2
-42
22
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. The impairment charges for the period excludes charges (releases) for financial investments held at FVOCI 31 December 2024: EUR 1 million.
Loan impairment charges and allowances per stage\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Balance as at 1 January
170
226
971
1,368
237
289
1,079
1,605
Transfer to stage 1
82
-82
-8
-8
61
-70
-9
-18
Transfer to stage 2
-21
68
-39
8
-32
104
-43
29
Transfer to stage 3
-5
-31
159
123
-6
-29
216
181
Remeasurements\u00b9
-123
-36
100
-59
-106
-46
46
-105
Changes in models
24
17
34
75
Changes in risk parameters
-2
-2
-3
-5
-4
2
-7
Originated or purchased
45
45
41
41
Matured or repaid
-17
-13
-44
-75
-18
-24
-38
-79
Impairment charges (releases) on loans and
advances
-17
-79
202
106
-65
-68
174
41
Write-offs
-237
-237
-350
-350
Unwind discount / unearned interest accrued
30
30
27
27
Foreign exchange and other movements
-3
-7
-30
-41
-2
6
41
45
Balance as at 31 December
150
141
935
1,226
170
226
971
1,368
Impairment charges (releases) on loans and
advances
-17
-79
202
106
-65
-68
174
41
Recoveries and other charges (releases)
-76
-76
-83
-83
Total impairment charges for the period
-17
-79
125
29
-65
-68
91
-42
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. Including POCI.
Impairment charges of EUR 20 million (consisting of on-
balance sheet charges of EUR 29 million and an off-
balance-sheet release of EUR 9 million) were recorded
for 2025 (2024: a release of EUR 42 million and
off\u2011balance sheet charges of EUR 22 million charges).
Impairment charges were primarily related to corporate
loans and, to a lesser extent, consumer loans, and were
partly offset by impairment releases related to
residential loans.
For corporate loans, charges of EUR 55 million were
recorded in 2025, primarily due to an increase in
individual files over different sectors. In 2024, there
were charges of EUR 48 million. The increase in 2025
was partly offset by a decrease in management overlays
of EUR 51 million, which was largely attributable to the
decommissioning of the management overlay that had
been put in place to deal with the potential impact of
the government\u2019s nitrogen-reducing measures on
clients active in livestock farming. This risk is now taken
into account in the client\u2019s credit risk assessment. In
addition, there was a reduction of the overlay for
climate and environmental transition risk. This reduction
reflects updated figures and the incorporation of the
CER materiality framework methodology improvements
when estimating the impact of the CER on the expected
credit losses. Furthermore, the in-model adjustment for
the small business loans portfolio model was reduced,
based on model monitoring results.
For residential mortgages, releases of EUR 18 million
were recorded in 2025, compared with releases of
EUR\u00a075 million in 2024. The release in 2025 was mainly
caused by the improved House Price Index, which also
led to a decrease in the management overlay for
interest-only mortgages.
Individual and collective loan impairment allowances and management overlays\u2002
Audited
31 December 2025
(in millions)
Banks
Residential
mortgages
Consumer
loans
Corporate
loans
Other
loans
Total loans
and advances
Off-balance
Individual impairments
Stage 3\u00b9
41
685
1
728
50
Total individual impairments
41
685
1
728
50
Collective impairments
Stage 1
4
29
8
109
150
9
Stage 2
39
5
96
141
3
Stage 3\u00b9
52
20
136
208
Total collective impairments
4
120
33
341
498
13
- of which management overlay
72
5
77
Total impairments
4
120
74
1,026
1
1,226
63
Carrying amount of loans, determined to be impaired,
before deducting any assessed impairment allowance
1,952
152
3,309
4
5,417
1. Including POCI.
31 December 2024
(in millions)
Banks
Residential
mortgages
Consumer
loans
Corporate
loans
Other
loans
Total loans
and advances
Off-balance
Individual impairments
Stage 3\u00b9
42
600
2
643
80
Total individual impairments
42
600
2
643
80
Collective impairments
Stage 1
4
36
12
119
170
6
Stage 2
42
15
170
226
10
Stage 3\u00b9
55
60
212
327
Total collective impairments
4
133
88
500
724
16
- of which management overlay
85
56
140
Total impairments
4
133
130
1,100
2
1,368
96
Carrying amount of loans, determined to be impaired,
before deducting any assessed impairment allowance
1,919
222
3,110
6
5,258
1. Including POCI.
Total collective impairments amounted to
EUR\u00a0498\u00a0million as at 31 December 2025
(31\u00a0December 2024: EUR 724 million). These
impairments included expected credit losses (ECL) as
calculated by our IFRS 9 models and the management
overlays we recorded. The ECL calculations take into
account a probability-weighted average of three
economic scenarios. As the ECL model outcomes do not
always reflect the current economic environment and
circumstances, additional management overlays are
applied to incorporate novel risks not fully captured by
the model.
During 2025, management overlays significantly
decreased to a total of EUR 77 million
(31\u00a0December\u00a02024: EUR 140 million). Some of the
management overlays were recorded for risks in
corporate loans portfolios, where impairments declined
sharply from EUR 56 million to EUR\u00a05\u00a0million. This was
mainly due to the following factors:
\u2022 Discontinuation of the management overlay
introduced to address the potential impact of the
government\u2019s nitrogen reducing measures on clients
active in livestock farming. This decision reflects the
sector\u2019s demonstrated ability to manage associated
risks effectively. Furthermore, recent credit risk
assessments did not reveal any material increase in
client-level credit risk. The discontinuation resulted in
a release of EUR 29 million.
\u2022 Reduction of EUR 14 million in the climate and
environmental risk-related overlay, reflecting updated
figures and the incorporation of the CER materiality
framework methodology improvements in estimates
of the impact of the CER on the expected credit
losses.
\u2022 Discontinuation of the overlays covering potential
additional risk costs relating to the wind-down of
portfolios, leading to a release of EUR\u00a07\u00a0million.
The overlays recorded for risks in the interest-only
mortgages portfolio decreased from EUR 85 million to
EUR 72 million, primarily as a result of improved
collateral indexation.
All management overlays represent best estimates of
the risks involved. The underlying reasoning and
calculations are documented and are discussed and
approved by the Impairments and Provisioning
Committee (IPC).
Loan impairment charges and allowances \u2013 residential mortgages\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Balance as at 1 January
36
42
55
133
24
49
125
198
Transfer to stage 1
10
-12
-1
-3
19
-20
-3
-4
Transfer to stage 2
-2
20
-12
5
-2
37
-29
6
Transfer to stage 3
-3
11
8
-1
-5
21
16
Remeasurements\u00b9
-18
-4
8
-14
-8
-17
-48
-73
Changes in risk parameters
-1
1
1
-1
1
Originated or purchased
6
6
4
4
Matured or repaid
-2
-3
-7
-12
-2
-3
-9
-14
Impairment charges (releases) on loans
and advances
-6
-3
-1
-10
12
-7
-69
-64
Write-offs
-3
-3
-2
-2
Unwind discount / unearned interest accrued
1
1
1
1
Foreign exchange and other movements
1
Balance as at 31 December
29
39
52
120
36
42
55
133
Impairment charges (releases) on loans and
advances
-6
-3
-1
-10
12
-7
-69
-64
Recoveries and other charges (releases)
-8
-8
-11
-11
Total impairment charges for the period
-6
-3
-9
-18
12
-7
-80
-75
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. Including POCI.
Loan impairment charges and allowances \u2013 consumer loans\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Balance as at 1 January
12
15
102
130
18
11
118
147
Transfer to stage 1
5
-5
-4
-3
4
-3
-4
-4
Transfer to stage 2
-1
6
-6
-1
8
-6
Transfer to stage 3
-1
-2
35
32
-2
31
29
Remeasurements\u00b9
-7
-5
-12
-9
1
-6
-15
Changes in models
1
1
1
Changes in risk parameters
1
1
-1
3
3
Originated or purchased
3
3
3
3
Matured or repaid
-1
-1
-3
-5
-1
-5
-6
Impairment charges (releases) on loans
and advances
-1
-6
25
18
-5
4
12
11
Write-offs
-28
-28
-31
-31
Unwind discount / unearned interest accrued
1
1
3
3
Foreign exchange and other movements
-4
-3
-40
-47
-1
Balance as at 31 December
8
5
61
74
12
15
102
130
Impairment charges (releases) on loans and
advances
-1
-6
25
18
-5
4
12
11
Recoveries and other charges (releases)
-25
-25
-25
-25
Total impairment charges for the period
-1
-6
-7
-5
4
-12
-13
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. Including POCI.
Loan impairment charges and allowances \u2013 corporate loans\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Balance as at 1 January
119
170
811
1,100
192
228
833
1,254
Transfer to stage 1
66
-65
-4
-3
39
-47
-1
-10
Transfer to stage 2
-18
42
-21
3
-29
59
-8
23
Transfer to stage 3
-3
-26
112
83
-5
-23
164
137
Remeasurements\u00b9
-99
-26
93
-33
-89
-29
102
-16
Changes in models
24
16
33
73
Changes in risk parameters
-2
-1
-3
-6
-5
-11
Originated or purchased
36
36
33
33
Matured or repaid
-15
-9
-35
-59
-15
-20
-25
-60
Impairment charges (releases) on loans
and advances
-10
-70
178
98
-72
-64
232
96
Write-offs
-206
-206
-317
-317
Unwind discount / unearned interest accrued
29
29
22
22
Foreign exchange and other movements
1
-4
9
6
-2
6
40
45
Balance as at 31 December
109
96
821
1,026
119
170
811
1,100
Impairment charges (releases) on loans and
advances
-10
-70
178
98
-72
-64
232
96
Recoveries and other charges (releases)
-43
-43
-48
-48
Total impairment charges for the period
-10
-70
135
55
-72
-64
184
48
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. Including POCI.
Loan impairment charges and allowances \u2013 off-balance\u2002
Audited
2025
2024
(in millions)
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Stage 1
Stage 2
Stage 3\u00b2
Total\u00b2
Balance as at 1 January
6
10
80
97
16
12
81
109
Transfer to stage 1
1
-2
-1
2
-2
Transfer to stage 2
2
2
-2
4
2
Transfer to stage 3
-1
Remeasurements\u00b9
-4
-6
-4
-15
-10
-1
33
22
Changes in models
-1
Changes in risk parameters
5
1
6
Originated or purchased
5
5
5
5
Matured or repaid
-3
-2
-6
-4
-2
-7
Impairment charges (releases)
2
-7
-4
-9
-10
-1
33
22
Foreign exchange and other movements
1
1
-26
-24
1
-1
-34
-34
Balance as at 31 December
9
3
50
63
6
10
80
96
Impairment charges (releases) on off-balance
2
-7
-4
-9
-10
-1
33
22
Other charges (releases)
Total impairment charges for the period
2
-7
-4
-9
-10
-1
33
22
1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in
the credit quality of existing loans remaining in their stage.
2. Including POCI.
1\u00a0 \u00a0 Accounting policies
Critical accounting estimates and judgements
In preparing the financial statements, management needs to exercise its judgement in the process of applying
ABN\u00a0AMRO\u2019s accounting policies and make estimates and assumptions concerning the future. Actual results may differ
from those estimates and assumptions. Accounting policies for the most significant areas that require management
to\u00a0make judgements and estimates affecting reported amounts and disclosures are made in the following sections:
\u2022 Impairment losses on financial assets measured at amortised costs - Risk, funding & capital chapter and Note 1
\u2022 Income tax expense, tax assets and tax liabilities - Note 11
\u2022 Impairment of instruments measured at FVOCI - Note 17
\u2022 Fair value of financial instruments - Note 19
\u2022 Impairment of ROU assets and goodwill - Note 24
\u2022 Provisions - Note 30
Assessment of risks, rewards and control
Whenever ABN AMRO is required to assess risks, rewards and control, as well as when considering the recognition and
derecognition of assets or liabilities and the consolidation or deconsolidation of subsidiaries, the use of judgement
may sometimes be required. Although management uses its best knowledge of current events and actions in making
such assessments, the actual risks, rewards and control may ultimately differ.
Material accounting policies
Financial assets and liabilities
Measuring allowances for expected credit losses
ABN AMRO recognises loss allowances based on the Expected Credit Loss model (ECL) of IFRS 9, which is designed to
be forward-looking. The amount of ECL is based on the probability-weighted present value of all expected cash
shortfalls over the remaining life of the financial instrument for both on- and off-balance sheet exposures. ABN AMRO
distinguishes between two types of calculation methods for credit loss allowances:
\u2022 Individual Lifetime ECL (LECL) for credit impaired (stage 3) financial instruments with exposures above
EUR\u00a05\u00a0million;
\u2022 Collective 12-month ECL (stage 1) and LECL (stage 2 and 3) for financial instruments that have similar credit risk
characteristics (e.g. residential mortgages, consumer loans and SME loans); these are clustered in portfolios and
collectively assessed for impairment losses. A collective impairment calculation approach based on individual
parameters is also applied to stage 3 exposures below EUR 5 million. ABN AMRO has models to quantify the
Probability of Loss (PL), Loss Given Loss (LGL) and Exposure at Loss (EAL) for the purpose of calculating the collective
12-month ECL and LECL for these financial instruments.
The IFRS 9 impairment requirements are applicable to financial assets measured at amortised cost or fair value
through other comprehensive income (FVOCI), loan commitments, lease receivables and contract assets and financial
guarantee contracts. At each reporting date, these financial instruments are classified into one of three risk stages,
depending on current credit quality, or as purchased or originated credit impaired (POCI).
POCI assets, which are credit impaired at initial recognition, are accounted for at fair value (i.e. net of the initial lifetime
ECLs) and do not carry an impairment allowance. Instead, a credit-adjusted effective interest rate (EIR), which is
calculated using expected cash flows including initial lifetime ECLs, is applied to the amortised cost. Subsequently, the
cumulative changes in lifetime ECLs since initial recognition, which are discounted at the credit-adjusted effective
interest rate, are recognised in the profit or loss statement as an impairment gain or loss, and presented under
impairment charges on financial instruments. Once a financial asset is classified as POCI, it retains that classification
until it is derecognised.
Risk staging
We use quantitative and qualitative stage triggers to determine whether a financial instrument should be classified as
stage 1 or stage 2. A transfer to stage 3 will always be the result of the default of a financial instrument.
Quantitative stage triggers
The key quantitative metric that determines when a financial instrument is transferred from stage 1 to stage 2 is the
deterioration in the lifetime probability of default (LPD) from the date of origination to the reporting date, based on
internal data. The LPD represents the likelihood that a counterparty will default during the lifetime of the financial
instrument and depends on credit risk drivers such as:
\u2022 product characteristics (e.g. repayment and interest terms, term of the product);
\u2022 the financial condition of the borrower;
\u2022 the number of days past due;
\u2022 expected developments in the economy.
The lifetime PD deterioration (LPDD) measures the relative difference between the remaining lifetime PD at reporting
(LPDR) and the remaining lifetime PD at origination (LPDO) as LPDD = LPDR/LPDO. If the LPD deterioration of an
exposure is above a predefined threshold, the LPD is considered to be significantly deteriorated. The exposure is then
transferred to stage 2 and impairment allowances equal to the lifetime expected credit loss are recognised. If the LPD
deterioration subsequently reduces and falls below the threshold, the balance is transferred back to stage 1. When
determining the thresholds, ABN AMRO distinguishes between various portfolios within consumer lending, residential
mortgages and corporate loans. A specific threshold is calculated for each portfolio, based on a statistical method.
Qualitative stage triggers
The bank transfers a financial instrument from stage 1 to stage 2 if the instrument meets any of the following
qualitative triggers:
\u2022 Forborne status of a borrower;
\u2022 Watch status of a borrower. ABN AMRO assigns the watch status to counterparties with an increased credit risk. This
process comprises intensive monitoring, early detection of deterioration in the credit portfolio and appropriate
follow up measures;
\u2022 A delinquency-based regulatory backstop is in place, such that the credit risk of financial assets that are more than
30\u00a0days past due will be assumed to have significantly increased.
Reclassification to stage 1
As a general rule, favourable changes in credit risk are recognised consistently with unfavourable changes, and a
financial instrument is transferred back to stage 1 if quantitative or qualitative triggers are no longer met. In some
cases, a probation period applies:
\u2022 Forborne financial instruments are transferred back from stage 2 to stage 1 only after a probation period of at least
two years has ended, in line with the ABN AMRO forbearance policy. Stage 3 forborne instruments transfer back to
stage 2 after a cure period of at least one year;
\u2022 For financial instruments that are 30 days past due, a three-month probation period is applied for transfers from
stage\u00a02 to stage\u00a01.
Classification in stage 3
A transfer to stage 3 will always be the result of the default of a financial instrument. The definition of default for
IFRS\u00a09 is aligned with the regulatory capital definition. A default is deemed to have occurred when:
\u2022 the counterparty is past due by more than 90 days on any material financial credit obligation to the bank; or
\u2022 the bank considers the borrower to be unlikely to meet its contractual obligations (unlikely to pay, or UTP).
The materiality of a financial obligation past due is assessed against an absolute and a relative threshold, in line with
regulatory standards. To determine unlikeliness to pay, the bank has specified mandatory default triggers (always
resulting in the assignment of a default status, whereby no additional expert judgement is allowed) and judgemental
triggers (requiring an assessment by credit risk managers to determine whether the UTP indications should result in a
default classification).
The mandatory triggers include the reporting of a forborne exposure under probation as non-performing for being
30\u00a0days past due or owing to an additional forbearance measure being applied. As a result, the definitions of non-
performing and default are materially aligned.
Reclassification to stage 2
The default classification for non-forborne exposures ends when the default triggers no longer apply and a probation
or cure period of at least three months has passed since the default trigger was last applied. For forborne exposures, a
twelve-month cure period starts from the moment the last forbearance measure or default trigger was applied. After
the cure period, an assessment is performed to establish whether the improvement in the credit quality is factual and
permanent (including, for example, no remaining past due amounts).
Lifetime expected credit loss
ABN AMRO defines the lifetime of credit as the maximum contractual period during which the bank is exposed to
credit risk; we do not apply a longer period, even if that longer period is consistent with business practice. For some
contracts, such as overdraft facilities or credit cards, no end date is specified or amounts can be contractually
withdrawn by the lender at short notice. In these cases, ABN AMRO uses behavioural maturity models that rely on
historical client behaviour to determine future expected exposures.
Forward-looking information
For expected credit loss calculations, ABN AMRO uses three different scenarios of future economic developments: a
baseline (or most likely) scenario, a negative scenario and a positive scenario. The three scenarios are incorporated into
the expected credit loss calculation and risk stage determination in a probability-weighted manner. In order to
incorporate the latest economic outlook, the scenarios and their weights are reviewed each quarter and adjusted if
necessary. Details of the scenarios and their weights used in the reporting period can be found in the Credit risk review
section. The baseline scenario entails our Group Economics analysts\u2019 current macroeconomic base scenario, which
usually covers the current year and subsequent year. For the purpose of scenario analysis under IFRS 9, this baseline is
extended by three or four additional calendar years, after which it is assumed that macroeconomic variables (MEVs)
gradually move to their potential or equilibrium values. At least once every quarter, Group Economics compares its
forecasts with those of institutions like the Netherlands Bureau for Economic Policy Analysis (CPB), the Dutch central
bank (DNB), ECB, IMF or OECD in order to determine possible differences and to analyse whether it can underpin
them. This external benchmarking exercise is a standard input to the Scenario Booklet that is presented to the bank\u2019s
Scenario and Stress Testing Committee for approval. Group Economics also develops a negative and a positive
scenario. These scenarios are designed to give an impression of the bandwidth within which the economy, interest and
FX rates, and other relevant variables are likely to move in the next four to five years, with a probability of around\u00a085%
(roughly corresponding to a standard deviation of plus and minus one and a half). Hence, these scenarios produce
upper and lower boundaries, with a resulting bandwidth between the outcomes of the negative (\u2018bad weather\u2019 in
terms of financial results of the bank) and positive (\u2018good weather\u2019) scenarios. To determine these boundaries, Group
Economics may look at historical developments, medium-term (non-baseline) scenarios made by the above
institutions and other relevant developments.
Management overlays and other adjustments
Where necessary to reflect credit risk dynamics not captured by our models, management judgement is applied via a
management overlay or other IFRS 9 adjustment. A management overlay is a temporary adjustment in a loss
allowance until a long-term solution (e.g. model adjustment) is effective, and must be an amount commensurate to
the model limitation. All overlays require a decision by the Impairment and Provision Committee (IPC). The main types
of management overlays that ABN AMRO distinguishes are: post-model adjustments (adjustments to model
outcomes), adjustments in the weightings of macroeconomic scenarios and stage overrides. Other adjustments such
as adjustments to model parameters or input data are not considered management overlays, but follow the same
internal approval process.
Cured financial assets
When a credit impaired financial asset cures, the interest that was previously unrecognised is reported as an
impairment release in the impairment charge rather than as a credit to the interest income calculated using the
effective interest method.
Write-off
Under IFRS 9, \u2018write-off\u2019 refers to the process of recognising that a financial asset, or a portion of it, is uncollectible and
should be removed from an entity\u2019s balance sheet. This typically happens when there is no reasonable expectation of
recovering the asset, indicating that the entity has exhausted all practical recovery efforts.
\u2022 For non-programme lending, a loan must be written off if all possible means of recovery have been exhausted and it
has become clear that there is a low probability of recovering the debt, either in part or full.
\u2022 Most of the programme lending facilities are automatically written off after 1,080 days in default.
Such loans are written off after all the necessary procedures have been completed and the amount of the loss has
been determined. Subsequent recoveries of amounts previously written off are credited to impairment charges on
financial instruments in the income statement.
Credit enhancements
Financial guarantees held are included in the ECL calculations of a financial asset when they are an integral element of
the contractual terms of the financial asset. Financial guarantees that do not form an integral element of the
contractual terms of a financial asset are accounted for as a separate asset.
11\u00a0 Income tax expense, tax assets and tax liabilities
Accounting policy for income tax expense, tax assets and tax liabilities
Deferred tax is recognised for qualifying temporary differences. Temporary differences represent the difference
between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for
taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or
settlement of the carrying amount of assets and liabilities, using tax rates prevailing at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will allow
the\u00a0deferred tax asset to be recovered. Deferred tax assets and liabilities are offset only when there is both a legal
right to offset and an intention to settle on a net basis.
(in millions)
2025
2024
Recognised in income statement:
Current tax expenses for the current period
819
947
Pillar Two tax expense
3
5
Adjustments recognised in the period for current tax of prior periods
-3
9
Total current tax expense
819
961
Deferred tax arising from the current period
28
43
Impact of changes in tax rates on deferred taxes
1
Deferred tax arising from the write-down or reversal of a write-down of a deferred tax asset
-4
21
Deferred tax prior period
1
-6
Previously unrecognised tax losses, tax credits and temporary differences reducing deferred tax expense
-11
-6
Total deferred tax expense
15
52
Total income tax expense
834
1,013
Tax assets and liabilities
The most significant temporary differences arose from the revaluation of certain financial assets and liabilities,
including derivative contracts, allowances for loan impairment and investments. The following table summarises the
tax position.
31 December 2025
31 December 2024
(in millions)
Assets
Liabilities
Assets
Liabilities
Current tax
29
118
51
395
Deferred tax
114
65
275
Total tax assets and liabilities
143
183
326
395
The significant components and annual movements in deferred tax assets and deferred tax liabilities are shown in the
following tables.
(in millions)
As at
31 December
2024
Income
statement
OCI
Equity
Other
As at
31 December
2025
- of which
deferred
tax asset
- of which
deferred
tax liability
Assets and liabilities held for trading, derivatives
and financial investments
159
-234
-1
-76
289
365
Property and equipment (excluding leases) and
intangible assets
-1
-37
-10
-48
19
67
Loans
10
-1
9
17
19
2
Leases
28
1
-4
26
100
75
Pensions and other (post-)employment benefits
9
1
9
9
Provisions
29
-7
-1
20
20
Tax losses carried forward
50
11
26
87
87
Other
-8
18
3
13
52
39
Deferred tax assets (+) and liabilities (-)
275
-15
-235
24
49
596
547
Offsetting deferred tax assets and liabilities
482
482
Net deferred tax assets (+) and liabilities (-)
114
65
(in millions)
As at
31 December
2023
Income
statement
OCI
Equity
Other
As at
31 December
2024
- of which
deferred
tax asset
- of which
deferred
tax liability
Assets and liabilities held for trading, derivatives and
financial investments
115
-6
51
159
175
16
Property and equipment (excluding leases) and
intangible assets
25
-20
-5
-1
20
21
Loans
12
-1
10
11
1
Leases
32
-4
28
93
65
Pensions and other (post-)employment benefits
8
1
9
9
Provisions
23
4
1
1
29
29
Tax losses carried forward
88
-42
3
50
50
Other
-25
19
-1
-8
57
65
Deferred tax assets (+) and liabilities (-)
278
-52
51
-2
275
442
167
Offsetting deferred tax assets and liabilities
167
167
Net deferred tax assets (+) and liabilities (-)
275
Deferred tax assets and liabilities
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will allow the deferred
tax asset to be recovered. Recognition is based on estimates of taxable income by jurisdiction in which ABN AMRO
operates and the period over which the deferred tax assets will be recoverable. In the event that actual results differ
from these estimates in future periods, changes to the recognition of deferred tax assets could be required and these
could impact our financial position and net profit.
Undistributed earnings of ABN\u202fAMRO\u2019s subsidiaries, branches and interests in joint ventures may give rise to taxable
temporary differences and therefore to deferred tax liabilities. No deferred tax liabilities have been recognised in
respect of such undistributed earnings.
Unrecognised tax assets
Certain amounts of deferred tax assets are not recognised because future taxable profits are not considered probable.
Deferred tax assets for an amount of EUR\u00a023\u00a0million (31\u00a0December\u00a02024:\u00a0EUR\u00a029\u00a0million) have not been recognised in
respect of deductible temporary differences of EUR\u00a091\u00a0million (31\u00a0December\u00a02024: EUR\u00a0112\u00a0million). In addition,
deferred tax assets for an amount of EUR\u00a051\u00a0million (31\u00a0December\u00a02024: EUR\u00a046\u00a0million) have not been recognised in
respect of tax losses of EUR\u00a0254\u00a0million (31\u00a0December\u00a02024: EUR\u00a0233\u00a0million).
Tax credits and unrecognised tax credits
ABN AMRO did not have any carry-forward tax credits on 31\u00a0December\u00a02025.
17\u00a0 Financial investments
Accounting policy for financial investments
Financial investments include financial instruments measured at fair value through other comprehensive income
(FVOCI) and financial instruments measured at fair value through profit or loss (FVTPL).
Accounting policy for financial instruments measured at fair value through other
comprehensive income
Unrealised gains and losses on FVOCI assets are recognised directly in other comprehensive income, net
of\u00a0applicable taxes. Interest earned, premiums, discounts and qualifying transaction costs of interest-earning
FVOCI assets are amortised to income on an effective interest rate basis. When FVOCI debt instruments are sold,
the cumulative gain or loss recognised in other comprehensive income is transferred to other operating income
in\u00a0the income statement. The impairment loss resulting from the ECL on FVOCI debt instruments is recognised
in\u00a0the impairment charges on financial instruments in the income statement. The related loss allowance is
recognised in other comprehensive income and does not reduce the carrying amount of the FVOCI debt
instruments. ABN\u00a0AMRO\u2019s impairment assessment and measurement approach for FVOCI debt instruments is set
out in the Credit risk management section of the Risk, funding & capital management chapter and Note 1
Accounting Policies. Fair value changes in equity instruments that are irrevocably designated as FVOCI upon initial
recognition are recognised in other comprehensive income and not subsequently reclassified to the income
statement.
(in millions)
31 December 2025
31 December 2024
Financial investments
Debt securities held at fair value through other comprehensive income
48,921
46,196
Held at fair value through profit or loss
1,310
977
Total financial investments
50,231
47,173
Debt securities held at fair value through other comprehensive income consist mainly of government bonds.
Financial investments measured at fair value through other comprehensive income
(in millions)
31 December 2025
31 December 2024
Interest-earning securities
Dutch government
3,399
3,261
US Treasury and US government
7,300
7,140
Other OECD government
18,851
19,143
Non-OECD government
190
170
International bonds issued by the European Union
3,529
3,319
European Stability Mechanism
2,566
2,441
Mortgage- and other asset-backed securities
5,400
5,288
Financial institutions
7,624
5,404
Non-financial institutions
63
29
Total investments held at fair value through other comprehensive income
48,921
46,196
Government bonds by country of origin
31 December 2025
31 December 2024
(in millions)
Accumulated unrealised
gains/(losses) and
fair value hedges
gains/(losses)
Impairments
Fair
value
Accumulated unrealised
gains/(losses) and
fair value hedges
gains/(losses)
Impairments
Fair
value
Dutch national government
-155
3,399
-61
-1
3,261
USA national government
-18
7,300
-267
7,140
German national government
-157
5,280
-118
5,315
French national government
-45
-1
1,677
-61
2,025
Belgian national government
-153
2,808
-152
2,791
Austrian national government
-71
1,745
-34
1,658
Finnish national government
-60
1,823
-50
1,496
Luxembourg national government
-18
345
-19
305
Canadian national government
-41
1,112
-45
1,186
Japanese national government
1,692
-1
2,426
Polish national government
32
329
34
330
Spanish national government
707
4
615
United Kingdom national government
-10
162
-11
170
Danish national government
-22
322
-22
341
Italian national government
-12
503
-29
382
Irish national government
-9
159
2
92
Portuguese national government
-1
85
10
Czech national government
28
Slovenian national government
-1
29
Slovak national government
25
Estonian national government
6
Icelandic national government
4
Lithuanian national government
-1
9
Brazilian national government
115
100
Singapore national government
66
70
Croatian national government
9
European Union bonds
(excl. European Financial Stability Facility)
-614
3,529
-523
3,319
Total government bonds
-1,356
-1
33,269
-1,354
-1
33,034
Critical accounting estimates and judgements
Interest-bearing debt securities classified as FVOCI investments are assessed at each reporting date to establish
whether there are any expected credit losses. ABN AMRO has developed models to determine such credit losses.
These are explained in more detail in the Risk, funding & capital chapter and Note 1 Accounting Policies. Impairment
charges on FVOCI instruments are recorded in (un)realised gains/(losses) fair value through OCI in the statement of
comprehensive income.
19\u00a0 Fair value of financial instruments carried at fair value
Accounting policy for fair value of financial instruments
The fair value is defined as the price that would be received when selling an asset or paid when transferring
a\u00a0liability in an orderly transaction between market participants at the measurement date.
For financial instruments that are actively traded and for which quoted market prices or market parameters are
readily available, the fair value is determined in a highly objective manner. However, when observable market
prices and parameters do not exist, management judgement is necessary to estimate fair value.
For financial instruments where no active liquid market exists, or quoted prices are unobtainable, recent market
transactions are used or the fair value is estimated using a variety of valuation techniques \u2013 including reference
to similar instruments for which market prices do exist, or to valuation techniques such as discounted cash flow
models or option pricing models (e.g. Black Scholes).
When portfolios of financial assets and liabilities are measured on the basis of the net exposure to the credit risk
of a particular counterparty, any existing arrangements that mitigate the credit risk exposure (e.g. master netting
agreements with the counterparty) are taken into account.
Unobservable inputs are estimated using a combination of management judgement, historical data, market
practice and benchmarking to other relevant observable market data. The difference between the transaction
price and the internal valuation at inception, calculated using a model, is reserved and amortised to profit or loss
at appropriate points over the life of the instrument, typically taking account of the ability to obtain reliable
external data, the passage of time and the use of offsetting transactions. Where inputs to the valuation of a new
transaction cannot be reliably determined, the transaction is initially recognised at its transaction price.
Subsequent changes in fair value as calculated by the valuation model are reported as profit or loss or in equity.
In order to determine a reliable fair value, where appropriate, management applies valuation adjustments
to\u00a0the\u00a0pricing information derived from the above sources. These adjustments reflect management\u2019s assessment
of factors that market participants would consider in setting a price, to the extent that these factors have not
already been included in the information from the above sources. The main valuation adjustments required
to\u00a0arrive at a fair value are as follows:
\u2022 Bid-ask adjustments. If the model calculates a mid-market price, it is adjusted to take into account the relevant
bid-offer spread.
\u2022 Credit and debit valuation adjustments. In addition to credit valuation for loans measured at fair value through
profit or loss, credit valuation adjustments and debit valuation adjustments are incorporated into derivative
valuations to reflect the impact on fair value of counterparty credit risk and how counterparties consider
ABN\u00a0AMRO\u2019s creditworthiness respectively.
\u2022 Liquidity adjustments. ABN AMRO uses different techniques to determine the price or input parameters
of\u00a0the\u00a0pricing model dependent on the liquidity in the market.
\u2022 Funding valuation adjustment. The funding valuation adjustment incorporates the incremental cost of funding
into the valuation of uncollateralised and partially collateralised derivatives.
\u2022 Own credit adjustment. An own credit risk adjustment is applied to financial liabilities where it is believed that
counterparties will consider ABN AMRO\u2019s creditworthiness when pricing such instruments.
\u2022 Model valuation adjustments for any known limitations. Management assesses the appropriateness of any
model used on an ongoing basis. To the extent that the price provided by internal models does not represent
the fair value of the instrument, for instance in highly stressed market conditions, management makes
adjustments to the model valuation to calibrate to other available pricing sources.
We believe our estimates of the fair value are adequate. However, the use of different models or assumptions
could result in changes to our reported results.
Valuation control framework
ABN AMRO has in place designated controls and processes to determine the fair value of financial instruments. A
process has been designed to ensure there are formalised review protocols to independently review and validate fair
values, separately from the business departments entering into the transactions. This includes specific controls to
ensure consistent pricing policies and procedures, incorporating disciplined price verification for both market and
counterparty risk trades.
The business department entering into the transaction is responsible for the initial determination and recording of the
fair value of the transaction. Controls of the profit or loss are recorded on a daily basis by trading and treasury front-
office staff. The independent price-verification process, a key element of the control environment, is segregated from
the recording of the transaction\u2019s valuation. Valuations are first calculated by the department. Such valuations may be
current bid or offer prices in an active market, or may be derived using a model and variable model inputs. These
valuations are reviewed and, if necessary, amended by the independent price-verification process. This process
involves a team that operates independently from the team trading the financial instruments and performs a review of
valuations in light of available pricing evidence. Independent price verification is frequently performed by matching
the business valuations with independent data sources. The reviews are performed at least once a month, both for
trading positions and non-trading positions. The independent price-verification control includes formalised reporting
and escalation to management of any valuation differences in breach of the defined thresholds. When models are
used to value products, these models are subject to a model review process. This process requires different levels of
model documentation, testing and review, depending on the complexity of the model and the size of our exposure to
the model.
Valuation techniques
A number of methodologies are used to determine the fair value of financial instruments for which observable prices
in active markets for identical instruments are not available. Values between and beyond available data points are
obtained by interpolation and/or extrapolation. When valuation techniques are used, the fair value can be significantly
impacted by the choice of the valuation model and the underlying assumptions made for factors such as the amount
and timing of cash flows, discount rates and credit risk.
Interest rate derivatives
This category includes interest rate swaps, cross-currency swaps, options and forward rate agreements. These
products are valued by estimating future cash flows and discounting these cash flows, using appropriate interest rate
curves. The exception is interest option contracts, which are valued using market standard option pricing models. The
inputs for the discounting cash flow models are principally observable benchmark interest rates in active markets such
as interbank rates and quoted interest rates in the swap, bond and futures markets. The inputs for credit spreads \u2013
where available \u2013 are derived from prices of credit default swaps or other credit-based instruments, such as debt
securities. In other cases, credit spreads are obtained from pricing services. The additional inputs for the option pricing
models are price volatilities and correlations, which are obtained from broker quotations or pricing services or derived
from option prices. Because of the observability of the inputs used in the valuation models, the majority of the interest
rate derivative contracts are classified as level 2. If adjustments to interest rate curves, credit spreads, correlations or
volatilities are based on significant unobservable inputs, the contracts are classified as level 3. Exchange traded
options and futures are valued using quoted market prices and are hence classified as level 1.
Foreign exchange contracts
Foreign exchange contracts include foreign exchange forward contracts, foreign exchange options and foreign
exchange swaps. The majority of the foreign exchange contracts at ABN AMRO are traded as over-the-counter
derivatives. These instruments are valued using foreign currency exchange rates. There are observable markets for
spot and forward contracts as well as for futures in the world\u2019s major currencies. The over-the-counter foreign
exchange contracts are therefore classified as level 2.
Government debt securities
Government debt securities consist of government bonds and bills with fixed or floating rate interest payments issued
by sovereign governments. As these instruments are generally traded in active markets and prices can be derived
directly from those markets, they are classified as level 1. Highly liquid bonds are valued using exchange traded prices.
Less liquid bonds are valued using observable market prices, which are sourced from broker quotes, inter-dealer
prices or other reliable pricing services. For a minority of the government debt securities, active market prices are not
available. In these cases ABN AMRO uses discounted cash flow valuation techniques that incorporate observable
market data for similar government instruments. The main inputs are interest rate curves, liquidity spreads and credit
spreads. The instruments for which this method is applied are classified as level 2. If adjustments to any of the main
inputs are made based on significant unobservable inputs, the instrument is classified as level 3.
Corporate debt securities
Corporate debt securities consist primarily of corporate bonds and other debt securities issued by corporate entities.
Most of these instruments are standard fixed or floating rate securities. Corporate debt securities are generally valued
using observable market prices, which are sourced from broker quotes, inter-dealer prices or other reliable pricing
services. These instruments are classified as level 1. If observable market prices are not available, ABN AMRO uses
discounted cash flow valuation techniques, based on inputs derived from comparable instruments and credit default
swap data of the issuer, to estimate credit spreads. These instruments are classified as level 2. If adjustments are made
to any of the main inputs based on significant unobservable inputs, the instrument is classified as level 3.
Equity instruments
Equity instruments that are actively traded on public stock exchanges are valued using readily available quoted prices
and are therefore classified as level 1. Equity investments for which fair value is determined using valuation techniques
based predominantly on observable market inputs are classified as Level 2. Investments in private equity funds are
initially recognised at their transaction price and remeasured to the extent reliable information is available on a case-
by-case basis, and are classified as level 3.
Loans and advances at fair value through profit or loss
Loans and advances at fair value through profit or loss consist primarily of contracts with corporate clients where the
contractual cash flows do not meet the SPPI requirements or are held in a business model with the objective of
generating cash flows from sales. The return on the contracts with embedded derivatives is based on the price of
underlying commodity contracts or loans with a floating interest rate. Discounted cash flow models are used to value
these contracts. The main inputs are interest rate curves, quoted commodity prices, liquidity spreads and credit
spreads. The instruments are classified as level 2. If adjustments to interest rate curves, liquidity spreads and credit
spreads are based on significant unobservable inputs, the instruments are classified as level 3.
Issued debt
Issued debt securities are valued using discounted cash flow models, based on current interest rate curves that
incorporate observable inputs. These instruments are classified as level 2. When there are no, or only limited, publicly
quoted prices available for these instruments and unobservable inputs have a significant effect on the fair value
calculation, these instruments are classified as level 3. ABN AMRO refines and modifies its valuation techniques as
markets and products develop and as prices for individual products becomes more or less readily available. While ABN
AMRO believes its valuation techniques are appropriate and consistent with other market participants, the use of
different methodologies or assumptions could result in different estimates of the fair value at the reporting date.
Fair value hierarchy
ABN AMRO analyses financial instruments held at fair value in the three categories described below.
Level 1 financial instruments are those that are valued using unadjusted prices quoted in active markets for identical
financial instruments.
Level 2 financial instruments are those valued using techniques based primarily on observable market data.
Instruments in this category are valued using prices quoted for similar instruments or identical instruments in markets
that are not considered to be active, or using valuation techniques where all inputs that have a significant effect on the
valuation are directly or indirectly based on observable market data.
Level 3 financial instruments are those valued using a valuation technique where at least one input with a significant
effect on the instrument\u2019s valuation is not based on observable market data. The effect of fair value adjustments on the
instrument\u2019s valuation is included in the assessment.
ABN AMRO recognises transfers between levels of the fair value hierarchy at the end of the reporting period during
which the change occurred.
The following table presents the valuation methods used for determining the fair values of financial instruments
carried at fair value.
31 December 2025
31 December 2024
(in millions)
Quoted
market
prices
in active
markets
Valuation
techniques
- observable
inputs
Valuation
techniques
- significant
unobservable
inputs
Total fair
value
Quoted
market
prices
in active
markets
Valuation
techniques
- observable
inputs
Valuation
techniques
- significant
unobservable
inputs
Total fair
value
Assets
Government debt securities
606
606
1,119
51
1,169
Corporate debt securities
961
477
1,438
743
503
1,246
Equity securities
2
2
Other financial assets held for trading
87
87
Financial assets held for trading
1,568
477
2,044
1,863
640
2,503
Interest rate derivatives
5
3,017
6
3,028
5
3,116
20
3,140
Foreign exchange contracts
897
7
904
1,203
2
1,206
Other derivatives
2
2
1
1
Derivatives
6
3,915
13
3,933
5
4,320
22
4,347
Government debt securities
122
122
Equity instruments
133
40
848
1,020
133
47
797
977
Other
10
158
167
Financial investments at fair value
through profit or loss
265
40
1,006
1,310
133
47
797
977
Government debt securities
35,412
94
329
35,835
35,145
330
35,475
Corporate debt securities
7,518
168
7,686
5,432
5,432
Other debt securities
5,400
5,400
5,288
5,288
Financial assets held at fair value
through other comprehensive
income
48,330
262
329
48,921
45,866
330
46,196
Loans and advances at fair value through
profit or loss
28
486
514
30
600
630
Total financial assets
50,167
4,722
1,833
56,723
47,866
5,037
1,750
54,653
Liabilities
Short positions in government debt
securities
822
822
346
172
518
Corporate debt securities
404
289
693
313
208
522
Equity securities
1
1
Other financial liabilities held for trading
114
114
123
123
Financial liabilities held for trading
1,227
403
1,631
660
503
1,163
Interest rate derivatives
4
1,322
6
1,332
3
1,688
1
1,692
Foreign exchange contracts
612
612
803
803
Other derivatives
23
23
4
4
Derivatives
27
1,934
6
1,967
3
2,495
1
2,499
Issued debt
159
159
205
205
Total financial liabilities
1,255
2,496
6
3,757
663
3,203
1
3,867
Transfers between fair value hierarchies
There were no material transfers between the fair value hierarchies.
Movements in level 3 financial instruments measured at fair value
The following table shows a reconciliation of the opening and closing amounts of level 3 financial assets that are
recorded at fair value.
Assets
Liabilities
(in millions)
Derivatives
Financial
investments at
fair value through
profit or loss
Financial assets
held
at fair value
through
other
comprehensive
income
Loans and
advances at
fair value
through
profit or loss
Derivatives
Balance as at 1 January 2024
26
656
330
676
Purchases
86
Sales
-3
-35
Issuance
42
Redemptions
-14
-157
Gains/(losses) recorded in profit and loss 1
1
-5
Unrealised gains/(losses) 2
-3
89
-1
59
Transfer between levels
-2
1
Other movements
-17
19
Balance as at 31 December 2024
22
797
330
600
1
Acquisitions/divestments of subsidiaries
204
Purchases
89
Sales
Issuance
60
Redemptions
-1
-38
Gains/(losses) recorded in profit and loss\u00b9
2
1
Unrealised gains/(losses)\u00b2
-5
46
-2
-43
Transfer between levels
-4
5
Other movements
-132
-93
Balance as at 31 December 2025
13
1,006
329
486
6
1. Included in other operating income.
2. Unrealised gains/(losses) on derivatives held for trading are included in net trading income, on instruments measured at FVTPL in other operating income and on instruments
measured at FVOCI in other comprehensive income.
Level 3 sensitivity information
Interest-earning securities - government bonds
ABN AMRO has a position in a Polish bond, denominated in euros (see Note 17 - Financial investments, and part of
Other OECD governments), for which the market is relatively illiquid. This bond is valued using a discounted cash flow
model. The main inputs are the interest rate curve, liquidity spread and credit spread. The valuation spread is
determined using an internal model. The sensitivity analysis is performed using a range of reasonable valuation
spreads.
Equity shares - preferred shares
Equities measured at fair value through profit and loss and classified as level 3 mainly comprise private equity
investments. Private equity shares are measured at fair value, applying two calculation techniques:
\u2022 Using comparable pricing in accordance with the European Private Equity and Venture Capitalist Association (EVCA)
guidelines. This valuation technique is based on earnings multiples of comparable listed and unlisted companies.
The fair value calculation of an investment is strongly linked to movements on public equity markets.
\u2022 Net Asset Value (NAV) for fund investments and asset-backed investments. This is determined by using audited and
unaudited company financial statements and any other information available, publicly or otherwise. As a
consequence, the NAV calculation of an investment is strongly linked to movements in the quarterly performance of
the company and can be used as an indicator of fair value.
New investments are initially valued at fair value. Subsequently, the fair value technique - either the EVCA technique or
NAV calculation - is applied for direct investments.
The sensitivity for using comparable pricing is determined by stressing the earnings multiples in a positive and
negative market scenario, whereas sensitivity testing cannot be applied for the NAV calculation based on the quarterly
performance.
Derivatives
ABN AMRO applies a credit valuation adjustment (CVA) that reflects counterparty credit risk in the fair value
measurement of uncollateralised and partially collateralised OTC derivatives. For counterparties that do not have an
observable credit spread, ABN AMRO applies a proxied credit spread extracted from counterparties of comparable
credit quality that do have an observable credit spread. ABN AMRO performs a probability of default assessment for
each counterparty and allocates an appropriate internal credit risk measure known as a Uniform Counterparty Rating
(UCR). This UCR, which is significant to the entire fair value measurement of the derivative contracts included in the
following table of level 3 sensitivity information, is generated internally and is therefore an unobservable input.
Loans and advances \u2013 Equity release mortgages
ABN AMRO offers equity release mortgages which provide a way to liquidate home equity and are designed for senior
homeowners. These loans are valued using a discounted cash flow model for which the assumed prepayment rate is
the most relevant input parameter. The prepayment rate is based on mortality rates and historical prepayment rates
observed for equity release mortgages. The sensitivity range is based on the historical bandwidth observed for
prepayment rates.
Loans and advances - Other
ABN AMRO offers personal loans that feature a waiver on a portion of the outstanding debt upon the decease of the
client. The loans are valued using a discounted cash flow model, in which expected future cashflows are discounted
against actual interest rates, in combination with an adjustment for expected credit losses. The sensitivity range is
based on a bandwidth for expected credit losses.
31 December 2025
Valuation
technique
Unobservable
data
Carrying
value
Possible alternative
assumptions
Unobservable data range
Unobservable
data base
(in millions)
Applying
minimum
Applying
maximum
Applying
minimum
Applying
maximum
Equity shares
Private equity
valuation
EBITDA
multiples
161
-16
16
Equity shares
Private equity
valuation
Net asset
value
845
-84
84
Interest-earning securities -
Government bonds
Discounted
cash flow
Liquidity and
credit spread
329
-10
14
10bps
108bps
67bps
Loans and advances -
Equity release mortgages
Discounted
cash flow
Prepayment
rate
486
-4
6
3.1%
4.1%
3.6%
Loans and advances -
Other
Discounted
cash flow
Credit spread
Derivatives held for trading
- Assets/liabilities (net)
Discounted
cash flow
Probability of
default
7
100.0%
41.5%
31 December 2024
Valuation
technique
Unobservable
data
Carrying
value
Possible alternative
assumptions
Unobservable data range
Unobservable
data base
(in millions)
Applying
minimum
Applying
maximum
Applying
minimum
Applying
maximum
Equity shares
Private equity
valuation
EBITDA
multiples
141
-14
14
Equity shares
Private equity
valuation
Net asset
value
657
-66
66
Interest-earning securities -
Government bonds
Discounted
cash flow
Liquidity and
credit spread
330
-13
19
38bps
157bps
110bps
Loans and advances -
Equity release mortgages
Discounted
cash flow
Prepayment
rate
458
-6
9
2.4%
4.9%
3.6%
Loans and advances -
Other
Discounted
cash flow
Credit spread
142
-4
7
Derivatives held for trading
- Assets/liabilities (net)
Discounted
cash flow
Probability of
default
22
-2
6
100.0%
24.0%
24\u00a0 Property and equipment, leases, goodwill and other intangible assets
Accounting policy for impairment of non-financial assets
At each reporting date, ABN AMRO reviews the carrying amounts of its non-financial assets (i.e. ROU assets,
equipment, goodwill and other intangible assets) to determine whether there is any indication of impairment. If
any such indication exists, the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for
impairment.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash
inflows from continuing use that is largely independent of the cash inflows of other assets or cash-generating
units. Goodwill arising from a business combination is allocated to cash-generating units or groups
of\u00a0cash\u2011generating units that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less
costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using
a\u00a0pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset or cash-generating unit.
An impairment loss is recognised if the carrying amount of an asset or cash-generating unit exceeds its
recoverable amount. In general, ABN AMRO\u2019s corporate assets do not generate separate cash inflows and are
used by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on
a\u00a0reasonable and consistent basis and tested for impairment as part of the testing of the cash-generating unit
to\u00a0which the corporate assets are allocated.
Impairment losses are recognised in the income statement as a component of depreciation and amortisation
expense. They are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating
unit, and then to reduce the carrying amounts of the other assets in the cash-generating unit on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only
to\u00a0the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Accounting policy for intangible assets
Goodwill
Goodwill is capitalised and stated at cost, being the excess of the consideration paid over the fair value
of\u00a0ABN\u00a0AMRO\u2019s share of the acquired entity\u2019s net identifiable assets at the acquisition date, less any accumulated
impairment losses. For the purpose of calculating goodwill, the fair values of acquired assets, liabilities and
contingent liabilities are determined by reference to market values or by discounting expected future cash flows
to present value. Goodwill is not amortised, but is reviewed annually for impairment, or more frequently if there
are indications that impairment may have occurred. In the test, the carrying amount of goodwill is compared
with the higher of the fair value less costs to sell and the value in use, being the present value of the cash flows
discounted at a pre-tax discount rate that reflects the risk of the cash-generating unit to which the goodwill
relates. Impairment losses are recognised in the income statement as depreciation and amortisation expense
and are irreversible.
(in millions)
31 December 2025
31 December 2024
Land and buildings held for own use
581
379
Leasehold improvements
38
44
Plant & equipment under operating lease
232
306
Equipment
74
70
Right of use assets
288
260
Other
8
8
Total property and equipment
1,221
1,068
The right of use assets consist primarily of real estate.
(in millions)
31 December 2025
31 December 2024
Goodwill
44
44
Purchased software
21
5
Internally developed software
267
188
Other
24
15
Total goodwill and other intangible assets
356
253
2025
(in millions)
Land and
buildings
held for
own use
Leasehold
improve-
ments
Plant &
equipment
under ope-
rating lease
Equip-
ment
Right
of use
assets
Other
property
and
equipment
Total
property
and
equipment
Good-
will
Other
intangible
assets
Total
goodwill
and other
intangible
assets
Acquisition costs as at 1 January
941
209
570
607
565
11
2,902
150
623
773
Acquisitions/divestments of subsidiaries
24
13
80
117
36
36
Additions
195
9
64
25
37
331
5
5
Reversal of cost due to disposals
-5
-13
-222
-142
-15
-398
-28
-28
Foreign exchange differences
-1
-3
-4
-4
-12
-1
-1
Internally generated software
94
94
Other
6
-2
-17
-13
-6
-6
Acquisition costs as at 31
December
1,160
201
408
499
646
11
2,926
150
722
871
Accumulated depreciation/
amortisation as at 1 January
-557
-165
-263
-537
-297
-1
-1,819
-404
-404
Acquisitions/divestments of subsidiaries
Depreciation/amortisation
-15
-14
-33
-86
-149
-25
-25
Depreciation of assets subject to
operating lease
-70
-70
Reversal of depreciation/amortisation
due to disposals
2
13
155
142
11
323
22
22
Foreign exchange differences
1
2
3
2
9
1
1
Other
-6
2
17
12
Accumulated depreciation/
amortisation as at 31 December
-576
-164
-176
-425
-353
-1
-1,694
-406
-406
Accumulated impairments as at
1 January
-5
-1
-7
-2
-14
-105
-10
-116
Increase of impairments charged to the
income statement
-1
-6
-6
Reversal of impairments due to
disposals
2
1
1
4
6
6
Other
6
6
Accumulated impairments as at
31 December
-3
-6
-2
-11
-105
-4
-110
Total as at 31 December
581
38
232
74
288
8
1,221
44
311
356
The fair value of land and buildings held for own use is estimated at EUR\u00a0232\u00a0million as at 31\u00a0December\u00a02025
(2024:\u00a0EUR\u00a0198\u00a0million). Of this fair value 100% is based on external valuations performed in 2020\u00a0to\u00a02025. There are
some properties that have a lower fair value than the recorded carrying value. No impairment is recorded because
these properties are considered corporate assets. The value in use for the cash generating units within
ABN AMRO Group is sufficient to cover the total value of all these assets.
The building at Foppingadreef in Amsterdam was transferred from ABN AMRO Bank N.V. to a subsidiary at a carrying
value of EUR\u00a0376\u00a0million. The building at Foppingadreef in Amsterdam is being reconstructed to serve as an example
with regard to sustainability and circularity. In 2023, ABN AMRO signed a construction contract with BAM for a total
value of EUR\u00a0431\u00a0million, subject to price indexation based on the BDB Index. In the second half of 2025, additional
design aspects were added to the original contract. In combination with the price indexation, the total contract value
amounts to EUR\u00a0527\u00a0million. As of 31\u00a0December\u00a02025, EUR\u00a0351\u00a0million has been paid towards the construction
contract (2024:\u00a0EUR\u00a0298\u00a0million), and a total of EUR\u00a0424\u00a0million has been capitalised as an asset under construction
(2024:\u00a0EUR\u00a0238\u00a0million). The project is scheduled for completion in 2027.
2024
(in millions)
Land and
buildings
held for
own use
Leasehold
improve-
ments
Plant &
equipment
under ope-
rating lease
Equip-
ment
Right
of use
assets
Other
property
and
equipment
Total
property
and
equipment
Good-
will
Other
intangible
assets
Total
goodwill
and other
intangible
assets
Acquisition costs as at 1 January
777
208
649
626
584
11
2,853
115
517
632
Acquisitions/divestments of subsidiaries
33
33
Additions
174
13
97
28
53
365
44
4
48
Reversal of cost due to disposals
-12
-13
-182
-48
-58
-313
-10
-22
-31
Foreign exchange differences
1
6
1
3
10
1
1
Internally generated software
93
93
Other
2
-1
-17
-15
-4
-3
Acquisition costs as at 31
December
941
209
570
607
565
11
2,902
150
623
773
Accumulated depreciation/
amortisation as at 1 January
-547
-160
-308
-546
-256
-1,817
-408
-408
Acquisitions/divestments of subsidiaries
-7
-7
Depreciation/amortisation
-16
-14
-36
-81
-147
-13
-13
Depreciation of assets subject to
operating lease
-86
-86
Reversal of depreciation/amortisation
due to disposals
10
9
135
45
21
219
22
22
Foreign exchange differences
-1
-3
-1
-1
-6
-1
-1
Other
-4
1
1
20
18
3
3
Accumulated depreciation/
amortisation as at 31 December
-557
-165
-263
-537
-297
-1
-1,819
-404
-404
Accumulated impairments as at
1 January
-5
-4
-3
-2
-43
-2
-59
-115
-10
-125
Impairments on assets subject to
operating lease
2
2
Reversal of impairments due to
disposals
2
4
2
37
45
10
10
Foreign exchange differences
-1
-1
Other
-2
-2
Accumulated impairments as at
31 December
-5
-1
-7
-2
-14
-105
-10
-116
Total as at 31 December
379
44
306
70
260
8
1,068
44
209
253
Valuation of goodwill
31 December 2025
31 December 2024
(in millions)
Segment
Method used
for
recoverable
amount
Discount
rate
Long-
term
growth
rate
Impairment
charges
Goodwill
Goodwill
Entity
Bux
Wealth
Manage
ment
Value in use
13.8%
2.0%
44
44
Total goodwill and impairment charges
44
44
ABN AMRO performed its annual impairment test in the last quarter of 2025. The factors considered by ABN AMRO
when reviewing for indicators of impairment include the relationship between its market capitalisation and its book
value. The outcome of the impairment test performed is that no impairment needs to be recognised.
(in millions)
2025
2024
Depreciation on tangible assets
Land and buildings held for own use
15
16
Leasehold improvements
14
14
Equipment
33
36
Right of use assets
86
81
Amortisation on intangible assets
Purchased software
6
5
Internally developed software
15
6
Other intangible assets
4
2
Impairment losses on intangible assets
Internally developed software
1
Other intangible assets
5
Total depreciation, amortisation and impairment losses
180
160
30\u00a0 Provisions
Accounting policy for provisions
A provision is recognised in the balance sheet when ABN AMRO has a legal or constructive obligation as a result
of a past event, and it is more likely than not that an outflow of economic benefits will be required to settle
the\u00a0obligation, and a reliable estimate of the amount of the obligation can be made. If the effect of time value is
material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects
current market rates and, where appropriate, the risks specific to the liability. In cases where ABN AMRO expects
disclosure of legal proceedings on a case-by-case basis to seriously prejudice its position, it only discloses
the\u00a0general nature of the dispute.
A provision for restructuring is recognised when an obligation exists. An obligation exists when ABN AMRO has
approved a detailed plan and has raised a valid expectation among those affected by the plan by starting
to\u00a0implement the plan or by announcing its main features. Future operating costs are not provided for. Provisions
for insurance risks are determined by actuarial methods, which include the use of statistics, interest rate data
and settlement cost expectations.
Provisions are established for certain guarantee contracts for which ABN AMRO is liable to pay upon default
of\u00a0payment. Expected credit loss allowances of loan commitments and financial guarantees are recognised as
provisions under IFRS 9.
(in millions)
31 December 2025
31 December 2024
Legal provisions
169
150
Credit commitments provisions
63
97
Restructuring provision
104
45
Provision for pension commitments
65
76
Other staff provision
191
181
Insurance fund liabilities
6
7
Other provisions
68
58
Total provisions
666
612
Restructuring
Restructuring provisions cover the costs of the restructuring plans for which implementation has been formally
announced.
Legal provisions
Variable interest rates for consumer loans
On 3\u00a0March\u00a02021, the Kifid Appeals Committee confirmed a ruling of the Kifid Disputes Committee about the
recalculation of the variable interest charged to a specific client on a revolving credit. In short, Kifid ruled that
ABN\u00a0AMRO should have followed the market rate while establishing the variable interest rate for certain revolving
consumer credits.
In light of the Kifid ruling, ABN AMRO reached agreement with the Dutch Consumers' Association (Consumentenbond
Claimservice) on 5 September 2021 regarding a compensation scheme for affected clients. In Q3 of 2022, following
an August 2022 ruling of the Kifid Appeals Committee, ABN AMRO adjusted the compensation scheme to include
interest on interest. ABN AMRO has provisioned around EUR 505 million for the interest to be compensated and the
costs incurred in carrying out the scheme. The execution of the compensation scheme has been completed in 2025
and the handling of any other matters relating to consumer credits with a variable interest rate has been handed over
to the business as usual. Therefore, as at the end of Q4 2025, in total EUR 483 million of the provision has been used
and the remaining provision of EUR 22 million has been released.
It is unclear what the exact scope and application of the Kifid ruling is and whether the ruling will have a certain
knock-on effect on other (credit) products with variable interest rates, beyond the range of products covered by the
compensation scheme, such as credit products for micro and small enterprises. ABN AMRO cannot give a reliable
estimate of the (potentially substantial) financial risk of these contingent liabilities which have not been provided for.
Other provisions
Irrevocable payment commitment
The annual Single Resolution Fund (SRF) contribution is a levy introduced by the European Union in 2016. The Single
Resolution Board (SRB) allows institutions to use irrevocable payment commitments (IPCs) to pay part of their
contribution. ABN AMRO uses this option and has deducted the full amount of the IPCs from own funds for regulatory
purposes. In February 2024, the SRB confirmed that the SRF reached its target level. As such, no annual contribution
was collected in 2025. The cumulative amount of IPCs entered into is EUR 207 million, which is the maximum loss
when the SRB executes its call. Considering the time value of money and the attainment of the SRF target level, the
estimated value of the liability is deemed negligible. The IPCs are secured by collateral to ensure full and punctual
payment of the contribution when called by the SRB. As at 31 December 2025, ABN AMRO has transferred a
cumulative amount of EUR 207 million in collateral. The collateral is reported as an asset under \u2018other loans and
advances customers\u2019.
(in millions)
Legal
provisions
Credit
commitments
Restructuring
provision
Provision
for pension
commitments
Other
staff
provision
Insurance
fund
liabilities
Other
Total
Provisions as at 1 January 2024
273
120
57
76
134
7
75
742
Increase of provisions
124
97
52
36
3
312
Reversal of unused provisions
-55
-75
-9
-6
-9
-153
Utilised during the year
-178
-48
-13
-239
Transfer between stages
2
2
Foreign exchange differences
8
8
Other
-14
-55
-8
11
5
2
-58
Provisions as at 31 December 2024
150
97
45
76
181
7
58
612
Acquisition and divestment of subsidiaries
11
1
49
3
64
Increase of provisions
59
10
104
43
20
236
Reversal of unused provisions
-23
-25
-4
-5
-6
-62
Utilised during the year
-18
-41
-40
-9
-108
Transfer between stages
1
1
Foreign exchange differences
-2
-3
Other
-9
-19
-60
6
5
1
-76
Provisions as at 31 December 2025
169
63
104
65
191
6
68
666
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-6": { "value": "Management of forborne, past due and credit impaired loans\u2002Audited Credit risk reporting scopeAlthough all financial assets on our balance sheet are subject to some form of credit risk, by far the largest part is in loans and advances. To provide a meaningful view of the credit risk in our lending book, the figures presented in this section therefore relate to loans and advances. Any credit risk outside the reported scope are mentioned in the notes below the table. All figures are reported gross of loan impairment allowances and exclude fair value adjustments. The following table provides a comparison between the gross carrying amounts presented in this section and the consolidated balance sheet.Total loans and advances customers\u2002Audited 31 December 2025 31 December 2024 (in millions) Gross carrying amount\u00b3 Fair value adjustmentfrom hedge accounting Less: loan impairmentallowanceLess: amortisationand depreciation Carrying amount Gross carrying amount\u00b3 Fair value adjustmentfrom hedge accounting Less: loan impairmentallowanceLess: amortisationand depreciation Carrying amount Loans and advances banks2,174 4 2,170 2,053 4 2,049 Residential mortgages 163,185 -5,477 120 157,588 156,209 -4,686 133 151,390 Consumer loans\u00b9 6,266 74 6,192 7,575 130 7,445 Corporate loans\u00b9 86,516 42 1,026 85,532 83,827 102 1,100 82,829 Other loans and advances customers\u00b9 5,936 1 1 5,935 6,489 2 6,487 Total loans and advances customers\u00b9 261,902 -5,434 1,222 255,247 254,100 -4,584 1,364 248,152 Total loans and advances\u00b9 264,077 -5,434 1,226 257,417 256,153 -4,584 1,368 250,201 Other 159,605 -1,588 124 2,100 155,793 138,184 -981 133 2,224 134,845 Total assets 423,681 -7,021 1,350 2,100 413,210 394,336 -5,565 1,501 2,224 385,047 Loans and advances customers\u00b9261,902 -5,434 1,222 255,247 254,100 -4,584 1,364 248,152 Consumer loans at fair value through P&L\u00b2486 486 600 600 Corporate loans at fair value through P&L28 28 30 30 Total loans and advances customers 262,416 -5,434 1,222 255,760 254,730 -4,584 1,364 248,782 1. Excluding loans at fair value through P&L. 2. As a result of the implementation of IFRS 17 Insurance contracts, residential mortgages with an insurance feature and consumer loans with a death waiver have to be recorded at fair value through profit and loss. 3. Excluding fair value adjustments from hedge accounting. Fair value adjustments from hedge accounting for residential mortgages and corporate loans resulted from entering into interest rate swaps to hedge fixed\u2011rate assets against changes in market interest rates. The fair value adjustment for mortgages increased as a result of higher market interest rates.Coverage and stage ratios\u2002Audited 31 December 2025 31 December 2024 (in millions) Gross carrying amount\u00b2 Allowances for credit losses\u00b3 Coverage ratio Stage ratioGross carrying amount\u00b2 Allowances for credit losses\u00b3 Coverage ratio Stage ratioStage 1 Loans and advances banks 2,137 4 0.2%98.3%2,016 4 0.2%98.2%Residential mortgages 145,906 29 0.0%89.4%138,172 36 0.0%88.5%Consumer loans\u00b9 5,749 8 0.1%91.8%6,866 12 0.2%90.6%Corporate loans\u00b9 76,056 109 0.1%87.9%72,227 119 0.2%86.2%Other loans and advances customers\u00b9 5,926 0.0%99.8%6,478 0.0%99.8%Total loans and advances customers\u00b9 233,637 146 0.1%89.2%223,743 167 0.1%88.1%Stage 2 Loans and advances banks 37 0.0%1.7%37 0.0%1.8%Residential mortgages 15,327 39 0.3%9.4%16,118 42 0.3%10.3%Consumer loans\u00b9 364 5 1.5%5.8%487 15 3.1%6.4%Corporate loans\u00b9 7,151 96 1.3%8.3%8,490 170 2.0%10.1%Other loans and advances customers\u00b9 6 0.4%0.1%5 1.1%0.1%Total loans and advances customers\u00b9 22,848 141 0.6%8.7%25,100 226 0.9%9.9%Stage 3 and POCI Loans and advances banks Residential mortgages 1,952 52 2.7%1.2%1,919 55 2.9%1.2%Consumer loans\u00b9 152 61 40.1%2.4%222 102 46.1%2.9%Corporate loans\u00b9 3,309 821 24.8%3.8%3,110 811 26.1%3.7%Other loans and advances customers\u00b9 4 1 32.8%0.1%6 2 27.1%0.1%Total loans and advances customers\u00b9 5,417 935 17.3%2.1%5,258 971 18.5%2.1%Total of stages 1, 2, 3 and POCI Total loans and advances banks 2,174 4 0.2%2,053 4 0.2%Residential mortgages 163,185 120 0.1%156,209 133 0.1%Consumer loans\u00b9 6,266 74 1.2%7,575 130 1.7%Corporate loans\u00b9 86,516 1,026 1.2%83,827 1,100 1.3%Other loans and advances customers\u00b9 5,936 1 0.0%6,489 2 0.0%Total loans and advances customers\u00b9 261,902 1,222 0.5%254,100 1,364 0.5%Total loans and advances\u00b9 264,077 1,226 0.5%256,153 1,368 0.5%1. Excluding loans at fair value through P&L. 2. Gross carrying amount excludes fair value adjustments from hedge accounting. 3. The allowances for credit losses excludes allowances for financial investments held at FVOCI (31 December 2025: EUR 1 million; 31 December 2024: EUR 1 million). Overall portfolio developments in combination with lower allowances for credit losses at Corporate Banking resulted in a decrease in the stage 2 ratio and the\u00a0stage\u00a02 coverage ratio. The stage 3 ratio remained stable, while the stage 3 coverage ratio showed a decline as a result of portfolio developments in the corporate and consumer loan portfolios. For residential mortgages, the stage 2 ratio fell to 9.4% (Q4 2025: 10.3%) due to the growth of the total portfolio and stage shifts. The coverage ratio for stage 3 was down slightly at 2.7% (Q4 2025: 2.9%), mainly as a result of a reduction in modelled impairments.Purchased or Originated Credit Impaired (POCI) As at 31 December 2025, loans classified as POCI amounted to EUR 84 million. The increase in POCI compared with 31 December 2024 is due to the acquisition of HAL. Due to the immateriality of this amount, it has been included in the amount shown for stage 3 throughout this report.Exposure and impairment flowsThis section provides more details on the exposure and impairment flows underlying the change in coverage and stage ratios shown in the previous section.Total loans and advances\u2002Audited 2025 2024 (in millions) Stage 1\u00b9 Stage 2\u00b9 Stage 3 1, 2Total 1, 2Stage 1\u00b9 Stage 2\u00b9 Stage 3 1, 2Total 1, 2Balance as at 1 January 225,759 25,136 5,258 256,153 228,418 21,940 4,707 255,066 Transfer to stage 1 5,574 -5,407 -167 8,704 -8,644 -59 Transfer to stage 2 -7,724 8,341 -617 -15,361 16,025 -664 Transfer to stage 3 -1,285 -1,214 2,499 -1,468 -1,186 2,654 Additional drawdowns and partial repayments -18,760 -1,315 -590 -20,665 -16,518 1,265 -142 -15,394 Originated or purchased 52,982 49 81 53,112 42,922 42,922 Matured or repaid -16,671 -2,433 -734 -19,837 -20,472 -4,170 -876 -25,518 Write-offs -237 -237 -350 -350 Foreign exchange -1,884 -62 -15 -1,961 1,017 50 21 1,088 Other movements -2,217 -211 -61 -2,488 -1,483 -144 -34 -1,660 Balance as at 31 December 235,775 22,885 5,417 264,077 225,759 25,136 5,258 256,153 1. Excluding fair value adjustments from hedge accounting. 2. Including POCI. Total loans and advances increased compared with 31\u00a0December 2024. This was mainly due to an increase in mortgages and corporate loans, which was partly offset by a decrease in consumer loans. Compared with 2024, there was a significant increase in total loans and advances \u2018originated or purchased\u2019, which was due in part to the acquisition of HAL.There was a decrease in other movements in 2025, which was primarily the result of consumer loan portfolios of Alfam, and mortgages loans, being reclassified to assets held for sale. Exposure flows per product class are presented in the Additional risk, funding & capital disclosures section.Loan impairment charges and allowances\u2002Audited (in millions) Banks Residential mortgages Consumer loans Corporate loans Other loans Total loans and advances Off-balance Balance as at 31 December 2024 4 133 130 1,100 2 1,368 97 Transfer to stage 1 -3 -3 -3 -8 -1 Transfer to stage 2 5 3 8 2 Transfer to stage 3 8 32 83 123 Remeasurements\u00b9 -14 -12 -33 -1 -59 -15 Changes in models 1 73 75 -1 Changes in risk parameters -1 1 -3 -3 6 Originated or purchased 6 3 36 45 5 Matured or repaid -12 -5 -59 -75 -6 Impairment charges (releases) on loans and advances-10 18 98 -1 106 -9 Write-offs -3 -28 -206 -237 Unwind discount / unearned interest accrued 1 1 29 30 Foreign exchange and other movements -47 6 -41 -24 Balance as at 31 December 2025 4 120 74 1,026 1 1,226 63 2025 Impairment charges (releases) on loans and advances -10 18 98 -1 106 -9 Recoveries and other charges (releases) -8 -25 -43 -76 Total impairment charges for the period\u00b2 -18 -7 55 -1 29 -9 1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in the credit quality of existing loans remaining in their stage.2. The impairment charges for the period excludes charges (releases) for financial investments held at FVOCI 31 December 2025: EUR 0 million. (in millions) Banks Residential mortgages Consumer loans Corporate loans Other loans Total loans and advances Off-balance Balance as at 31 December 2023 3 198 147 1,254 3 1,605 109 Transfer to stage 1 -4 -4 -10 -18 Transfer to stage 2 6 23 29 2 Transfer to stage 3 16 29 137 181 Remeasurements\u00b9 -73 -15 -16 -2 -105 22 Changes in risk parameters 1 3 -11 -7 Originated or purchased 4 3 33 1 41 5 Matured or repaid -14 -6 -60 -79 -7 Impairment charges (releases) on loans and advances-64 11 96 -2 41 22 Write-offs -2 -31 -317 -350 Unwind discount / unearned interest accrued 1 3 22 1 27 Foreign exchange and other movements -1 45 45 -34 Balance at 31 December 2024 4 133 130 1,100 2 1,368 96 2024 Impairment charges (releases) on loans and advances -64 11 96 -2 41 22 Recoveries and other charges (releases) -11 -25 -48 -83 Total impairment charges for the period\u00b2 -75 -13 48 -2 -42 22 1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in the credit quality of existing loans remaining in their stage.2. The impairment charges for the period excludes charges (releases) for financial investments held at FVOCI 31 December 2024: EUR 1 million. Loan impairment charges and allowances per stage\u2002Audited 2025 2024 (in millions) Stage 1 Stage 2 Stage 3\u00b2 Total\u00b2 Stage 1 Stage 2 Stage 3\u00b2 Total\u00b2 Balance as at 1 January 170 226 971 1,368 237 289 1,079 1,605 Transfer to stage 1 82 -82 -8 -8 61 -70 -9 -18 Transfer to stage 2 -21 68 -39 8 -32 104 -43 29 Transfer to stage 3 -5 -31 159 123 -6 -29 216 181 Remeasurements\u00b9 -123 -36 100 -59 -106 -46 46 -105 Changes in models 24 17 34 75 Changes in risk parameters -2 -2 -3 -5 -4 2 -7 Originated or purchased 45 45 41 41 Matured or repaid -17 -13 -44 -75 -18 -24 -38 -79 Impairment charges (releases) on loans and advances-17 -79 202 106 -65 -68 174 41 Write-offs -237 -237 -350 -350 Unwind discount / unearned interest accrued 30 30 27 27 Foreign exchange and other movements -3 -7 -30 -41 -2 6 41 45 Balance as at 31 December 150 141 935 1,226 170 226 971 1,368 Impairment charges (releases) on loans and advances-17 -79 202 106 -65 -68 174 41 Recoveries and other charges (releases) -76 -76 -83 -83 Total impairment charges for the period -17 -79 125 29 -65 -68 91 -42 1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in the credit quality of existing loans remaining in their stage.2. Including POCI. Impairment charges of EUR 20 million (consisting of on-balance sheet charges of EUR 29 million and an off-balance-sheet release of EUR 9 million) were recorded for 2025 (2024: a release of EUR 42 million and off\u2011balance sheet charges of EUR 22 million charges). Impairment charges were primarily related to corporate loans and, to a lesser extent, consumer loans, and were partly offset by impairment releases related to residential loans.For corporate loans, charges of EUR 55 million were recorded in 2025, primarily due to an increase in individual files over different sectors. In 2024, there were charges of EUR 48 million. The increase in 2025 was partly offset by a decrease in management overlays of EUR 51 million, which was largely attributable to the decommissioning of the management overlay that had been put in place to deal with the potential impact of the government\u2019s nitrogen-reducing measures onclients active in livestock farming. This risk is now taken into account in the client\u2019s credit risk assessment. In addition, there was a reduction of the overlay for climate and environmental transition risk. This reduction reflects updated figures and the incorporation of the CER materiality framework methodology improvements when estimating the impact of the CER on the expected credit losses. Furthermore, the in-model adjustment for the small business loans portfolio model was reduced, based on model monitoring results.For residential mortgages, releases of EUR 18 million were recorded in 2025, compared with releases of EUR\u00a075 million in 2024. The release in 2025 was mainly caused by the improved House Price Index, which also led to a decrease in the management overlay for interest-only mortgages.Individual and collective loan impairment allowances and management overlays\u2002Audited 31 December 2025 (in millions) Banks Residential mortgages Consumer loans Corporate loans Other loans Total loans and advances Off-balance Individual impairments Stage 3\u00b9 41 685 1 728 50 Total individual impairments 41 685 1 728 50 Collective impairments Stage 1 4 29 8 109 150 9 Stage 2 39 5 96 141 3 Stage 3\u00b9 52 20 136 208 Total collective impairments 4 120 33 341 498 13 - of which management overlay 72 5 77 Total impairments 4 120 74 1,026 1 1,226 63 Carrying amount of loans, determined to be impaired, before deducting any assessed impairment allowance 1,952 152 3,309 4 5,417 1. Including POCI. 31 December 2024 (in millions) Banks Residential mortgages Consumer loans Corporate loans Other loans Total loans and advances Off-balance Individual impairments Stage 3\u00b9 42 600 2 643 80 Total individual impairments 42 600 2 643 80 Collective impairments Stage 1 4 36 12 119 170 6 Stage 2 42 15 170 226 10 Stage 3\u00b9 55 60 212 327 Total collective impairments 4 133 88 500 724 16 - of which management overlay 85 56 140 Total impairments 4 133 130 1,100 2 1,368 96 Carrying amount of loans, determined to be impaired, before deducting any assessed impairment allowance 1,919 222 3,110 6 5,258 1. Including POCI. Total collective impairments amounted to EUR\u00a0498\u00a0million as at 31 December 2025 (31\u00a0December 2024: EUR 724 million). These impairments included expected credit losses (ECL) as calculated by our IFRS 9 models and the management overlays we recorded. The ECL calculations take into account a probability-weighted average of three economic scenarios. As the ECL model outcomes do not always reflect the current economic environment and circumstances, additional management overlays are applied to incorporate novel risks not fully captured by the model. During 2025, management overlays significantly decreased to a total of EUR 77 million (31\u00a0December\u00a02024: EUR 140 million). Some of the management overlays were recorded for risks in corporate loans portfolios, where impairments declined sharply from EUR 56 million to EUR\u00a05\u00a0million. This was mainly due to the following factors:\u2022 Discontinuation of the management overlay introduced to address the potential impact of the government\u2019s nitrogen reducing measures on clients active in livestock farming. This decision reflects the sector\u2019s demonstrated ability to manage associated risks effectively. Furthermore, recent credit risk assessments did not reveal any material increase in client-level credit risk. The discontinuation resulted in a release of EUR 29 million.\u2022 Reduction of EUR 14 million in the climate and environmental risk-related overlay, reflecting updated figures and the incorporation of the CER materiality framework methodology improvements in estimates of the impact of the CER on the expected credit losses.\u2022 Discontinuation of the overlays covering potential additional risk costs relating to the wind-down of portfolios, leading to a release of EUR\u00a07\u00a0million.The overlays recorded for risks in the interest-only mortgages portfolio decreased from EUR 85 million to EUR 72 million, primarily as a result of improved collateral indexation.All management overlays represent best estimates of the risks involved. The underlying reasoning and calculations are documented and are discussed and approved by the Impairments and Provisioning Committee (IPC).Loan impairment charges and allowances \u2013 residential mortgages\u2002Audited 2025 2024 (in millions) Stage 1 Stage 2 Stage 3\u00b2 Total\u00b2 Stage 1 Stage 2 Stage 3\u00b2 Total\u00b2 Balance as at 1 January 36 42 55 133 24 49 125 198 Transfer to stage 1 10 -12 -1 -3 19 -20 -3 -4 Transfer to stage 2 -2 20 -12 5 -2 37 -29 6 Transfer to stage 3 -3 11 8 -1 -5 21 16 Remeasurements\u00b9 -18 -4 8 -14 -8 -17 -48 -73 Changes in risk parameters -1 1 1 -1 1 Originated or purchased 6 6 4 4 Matured or repaid -2 -3 -7 -12 -2 -3 -9 -14 Impairment charges (releases) on loans and advances -6 -3 -1 -10 12 -7 -69 -64 Write-offs -3 -3 -2 -2 Unwind discount / unearned interest accrued 1 1 1 1 Foreign exchange and other movements 1 Balance as at 31 December 29 39 52 120 36 42 55 133 Impairment charges (releases) on loans and advances-6 -3 -1 -10 12 -7 -69 -64 Recoveries and other charges (releases) -8 -8 -11 -11 Total impairment charges for the period -6 -3 -9 -18 12 -7 -80 -75 1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in the credit quality of existing loans remaining in their stage.2. Including POCI. Loan impairment charges and allowances \u2013 consumer loans\u2002Audited 2025 2024 (in millions) Stage 1 Stage 2 Stage 3\u00b2 Total\u00b2 Stage 1 Stage 2 Stage 3\u00b2 Total\u00b2 Balance as at 1 January 12 15 102 130 18 11 118 147 Transfer to stage 1 5 -5 -4 -3 4 -3 -4 -4 Transfer to stage 2 -1 6 -6 -1 8 -6 Transfer to stage 3 -1 -2 35 32 -2 31 29 Remeasurements\u00b9 -7 -5 -12 -9 1 -6 -15 Changes in models 1 1 1 Changes in risk parameters 1 1 -1 3 3 Originated or purchased 3 3 3 3 Matured or repaid -1 -1 -3 -5 -1 -5 -6 Impairment charges (releases) on loans and advances -1 -6 25 18 -5 4 12 11 Write-offs -28 -28 -31 -31 Unwind discount / unearned interest accrued 1 1 3 3 Foreign exchange and other movements -4 -3 -40 -47 -1 Balance as at 31 December 8 5 61 74 12 15 102 130 Impairment charges (releases) on loans and advances-1 -6 25 18 -5 4 12 11 Recoveries and other charges (releases) -25 -25 -25 -25 Total impairment charges for the period -1 -6 -7 -5 4 -12 -13 1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in the credit quality of existing loans remaining in their stage.2. Including POCI. Loan impairment charges and allowances \u2013 corporate loans\u2002Audited 2025 2024 (in millions) Stage 1 Stage 2 Stage 3\u00b2 Total\u00b2 Stage 1 Stage 2 Stage 3\u00b2 Total\u00b2 Balance as at 1 January 119 170 811 1,100 192 228 833 1,254 Transfer to stage 1 66 -65 -4 -3 39 -47 -1 -10 Transfer to stage 2 -18 42 -21 3 -29 59 -8 23 Transfer to stage 3 -3 -26 112 83 -5 -23 164 137 Remeasurements\u00b9 -99 -26 93 -33 -89 -29 102 -16 Changes in models 24 16 33 73 Changes in risk parameters -2 -1 -3 -6 -5 -11 Originated or purchased 36 36 33 33 Matured or repaid -15 -9 -35 -59 -15 -20 -25 -60 Impairment charges (releases) on loans and advances -10 -70 178 98 -72 -64 232 96 Write-offs -206 -206 -317 -317 Unwind discount / unearned interest accrued 29 29 22 22 Foreign exchange and other movements 1 -4 9 6 -2 6 40 45 Balance as at 31 December 109 96 821 1,026 119 170 811 1,100 Impairment charges (releases) on loans and advances-10 -70 178 98 -72 -64 232 96 Recoveries and other charges (releases) -43 -43 -48 -48 Total impairment charges for the period -10 -70 135 55 -72 -64 184 48 1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in the credit quality of existing loans remaining in their stage.2. Including POCI. Loan impairment charges and allowances \u2013 off-balance\u2002Audited 2025 2024 (in millions) Stage 1 Stage 2 Stage 3\u00b2 Total\u00b2 Stage 1 Stage 2 Stage 3\u00b2 Total\u00b2 Balance as at 1 January 6 10 80 97 16 12 81 109 Transfer to stage 1 1 -2 -1 2 -2 Transfer to stage 2 2 2 -2 4 2 Transfer to stage 3 -1 Remeasurements\u00b9 -4 -6 -4 -15 -10 -1 33 22 Changes in models -1 Changes in risk parameters 5 1 6 Originated or purchased 5 5 5 5 Matured or repaid -3 -2 -6 -4 -2 -7 Impairment charges (releases) 2 -7 -4 -9 -10 -1 33 22 Foreign exchange and other movements 1 1 -26 -24 1 -1 -34 -34 Balance as at 31 December 9 3 50 63 6 10 80 96 Impairment charges (releases) on off-balance 2 -7 -4 -9 -10 -1 33 22 Other charges (releases) Total impairment charges for the period 2 -7 -4 -9 -10 -1 33 22 1. Remeasurements represents the current year change of expected credit loss allowances mainly attributable to changes in volumes such as partial repayments and changes in the credit quality of existing loans remaining in their stage.2. Including POCI. 1\u00a0 \u00a0 Accounting policies Critical accounting estimates and judgements In preparing the financial statements, management needs to exercise its judgement in the process of applying ABN\u00a0AMRO\u2019s accounting policies and make estimates and assumptions concerning the future. Actual results may differ from those estimates and assumptions. Accounting policies for the most significant areas that require management to\u00a0make judgements and estimates affecting reported amounts and disclosures are made in the following sections:\u2022 Impairment losses on financial assets measured at amortised costs - Risk, funding & capital chapter and Note 1\u2022 Income tax expense, tax assets and tax liabilities - Note 11\u2022 Impairment of instruments measured at FVOCI - Note 17\u2022 Fair value of financial instruments - Note 19 \u2022 Impairment of ROU assets and goodwill - Note 24\u2022 Provisions - Note 30Material accounting policies Financial assets and liabilitiesMeasuring allowances for expected credit lossesABN AMRO recognises loss allowances based on the Expected Credit Loss model (ECL) of IFRS 9, which is designed to be forward-looking. The amount of ECL is based on the probability-weighted present value of all expected cash shortfalls over the remaining life of the financial instrument for both on- and off-balance sheet exposures. ABN AMRO distinguishes between two types of calculation methods for credit loss allowances:\u2022 Individual Lifetime ECL (LECL) for credit impaired (stage 3) financial instruments with exposures above EUR\u00a05\u00a0million;\u2022 Collective 12-month ECL (stage 1) and LECL (stage 2 and 3) for financial instruments that have similar credit risk characteristics (e.g. residential mortgages, consumer loans and SME loans); these are clustered in portfolios and collectively assessed for impairment losses. A collective impairment calculation approach based on individual parameters is also applied to stage 3 exposures below EUR 5 million. ABN AMRO has models to quantify the Probability of Loss (PL), Loss Given Loss (LGL) and Exposure at Loss (EAL) for the purpose of calculating the collective 12-month ECL and LECL for these financial instruments.The IFRS 9 impairment requirements are applicable to financial assets measured at amortised cost or fair value through other comprehensive income (FVOCI), loan commitments, lease receivables and contract assets and financial guarantee contracts. At each reporting date, these financial instruments are classified into one of three risk stages, depending on current credit quality, or as purchased or originated credit impaired (POCI).POCI assets, which are credit impaired at initial recognition, are accounted for at fair value (i.e. net of the initial lifetime ECLs) and do not carry an impairment allowance. Instead, a credit-adjusted effective interest rate (EIR), which is calculated using expected cash flows including initial lifetime ECLs, is applied to the amortised cost. Subsequently, the cumulative changes in lifetime ECLs since initial recognition, which are discounted at the credit-adjusted effective interest rate, are recognised in the profit or loss statement as an impairment gain or loss, and presented under impairment charges on financial instruments. Once a financial asset is classified as POCI, it retains that classification until it is derecognised.Risk stagingWe use quantitative and qualitative stage triggers to determine whether a financial instrument should be classified as stage 1 or stage 2. A transfer to stage 3 will always be the result of the default of a financial instrument.Quantitative stage triggersThe key quantitative metric that determines when a financial instrument is transferred from stage 1 to stage 2 is the deterioration in the lifetime probability of default (LPD) from the date of origination to the reporting date, based on internal data. The LPD represents the likelihood that a counterparty will default during the lifetime of the financial instrument and depends on credit risk drivers such as:\u2022 product characteristics (e.g. repayment and interest terms, term of the product);\u2022 the financial condition of the borrower;\u2022 the number of days past due;\u2022 expected developments in the economy.The lifetime PD deterioration (LPDD) measures the relative difference between the remaining lifetime PD at reporting (LPDR) and the remaining lifetime PD at origination (LPDO) as LPDD = LPDR/LPDO. If the LPD deterioration of an exposure is above a predefined threshold, the LPD is considered to be significantly deteriorated. The exposure is then transferred to stage 2 and impairment allowances equal to the lifetime expected credit loss are recognised. If the LPD deterioration subsequently reduces and falls below the threshold, the balance is transferred back to stage 1. When determining the thresholds, ABN AMRO distinguishes between various portfolios within consumer lending, residential mortgages and corporate loans. A specific threshold is calculated for each portfolio, based on a statistical method.Qualitative stage triggersThe bank transfers a financial instrument from stage 1 to stage 2 if the instrument meets any of the following qualitative triggers:\u2022 Forborne status of a borrower;\u2022 Watch status of a borrower. ABN AMRO assigns the watch status to counterparties with an increased credit risk. This process comprises intensive monitoring, early detection of deterioration in the credit portfolio and appropriate follow up measures;\u2022 A delinquency-based regulatory backstop is in place, such that the credit risk of financial assets that are more than 30\u00a0days past due will be assumed to have significantly increased.Reclassification to stage 1As a general rule, favourable changes in credit risk are recognised consistently with unfavourable changes, and a financial instrument is transferred back to stage 1 if quantitative or qualitative triggers are no longer met. In some cases, a probation period applies:\u2022 Forborne financial instruments are transferred back from stage 2 to stage 1 only after a probation period of at least two years has ended, in line with the ABN AMRO forbearance policy. Stage 3 forborne instruments transfer back to stage 2 after a cure period of at least one year;\u2022 For financial instruments that are 30 days past due, a three-month probation period is applied for transfers from stage\u00a02 to stage\u00a01.Classification in stage 3A transfer to stage 3 will always be the result of the default of a financial instrument. The definition of default for IFRS\u00a09 is aligned with the regulatory capital definition. A default is deemed to have occurred when:\u2022 the counterparty is past due by more than 90 days on any material financial credit obligation to the bank; or\u2022 the bank considers the borrower to be unlikely to meet its contractual obligations (unlikely to pay, or UTP).The materiality of a financial obligation past due is assessed against an absolute and a relative threshold, in line with regulatory standards. To determine unlikeliness to pay, the bank has specified mandatory default triggers (always resulting in the assignment of a default status, whereby no additional expert judgement is allowed) and judgemental triggers (requiring an assessment by credit risk managers to determine whether the UTP indications should result in a default classification).The mandatory triggers include the reporting of a forborne exposure under probation as non-performing for being 30\u00a0days past due or owing to an additional forbearance measure being applied. As a result, the definitions of non-performing and default are materially aligned.Reclassification to stage 2The default classification for non-forborne exposures ends when the default triggers no longer apply and a probation or cure period of at least three months has passed since the default trigger was last applied. For forborne exposures, a twelve-month cure period starts from the moment the last forbearance measure or default trigger was applied. After the cure period, an assessment is performed to establish whether the improvement in the credit quality is factual and permanent (including, for example, no remaining past due amounts).Lifetime expected credit lossABN AMRO defines the lifetime of credit as the maximum contractual period during which the bank is exposed to credit risk; we do not apply a longer period, even if that longer period is consistent with business practice. For some contracts, such as overdraft facilities or credit cards, no end date is specified or amounts can be contractually withdrawn by the lender at short notice. In these cases, ABN AMRO uses behavioural maturity models that rely on historical client behaviour to determine future expected exposures.Forward-looking informationFor expected credit loss calculations, ABN AMRO uses three different scenarios of future economic developments: a baseline (or most likely) scenario, a negative scenario and a positive scenario. The three scenarios are incorporated into the expected credit loss calculation and risk stage determination in a probability-weighted manner. In order to incorporate the latest economic outlook, the scenarios and their weights are reviewed each quarter and adjusted if necessary. Details of the scenarios and their weights used in the reporting period can be found in the Credit risk review section. The baseline scenario entails our Group Economics analysts\u2019 current macroeconomic base scenario, which usually covers the current year and subsequent year. For the purpose of scenario analysis under IFRS 9, this baseline is extended by three or four additional calendar years, after which it is assumed that macroeconomic variables (MEVs) gradually move to their potential or equilibrium values. At least once every quarter, Group Economics compares its forecasts with those of institutions like the Netherlands Bureau for Economic Policy Analysis (CPB), the Dutch central bank (DNB), ECB, IMF or OECD in order to determine possible differences and to analyse whether it can underpin them. This external benchmarking exercise is a standard input to the Scenario Booklet that is presented to the bank\u2019s Scenario and Stress Testing Committee for approval. Group Economics also develops a negative and a positive scenario. These scenarios are designed to give an impression of the bandwidth within which the economy, interest and FX rates, and other relevant variables are likely to move in the next four to five years, with a probability of around\u00a085% (roughly corresponding to a standard deviation of plus and minus one and a half). Hence, these scenarios produce upper and lower boundaries, with a resulting bandwidth between the outcomes of the negative (\u2018bad weather\u2019 in terms of financial results of the bank) and positive (\u2018good weather\u2019) scenarios. To determine these boundaries, Group Economics may look at historical developments, medium-term (non-baseline) scenarios made by the above institutions and other relevant developments.Management overlays and other adjustmentsWhere necessary to reflect credit risk dynamics not captured by our models, management judgement is applied via a management overlay or other IFRS 9 adjustment. A management overlay is a temporary adjustment in a loss allowance until a long-term solution (e.g. model adjustment) is effective, and must be an amount commensurate to the model limitation. All overlays require a decision by the Impairment and Provision Committee (IPC). The main types of management overlays that ABN AMRO distinguishes are: post-model adjustments (adjustments to model outcomes), adjustments in the weightings of macroeconomic scenarios and stage overrides. Other adjustments such as adjustments to model parameters or input data are not considered management overlays, but follow the same internal approval process.Cured financial assetsWhen a credit impaired financial asset cures, the interest that was previously unrecognised is reported as an impairment release in the impairment charge rather than as a credit to the interest income calculated using the effective interest method.Write-offUnder IFRS 9, \u2018write-off\u2019 refers to the process of recognising that a financial asset, or a portion of it, is uncollectible and should be removed from an entity\u2019s balance sheet. This typically happens when there is no reasonable expectation of recovering the asset, indicating that the entity has exhausted all practical recovery efforts.\u2022 For non-programme lending, a loan must be written off if all possible means of recovery have been exhausted and it has become clear that there is a low probability of recovering the debt, either in part or full.\u2022 Most of the programme lending facilities are automatically written off after 1,080 days in default.Such loans are written off after all the necessary procedures have been completed and the amount of the loss has been determined. Subsequent recoveries of amounts previously written off are credited to impairment charges on financial instruments in the income statement.Credit enhancementsFinancial guarantees held are included in the ECL calculations of a financial asset when they are an integral element of the contractual terms of the financial asset. Financial guarantees that do not form an integral element of the contractual terms of a financial asset are accounted for as a separate asset.11\u00a0 Income tax expense, tax assets and tax liabilities Accounting policy for income tax expense, tax assets and tax liabilities Deferred tax is recognised for qualifying temporary differences. Temporary differences represent the difference between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates prevailing at the balance sheet date.A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will allow the\u00a0deferred tax asset to be recovered. Deferred tax assets and liabilities are offset only when there is both a legal right to offset and an intention to settle on a net basis. (in millions) 2025 2024 Recognised in income statement: Current tax expenses for the current period 819 947 Pillar Two tax expense 3 5 Adjustments recognised in the period for current tax of prior periods -3 9 Total current tax expense 819 961 Deferred tax arising from the current period 28 43 Impact of changes in tax rates on deferred taxes 1 Deferred tax arising from the write-down or reversal of a write-down of a deferred tax asset -4 21 Deferred tax prior period 1 -6 Previously unrecognised tax losses, tax credits and temporary differences reducing deferred tax expense -11 -6 Total deferred tax expense 15 52 Total income tax expense 834 1,013 Tax assets and liabilitiesThe most significant temporary differences arose from the revaluation of certain financial assets and liabilities, including derivative contracts, allowances for loan impairment and investments. The following table summarises the tax position. 31 December 2025 31 December 2024 (in millions) Assets Liabilities Assets Liabilities Current tax 29 118 51 395 Deferred tax 114 65 275 Total tax assets and liabilities 143 183 326 395 The significant components and annual movements in deferred tax assets and deferred tax liabilities are shown in the following tables.(in millions) As at 31 December 2024 Income statement OCI Equity Other As at 31 December 2025 - of which deferred tax asset - of which deferred tax liability Assets and liabilities held for trading, derivatives and financial investments 159 -234 -1 -76 289 365 Property and equipment (excluding leases) and intangible assets -1 -37 -10 -48 19 67 Loans 10 -1 9 17 19 2 Leases 28 1 -4 26 100 75 Pensions and other (post-)employment benefits 9 1 9 9 Provisions 29 -7 -1 20 20 Tax losses carried forward 50 11 26 87 87 Other -8 18 3 13 52 39 Deferred tax assets (+) and liabilities (-) 275 -15 -235 24 49 596 547 Offsetting deferred tax assets and liabilities 482 482 Net deferred tax assets (+) and liabilities (-) 114 65 (in millions) As at 31 December 2023 Income statement OCI Equity Other As at 31 December 2024 - of which deferred tax asset - of which deferred tax liability Assets and liabilities held for trading, derivatives and financial investments115 -6 51 159 175 16 Property and equipment (excluding leases) and intangible assets 25 -20 -5 -1 20 21 Loans 12 -1 10 11 1 Leases 32 -4 28 93 65 Pensions and other (post-)employment benefits 8 1 9 9 Provisions 23 4 1 1 29 29 Tax losses carried forward 88 -42 3 50 50 Other -25 19 -1 -8 57 65 Deferred tax assets (+) and liabilities (-) 278 -52 51 -2 275 442 167 Offsetting deferred tax assets and liabilities 167 167 Net deferred tax assets (+) and liabilities (-) 275 Deferred tax assets and liabilitiesDeferred tax assets are recognised to the extent that it is probable that future taxable profits will allow the deferred tax asset to be recovered. Recognition is based on estimates of taxable income by jurisdiction in which ABN AMRO operates and the period over which the deferred tax assets will be recoverable. In the event that actual results differ from these estimates in future periods, changes to the recognition of deferred tax assets could be required and these could impact our financial position and net profit. Undistributed earnings of ABN\u202fAMRO\u2019s subsidiaries, branches and interests in joint ventures may give rise to taxable temporary differences and therefore to deferred tax liabilities. No deferred tax liabilities have been recognised in respect of such undistributed earnings.Unrecognised tax assetsCertain amounts of deferred tax assets are not recognised because future taxable profits are not considered probable. Deferred tax assets for an amount of EUR\u00a023\u00a0million (31\u00a0December\u00a02024:\u00a0EUR\u00a029\u00a0million) have not been recognised in respect of deductible temporary differences of EUR\u00a091\u00a0million (31\u00a0December\u00a02024: EUR\u00a0112\u00a0million). In addition, deferred tax assets for an amount of EUR\u00a051\u00a0million (31\u00a0December\u00a02024: EUR\u00a046\u00a0million) have not been recognised in respect of tax losses of EUR\u00a0254\u00a0million (31\u00a0December\u00a02024: EUR\u00a0233\u00a0million).Tax credits and unrecognised tax creditsABN AMRO did not have any carry-forward tax credits on 31\u00a0December\u00a02025.17\u00a0 Financial investments Accounting policy for financial investments Financial investments include financial instruments measured at fair value through other comprehensive income (FVOCI) and financial instruments measured at fair value through profit or loss (FVTPL).Accounting policy for financial instruments measured at fair value through other comprehensive income Unrealised gains and losses on FVOCI assets are recognised directly in other comprehensive income, net of\u00a0applicable taxes. Interest earned, premiums, discounts and qualifying transaction costs of interest-earning FVOCI assets are amortised to income on an effective interest rate basis. When FVOCI debt instruments are sold, the cumulative gain or loss recognised in other comprehensive income is transferred to other operating income in\u00a0the income statement. The impairment loss resulting from the ECL on FVOCI debt instruments is recognised in\u00a0the impairment charges on financial instruments in the income statement. The related loss allowance is recognised in other comprehensive income and does not reduce the carrying amount of the FVOCI debt instruments. ABN\u00a0AMRO\u2019s impairment assessment and measurement approach for FVOCI debt instruments is set out in the Credit risk management section of the Risk, funding & capital management chapter and Note 1 Accounting Policies. Fair value changes in equity instruments that are irrevocably designated as FVOCI upon initial recognition are recognised in other comprehensive income and not subsequently reclassified to the income statement.(in millions) 31 December 2025 31 December 2024 Financial investments Debt securities held at fair value through other comprehensive income 48,921 46,196 Held at fair value through profit or loss 1,310 977 Total financial investments 50,231 47,173 Debt securities held at fair value through other comprehensive income consist mainly of government bonds.Financial investments measured at fair value through other comprehensive income(in millions) 31 December 2025 31 December 2024 Interest-earning securities Dutch government 3,399 3,261 US Treasury and US government 7,300 7,140 Other OECD government 18,851 19,143 Non-OECD government 190 170 International bonds issued by the European Union 3,529 3,319 European Stability Mechanism 2,566 2,441 Mortgage- and other asset-backed securities 5,400 5,288 Financial institutions 7,624 5,404 Non-financial institutions 63 29 Total investments held at fair value through other comprehensive income 48,921 46,196 Government bonds by country of origin31 December 2025 31 December 2024 (in millions) Accumulated unrealised gains/(losses) and fair value hedges gains/(losses) Impairments Fair value Accumulated unrealised gains/(losses) and fair value hedges gains/(losses) Impairments Fair value Dutch national government -155 3,399 -61 -1 3,261 USA national government -18 7,300 -267 7,140 German national government -157 5,280 -118 5,315 French national government -45 -1 1,677 -61 2,025 Belgian national government -153 2,808 -152 2,791 Austrian national government -71 1,745 -34 1,658 Finnish national government -60 1,823 -50 1,496 Luxembourg national government -18 345 -19 305 Canadian national government -41 1,112 -45 1,186 Japanese national government 1,692 -1 2,426 Polish national government 32 329 34 330 Spanish national government 707 4 615 United Kingdom national government -10 162 -11 170 Danish national government -22 322 -22 341 Italian national government -12 503 -29 382 Irish national government -9 159 2 92 Portuguese national government -1 85 10 Czech national government 28 Slovenian national government -1 29 Slovak national government 25 Estonian national government 6 Icelandic national government 4 Lithuanian national government -1 9 Brazilian national government 115 100 Singapore national government 66 70 Croatian national government 9 European Union bonds (excl. European Financial Stability Facility) -614 3,529 -523 3,319 Total government bonds -1,356 -1 33,269 -1,354 -1 33,034 Critical accounting estimates and judgementsInterest-bearing debt securities classified as FVOCI investments are assessed at each reporting date to establish whether there are any expected credit losses. ABN AMRO has developed models to determine such credit losses. These are explained in more detail in the Risk, funding & capital chapter and Note 1 Accounting Policies. Impairment charges on FVOCI instruments are recorded in (un)realised gains/(losses) fair value through OCI in the statement of comprehensive income.19\u00a0 Fair value of financial instruments carried at fair value Accounting policy for fair value of financial instruments The fair value is defined as the price that would be received when selling an asset or paid when transferring a\u00a0liability in an orderly transaction between market participants at the measurement date.For financial instruments that are actively traded and for which quoted market prices or market parameters are readily available, the fair value is determined in a highly objective manner. However, when observable market prices and parameters do not exist, management judgement is necessary to estimate fair value.For financial instruments where no active liquid market exists, or quoted prices are unobtainable, recent market transactions are used or the fair value is estimated using a variety of valuation techniques \u2013 including reference to similar instruments for which market prices do exist, or to valuation techniques such as discounted cash flow models or option pricing models (e.g. Black Scholes).When portfolios of financial assets and liabilities are measured on the basis of the net exposure to the credit risk of a particular counterparty, any existing arrangements that mitigate the credit risk exposure (e.g. master netting agreements with the counterparty) are taken into account.Unobservable inputs are estimated using a combination of management judgement, historical data, market practice and benchmarking to other relevant observable market data. The difference between the transaction price and the internal valuation at inception, calculated using a model, is reserved and amortised to profit or loss at appropriate points over the life of the instrument, typically taking account of the ability to obtain reliable external data, the passage of time and the use of offsetting transactions. Where inputs to the valuation of a new transaction cannot be reliably determined, the transaction is initially recognised at its transaction price.Subsequent changes in fair value as calculated by the valuation model are reported as profit or loss or in equity.In order to determine a reliable fair value, where appropriate, management applies valuation adjustments to\u00a0the\u00a0pricing information derived from the above sources. These adjustments reflect management\u2019s assessment of factors that market participants would consider in setting a price, to the extent that these factors have not already been included in the information from the above sources. The main valuation adjustments required to\u00a0arrive at a fair value are as follows:\u2022 Bid-ask adjustments. If the model calculates a mid-market price, it is adjusted to take into account the relevant bid-offer spread.\u2022 Credit and debit valuation adjustments. In addition to credit valuation for loans measured at fair value through profit or loss, credit valuation adjustments and debit valuation adjustments are incorporated into derivative valuations to reflect the impact on fair value of counterparty credit risk and how counterparties consider ABN\u00a0AMRO\u2019s creditworthiness respectively.\u2022 Liquidity adjustments. ABN AMRO uses different techniques to determine the price or input parameters of\u00a0the\u00a0pricing model dependent on the liquidity in the market.\u2022 Funding valuation adjustment. The funding valuation adjustment incorporates the incremental cost of funding into the valuation of uncollateralised and partially collateralised derivatives.\u2022 Own credit adjustment. An own credit risk adjustment is applied to financial liabilities where it is believed that counterparties will consider ABN AMRO\u2019s creditworthiness when pricing such instruments.\u2022 Model valuation adjustments for any known limitations. Management assesses the appropriateness of any model used on an ongoing basis. To the extent that the price provided by internal models does not represent the fair value of the instrument, for instance in highly stressed market conditions, management makes adjustments to the model valuation to calibrate to other available pricing sources.We believe our estimates of the fair value are adequate. However, the use of different models or assumptions could result in changes to our reported results.Valuation control framework ABN AMRO has in place designated controls and processes to determine the fair value of financial instruments. A process has been designed to ensure there are formalised review protocols to independently review and validate fair values, separately from the business departments entering into the transactions. This includes specific controls to ensure consistent pricing policies and procedures, incorporating disciplined price verification for both market and counterparty risk trades.The business department entering into the transaction is responsible for the initial determination and recording of the fair value of the transaction. Controls of the profit or loss are recorded on a daily basis by trading and treasury front-office staff. The independent price-verification process, a key element of the control environment, is segregated from the recording of the transaction\u2019s valuation. Valuations are first calculated by the department. Such valuations may be current bid or offer prices in an active market, or may be derived using a model and variable model inputs. These valuations are reviewed and, if necessary, amended by the independent price-verification process. This process involves a team that operates independently from the team trading the financial instruments and performs a review of valuations in light of available pricing evidence. Independent price verification is frequently performed by matching the business valuations with independent data sources. The reviews are performed at least once a month, both for trading positions and non-trading positions. The independent price-verification control includes formalised reporting and escalation to management of any valuation differences in breach of the defined thresholds. When models are used to value products, these models are subject to a model review process. This process requires different levels of model documentation, testing and review, depending on the complexity of the model and the size of our exposure to the model.Valuation techniquesA number of methodologies are used to determine the fair value of financial instruments for which observable prices in active markets for identical instruments are not available. Values between and beyond available data points are obtained by interpolation and/or extrapolation. When valuation techniques are used, the fair value can be significantly impacted by the choice of the valuation model and the underlying assumptions made for factors such as the amount and timing of cash flows, discount rates and credit risk.Interest rate derivativesThis category includes interest rate swaps, cross-currency swaps, options and forward rate agreements. These products are valued by estimating future cash flows and discounting these cash flows, using appropriate interest rate curves. The exception is interest option contracts, which are valued using market standard option pricing models. The inputs for the discounting cash flow models are principally observable benchmark interest rates in active markets such as interbank rates and quoted interest rates in the swap, bond and futures markets. The inputs for credit spreads \u2013 where available \u2013 are derived from prices of credit default swaps or other credit-based instruments, such as debt securities. In other cases, credit spreads are obtained from pricing services. The additional inputs for the option pricing models are price volatilities and correlations, which are obtained from broker quotations or pricing services or derived from option prices. Because of the observability of the inputs used in the valuation models, the majority of the interest rate derivative contracts are classified as level 2. If adjustments to interest rate curves, credit spreads, correlations or volatilities are based on significant unobservable inputs, the contracts are classified as level 3. Exchange traded options and futures are valued using quoted market prices and are hence classified as level 1.Foreign exchange contractsForeign exchange contracts include foreign exchange forward contracts, foreign exchange options and foreign exchange swaps. The majority of the foreign exchange contracts at ABN AMRO are traded as over-the-counter derivatives. These instruments are valued using foreign currency exchange rates. There are observable markets for spot and forward contracts as well as for futures in the world\u2019s major currencies. The over-the-counter foreign exchange contracts are therefore classified as level 2. Government debt securitiesGovernment debt securities consist of government bonds and bills with fixed or floating rate interest payments issued by sovereign governments. As these instruments are generally traded in active markets and prices can be derived directly from those markets, they are classified as level 1. Highly liquid bonds are valued using exchange traded prices. Less liquid bonds are valued using observable market prices, which are sourced from broker quotes, inter-dealer prices or other reliable pricing services. For a minority of the government debt securities, active market prices are not available. In these cases ABN AMRO uses discounted cash flow valuation techniques that incorporate observable market data for similar government instruments. The main inputs are interest rate curves, liquidity spreads and credit spreads. The instruments for which this method is applied are classified as level 2. If adjustments to any of the main inputs are made based on significant unobservable inputs, the instrument is classified as level 3.Corporate debt securitiesCorporate debt securities consist primarily of corporate bonds and other debt securities issued by corporate entities. Most of these instruments are standard fixed or floating rate securities. Corporate debt securities are generally valued using observable market prices, which are sourced from broker quotes, inter-dealer prices or other reliable pricing services. These instruments are classified as level 1. If observable market prices are not available, ABN AMRO uses discounted cash flow valuation techniques, based on inputs derived from comparable instruments and credit default swap data of the issuer, to estimate credit spreads. These instruments are classified as level 2. If adjustments are made to any of the main inputs based on significant unobservable inputs, the instrument is classified as level 3.Equity instrumentsEquity instruments that are actively traded on public stock exchanges are valued using readily available quoted prices and are therefore classified as level 1. Equity investments for which fair value is determined using valuation techniques based predominantly on observable market inputs are classified as Level 2. Investments in private equity funds are initially recognised at their transaction price and remeasured to the extent reliable information is available on a case-by-case basis, and are classified as level 3.Loans and advances at fair value through profit or lossLoans and advances at fair value through profit or loss consist primarily of contracts with corporate clients where the contractual cash flows do not meet the SPPI requirements or are held in a business model with the objective of generating cash flows from sales. The return on the contracts with embedded derivatives is based on the price of underlying commodity contracts or loans with a floating interest rate. Discounted cash flow models are used to value these contracts. The main inputs are interest rate curves, quoted commodity prices, liquidity spreads and credit spreads. The instruments are classified as level 2. If adjustments to interest rate curves, liquidity spreads and credit spreads are based on significant unobservable inputs, the instruments are classified as level 3.Issued debtIssued debt securities are valued using discounted cash flow models, based on current interest rate curves that incorporate observable inputs. These instruments are classified as level 2. When there are no, or only limited, publicly quoted prices available for these instruments and unobservable inputs have a significant effect on the fair value calculation, these instruments are classified as level 3. ABN AMRO refines and modifies its valuation techniques as markets and products develop and as prices for individual products becomes more or less readily available. While ABN AMRO believes its valuation techniques are appropriate and consistent with other market participants, the use of different methodologies or assumptions could result in different estimates of the fair value at the reporting date.Fair value hierarchyABN AMRO analyses financial instruments held at fair value in the three categories described below.Level 1 financial instruments are those that are valued using unadjusted prices quoted in active markets for identical financial instruments.Level 2 financial instruments are those valued using techniques based primarily on observable market data. Instruments in this category are valued using prices quoted for similar instruments or identical instruments in markets that are not considered to be active, or using valuation techniques where all inputs that have a significant effect on the valuation are directly or indirectly based on observable market data.Level 3 financial instruments are those valued using a valuation technique where at least one input with a significant effect on the instrument\u2019s valuation is not based on observable market data. The effect of fair value adjustments on the instrument\u2019s valuation is included in the assessment.ABN AMRO recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change occurred. The following table presents the valuation methods used for determining the fair values of financial instruments carried at fair value.31 December 2025 31 December 2024 (in millions) Quoted market prices in active markets Valuation techniques - observable inputs Valuation techniques - significant unobservable inputs Total fair value Quoted market prices in active markets Valuation techniques - observable inputs Valuation techniques - significant unobservable inputs Total fair value Assets Government debt securities 606 606 1,119 51 1,169 Corporate debt securities 961 477 1,438 743 503 1,246 Equity securities 2 2 Other financial assets held for trading 87 87 Financial assets held for trading 1,568 477 2,044 1,863 640 2,503 Interest rate derivatives 5 3,017 6 3,028 5 3,116 20 3,140 Foreign exchange contracts 897 7 904 1,203 2 1,206 Other derivatives 2 2 1 1 Derivatives 6 3,915 13 3,933 5 4,320 22 4,347 Government debt securities 122 122 Equity instruments 133 40 848 1,020 133 47 797 977 Other 10 158 167 Financial investments at fair value through profit or loss265 40 1,006 1,310 133 47 797 977 Government debt securities 35,412 94 329 35,835 35,145 330 35,475 Corporate debt securities 7,518 168 7,686 5,432 5,432 Other debt securities 5,400 5,400 5,288 5,288 Financial assets held at fair value through other comprehensive income 48,330 262 329 48,921 45,866 330 46,196 Loans and advances at fair value through profit or loss 28 486 514 30 600 630 Total financial assets 50,167 4,722 1,833 56,723 47,866 5,037 1,750 54,653 Liabilities Short positions in government debt securities822 822 346 172 518 Corporate debt securities 404 289 693 313 208 522 Equity securities 1 1 Other financial liabilities held for trading 114 114 123 123 Financial liabilities held for trading 1,227 403 1,631 660 503 1,163 Interest rate derivatives 4 1,322 6 1,332 3 1,688 1 1,692 Foreign exchange contracts 612 612 803 803 Other derivatives 23 23 4 4 Derivatives 27 1,934 6 1,967 3 2,495 1 2,499 Issued debt 159 159 205 205 Total financial liabilities 1,255 2,496 6 3,757 663 3,203 1 3,867 Transfers between fair value hierarchiesThere were no material transfers between the fair value hierarchies.Movements in level 3 financial instruments measured at fair valueThe following table shows a reconciliation of the opening and closing amounts of level 3 financial assets that are recorded at fair value. Assets Liabilities (in millions) Derivatives Financial investments at fair value through profit or loss Financial assets held at fair value through other comprehensiveincome Loans and advances at fair value through profit or loss Derivatives Balance as at 1 January 2024 26 656 330 676 Purchases 86 Sales -3 -35 Issuance 42 Redemptions -14 -157 Gains/(losses) recorded in profit and loss 11 -5 Unrealised gains/(losses) 2-3 89 -1 59 Transfer between levels -2 1 Other movements -17 19 Balance as at 31 December 2024 22 797 330 600 1 Acquisitions/divestments of subsidiaries 204 Purchases 89 Sales Issuance 60 Redemptions -1 -38 Gains/(losses) recorded in profit and loss\u00b9 2 1 Unrealised gains/(losses)\u00b2 -5 46 -2 -43 Transfer between levels -4 5 Other movements -132 -93 Balance as at 31 December 2025 13 1,006 329 486 6 1. Included in other operating income. 2. Unrealised gains/(losses) on derivatives held for trading are included in net trading income, on instruments measured at FVTPL in other operating income and on instruments measured at FVOCI in other comprehensive income.Level 3 sensitivity informationInterest-earning securities - government bondsABN AMRO has a position in a Polish bond, denominated in euros (see Note 17 - Financial investments, and part of Other OECD governments), for which the market is relatively illiquid. This bond is valued using a discounted cash flow model. The main inputs are the interest rate curve, liquidity spread and credit spread. The valuation spread is determined using an internal model. The sensitivity analysis is performed using a range of reasonable valuation spreads.Equity shares - preferred sharesEquities measured at fair value through profit and loss and classified as level 3 mainly comprise private equity investments. Private equity shares are measured at fair value, applying two calculation techniques: \u2022 Using comparable pricing in accordance with the European Private Equity and Venture Capitalist Association (EVCA) guidelines. This valuation technique is based on earnings multiples of comparable listed and unlisted companies. The fair value calculation of an investment is strongly linked to movements on public equity markets.\u2022 Net Asset Value (NAV) for fund investments and asset-backed investments. This is determined by using audited and unaudited company financial statements and any other information available, publicly or otherwise. As a consequence, the NAV calculation of an investment is strongly linked to movements in the quarterly performance of the company and can be used as an indicator of fair value.New investments are initially valued at fair value. Subsequently, the fair value technique - either the EVCA technique or NAV calculation - is applied for direct investments. The sensitivity for using comparable pricing is determined by stressing the earnings multiples in a positive and negative market scenario, whereas sensitivity testing cannot be applied for the NAV calculation based on the quarterly performance.DerivativesABN AMRO applies a credit valuation adjustment (CVA) that reflects counterparty credit risk in the fair value measurement of uncollateralised and partially collateralised OTC derivatives. For counterparties that do not have an observable credit spread, ABN AMRO applies a proxied credit spread extracted from counterparties of comparable credit quality that do have an observable credit spread. ABN AMRO performs a probability of default assessment for each counterparty and allocates an appropriate internal credit risk measure known as a Uniform Counterparty Rating (UCR). This UCR, which is significant to the entire fair value measurement of the derivative contracts included in the following table of level 3 sensitivity information, is generated internally and is therefore an unobservable input.Loans and advances \u2013 Equity release mortgagesABN AMRO offers equity release mortgages which provide a way to liquidate home equity and are designed for senior homeowners. These loans are valued using a discounted cash flow model for which the assumed prepayment rate is the most relevant input parameter. The prepayment rate is based on mortality rates and historical prepayment rates observed for equity release mortgages. The sensitivity range is based on the historical bandwidth observed for prepayment rates.Loans and advances - OtherABN AMRO offers personal loans that feature a waiver on a portion of the outstanding debt upon the decease of the client. The loans are valued using a discounted cash flow model, in which expected future cashflows are discounted against actual interest rates, in combination with an adjustment for expected credit losses. The sensitivity range is based on a bandwidth for expected credit losses.31 December 2025 Valuation techniqueUnobservable dataCarrying value Possible alternative assumptionsUnobservable data range Unobservable data base(in millions) Applying minimum Applying maximum Applying minimum Applying maximum Equity shares Private equity valuation EBITDA multiples 161 -16 16 Equity shares Private equity valuation Net asset value845 -84 84 Interest-earning securities - Government bondsDiscounted cash flow Liquidity and credit spread 329 -10 14 10bps 108bps 67bps Loans and advances - Equity release mortgagesDiscounted cash flow Prepayment rate 486 -4 6 3.1%4.1%3.6%Loans and advances - OtherDiscounted cash flow Credit spread Derivatives held for trading - Assets/liabilities (net)Discounted cash flow Probability of default 7 100.0%41.5%31 December 2024 Valuation techniqueUnobservable dataCarrying value Possible alternative assumptionsUnobservable data range Unobservable data base(in millions) Applying minimum Applying maximum Applying minimum Applying maximum Equity shares Private equity valuation EBITDA multiples 141 -14 14 Equity shares Private equity valuation Net asset value657 -66 66 Interest-earning securities - Government bondsDiscounted cash flow Liquidity and credit spread 330 -13 19 38bps 157bps 110bps Loans and advances - Equity release mortgagesDiscounted cash flow Prepayment rate 458 -6 9 2.4%4.9%3.6%Loans and advances - OtherDiscounted cash flow Credit spread 142 -4 7 Derivatives held for trading - Assets/liabilities (net)Discounted cash flow Probability of default 22 -2 6 100.0%24.0%24\u00a0 Property and equipment, leases, goodwill and other intangible assets Accounting policy for impairment of non-financial assets At each reporting date, ABN AMRO reviews the carrying amounts of its non-financial assets (i.e. ROU assets, equipment, goodwill and other intangible assets) to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for impairment.For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that is largely independent of the cash inflows of other assets or cash-generating units. Goodwill arising from a business combination is allocated to cash-generating units or groups of\u00a0cash\u2011generating units that are expected to benefit from the synergies of the combination.The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a\u00a0pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cash-generating unit. An impairment loss is recognised if the carrying amount of an asset or cash-generating unit exceeds its recoverable amount. In general, ABN AMRO\u2019s corporate assets do not generate separate cash inflows and are used by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on a\u00a0reasonable and consistent basis and tested for impairment as part of the testing of the cash-generating unit to\u00a0which the corporate assets are allocated.Impairment losses are recognised in the income statement as a component of depreciation and amortisation expense. They are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating unit, and then to reduce the carrying amounts of the other assets in the cash-generating unit on a pro rata basis.An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to\u00a0the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Accounting policy for intangible assets Goodwill Goodwill is capitalised and stated at cost, being the excess of the consideration paid over the fair value of\u00a0ABN\u00a0AMRO\u2019s share of the acquired entity\u2019s net identifiable assets at the acquisition date, less any accumulated impairment losses. For the purpose of calculating goodwill, the fair values of acquired assets, liabilities and contingent liabilities are determined by reference to market values or by discounting expected future cash flows to present value. Goodwill is not amortised, but is reviewed annually for impairment, or more frequently if there are indications that impairment may have occurred. In the test, the carrying amount of goodwill is compared with the higher of the fair value less costs to sell and the value in use, being the present value of the cash flows discounted at a pre-tax discount rate that reflects the risk of the cash-generating unit to which the goodwill relates. Impairment losses are recognised in the income statement as depreciation and amortisation expense and are irreversible.(in millions) 31 December 2025 31 December 2024 Land and buildings held for own use 581 379 Leasehold improvements 38 44 Plant & equipment under operating lease 232 306 Equipment 74 70 Right of use assets 288 260 Other 8 8 Total property and equipment 1,221 1,068 The right of use assets consist primarily of real estate.(in millions) 31 December 2025 31 December 2024 Goodwill 44 44 Purchased software 21 5 Internally developed software 267 188 Other 24 15 Total goodwill and other intangible assets 356 253 2025 (in millions) Land and buildings held for own use Leasehold improve- ments Plant & equipment under ope- rating lease Equip- ment Right of use assets Other property and equipment Total property and equipment Good- will Other intangible assets Total goodwill and other intangible assets Acquisition costs as at 1 January 941 209 570 607 565 11 2,902 150 623 773 Acquisitions/divestments of subsidiaries 24 13 80 117 36 36 Additions 195 9 64 25 37 331 5 5 Reversal of cost due to disposals -5 -13 -222 -142 -15 -398 -28 -28 Foreign exchange differences -1 -3 -4 -4 -12 -1 -1 Internally generated software 94 94 Other 6 -2 -17 -13 -6 -6 Acquisition costs as at 31 December 1,160 201 408 499 646 11 2,926 150 722 871 Accumulated depreciation/ amortisation as at 1 January -557 -165 -263 -537 -297 -1 -1,819 -404 -404 Acquisitions/divestments of subsidiaries Depreciation/amortisation -15 -14 -33 -86 -149 -25 -25 Depreciation of assets subject to operating lease-70 -70 Reversal of depreciation/amortisation due to disposals 2 13 155 142 11 323 22 22 Foreign exchange differences 1 2 3 2 9 1 1 Other -6 2 17 12 Accumulated depreciation/ amortisation as at 31 December -576 -164 -176 -425 -353 -1 -1,694 -406 -406 Accumulated impairments as at 1 January-5 -1 -7 -2 -14 -105 -10 -116 Increase of impairments charged to the income statement -1 -6 -6 Reversal of impairments due to disposals2 1 1 4 6 6 Other 6 6 Accumulated impairments as at 31 December-3 -6 -2 -11 -105 -4 -110 Total as at 31 December 581 38 232 74 288 8 1,221 44 311 356 The fair value of land and buildings held for own use is estimated at EUR\u00a0232\u00a0million as at 31\u00a0December\u00a02025 (2024:\u00a0EUR\u00a0198\u00a0million). Of this fair value 100% is based on external valuations performed in 2020\u00a0to\u00a02025. There are some properties that have a lower fair value than the recorded carrying value. No impairment is recorded because these properties are considered corporate assets. The value in use for the cash generating units withinABN AMRO Group is sufficient to cover the total value of all these assets.The building at Foppingadreef in Amsterdam was transferred from ABN AMRO Bank N.V. to a subsidiary at a carrying value of EUR\u00a0376\u00a0million. The building at Foppingadreef in Amsterdam is being reconstructed to serve as an example with regard to sustainability and circularity. In 2023, ABN AMRO signed a construction contract with BAM for a total value of EUR\u00a0431\u00a0million, subject to price indexation based on the BDB Index. In the second half of 2025, additional design aspects were added to the original contract. In combination with the price indexation, the total contract value amounts to EUR\u00a0527\u00a0million. As of 31\u00a0December\u00a02025, EUR\u00a0351\u00a0million has been paid towards the construction contract (2024:\u00a0EUR\u00a0298\u00a0million), and a total of EUR\u00a0424\u00a0million has been capitalised as an asset under construction (2024:\u00a0EUR\u00a0238\u00a0million). The project is scheduled for completion in 2027.2024 (in millions) Land and buildings held for own use Leasehold improve- ments Plant & equipment under ope- rating lease Equip- ment Right of use assets Other property and equipment Total property and equipment Good- will Other intangible assets Total goodwill and other intangible assets Acquisition costs as at 1 January 777 208 649 626 584 11 2,853 115 517 632 Acquisitions/divestments of subsidiaries 33 33 Additions 174 13 97 28 53 365 44 4 48 Reversal of cost due to disposals -12 -13 -182 -48 -58 -313 -10 -22 -31 Foreign exchange differences 1 6 1 3 10 1 1 Internally generated software 93 93 Other 2 -1 -17 -15 -4 -3 Acquisition costs as at 31 December 941 209 570 607 565 11 2,902 150 623 773 Accumulated depreciation/ amortisation as at 1 January -547 -160 -308 -546 -256 -1,817 -408 -408 Acquisitions/divestments of subsidiaries -7 -7 Depreciation/amortisation -16 -14 -36 -81 -147 -13 -13 Depreciation of assets subject to operating lease-86 -86 Reversal of depreciation/amortisation due to disposals 10 9 135 45 21 219 22 22 Foreign exchange differences -1 -3 -1 -1 -6 -1 -1 Other -4 1 1 20 18 3 3 Accumulated depreciation/ amortisation as at 31 December -557 -165 -263 -537 -297 -1 -1,819 -404 -404 Accumulated impairments as at 1 January-5 -4 -3 -2 -43 -2 -59 -115 -10 -125 Impairments on assets subject to operating lease2 2 Reversal of impairments due to disposals2 4 2 37 45 10 10 Foreign exchange differences -1 -1 Other -2 -2 Accumulated impairments as at 31 December-5 -1 -7 -2 -14 -105 -10 -116 Total as at 31 December 379 44 306 70 260 8 1,068 44 209 253 Valuation of goodwill31 December 2025 31 December 2024 (in millions) Segment Method used for recoverableamount Discount rate Long- termgrowth rate Impairment charges Goodwill Goodwill Entity Bux Wealth Manage mentValue in use 13.8%2.0%44 44 Total goodwill and impairment charges 44 44 ABN AMRO performed its annual impairment test in the last quarter of 2025. The factors considered by ABN AMRO when reviewing for indicators of impairment include the relationship between its market capitalisation and its book value. The outcome of the impairment test performed is that no impairment needs to be recognised.(in millions) 2025 2024 Depreciation on tangible assets Land and buildings held for own use 15 16 Leasehold improvements 14 14 Equipment 33 36 Right of use assets 86 81 Amortisation on intangible assets Purchased software 6 5 Internally developed software 15 6 Other intangible assets 4 2 Impairment losses on intangible assets Internally developed software 1 Other intangible assets 5 Total depreciation, amortisation and impairment losses 180 160 30\u00a0 ProvisionsAccounting policy for provisions A provision is recognised in the balance sheet when ABN AMRO has a legal or constructive obligation as a result of a past event, and it is more likely than not that an outflow of economic benefits will be required to settle the\u00a0obligation, and a reliable estimate of the amount of the obligation can be made. If the effect of time value is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market rates and, where appropriate, the risks specific to the liability. In cases where ABN AMRO expects disclosure of legal proceedings on a case-by-case basis to seriously prejudice its position, it only discloses the\u00a0general nature of the dispute.A provision for restructuring is recognised when an obligation exists. An obligation exists when ABN AMRO has approved a detailed plan and has raised a valid expectation among those affected by the plan by starting to\u00a0implement the plan or by announcing its main features. Future operating costs are not provided for. Provisions for insurance risks are determined by actuarial methods, which include the use of statistics, interest rate data and settlement cost expectations.Provisions are established for certain guarantee contracts for which ABN AMRO is liable to pay upon default of\u00a0payment. Expected credit loss allowances of loan commitments and financial guarantees are recognised as provisions under IFRS 9.(in millions) 31 December 2025 31 December 2024 Legal provisions 169 150 Credit commitments provisions 63 97 Restructuring provision 104 45 Provision for pension commitments 65 76 Other staff provision 191 181 Insurance fund liabilities 6 7 Other provisions 68 58 Total provisions 666 612 RestructuringRestructuring provisions cover the costs of the restructuring plans for which implementation has been formally announced. Legal provisions Variable interest rates for consumer loansOn 3\u00a0March\u00a02021, the Kifid Appeals Committee confirmed a ruling of the Kifid Disputes Committee about the recalculation of the variable interest charged to a specific client on a revolving credit. In short, Kifid ruled that ABN\u00a0AMRO should have followed the market rate while establishing the variable interest rate for certain revolving consumer credits. In light of the Kifid ruling, ABN AMRO reached agreement with the Dutch Consumers' Association (Consumentenbond Claimservice) on 5 September 2021 regarding a compensation scheme for affected clients. In Q3 of 2022, following an August 2022 ruling of the Kifid Appeals Committee, ABN AMRO adjusted the compensation scheme to include interest on interest. ABN AMRO has provisioned around EUR 505 million for the interest to be compensated and the costs incurred in carrying out the scheme. The execution of the compensation scheme has been completed in 2025 and the handling of any other matters relating to consumer credits with a variable interest rate has been handed over to the business as usual. Therefore, as at the end of Q4 2025, in total EUR 483 million of the provision has been used and the remaining provision of EUR 22 million has been released.It is unclear what the exact scope and application of the Kifid ruling is and whether the ruling will have a certain knock-on effect on other (credit) products with variable interest rates, beyond the range of products covered by the compensation scheme, such as credit products for micro and small enterprises. ABN AMRO cannot give a reliable estimate of the (potentially substantial) financial risk of these contingent liabilities which have not been provided for. Other provisionsIrrevocable payment commitmentThe annual Single Resolution Fund (SRF) contribution is a levy introduced by the European Union in 2016. The Single Resolution Board (SRB) allows institutions to use irrevocable payment commitments (IPCs) to pay part of their contribution. ABN AMRO uses this option and has deducted the full amount of the IPCs from own funds for regulatory purposes. In February 2024, the SRB confirmed that the SRF reached its target level. As such, no annual contribution was collected in 2025. The cumulative amount of IPCs entered into is EUR 207 million, which is the maximum loss when the SRB executes its call. Considering the time value of money and the attainment of the SRF target level, the estimated value of the liability is deemed negligible. The IPCs are secured by collateral to ensure full and punctual payment of the contribution when called by the SRB. As at 31 December 2025, ABN AMRO has transferred a cumulative amount of EUR 207 million in collateral. The collateral is reported as an asset under \u2018other loans and advances customers\u2019.(in millions) Legal provisionsCredit commitmentsRestructuring provisionProvision for pension commitmentsOther staffprovision Insurance fund liabilities Other Total Provisions as at 1 January 2024 273 120 57 76 134 7 75 742 Increase of provisions 124 97 52 36 3 312 Reversal of unused provisions -55 -75 -9 -6 -9 -153 Utilised during the year -178 -48 -13 -239 Transfer between stages 2 2 Foreign exchange differences 8 8 Other -14 -55 -8 11 5 2 -58 Provisions as at 31 December 2024 150 97 45 76 181 7 58 612 Acquisition and divestment of subsidiaries 11 1 49 3 64 Increase of provisions 59 10 104 43 20 236 Reversal of unused provisions -23 -25 -4 -5 -6 -62 Utilised during the year -18 -41 -40 -9 -108 Transfer between stages 1 1 Foreign exchange differences -2 -3 Other -9 -19 -60 6 5 1 -76 Provisions as at 31 December 2025 169 63 104 65 191 6 68 666 ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-9": { "value": "
Credit risk mitigation\u2002
Audited
Collateral reporting is based on the net collateral value
(NCV). The NCV represents the amount expected to be
recovered from the collateral pledged to the bank if the
client defaults. Where necessary, certain discounts are
applied. The NCV is approached by an average recovery
rate observed for the specific type of collateral and,
where applicable, by applying haircuts, for example in
the event of currency mismatches. Surplus collateral is
the amount of over-collateralisation, calculated on an
individual basis. A surplus is not included for
guarantees, as the debtor cannot be held liable for
more than the maximum debt.
Financial assets: offsetting, netting, collateral and guarantees\u2002
Audited
31 December 2025
Offset in the statement of financial
position
Not offset in the statement of financial position
Net
exposure 5
(in millions)
Carrying
amount
before
balance-
sheet
netting
Less:
balance-
sheet
netting with
gross
liabilities
Carrying
amount\u00b2
Master
netting
agree-
ment\u00b3
Financial
instru-
ments
collateral
Property
& equip-
ment
Other
collateral
and guar-
antees
Total risk
mitigation
- of which
surplus
collateral 4
Financial assets held for
trading
2,044
2,044
2,044
Derivatives
3,933
3,933
2,295
1,181
3,476
37
494
Financial investments
50,231
50,231
50,231
Securities financing
44,214
4,041
40,173
985
43,772
44,757
5,453
870
Interest-bearing deposits
1,137
1,137
33
33
1,104
Loans and advances
708
708
468
816
1,284
814
238
Other
326
326
326
Total loans and advances
banks
2,170
2,170
501
816
1,316
814
1,668
Residential mortgages
163,065
163,065
2,816
347,227
628
350,670
191,335
3,729
Consumer loans
6,192
1
6,192
3,489
3,705
36
7,229
2,691
1,653
Corporate loans
86,218
728
85,490
1,414
31,317
52,051
3,333
88,115
33,171
30,546
Other loans and advances
customers
5,934
5,934
11
19
2
31
11
5,914
Fair value adjustment from
hedge accounting
-5,434
-5,434
-5,434
Total loans and advances
customers\u00b9
255,975
729
255,247
1,424
37,622
403,002
3,998
446,045
227,208
36,409
Loans at fair value through P&L
514
514
1,867
20
1,887
1,376
3
Total loans and advances
customers
256,489
729
255,760
1,424
37,622
404,868
4,018
447,932
228,584
36,412
Other assets
3,877
3,877
9
423
432
3,446
Total\u00a0on-balance sheet
subject to netting and
pledged agreements
362,959
4,769
358,190
5,214
83,390
404,868
4,441
497,913
234,888
95,165
Assets not subject to netting
and pledged agreements
55,020
55,020
55,020
Total assets
417,979
4,769
413,210
5,214
83,390
404,868
4,441
497,913
234,888
150,185
Total\u00a0off-balance sheet
98,832
98,832
1,336
10,883
618
12,837
3,910
89,904
Total on- and off-balance
sheet
516,811
4,769
512,041
5,214
84,726
415,751
5,059
510,750
238,798
240,090
1. Excluding loans at fair value through P&L.
2. Carrying amount includes loan impairment allowances where applicable.
3. Collateral in the column Master netting agreement is mainly markets related and consists of master netting agreements which also includes cash collateral as part of these
agreements. Cash collateral not part of master netting agreements has been reported under the column Financial instruments.
4. Surplus collateral is the amount of over-collateralisation, calculated on an individual basis.
5. Net exposure represents the portfolio corrected for the surplus amount and gives a view on the potential shortfall in collateral on the total portfolio.
31 December 2024
Offset in the statement of financial
position
Not offset in the statement of financial position
Net
exposure 5
(in millions)
Carrying
amount
before
balance-
sheet
netting
Less:
balance-
sheet
netting with
gross
liabilities
Carrying
amount\u00b2
Master
netting
agree-
ment\u00b3
Financial
instru-
ments
collateral
Property
& equip-
ment
Other
collateral
and guar-
antees
Total risk
mitigation
- of which
surplus
collateral 4
Financial assets held for
trading
2,503
2,503
2,503
Derivatives
4,347
4,347
3,176
639
3,815
103
635
Financial investments
47,173
47,173
47,173
Securities financing
32,192
5,203
26,989
847
32,348
33,195
6,452
246
Interest-bearing deposits
1,169
1,169
16
16
1,153
Loans and advances
707
707
527
728
1,255
721
173
Other
174
174
174
Total loans and advances
banks
2,049
2,049
543
728
1,271
721
1,500
Residential mortgages
156,076
156,076
2,695
325,975
372
329,041
176,542
3,577
Consumer loans
7,446
1
7,445
2,866
3,958
48
6,873
2,928
3,501
Corporate loans
83,433
705
82,727
1,759
30,917
54,489
3,303
90,468
37,508
29,767
Other loans and advances
customers
6,491
4
6,487
49
31
80
10
6,417
Fair value adjustment from
hedge accounting
-4,584
-4,584
-4,584
Total loans and advances
customers\u00b9
248,863
711
248,152
1,808
36,478
384,453
3,723
426,463
216,988
38,677
Loans at fair value through P&L
630
630
1,715
1,715
1,252
167
Total loans and advances
customers
249,493
711
248,782
1,808
36,478
386,168
3,723
428,178
218,239
38,843
Other assets
4,652
4,652
7
584
1,163
1,754
584
3,482
Total\u00a0on-balance sheet
subject to netting and
pledged agreements
342,409
5,914
336,496
6,380
70,777
386,168
4,887
468,212
226,099
94,383
Assets not subject to netting
and pledged agreements
48,551
48,551
48,551
Total assets
390,960
5,914
385,047
6,380
70,777
386,168
4,887
468,212
226,099
142,934
Total\u00a0off-balance sheet
97,348
97,348
1,952
11,547
845
14,344
5,478
88,482
Total on- and off-balance
sheet
488,308
5,914
482,394
6,380
72,729
397,715
5,732
482,556
231,577
231,415
1. Excluding loans at fair value through P&L.
2. Carrying amount includes loan impairment allowances where applicable.
3. Collateral in the column Master netting agreement is mainly markets related and consists of master netting agreements which also includes cash collateral as part of these
agreements. Cash collateral not part of master netting agreements has been reported under the column Financial instruments.
4. Surplus collateral is the amount of over-collateralisation, calculated on an individual basis.
5. Net exposure represents the portfolio corrected for the surplus amount and gives a view on the potential shortfall in collateral on the total portfolio.
Total risk mitigation increased owing to an increase in
property and equipment for residential mortgages,
which was mainly due to rising house prices and loan
portfolio growth. As a result, surplus collateral also
increased. For consumer loans, net exposure declined
because of the reclassification of loan portfolios of our
subsidiary Alfam. For corporate loans, there was an
increase in exposure, which was mainly attributable to
the acquisition of HAL. This increase, in combination
with a decrease in collateral, led to a decline in surplus
collateral and, to a lesser extent, an increase in net
exposure.
The total net exposure of loans and advances customers
decreased to EUR 36.4 billion in 2025
(31\u00a0December\u00a02024: EUR 38.8 billion). The main cause
of this decrease was the decline in net exposure on
consumer loans and in the net exposure on fair value
adjustment from hedge accounting, due to rising
interest rates. The decrease was partly offset by the
increase in corporate loans.
Financial assets: offsetting, netting,
collateral\u00a0and guarantees for credit-impaired
assets\u2002
Audited
Collateral and guarantees for credit-impaired assets
(stage 3 and POCI) represent credit risk mitigation based
on the net collateral value (NCV) for clients in default. The
carrying amount includes expected credit loss
allowances, based on the probability-weighted present
value of all expected cash shortfalls over the remaining
life of the financial instrument for both on- and off-
balance sheet exposures. The Financial Restructuring &
Recovery department identifies the most likely scenarios
for non-programme lending defaulted clients (going
concern or gone concern) and estimates the amounts and
timing of expected future cash flows. This explains why a
net exposure remains after taking into account collateral
pledged to the bank.
31 December 2025
Offset in the statement
of financial position
Not offset in the statement
of financial position
Net
exposure 4
(in millions)
Carrying
amount
before
balance-
sheet
netting
Less:
balance-
sheet
netting
with gross
liabilities
Carrying
amount\u00b9
Master
netting
agree-
ment\u00b2
Financial
instru-
ments
collateral
Property
& equip-
ment
Other
collateral
and gua-
rantees
Total risk
mitigation
- of which
surplus
collateral\u00b3
Loans and advances banks
Residential mortgages
1,899
1,899
13
3,478
1
3,493
1,593
Consumer loans
91
91
8
54
62
19
48
Corporate loans
2,488
2,488
464
1,237
407
2,107
592
973
Other loans and advances
customers
3
3
2
2
1
Total\u00a0loans and advances
\u00a0customers
4,481
4,481
485
4,769
410
5,664
2,204
1,022
Total loans and advances
4,481
4,481
485
4,769
410
5,664
2,204
1,022
1. Carrying amount includes loan impairment allowances where applicable.
2. Collateral in the column Master netting agreement is mainly markets related and consists of master netting agreements which also includes cash collateral as part of these
agreements. Cash collateral not part of master netting agreements has been reported under the column Financial instruments.
3. Surplus collateral is the amount of over-collateralisation, calculated on an individual basis.
4. Net exposure represents the portfolio corrected for the surplus amount and gives a view on the potential shortfall in collateral on the total portfolio.
31 December 2024
Offset in the statement
of financial position
Not offset in the statement
of financial position
Net
exposure 4
(in millions)
Carrying
amount
before
balance-
sheet
netting
Less:
balance-
sheet
netting
with gross
liabilities
Carrying
amount\u00b9
Master
netting
agree-
ment\u00b2
Financial
instru-
ments
collateral
Property
& equip-
ment
Other
collateral
and gua-
rantees
Total risk
mitigation
- of which
surplus
collateral\u00b3
Loans and advances banks
Residential mortgages
1,863
1,863
13
3,333
1
3,348
1,483
-1
Consumer loans
120
120
18
62
80
27
66
Corporate loans
2,299
2,299
774
1,768
230
2,773
825
351
Other loans and advances
customers
5
5
5
Total\u00a0loans and
advances\u00a0customers
4,287
4,287
805
5,163
232
6,201
2,335
421
Total loans and advances
4,287
4,287
805
5,163
232
6,201
2,335
421
1. Carrying amount includes loan impairment allowances where applicable.
2. Collateral in the column Master netting agreement is mainly markets related and consists of master netting agreements which also includes cash collateral as part of these
agreements. Cash collateral not part of master netting agreements has been reported under the column Financial instruments.
3. Surplus collateral is the amount of over-collateralisation, calculated on an individual basis.
4. Net exposure represents the portfolio corrected for the surplus amount and gives a view on the potential shortfall in collateral on the total portfolio.
The stage 3 carrying amount (including POCI) rose
marginally to EUR 4.5 billion (31 December 2024:
EUR\u00a04.3 billion), while total risk mitigation decreased to
EUR 5.7 billion in 2025 (31 December 2024:
EUR\u00a06.2\u00a0billion). This decrease in risk mitigation was
mainly observed in corporate loans, and was caused by
a decrease in collateral at Corporate Banking. The
carrying amount of the stage 3 portfolio (including
POCI) increased, while the total risk mitigation
decreased. This led to a EUR\u00a0601\u00a0million increase in the
net exposure, which was EUR 1,022 million as at
31\u00a0December 2025.
During 2025 ABN AMRO obtained property and
equipment by taking possession of collateral held as
security for loans and advances. The total amount of
such assets held on 31 December 2025 amounted to
EUR 3 million (2024: EUR 4 million). ABN AMRO does
not intend to use these assets in its operations and will
pursue timely and orderly realisation of the collateral.
Financial liabilities: offsetting, netting, collateral and guarantees\u2002
Audited
31 December 2025
Offset in the statement
of financial position
Not offset in the statement
of financial position
Net
exposure\u00b3
(in millions)
Carrying
amount
before
balance-
sheet
netting
Less:
balance-
sheet netting
with gross
assets
Carrying
amount
Master
netting
agree-
ment\u00b9
Financial
instru-
ments
collateral
Total risk
mitigation
- of which
surplus
collateral\u00b2
Financial liabilities held for trading
1,631
1,631
1,631
Derivatives
1,967
1,967
1,397
116
1,513
37
492
Securities financing
19,361
4,041
15,320
978
19,774
20,752
5,467
34
Deposits
4,319
4,319
829
829
3,491
Other
1
1
1
Due to banks
4,320
4,320
829
829
3,491
Deposits
278,768
728
278,040
1,027
1,027
277,013
Other borrowings
1,086
1,086
982
982
104
Due to customers
279,854
728
279,126
2,010
2,010
277,117
Other liabilities
3,918
1
3,918
3,918
Total\u00a0liabilities subject to netting
arrangements
311,051
4,769
306,281
5,214
19,890
25,104
5,505
286,682
Remaining liabilities not subject to netting
79,886
79,886
79,886
Total liabilities
390,937
4,769
386,167
5,214
19,890
25,104
5,505
366,568
1. Collateral in the column Master netting agreement is mainly markets related and consists of master netting agreements which also includes cash collateral as part of these
agreements. Cash collateral not part of master netting agreements has been reported under the column Financial instruments.
2. Surplus collateral is the amount of over-collateralisation, calculated on an individual basis.
3. Net exposure represents the portfolio corrected for the surplus amount and gives a view on the potential shortfall in collateral on the total portfolio.
31 December 2024
Offset in the statement
of financial position
Not offset in the statement
of financial position
Net
exposure\u00b3
(in millions)
Carrying
amount
before
balance-
sheet
netting
Less: balance-
sheet netting
with gross
assets
Carrying
amount
Master
netting
agree-
ment\u00b9
Financial
instru-
ments
collateral
Total risk
mitigation
- of which
surplus
collateral\u00b2
Financial liabilities held for trading
1,163
1,163
1,163
Derivatives
2,499
2,499
1,590
207
1,797
27
729
Securities financing
15,555
5,203
10,352
846
15,792
16,638
6,305
19
Deposits
2,329
2,329
658
658
1,671
Due to banks
2,329
2,329
658
658
1,672
Deposits
254,998
710
254,288
1,589
1,589
252,699
Other borrowings
1,899
1,899
1,698
1,698
200
Due to customers
256,896
710
256,186
3,287
3,287
252,900
Other liabilities
4,247
1
4,247
4,247
Total\u00a0liabilities subject to netting
arrangements
282,689
5,914
276,776
6,380
15,999
22,379
6,332
260,728
Remaining liabilities not subject to netting
82,163
82,163
82,163
Total liabilities
364,852
5,914
358,939
6,380
15,999
22,379
6,332
342,892
1. Collateral in the column Master netting agreement is mainly markets related and consists of master netting agreements which also includes cash collateral as part of these
agreements. Cash collateral not part of master netting agreements has been reported under the column Financial instruments.
2. Surplus collateral is the amount of over-collateralisation, calculated on an individual basis.
3. Net exposure represents the portfolio corrected for the surplus amount and gives a view on the potential shortfall in collateral on the total portfolio.
34\u00a0 Transferred, pledged, encumbered and restricted assets
Accounting policy for transferred, pledged and encumbered assets
Transferred financial assets are arrangements/transactions for which ABN AMRO has:
\u2022 transferred the contractual rights to receive the cash flows of the financial asset to a third party, or
\u2022 retained the contractual rights to receive the cash flows of that financial asset, but has assumed a contractual
obligation to pay the cash flows to a third party
Depending on the circumstances, these transfers may either result in financial assets that are not derecognised
in their entirety or in assets that are derecognised in their entirety. More detailed information on our recognition
and derecognition policy is provided in the paragraph on material accounting policies under Note 1 - Accounting
policies.
Pledged assets are assets given as security (collateral) to guarantee the payment of a debt or fulfilment of
an\u00a0obligation by ABN AMRO to a third party. Encumbered assets are assets that have been pledged or are
subject to any form of arrangement to secure, collateralise or credit enhance any transaction from which free
withdrawal is not allowed. The key difference between encumbered and pledged assets is that the latter is
based on the legal terms such as title transfer while the former is based on economic principles.
Securities financing
Securities financing transactions are entered into on a collateralised basis to mitigate the bank\u2019s credit risk exposure.
In repurchase agreements and securities lending transactions, the securities are returned to ABN AMRO at maturity.
The counterparty in the transactions holds the securities as collateral, but has no recourse to other assets of ABN AMRO.
Pledged and encumbered assets
Pledged and encumbered assets are no longer readily available to ABN AMRO to secure funding, satisfy collateral
needs or be sold to reduce the funding requirement. The following activities conducted by ABN AMRO give rise
to\u00a0pledged assets:
\u2022 cash and securities provided as collateral to secure trading and other liabilities, mainly derivatives
\u2022 mortgages and SME loans pledged to secure funding transactions such as covered bonds and securitisations
\u2022 securities lent as part of repurchase and securities lending transactions
The following differences apply to ABN AMRO:
\u2022 Encumbered assets exclude retained mortgage-backed securities, unless these have been pledged or are subject
to\u00a0any form of arrangement to secure, collateralise or credit enhance any transaction from which free withdrawal is
not allowed
Significant restrictions on assets may arise from statutory, contractual or regulatory requirements such as:
\u2022 requirements that restrict the ability of the parent or its subsidiaries to transfer cash or other financial assets to or
from other entities within the group
\u2022 guarantees or other requirements that may restrict dividends and other capital distributions being paid, or loans and
advances being made or repaid to other entities within the group
\u2022 protective rights of other non-controlling interests that may restrict the ability of the bank to access and transfer
assets freely to or from other entities within the group and to settle liabilities of the bank
The following table provides an overview of assets pledged as security and encumbered assets.
(in millions)
31 December 2025
31 December 2024
Assets pledged
Financial assets held for trading
55
267
Financial investments FVOCI
3,360
3,180
Loans and advances banks
- Interest bearing deposits
611
669
Loans and advances customers\u00b9
- Residential mortgages
86,635
82,698
- Commercial loans
6,032
6,632
Total assets pledged as security
96,694
93,445
Differences between pledged and encumbered assets
Loans and advances customers
-40,147
-38,568
Total differences between pledged and encumbered assets
-40,147
-38,568
Total encumbered assets
56,546
54,877
Total assets
413,210
385,047
Total encumbered assets as percentage of total assets
13.7%
14.3%
1. Excluding mainly mortgage-backed securities.
Off-balance sheet collateral held as security for assets
Mainly as part of professional securities transactions, ABN AMRO obtains securities on terms which permit it to
repledge or resell the securities to others. These transactions are conducted under terms that are usual and customary
in standard professional securities transactions.
ABN AMRO controls the credit risk associated with these activities by monitoring counterparty credit exposure and
collateral value on a daily basis and, when necessary, requiring additional collateral to be deposited with or returned
to the group.
(in millions)
31 December 2025
31 December 2024
Fair value of securities received which can be sold or repledged
71,967
72,196
- of which: fair value of securities repledged/sold to others
44,342
46,541
ABN AMRO has the obligation to return securities accepted as collateral to its counterparties.
Significant restrictions on the ability to access or use the bank\u2019s assets
Restricted financial assets consist of assets pledged as collateral against an existing or contingent liability and
encumbered assets. Other restrictions impacting on the bank\u2019s ability to use assets include:
\u2022 assets as a result of collateralising repurchase and borrowing agreements (31\u00a0December\u00a02025: EUR\u00a040.2\u00a0billion;
31\u00a0December\u00a02024: EUR\u00a027.0\u00a0billion)
\u2022 assets held in certain jurisdictions to comply with local liquidity requirements and that are subject to restrictions in
terms of their transferability within the group (31\u00a0December\u00a02025: EUR\u00a00.3\u00a0billion; 31\u00a0December\u00a02024:
EUR\u00a00.4\u00a0billion)
\u2022 ABN AMRO is in general not subject to any significant restrictions that would prevent the transfer of dividends and
capital within the group, except for regulated subsidiaries that are required to maintain capital in order to comply
with local regulations (31\u00a0December\u00a02025: EUR\u00a00.1\u00a0billion; 31\u00a0December\u00a02024: EUR\u00a00.5\u00a0billion).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-10": { "value": "
Market risk management for
the\u00a0trading\u00a0book\u2002
Audited
Positions held with trading intent and hedges for
positions held with trading intent must be included in
the bank's trading book. The Central Trading Risk Policy
describes the positions included in the trading book and
the criteria for transferring risk and positions between
the trading and banking books. As part of its business
strategy, ABN AMRO facilitates client orders as principal
in key financial markets where our clients are active.
Market risk in the trading book is the risk of losses in
market value due to adverse market movements. The
following market risks are inherent in the trading book:
\u2022 Interest rate risk, arising from adverse changes in
interest rate risk curves and/or interest rate volatilities;
\u2022 Credit spread risk, arising from adverse changes in the
term structure of credit spreads and/or from changes
in the credit quality of debt securities or CDS
reference entities, with an impact on default
probabilities;
\u2022 Foreign exchange risk, arising from adverse changes
in FX spot and forward rates and/or FX volatility.
ABN AMRO has in place a detailed risk management
framework to identify, measure and control market risk
in the trading book. This risk management framework is
in line with the three lines of defence model and
provides assurance that the bank\u2019s trading activities are
consistent with its client-focused business strategy and
strict risk focus. In accordance with the strategy, the
trading mandates and limits, which define the nature
and amount of the permitted transactions and risks, are
reviewed and approved annually, together with the
associated constraints. The limit utilisation is monitored
and discussed by the first and second line of defence on
a daily basis.
Market risk measurement for
the\u00a0trading\u00a0book\u2002
Audited
ABN AMRO measures and manages market risk in the
trading book on a daily basis. The key metrics used are
economic capital, regulatory capital, value at risk (VaR),
stressed VaR (SVaR) and the incremental risk charge
(IRC), together with a wide array of stress and scenario
tests, sensitivity measures, concentration limits and
notional limits. These metrics are measured and
monitored on a daily basis. Appropriate limits are set at
bank level in the Risk Appetite Statement and at bank and
client-unit levels in the limit framework, in line with the
general risk principles in the Central Trading Risk Policy.
Metrics and models are managed, reviewed, assessed
and, if required, adjusted in a similar way as in the
banking book. Other important tools to ensure the
adequacy of the models, alongside the formal
validation and review of models, are the daily
explanation of risk reporting figures, periodic portfolio
reviews and regular back-testing.
Validation procedure
For all models, including market risk models, we have a
model risk policy in place. This policy requires model
assumptions and limitations to be documented and
independently validated by Model Validation. For material
changes, the regulator performs an on-site investigation
before such a model change is applied in production.
Economic capital
The calculation of economic capital for market risk in
the trading book is based on the daily VaR, SVaR and
IRC at a 99.9% confidence level.
Stress testing and scenario analysis
Stress testing and scenario analysis are designed to
focus specifically on the impact of tail events occurring
outside the VaR confidence interval. We perform daily
stress tests for large movements in risk factors. Scenario
analyses are also conducted frequently to evaluate the
impact of extreme market events that cover multiple
risk factors, and the results of these tests are monitored.
These scenarios can be based on historical or
hypothetical events, or on a combination of the two.
For each risk type, sensitivities are monitored against
limits. This includes all risk types mentioned above and
the basic risks in the trading portfolio. In addition, the
holding period is monitored as a measure of the
positions\u2019 liquidity.
Internal aggregated diversified and
undiversified VaR for all trading positions
Audited
ABN AMRO applies a diversified portfolio VaR approach
that takes into account the fact that returns across risk
factors may offset one another to a certain extent and
consequently reduce risk. As long as these returns are
not perfectly correlated to one another, VaR figures
based on a diversified portfolio approach will be lower
than if the figures are calculated using undiversified
VaR. Undiversified VaR means that the VaR figures
computed for the different risk factors are aggregated
without taking into account any offset across risk
factors, negating the potential for risk reduction. The
following graph shows the total one-day VaR at a 99%
confidence level (\u2018VaR diversified\u2019) and aggregation of
the stand-alone risk factors (\u2018VaR undiversified\u2019).
Internal aggregated diversified and undiversified VaR for all trading positions\u2002
Audited
31 December 2025
(in millions)
Foreign
exchange
Interest
rate
Total undiversified
VaR
Diversified
VaR
VaR at last trading day of the period
0.4
3.0
3.4
3.1
Highest VaR
0.6
6.6
6.7
6.6
Lowest VaR
0.1
1.3
1.6
1.3
Average VaR
0.3
3.3
3.6
3.2
31 December 2024
VaR at last trading day of the period
0.1
5.0
5.2
5.1
Highest VaR
0.4
7.3
7.5
7.3
Lowest VaR
1.3
1.4
1.3
Average VaR
0.1
4.0
4.1
4.0
Market risk management for
the\u00a0banking\u00a0book\u2002
Audited
ABN AMRO has a detailed risk management framework
in place to identify, measure and control market risk in
the banking book. This framework provides assurance
that the banking book activities remain consistent with
the bank\u2019s strategy and are aligned with the defined risk
appetite. The Asset & Liability Committee (ALCO) has
delegated the day-to-day management to the Asset
and Liability Management and Treasury department
(ALM/Treasury). This department\u2019s activities include the
execution of hedge transactions. ALM/Treasury forms
the first line of defence. Financial Risk Management acts
as the second line of defence.
The risk appetite is articulated in terms of supervisory
outlier test (SOT) on net interest Income (NII), SOT on
economic value of equity (EVE) and economic capital
(EC) for market risk in the banking book, and expresses
the maximum loss the bank is willing to accept. The risk
appetite is cascaded into a limit framework.
Interest rate risk in the banking book
Interest rate risk is the risk of losses in the economic
value of equity (EVE) or the bank\u2019s net interest income
(NII) due to unfavourable yield curve developments. In
order to measure interest rate risk, models are used and
assumptions on client behaviour are made, most
importantly with respect to the maturity of savings and
the prepayment of mortgages. These assumptions
influence the anticipated interest cash flow pattern. The
profile of assets and liabilities on the balance sheet can
change if client behaviour changes. Therefore, interest
rate risk is actively managed in line with the risk
appetite.
The main sources of interest rate risk are:
\u2022 The maturity mismatch between assets and liabilities.
ABN AMRO provides mortgages and loans with fixed
rates. These assets are funded mainly by non-
maturing deposits and wholesale funding which
typically have a shorter average interest maturity than
the assets;
\u2022 Client behaviour, which determines the maturity
profile of certain products. As we use models to
predict this behaviour, we are exposed to model risk.
ABN AMRO uses a combination of portfolio (macro)
hedges and specific asset or liability (micro) hedges to
manage the interest rate sensitivity in the banking book
and keep it in line with the bank\u2019s strategy and risk
appetite. Micro hedges are used to swap fixed rate
funding transactions and fixed interest rate investments
in the liquidity buffer for floating interest rate positions.
In addition, macro hedging is applied in order to align
with the bank\u2019s strategy to contribute to a stable NII
while protecting the economic value of equity.
Key assumptions for modelling client behaviour
From an interest rate risk perspective, the following
aspects of client behaviour are the most important:
\u2022 Client behaviour with respect to early redemption of
residential mortgages. This has a significant impact on
the average interest maturity of the mortgage
portfolio. Clients have the option to fully or partially
prepay mortgages before maturity. Prepayments may
be triggered by, for example, relocation, redemption
or curtailment. An important driver of prepayments is
the interest rate incentive, i.e. the difference between
a client\u2019s current mortgage rate and prevailing
mortgage rates. Future mortgage rates are simulated
using a Monte Carlo approach. In addition to the
interest rate incentive, other drivers such as loan age,
seasonality and house price developments are taken
into account;
\u2022 Client acceptance of the residential mortgage volume
offered and the deviation between the offered rate
and the actual coupon;
\u2022 Client behaviour with respect to non-maturing
deposits that are callable on demand. The volume
migrating to term deposits is subject to rate changes.
Future client rates for savings accounts are modelled
using a replicating portfolio model. Modelled client
rates depend on current or lagged yield curves and
funding costs. A maximum maturity of 10 years is
assumed. The resulting duration depends on product
type and client behaviour.
The market risk in the banking book metrics are derived
from behavioural models which rely on assumptions
based on extensive research and historical client
behaviour data. The models undergo independent
validation and are approved by the mandated risk
committees. Models are periodically assessed to
determine whether they behave appropriately and are
statistically sound; if required, they are adjusted.
Risk measurement for interest rate risk
Interest rate risk is measured by NII-at-Risk and various
economic value measures such as the present value
change of one basis point shock (PV01) and the EVE-at-
Risk. To ensure a comprehensive approach to risk
management and identify potential weaknesses, the
metrics are complemented by stress testing and
scenario analysis. A combination of market and product
floors is applied. These floors are reviewed periodically.
For management purposes, the interest rate risk
position is monitored by the Asset & Liability Committee
(ALCO) on a monthly basis. The above metrics are also
regularly reported to the Executive Board.
Credit spread risk in the banking book
Credit spread risk refers to the risk of financial losses
resulting from unfavourable movements in credit
spreads within the balance sheet. From a value
perspective, credit spread risk is primarily associated
with products valued at fair value. It is quantified as the
impact on economic value of a one basis point change
in credit spreads (CS01). The primary sources of this risk
are bonds held for liquidity purposes and wholesale
funding.
From an earnings perspective, credit spread risk in the
banking book (CSRBB) impacts the spreads at which
new positions are originated, such as during
reinvestments. This risk is assessed using a net interest
income (NII) at risk approach, where origination spreads
are stressed and compared to a base scenario. The main
sources of this earnings-based risk are loans and
savings.
Foreign exchange risk
Foreign exchange (FX) risk is the risk arising from
unfavourable movements in FX spot and forward rates
and/or FX volatility. It is managed within the bank by
ALM/Treasury. As a general rule, foreign exchange risk
is hedged by using cross-currency swaps to swap the
exposure in foreign currency to euros. If, for operational
reasons, it is inefficient to hedge exposures in foreign
currencies, an open currency position (OCP) remains.
This is measured by the aggregated net position per
foreign currency.
Economic capital
Economic capital for market risk in the banking book is
calculated using a parametric Monte Carlo simulation
model that determines the economic capital needed to
absorb losses resulting from unfavourable movements
in interest rates, client behaviour for mortgages and
non-maturing deposits, volatility, credit spreads and
foreign exchange rates.
Market risk in the banking book metrics
Interest rate risk\u2002
Audited
(in millions)
31 December 2025
31 December 2024
NII impact from an instantaneous increase in interest rates of 200bps
683
277
NII impact from an instantaneous decrease in interest rates of 200bps
-599
-106
EVE impact from an instantaneous increase in interest rates of 200bps
-2,132
-1,916
EVE impact from an instantaneous decrease in interest rates of 200bps
215
210
NII-at-Risk is the difference in NII between a base
scenario and an alternative scenario observed over a
1-year horizon. This is calculated for a 200bps
instantaneous increase in interest rates (parallel move
up) and for a 200bps instantaneous decrease in interest
rates (parallel move down). NII-at-Risk includes all
expected cash flows, including commercial margins
and other spread components, from all interest rate-
sensitive assets, liabilities and off-balance sheet items in
the banking book. NII-at-Risk assumes a constant
balance sheet.
As at 31 December 2025, the NII-at-Risk was
EUR\u00a0683\u00a0million for the scenario in which there is an
instantaneous increase in interest rates of 200bps and
EUR 599 million negative for the scenario in which there
is an instantaneous decrease in interest rates of 200bps.
The change in NII-at-Risk is mainly attributable to
increased loan volumes and lower fixed-term deposit
volumes.
EVE-at-Risk is the loss in economic value of equity as
a\u00a0result of various yield curve shocks. This is also
calculated for a 200bps instantaneous increase (parallel
move up) in interest rates and for a 200bps
instantaneous decrease (parallel move down) in interest
rates. The impact is calculated for cash flows from all
interest-bearing assets, liabilities and off-balance sheet
items in the banking book. An assumption of a run-off
balance sheet is made, where banking book positions
amortise and are not replaced by new business. The
projected cash flows include commercial margins and
other spread components and are discounted at the
risk-free rate.
The EVE-at-Risk scenario with the highest impact at
year-end 2025 remains the scenario in which interest
rates increase by 200bps instantaneously. We see a
higher EVE impact in both the upward and downward
scenarios, as the duration of equity has increased
slightly since year-end 2024.
Open currency position\u2002
Audited
The OCP is monitored regularly and limits apply at a
local and aggregate level. USD is the largest non-EUR
exposure for assets and liabilities. The total OCP
showed a slight decrease in 2025 compared with the
previous year.
31 December 2025
31 December 2024
Total OCP (long, in EUR million)
135
151
OCP as % total capital
0.5%
0.5%
P&L Sensitivity to 100bps increase in largest non-EUR exposure (USD, in EUR million)
0.7
0.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-11": { "value": "
Risk management approach\u2002
Audited
The natural maturity mismatch between our loan book
and funding portfolio requires liquidity risk
management. As we consider maturity transformation
to be an integral part of the business model, we closely
monitor our liquidity position and the resulting risks. We
hold a portfolio of highly liquid assets that can swiftly
be converted into cash in the event of unforeseen
market disruptions, thus allowing us to meet payment
and collateral obligations at all times. Funding and
liquidity risk are managed centrally within ALM/
Treasury. We incorporate liquidity costs into the pricing
of our day-to day business activities. When managing
funding and liquidity risk, a clear distinction is made
between going-concern and contingency risk
management.
Going-concern management
The most important metrics for going-concern risk
management and the management of the day-to-day
liquidity position within specified limits are:
\u2022 Stress testing: In monthly and ad hoc stress tests we
evaluate the impact of cash inflows and outflows
under various stress scenarios, based on historic stress
events. Market-wide and bank-specific stress
scenarios are defined and analysed. The goal of stress
testing is twofold. Firstly, it helps us to review our risk
management framework, i.e. the liquidity buffer size,
risk appetite and risk limits. Secondly, it allows us to
identify ways to reduce outflows in times of crisis.
\u2022 Liquidity coverage ratio (LCR): The LCR is used to
assess the short-term resilience of the liquidity
position and ensure sufficient high-quality liquid
assets to survive a significant stress scenario lasting
30 calendar days.
\u2022 Survival period: This is the period the liquidity
position is expected to remain positive in an internally
developed stress scenario in which wholesale funding
markets deteriorate and clients withdraw a material
proportion of their deposits.
\u2022 Net stable funding ratio (NSFR): This ratio is used to
assess resilience over a longer time horizon. The NSFR
requires banks to hold sufficient stable funding to
cover the duration of their long-term assets on an
ongoing basis.
\u2022 Loan-to-Deposit ratio (LtD): The LtD ratio measures
the relationship between the loan book (loans and
advances customers) and deposits from clients (due
to customers), and includes all client-related loans
and deposits. The ratio gives an indication of our
dependence on wholesale funding for financing
client\u00a0loans.
Contingency risk management
Contingency risk management aims to ensure that, in
the event of a bank-specific or general market stress
event, the bank is able to generate sufficient liquidity to
withstand a short or long-term liquidity crisis.
Contingency risk management entails:
\u2022 Contingency Funding Plan: This plan sets out the
guidelines and responsibilities for addressing possible
liquidity shortfalls in emergency situations. This only
comes into effect if the liquidity position is threatened
or if there are strong indications that liquidity stress is
imminent. The Contingency Funding Plan is aligned
with the Recovery Plan, as required by the regulators.
It aims to manage the liquidity position without
unnecessarily jeopardising commercial activities,
while limiting excessive funding costs in severe
market circumstances.
\u2022 Collateral posting in the event of a rating
downgrade: Credit rating downgrades may result in
increased collateral requirements. We monitor these
potential additional collateral postings in our liquidity
risk management framework. Our collateral
capabilities are set out in our collateral management
framework.
\u2022 Collateral posting to guarantee access to critical
financial market infrastructures (FMI): Access to
critical FMI is essential for conducting our business
and collateral requirements may increase in times of
stress. We monitor these potential additional
collateral postings in our liquidity risk management
framework.
\u2022 Liquidity buffer: Treasury manages our liquidity
buffer, of which the liquidity portfolio comprises a
substantial part. This portfolio should at all times be
highly liquid to accommodate liquidity outflows
during stress. The buffer consists of unencumbered,
high-quality liquid assets, including government
bonds, retained covered bonds and cash.
Environmental, social and governance bonds
For our liquidity buffer we target investments in bonds
whose proceeds are allocated in line with the
International Capital Market Association (ICMA) Green
Bond Principles, the Social Bond Principles or a
combination of the two. Inclusion of such bonds in the
liquidity portfolio is subject to availability of ESG
reporting, a thorough project selection process and
sound management of proceeds. To preserve the
portfolio\u2019s high quality and liquidity value, these bonds
must also meet the high-quality liquid assets (HQLA)
criteria of the European Banking Authority (EBA). By
actively investing in the euro-denominated ESG bond
market, we aim to support the growth of this market.
We are also an issuer of green bonds. The Green Bonds
Framework specifies the green assets to which we
allocate the issuance proceeds and how those assets
are EU Taxonomy aligned. Under the framework we can
issue green bonds with the EU Green Bond label and/or
ICMA green bond label. The Green Bonds Framework
also describes how we allocate the issue proceeds to
eligible assets, evaluate and select eligible assets,
obtain independent assurance on the allocation of
proceeds to eligible green assets, and comply with
external reporting requirements. More information is
available on our website.
Liquidity buffer composition\u2002
Audited
31 December 2025
31 December 2024
Liquidity
buffer
LCR
eligible
Liquidity
buffer
LCR
eligible
(in billions, liquidity value)
Level 1
Level 2
Level 1
Level 2
Cash & central bank deposits\u00b9
47.2
47.2
42.3
42.3
Government bonds
37.4
36.7
1.5
35.9
34.4
2.1
Supranational & Agency bonds
12.9
13.4
10.5
10.8
Covered bonds
9.6
9.2
0.2
5.9
5.6
Retained covered bonds
20.6
17.4
Other
2.7
1.7
0.3
0.2
Total liquidity buffer
130.4
106.5
3.4
112.2
93.1
2.3
- of which ESG bonds\u00b2
5.4
5.6
5.1
4.9
1. The mandatory cash reserve with the central bank has been deducted from the cash and central bank deposits in the liquidity buffer.
2. ESG bonds are bonds whose proceeds are invested in line with the International Capital Market Association Green Bond Principles, the Social Bond Principles or a
combination of the two. Inclusion of such bonds in our ESG portfolio is subject to the availability of ESG reporting, a thorough project selection process and sound
management of proceeds. To preserve the portfolios\u2019 high quality and liquidity, these bonds must also meet the high quality liquid assets criteria of the European Banking
Authority.
The liquidity buffer increased to EUR 130.4 billion as at
31\u00a0December 2025 (31 December 2024:
EUR\u00a0112.2\u00a0billion) and consisted largely of cash and
deposits at central banks, government bonds and
securities. Most of the securities in the liquidity buffer,
with the exception of retained covered bonds, qualify
for the LCR. The liquidity buffer faces haircuts based on
the market value. These haircuts are used to determine
the liquidity value. Haircuts may vary between the
liquidity buffer and the LCR eligible buffer because the
internal assessment of the liquidity buffer may deviate
from the LCR definition.
ESG bond holdings increased by 6% in 2025 and
amounted to EUR 5.4 billion in liquidity value at year-
end (31 December 2024: EUR 5.1 billion), reflecting 7%
of total bonds in the liquidity buffer.
The following table shows the breakdown per currency
in the liquidity buffer. The currency composition reflects
the composition of the balance sheet, which mainly
consists of EUR and USD exposures.
Liquidity buffer - currency diversification\u2002
Audited
31 December 2025
31 December 2024
Liquidity value
(in billions)
Percentage
of total
Liquidity value
(in billions)
Percentage
of total
EUR
115.9
88.9%
98.3
87.6%
USD
10.4
8.0%
9.9
8.8%
JPY
1.7
1.3%
2.4
2.2%
GBP
0.6
0.4%
0.2
0.2%
SGD
1.6
1.3%
1.4
1.2%
Other
0.2
0.2%
0.0%
Total
130.4
100.0%
112.2
100.0%
The following table shows the monthly average volume
of individual components within the liquidity buffer.
Liquidity buffer composition - monthly average\u2002
Audited
(in billions, liquidity value)
2025
2024
Cash & central bank deposits\u00b9
42.9
39.0
Government bonds
35.9
31.4
Supranational & Agency bonds
11.2
9.4
Covered bonds
6.8
5.7
Retained covered bonds
19.3
17.6
Other
3.8
2.2
Total
120.0
105.3
1. The mandatory cash reserve with the central bank has been deducted from the cash and central bank deposits in the liquidity buffer.
Funding
Liability and equity breakdown\u2002
Audited
Client deposits are our main source of funding,
complemented by a well-diversified book of wholesale
funding. The following table shows the liability and
equity breakdown for the consolidated statement of
financial position.
Liability and equity breakdown\u2002
Audited
(in billions)
31 December 2025
31 December 2024
Due to customers
279.1
256.2
Issued debt & Subordinated liabilities
79.0
81.2
Due to banks
4.3
2.3
Securities financing
15.3
10.4
Equity
27.0
26.1
Other
8.4
8.9
Total
413.2
385.0
The following table shows the development of client
deposits per segment in 2025. The main driver of the
increase in deposit volumes is the consolidation of
the deposits of HAL in the statement of financial
position as of 1\u00a0July\u00a02025.
Available wholesale instruments\u2002
Audited
A key goal of the funding strategy is to diversify funding
sources. Our funding programmes allow us to issue
various instruments in different currencies and markets,
enabling diversification in our investor base.
The\u00a0following table shows a breakdown of total
wholesale instruments.
Overview of outstanding wholesale instruments\u2002
Audited
(in millions)
31 December 2025
31 December 2024
Commercial Paper/Certificates of Deposit
11,773
17,922
Covered bonds
26,035
23,921
Secured funding (long-term)
26,035
23,921
Senior preferred
18,638
13,373
- of which ESG bonds\u00b9
5,415
3,947
Senior non-preferred
17,625
19,327
- of which ESG bonds\u00b9
7,393
6,620
Unsecured funding (long-term)
36,264
32,700
Total issued debt
74,072
74,542
Subordinated liabilities
4,946
6,613
Other long-term funding 2, 3
717
723
Wholesale funding
79,735
81,879
AT1 capital securities (classified as IFRS equity)
3,233
3,475
Total wholesale instruments 4
82,967
85,353
- of which matures within one year
20,319
29,421
1. Our Green Bond Framework comprises a set of criteria for the issuance of green bonds, including how we allocate the issue proceeds from green bonds to eligible assets,
and independent assurance on the allocation of proceeds to eligible green assets. Green bonds have been issued since 2015, with a focus on sustainable real estate and
renewable energy, and enable investors to invest in, for example, energy efficiency through residential mortgages.
2. Includes funding obtained apart from our long-term programmes and consists mainly of unsecured funding.
3. Funding with either the European Investment Bank and the Dutch State Treasury Agency as counterparty (recorded in due to banks and due to customers respectively) has
been included in other long-term funding.
4. Includes FX effects, fair value adjustments and interest movements.
Total wholesale instruments fell to EUR\u00a083.0\u00a0billion as at
31 December 2025 (31\u00a0December\u00a02024:
EUR\u00a085.4\u00a0billion). This mainly reflects a decrease in
short-term funding from seasonal balance-sheet
developments, which was partly offset by an increase in
long-term wholesale funding. The increase in long-term
funding reflects a rise in covered bond and senior
preferred funding, which was partly offset by a decline
in senior non-preferred and subordinated debt.
Total ESG bonds outstanding increased by 21% in 2025
to EUR 12.8 billion at year-end (31 December 2024:
EUR 10.6 billion), which is 35% of total unsecured long
term funding and 17% of total issued debt.
Wholesale issuance in 2025\u2002
Audited
Total long-term wholesale instruments issued in 2025
amounted to EUR 16.4 billion, which included
EUR\u00a03.0\u00a0billion in covered bonds, EUR\u00a011.8\u00a0billion in
senior preferred funding, EUR\u00a00.9\u00a0billion in senior non-
preferred funding and EUR\u00a00.8 billion in AT1 capital
securities. Of this EUR\u00a016.4 billion, EUR 5.1 billion was
non-EUR denominated and consisted mainly of USD
and GBP issuances (2024: EUR 2.2 billion).
In February 2025, we issued our inaugural green bond
under the new European Green Bond Standard (EuGBS),
making ABN AMRO the first financial institution to issue
a European Green Bond (EuGB). In 2025, we issued four
green bonds in total under the EuGBS, in senior
preferred and senior non-preferred format, in EUR and
GBP. The issuance activities in 2025 received several
awards. ABN AMRO was named \u2018Financial Issuer of the
Year\u2019 by IFR and \u2018Best FIG Issuer\u2019 by CMD Portal, and
received the award for \u2018Financial Institution ESG bond of
the year\u2019 from Global Capital.
Maturity calendar for wholesale instruments\u2002
Audited
31 December 2025
(notional amounts, in billions)
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
\u2265 2036
Total
Covered bonds
1.6
1.9
2.1
1.9
1.9
3.1
2.3
2.3
0.9
2.3
8.8
29.1
Senior preferred
3.6
4.3
3.1
2.4
2.3
1.7
0.8
0.1
0.4
18.6
Senior non-preferred
2.1
3.1
4.1
1.0
2.1
1.8
1.0
2.7
0.1
17.9
Subordinated liabilities
0.9
1.5
0.8
1.9
5.0
AT1 capital securities (classified as
IFRS equity)
1.0
0.8
0.8
0.8
3.3
Other long-term funding\u00b9
0.3
0.2
0.3
0.7
Total wholesale instruments
8.4
11.9
10.1
5.3
6.5
7.4
4.8
4.1
4.4
2.4
9.2
74.5
31 December 2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
\u2265 2035
Total
Total wholesale instruments
11.4
8.9
9.3
5.9
1.7
3.5
6.8
4.0
3.3
4.5
10.9
70.2
1. Includes funding obtained apart from our long-term programmes and consists mainly of unsecured funding.
We target a maturity profile in which redemptions of
funding instruments are well spread over time. The
average remaining maturity of outstanding wholesale
instruments decreased to 5.0 years at year-end 2025
(5.3 years at year-end 2024). The average remaining
maturity of newly issued wholesale instruments
decreased to 3.6 years at year-end 2025
(year-end 2024: 5.4 years).
The maturity calendar assumes redemption on the
earliest possible call date or the legal maturity date.
That does not imply that the instruments will be called
at the earliest possible call date. Early redemption of
senior non-preferred instruments, subordinated
liabilities and AT1 capital securities is subject to
regulatory approval.
Maturity overview of assets and liabilities\u2002
Audited
The following tables show financial assets and liabilities
arranged by the earliest possible contractual maturity.
Contractual maturity of assets and liabilities\u2002
Audited
31 December 2025
(in millions)
On
demand
Trading
deriva-
tives
Up to
one
month
Between
one and
three
months
Between
three
and six
months
Between
six and
twelve
months
Between
one
and two
years
Between
two
and five
years
More
than five
years
No
maturity
Total
Assets:
Cash and balances at central banks
49,486
49,486
Financial assets held for trading
22
80
117
147
382
327
514
456
2,044
Derivatives
3,472
96
15
13
4
45
37
250
3,933
Financial investments
4
1,536
3,377
1,788
2,383
4,622
14,277
21,225
1,020
50,231
Securities financing
1,654
29,148
5,714
1,665
1,992
40,173
Loans and advances banks
876
737
1
201
12
146
198
2,170
Loans and advances customers
17,635
9,305
4,069
4,011
7,890
12,590
35,888
164,372
255,760
Other assets
1,768
2,670
671
1,527
25
128
789
1,832
9,411
Total assets
71,445
3,472
43,572
13,963
9,152
12,878
17,724
51,652
188,333
1,020
413,210
Liabilities:
Financial liabilities held for trading
166
41
150
76
268
494
436
1,631
Derivatives
1,472
42
50
16
10
1
52
324
1,967
Securities financing
179
14,130
454
395
162
15,320
Due to banks
1,105
1,680
534
476
29
58
269
169
4,320
Due to customers
235,543
21,766
5,206
3,955
4,051
2,227
1,627
4,751
279,126
Issued debt
4,626
4,565
7,316
2,648
9,287
20,992
24,638
74,072
- of which senior secured
1,260
72
164
111
1,883
5,930
16,616
26,036
- of which senior unsecured
776
16
2,445
2,536
7,403
15,063
8,022
36,263
- of which other
2,590
4,477
4,706
11,773
Subordinated liabilities
854
1,564
764
1,764
4,946
Other liabilities
1,282
2,548
440
389
22
78
26
4,786
Total liabilities
238,110
1,472
44,959
11,291
13,550
6,996
13,482
24,199
32,107
386,167
Total equity
27,043
27,043
Total liabilities and equity
238,110
1,472
44,959
11,291
13,550
6,996
13,482
24,199
32,107
27,043
413,210
Off-balance sheet liabilities
Committed credit facilities
55,240
55,240
Guarantees and other
commitments
6,609
6,609
Total off-balance sheet
liabilities
61,849
61,849
31 December 2024
(in millions)
On
demand
Trading
deriva-
tives
Up to
one
month
Between
one and
three
months
Between
three
and six
months
Between
six and
twelve
months
Between
one
and two
years
Between
two
and five
years
More
than five
years
No
maturity
Total
Assets:
Cash and balances at central banks
44,464
44,464
Financial assets held for trading
85
30
169
176
319
202
663
860
2,503
Derivatives
3,892
27
2
3
2
102
318
4,347
Financial investments
932
2,246
1,115
2,613
3,125
4,959
13,334
17,873
977
47,173
Securities financing
1,584
20,935
3,043
922
505
26,989
Loans and advances banks
788
783
12
3
52
34
225
152
2,049
Loans and advances customers
17,757
7,454
4,497
3,976
7,399
12,562
36,445
158,692
248,782
Other assets
2,513
3,115
906
1,423
23
277
190
292
8,739
Total assets
68,123
3,892
34,590
9,742
9,115
11,426
18,036
50,959
178,188
977
385,047
Liabilities:
Financial liabilities held for trading
85
159
9
64
60
263
523
1,163
Derivatives
2,119
54
3
4
18
36
37
228
2,499
Securities financing
101
9,649
601
10,352
Due to banks
1,128
632
377
78
6
5
2
102
2,329
Due to customers
194,039
38,379
7,202
4,515
3,013
1,091
1,453
6,493
256,186
Issued debt
6,471
7,608
10,988
1,910
7,638
13,449
26,478
74,542
- of which senior secured
51
38
485
1,589
2,988
18,770
23,921
- of which senior unsecured
1,862
5,218
1,401
6,050
10,462
7,707
32,700
- of which other
4,608
7,557
5,732
24
17,922
Subordinated liabilities
4
1,452
935
2,374
1,848
6,613
Other liabilities
3,255
829
494
543
21
102
6
5
5,254
Total liabilities
198,523
2,119
56,103
16,444
16,136
6,484
9,867
17,584
35,677
358,939
Total equity
26,108
26,108
Total liabilities and equity
198,523
2,119
56,103
16,444
16,136
6,484
9,867
17,584
35,677
26,108
385,047
Off-balance sheet liabilities
Committed credit facilities
52,617
52,617
Guarantees and other commitments
6,638
6,638
Total off-balance sheet
liabilities
59,255
59,255
Maturity based on contractual undiscounted
cash flows
Audited
The following tables show financial assets and liabilities
arranged by their earliest possible contractual maturity.
31 December 2025
On
demand
Trading
deriva-
tives
Up to
one
month
Between
one and
three
months
Between
three
and six
months
Between
six and
twelve
months
Between
one
and two
years
Between
two
and five
years
More
than five
years
No
maturity
Total
Assets:
Cash and balances at central
banks
49,486
49,486
Financial assets held for trading
22
81
122
159
400
351
545
482
2,161
Derivatives
3,472
140
153
340
607
1,039
2,091
2,255
10,096
Financial investments
4
1,580
3,547
2,184
3,087
5,796
16,083
22,868
1,020
56,168
Securities financing
1,654
29,206
5,761
1,707
2,004
40,333
Loans and advances banks
876
760
39
99
334
230
473
497
3,307
Loans and advances customers
17,635
9,649
5,388
7,235
13,789
23,061
56,601
184,833
318,191
Other assets
1,768
2,671
672
1,530
30
136
803
1,845
9,455
Total undiscounted assets
71,445
3,472
44,088
15,683
13,253
20,250
30,612
76,596
212,779
1,020
489,197
- of which:
Gross settled derivatives
not held for trading:
Contractual amounts receivable
148
128
61
69
73
61
1
541
Contractual amounts payable
65
70
45
54
81
75
4
395
Total undiscounted gross
settled derivatives not held
for trading
83
58
16
15
-8
-14
-3
146
Net settled derivatives not held
for trading
71
110
83
256
465
1,264
2,321
4,571
Liabilities:
Financial liabilities held for
trading
168
45
160
94
295
529
466
1,758
Derivatives
1,472
116
313
605
1,085
2,022
4,218
4,579
14,411
Securities financing
179
14,157
460
401
163
15,360
Due to banks
1,105
1,686
544
489
46
85
300
194
4,449
Due to customers
235,543
21,793
5,259
4,050
4,167
2,378
1,900
5,015
280,104
Issued debt
4,717
4,901
8,068
3,943
11,327
23,891
27,210
84,058
Subordinated liabilities
10
41
948
162
1,760
1,096
2,076
6,095
Other liabilities
1,282
2,539
431
381
17
76
-6
20
4,741
Total liabilities
238,110
1,472
45,187
11,996
15,102
9,676
17,943
31,928
39,561
410,975
- of which:
Gross settled derivatives
not held for trading:
Contractual amounts receivable
123
147
67
50
90
191
62
730
Contractual amounts payable
61
80
43
41
70
148
48
490
Total undiscounted gross
settled derivatives not held
for trading
-62
-67
-24
-9
-20
-43
-14
-240
Net settled derivatives not held
for trading
17
-19
-118
73
47
388
310
699
Net liquidity gap
-166,665
2,000
-1,099
3,687
-1,849
10,574
12,669
44,668
173,218
1,020
78,223
Off-balance sheet liabilities
Committed credit facilities
55,240
55,240
Guarantees and other
commitments
6,609
6,609
Total off-balance sheet
liabilities
61,849
61,849
31 December 2024
(in millions)
On
demand
Trading
deriva-
tives
Up to
one
month
Between
one and
three
months
Between
three
and six
months
Between
six and
twelve
months
Between
one
and two
years
Between
two
and five
years
More
than five
years
No
maturity
Total
Assets:
Cash and balances at central banks
44,464
44,464
Financial assets held for trading
85
32
176
191
343
242
722
912
2,702
Derivatives
3,892
96
260
649
1,223
2,300
4,393
4,332
17,146
Financial investments
932
2,286
1,265
2,969
3,738
5,952
14,812
19,203
977
52,134
Securities financing
1,584
20,981
3,070
940
509
27,083
Loans and advances banks
788
815
61
123
259
387
637
491
3,561
Loans and advances customers
17,757
7,824
5,926
7,462
13,783
23,881
58,666
180,604
315,901
Other assets
2,513
3,118
910
1,429
29
284
201
302
8,786
Total undiscounted assets
68,123
3,892
35,152
11,667
13,762
19,884
33,046
79,431
205,844
977
471,778
- of which:
Gross settled derivatives not
held for trading:
Contractual amounts receivable
255
253
149
114
175
355
117
1,418
Contractual amounts payable
140
157
81
73
140
254
76
921
Total undiscounted gross
settled derivatives not held
for trading
115
96
68
41
36
101
41
497
Net settled derivatives not held for
trading
183
128
243
495
1,076
1,636
3,761
Liabilities:
Financial liabilities held for trading
86
162
16
77
83
301
559
1,285
Derivatives
2,119
138
292
716
1,304
2,171
4,398
4,601
15,739
Securities financing
101
9,670
605
10,376
Due to banks
1,128
635
381
81
11
13
22
122
2,394
Due to customers
194,039
38,431
7,277
4,637
3,169
1,336
1,933
6,967
257,788
Issued debt
6,568
7,954
11,705
3,100
9,534
16,595
29,415
84,870
Subordinated liabilities
18
56
139
1,670
1,260
2,769
2,178
8,090
Other liabilities
3,255
826
486
535
17
101
5
4
5,228
Total liabilities
198,523
2,119
56,371
17,212
17,830
9,349
14,498
26,023
43,846
385,771
- of which:
Gross settled derivatives not
held for trading:
Contractual amounts receivable
109
27
52
52
29
12
19
300
Contractual amounts payable
71
36
32
58
29
10
12
248
Total undiscounted gross
settled derivatives not held
for trading
-38
9
-20
6
-2
-7
-51
Net settled derivatives not held for
trading
180
-153
20
98
39
379
961
1,525
Net liquidity gap
-130,400
1,773
-21,219
-5,545
-4,068
10,535
18,548
53,408
161,998
977
86,007
Off-balance sheet liabilities
Committed credit facilities
52,617
52,617
Guarantees and other
commitments
6,638
6,638
Total off-balance sheet
liabilities
59,255
59,255
Expected maturity based on behavioural
models\u2002
Audited
The following table provides an overview of the
amounts expected to be settled within twelve months
and after twelve months, based on the behavioural
maturity profile.
31 December 2025
31 December 2024
(in millions)
Up to
one year
More than
one year
Total
Up to
one year
More than
one year
Total
Assets
Cash and balances at central banks
49,486
49,486
44,464
44,464
Financial assets held for trading
2,044
2,044
2,503
2,503
Derivatives
3,474
460
3,933
3,891
455
4,347
Financial investments
10,145
40,086
50,231
9,971
37,202
47,173
Securities financing
39,555
618
40,173
26,589
400
26,989
Loans and advances banks
1,780
390
2,170
1,510
540
2,049
Loans and advances customers
63,184
192,576
255,760
59,517
189,265
248,782
Equity-accounted investments
233
233
244
244
Property and equipment
1,014
207
1,221
801
267
1,068
Goodwill and other intangible assets
356
356
253
253
Assets held for sale
2,466
2,466
1,330
1,330
Tax assets
143
143
326
326
Other assets
4,727
266
4,993
4,911
607
5,518
Total assets
178,374
234,836
413,210
156,067
228,980
385,047
Liabilities
Financial liabilities held for trading
1,631
1,631
1,163
1,163
Derivatives
1,472
495
1,967
2,125
374
2,499
Securities financing
15,131
188
15,320
10,256
96
10,352
Due to banks
3,762
558
4,320
2,162
167
2,329
Due to customers
92,440
186,686
279,126
88,593
167,593
256,186
Issued debt
16,903
57,169
74,072
26,214
48,328
74,542
Subordinated liabilities
860
4,086
4,946
1,446
5,167
6,613
Provisions
661
5
666
605
7
612
Liabilities held for sale
20
20
Tax liabilities
183
183
395
395
Other liabilities
3,912
6
3,918
4,239
7
4,247
Total liabilities
136,974
249,193
386,167
137,199
221,740
358,939
The behavioural maturity profile is based on internally
developed liquidity risk models. These models cover
residential mortgages, consumer and corporate loans,
non-maturing assets (mainly current accounts), credit
cards, non-maturing liabilities (demand deposits and
current accounts) and term deposits. The liquidity risk
models predict the behavioural cash flows, which can
differ from the contractual cash flows as a result of, for
example, prepayments or because some products do
not have a defined contractual maturity date.
The models are based on historically observed client
behaviour and use a combination of internal and
external risk drivers. The models are used to monitor
the\u00a0bank\u2019s liquidity mismatch position.
The liquidity risk models are included in the bank\u2019s
model risk management framework. This means that
the models have to follow a regular monitoring and
validation schedule. The Methodology Acceptance
Group (MAG) ALM/T gives approval for the models,
based on independent advice from Model Validation.
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"concept": "abn:OtherInterestExpense", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-20": { "value": "6335000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestRevenueExpense", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-21": { "value": "6504000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestRevenueExpense", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-22": { "value": "2635000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FeeAndCommissionIncome", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-23": { "value": "2414000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FeeAndCommissionIncome", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-24": { "value": "502000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FeeAndCommissionExpense", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-25": { "value": "504000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FeeAndCommissionExpense", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-26": { "value": "2132000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FeeAndCommissionIncomeExpense", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-27": { "value": "1910000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FeeAndCommissionIncomeExpense", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-28": { "value": "101000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherIncome", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-29": { "value": "311000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherIncome", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-30": { "value": "70000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherExpenseByNature", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-31": { "value": "84000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherExpenseByNature", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-32": { "value": "30000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherOperatingIncomeExpense", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-33": { "value": "226000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherOperatingIncomeExpense", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-34": { "value": "219000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradingIncomeExpense", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-35": { "value": "283000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradingIncomeExpense", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-36": { "value": "28000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-37": { "value": "9000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-38": { "value": "-29000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainLossArisingFromDerecognitionOfFinancialAssetsMeasuredAtAmortisedCost", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-39": { "value": "-71000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainLossArisingFromDerecognitionOfFinancialAssetsMeasuredAtAmortisedCost", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": 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"2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-51": { "value": "-21000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-52": { "value": "5630000000.0", "decimals": -6, "dimensions": { "concept": "abn:Expenses", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-53": { "value": "5446000000.0", "decimals": -6, "dimensions": { "concept": "abn:Expenses", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-54": { "value": "3086000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": 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1\u00a0 \u00a0 Accounting policies
The notes to the Consolidated Annual Financial Statements, including the audited information in the Risk, funding & capital
chapter, are an integral part of these Annual Financial Statements. This section describes ABN AMRO Bank\u2019s material
accounting policies and critical accounting estimates or judgements relating to the Annual Financial Statements. If
an\u00a0accounting policy or a critical accounting estimate relates to a specific note, it is included in the relevant note.
Material accounting policies
Basis of consolidation
The Consolidated Annual Financial Statements of ABN AMRO Bank N.V. include the financial statements of the parent
company and the entities it controls, thus incorporating the assets, liabilities, revenues and expenses of
ABN\u00a0AMRO\u00a0Bank N.V. and its subsidiaries. Non-controlling interests (held by third parties) in the equity and results
of\u00a0group companies are presented separately in the Consolidated Annual Financial Statements.
Subsidiaries are included using the same reporting period and consistent accounting policies. Intercompany balances
and transactions, as well as any related unrealised gains and losses, are eliminated in preparing the
Consolidated\u00a0Financial\u00a0Statements.
Foreign currency
ABN AMRO applies IAS 21 The Effects of Changes in Foreign Exchange Rates. Transactions in foreign currencies are
translated into euros at the rate prevailing on the transaction date. Foreign currency balances of monetary items are
translated into euros at period-end exchange rates. Exchange gains and losses on such balances are recognised
in\u00a0the\u00a0income statement.
The Consolidated Annual Financial Statements are stated in euros, which is the presentation and functional currency
of\u00a0ABN AMRO. The bank\u2019s foreign operations may have different functional currencies. The functional currency is
the\u00a0currency that best reflects the economic substance of the underlying event and circumstances relevant to that
entity. Prior to consolidation (or equity accounting), the assets and liabilities of non-euro operations are translated into
euros at the closing rate, and items in the income statement and other comprehensive income are translated at
the\u00a0rate prevailing on the transaction dates. Exchange differences arising on the translation of foreign operations are
included in the currency translation reserve within equity. These amounts are transferred to the income statement
when the bank loses control, joint control or significant influence over the foreign operation.
Financial assets and liabilities
Classification and measurement of financial assets
ABN AMRO classifies financial assets based on the business model in which they are held in accordance with IFRS\u00a09.
The business model is determined at portfolio level. Portfolios are based on how ABN AMRO manages financial assets
in order to achieve a particular business objective. The business model assessment is based on the level of sales, risk
management, performance evaluation and management compensation. Derecognition is used as a condition
to\u00a0determine whether a transaction results in a sale.
Three business models are distinguished:
\u2022 \u2018Hold to collect\u2019 business model, in which cash flows are primarily generated by collecting contractual cash flows
until maturity of the financial instrument. Sales can occur, as long as they are incidental, infrequent and insignificant.
The assessment of the frequency and significance of sales is determined for each underlying portfolio. Sales that
result from increases in the credit risk of the counterparty or take place close to maturity do not contradict the \u2018hold
to collect\u2019 business model.
\u2022 \u2018Hold to collect and sell\u2019 business model, in which the selling of financial assets is integral to achieving the business
objective. In this business model, sales take place more frequently and have a greater value than in a 'hold to collect'
business model.
\u2022 Other business models not meeting the criteria of the business models mentioned above, for example business
models in which financial assets are managed with the objective of generating cash flows from sales (trading book),
are measured at FVTPL.
After the business model has been determined, the contractual cash flows of financial assets are assessed.
Debt\u00a0instruments can be classified at amortised cost or FVOCI only when the contractual cash flows are solely
payments of\u00a0principal and interest (SPPI). Contractual cash flows that are SPPI are consistent with a basic lending
arrangement in\u00a0which consideration for the time value of money and credit risk are typically the most significant
interest elements. Debt instruments that do not meet the SPPI requirements are mandatorily measured at FVTPL.
Financial\u00a0assets are assessed in their entirety, including any embedded derivatives that are not separated from the host
contract.
Based on the business model determined and the SPPI assessment, the following measurement categories are
identified under IFRS 9:
\u2022 Amortised cost \u2013 Financial instruments measured at amortised cost are debt instruments within a \u2018hold to collect\u2019
business model with fixed or determinable payments which meet the SPPI criteria. These instruments are initially
measured at fair value (including transaction costs) and subsequently measured at amortised cost using the effective
interest rate method. Financial instruments measured at amortised cost are presented net of credit loss allowances
in the statement of financial position.
\u2022 FVTPL \u2013 Financial instruments measured at FVTPL include instruments held for trading, derivatives, equity
instruments for which the FVOCI option has not been elected and instruments whose cash flows do not meet
the\u00a0SPPI requirements. Changes in the fair value of these instruments are directly recognised in the income
statement.
\u2022 FVOCI \u2013 Financial instruments measured at FVOCI are debt instruments which are held in a \u2018hold to collect and sell\u2019
business model and which meet the SPPI criteria. They are initially measured at fair value, with subsequent
unrealised changes recognised in other comprehensive income. Equity instruments for which the fair value option is
elected are also measured at FVOCI.
Reclassifications of financial assets are expected to be very infrequent and occur only when ABN AMRO changes its
business model for a certain portfolio of financial assets.
Measuring allowances for expected credit losses
ABN AMRO recognises loss allowances based on the Expected Credit Loss model (ECL) of IFRS 9, which is designed to
be forward-looking. The amount of ECL is based on the probability-weighted present value of all expected cash
shortfalls over the remaining life of the financial instrument for both on- and off-balance sheet exposures. ABN AMRO
distinguishes between two types of calculation methods for credit loss allowances:
\u2022 Individual Lifetime ECL (LECL) for credit impaired (stage 3) financial instruments with exposures above
EUR\u00a05\u00a0million;
\u2022 Collective 12-month ECL (stage 1) and LECL (stage 2 and 3) for financial instruments that have similar credit risk
characteristics (e.g. residential mortgages, consumer loans and SME loans); these are clustered in portfolios and
collectively assessed for impairment losses. A collective impairment calculation approach based on individual
parameters is also applied to stage 3 exposures below EUR 5 million. ABN AMRO has models to quantify the
Probability of Loss (PL), Loss Given Loss (LGL) and Exposure at Loss (EAL) for the purpose of calculating the collective
12-month ECL and LECL for these financial instruments.
The IFRS 9 impairment requirements are applicable to financial assets measured at amortised cost or fair value
through other comprehensive income (FVOCI), loan commitments, lease receivables and contract assets and financial
guarantee contracts. At each reporting date, these financial instruments are classified into one of three risk stages,
depending on current credit quality, or as purchased or originated credit impaired (POCI).
POCI assets, which are credit impaired at initial recognition, are accounted for at fair value (i.e. net of the initial lifetime
ECLs) and do not carry an impairment allowance. Instead, a credit-adjusted effective interest rate (EIR), which is
calculated using expected cash flows including initial lifetime ECLs, is applied to the amortised cost. Subsequently, the
cumulative changes in lifetime ECLs since initial recognition, which are discounted at the credit-adjusted effective
interest rate, are recognised in the profit or loss statement as an impairment gain or loss, and presented under
impairment charges on financial instruments. Once a financial asset is classified as POCI, it retains that classification
until it is derecognised.
Risk staging
We use quantitative and qualitative stage triggers to determine whether a financial instrument should be classified as
stage 1 or stage 2. A transfer to stage 3 will always be the result of the default of a financial instrument.
Quantitative stage triggers
The key quantitative metric that determines when a financial instrument is transferred from stage 1 to stage 2 is the
deterioration in the lifetime probability of default (LPD) from the date of origination to the reporting date, based on
internal data. The LPD represents the likelihood that a counterparty will default during the lifetime of the financial
instrument and depends on credit risk drivers such as:
\u2022 product characteristics (e.g. repayment and interest terms, term of the product);
\u2022 the financial condition of the borrower;
\u2022 the number of days past due;
\u2022 expected developments in the economy.
The lifetime PD deterioration (LPDD) measures the relative difference between the remaining lifetime PD at reporting
(LPDR) and the remaining lifetime PD at origination (LPDO) as LPDD = LPDR/LPDO. If the LPD deterioration of an
exposure is above a predefined threshold, the LPD is considered to be significantly deteriorated. The exposure is then
transferred to stage 2 and impairment allowances equal to the lifetime expected credit loss are recognised. If the LPD
deterioration subsequently reduces and falls below the threshold, the balance is transferred back to stage 1. When
determining the thresholds, ABN AMRO distinguishes between various portfolios within consumer lending, residential
mortgages and corporate loans. A specific threshold is calculated for each portfolio, based on a statistical method.
Qualitative stage triggers
The bank transfers a financial instrument from stage 1 to stage 2 if the instrument meets any of the following
qualitative triggers:
\u2022 Forborne status of a borrower;
\u2022 Watch status of a borrower. ABN AMRO assigns the watch status to counterparties with an increased credit risk. This
process comprises intensive monitoring, early detection of deterioration in the credit portfolio and appropriate
follow up measures;
\u2022 A delinquency-based regulatory backstop is in place, such that the credit risk of financial assets that are more than
30\u00a0days past due will be assumed to have significantly increased.
Reclassification to stage 1
As a general rule, favourable changes in credit risk are recognised consistently with unfavourable changes, and a
financial instrument is transferred back to stage 1 if quantitative or qualitative triggers are no longer met. In some
cases, a probation period applies:
\u2022 Forborne financial instruments are transferred back from stage 2 to stage 1 only after a probation period of at least
two years has ended, in line with the ABN AMRO forbearance policy. Stage 3 forborne instruments transfer back to
stage 2 after a cure period of at least one year;
\u2022 For financial instruments that are 30 days past due, a three-month probation period is applied for transfers from
stage\u00a02 to stage\u00a01.
Classification in stage 3
A transfer to stage 3 will always be the result of the default of a financial instrument. The definition of default for
IFRS\u00a09 is aligned with the regulatory capital definition. A default is deemed to have occurred when:
\u2022 the counterparty is past due by more than 90 days on any material financial credit obligation to the bank; or
\u2022 the bank considers the borrower to be unlikely to meet its contractual obligations (unlikely to pay, or UTP).
The materiality of a financial obligation past due is assessed against an absolute and a relative threshold, in line with
regulatory standards. To determine unlikeliness to pay, the bank has specified mandatory default triggers (always
resulting in the assignment of a default status, whereby no additional expert judgement is allowed) and judgemental
triggers (requiring an assessment by credit risk managers to determine whether the UTP indications should result in a
default classification).
The mandatory triggers include the reporting of a forborne exposure under probation as non-performing for being
30\u00a0days past due or owing to an additional forbearance measure being applied. As a result, the definitions of non-
performing and default are materially aligned.
Reclassification to stage 2
The default classification for non-forborne exposures ends when the default triggers no longer apply and a probation
or cure period of at least three months has passed since the default trigger was last applied. For forborne exposures, a
twelve-month cure period starts from the moment the last forbearance measure or default trigger was applied. After
the cure period, an assessment is performed to establish whether the improvement in the credit quality is factual and
permanent (including, for example, no remaining past due amounts).
Lifetime expected credit loss
ABN AMRO defines the lifetime of credit as the maximum contractual period during which the bank is exposed to
credit risk; we do not apply a longer period, even if that longer period is consistent with business practice. For some
contracts, such as overdraft facilities or credit cards, no end date is specified or amounts can be contractually
withdrawn by the lender at short notice. In these cases, ABN AMRO uses behavioural maturity models that rely on
historical client behaviour to determine future expected exposures.
Forward-looking information
For expected credit loss calculations, ABN AMRO uses three different scenarios of future economic developments: a
baseline (or most likely) scenario, a negative scenario and a positive scenario. The three scenarios are incorporated into
the expected credit loss calculation and risk stage determination in a probability-weighted manner. In order to
incorporate the latest economic outlook, the scenarios and their weights are reviewed each quarter and adjusted if
necessary. Details of the scenarios and their weights used in the reporting period can be found in the Credit risk review
section. The baseline scenario entails our Group Economics analysts\u2019 current macroeconomic base scenario, which
usually covers the current year and subsequent year. For the purpose of scenario analysis under IFRS 9, this baseline is
extended by three or four additional calendar years, after which it is assumed that macroeconomic variables (MEVs)
gradually move to their potential or equilibrium values. At least once every quarter, Group Economics compares its
forecasts with those of institutions like the Netherlands Bureau for Economic Policy Analysis (CPB), the Dutch central
bank (DNB), ECB, IMF or OECD in order to determine possible differences and to analyse whether it can underpin
them. This external benchmarking exercise is a standard input to the Scenario Booklet that is presented to the bank\u2019s
Scenario and Stress Testing Committee for approval. Group Economics also develops a negative and a positive
scenario. These scenarios are designed to give an impression of the bandwidth within which the economy, interest and
FX rates, and other relevant variables are likely to move in the next four to five years, with a probability of around\u00a085%
(roughly corresponding to a standard deviation of plus and minus one and a half). Hence, these scenarios produce
upper and lower boundaries, with a resulting bandwidth between the outcomes of the negative (\u2018bad weather\u2019 in
terms of financial results of the bank) and positive (\u2018good weather\u2019) scenarios. To determine these boundaries, Group
Economics may look at historical developments, medium-term (non-baseline) scenarios made by the above
institutions and other relevant developments.
Management overlays and other adjustments
Where necessary to reflect credit risk dynamics not captured by our models, management judgement is applied via a
management overlay or other IFRS 9 adjustment. A management overlay is a temporary adjustment in a loss
allowance until a long-term solution (e.g. model adjustment) is effective, and must be an amount commensurate to
the model limitation. All overlays require a decision by the Impairment and Provision Committee (IPC). The main types
of management overlays that ABN AMRO distinguishes are: post-model adjustments (adjustments to model
outcomes), adjustments in the weightings of macroeconomic scenarios and stage overrides. Other adjustments such
as adjustments to model parameters or input data are not considered management overlays, but follow the same
internal approval process.
Cured financial assets
When a credit impaired financial asset cures, the interest that was previously unrecognised is reported as an
impairment release in the impairment charge rather than as a credit to the interest income calculated using the
effective interest method.
Write-off
Under IFRS 9, \u2018write-off\u2019 refers to the process of recognising that a financial asset, or a portion of it, is uncollectible and
should be removed from an entity\u2019s balance sheet. This typically happens when there is no reasonable expectation of
recovering the asset, indicating that the entity has exhausted all practical recovery efforts.
\u2022 For non-programme lending, a loan must be written off if all possible means of recovery have been exhausted and it
has become clear that there is a low probability of recovering the debt, either in part or full.
\u2022 Most of the programme lending facilities are automatically written off after 1,080 days in default.
Such loans are written off after all the necessary procedures have been completed and the amount of the loss has
been determined. Subsequent recoveries of amounts previously written off are credited to impairment charges on
financial instruments in the income statement.
Credit enhancements
Financial guarantees held are included in the ECL calculations of a financial asset when they are an integral element of
the contractual terms of the financial asset. Financial guarantees that do not form an integral element of the
contractual terms of a financial asset are accounted for as a separate asset.
Classification of assets and liabilities held for trading
A financial asset or financial liability is classified as 'held for trading' if it is:
\u2022 acquired or incurred principally for the purpose of selling or repurchasing it in the near term
\u2022 part of a portfolio of identified financial instruments that are managed together and for which there is evidence
of\u00a0a\u00a0recent actual pattern of short-term profit making, or
\u2022 a trading derivative (except for a derivative that is a designated and effective hedging instrument).
Classification and measurement of financial liabilities
Financial liabilities are initially recognised at their fair value minus transaction costs that are directly attributable
to\u00a0the\u00a0acquisition or issue of the financial liability. Under IFRS 9, financial liabilities are classified as subsequently
measured at amortised cost, except for the following instruments:
\u2022 financial liabilities held for trading are measured at fair value through profit or loss
\u2022 financial liabilities that ABN AMRO has irrevocably designated as held at fair value through profit or loss at initial
recognition, which are held to reduce an accounting mismatch, are managed on the basis of their fair value or
include terms that have derivative characteristics by nature.
Under IFRS 9, the changes in fair value attributable to changes in the credit risk of financial liabilities designated at
FVTPL are presented in other comprehensive income. The cumulative amount of changes in fair value attributable
to\u00a0credit risk of such liabilities is presented as liability own credit risk reserve in equity.
Financial liabilities are never reclassified after initial recognition.
Recognition and derecognition
Traded instruments are recognised on the trade date, which is defined as the date on which ABN AMRO commits
to\u00a0purchase or sell the underlying instrument. If the settlement terms are non-standard, the commitment is accounted
for as a derivative between the trade and settlement dates. Loans and advances are recognised when they are
acquired or funded by ABN AMRO and derecognised when settled. Issued debt is recognised when issued, and
deposits are recognised when the cash is deposited with ABN AMRO. Other financial assets and liabilities, including
derivatives, are recognised when ABN AMRO becomes a party to the contractual provisions of the asset or liability.
Financial assets are derecognised when ABN AMRO loses control and the ability to obtain benefits from
the\u00a0contractual rights that comprise that asset. This occurs when the rights are realised or expire, or when substantially
all risks and rewards are transferred. Financial assets are also derecognised if the bank has neither transferred nor
retained substantially all risks and rewards of ownership, but control has passed to the transferee. Financial assets
continue to be recognised in the balance sheet, and a liability recognised for the proceeds of any related funding
transaction, unless a fully proportional share of all or specifically identified cash flows are transferred to the lender
without material delay and the lender\u2019s claim is limited to those cash flows, and substantially all the risks, rewards and
control associated with the financial instruments, that have been transferred, in which case that proportion of the asset
is derecognised.
When the terms and conditions of a financial asset have been renegotiated or otherwise modified to the extent that,
substantially, it becomes a new financial asset, ABN AMRO derecognises the financial asset, with the difference
recognised in the income statement, to the extent that an impairment loss has not already been recorded. The newly
recognised financial asset is classified as stage 1 for ECL measurement purposes. ABN AMRO assesses, in both
qualitative and quantitative terms, whether such modifications are substantial. Generally, a 10% change in the net
present value of the cash flows between the initial and new contract results in a derecognition. With regard
to\u00a0substantial modifications, e.g. due to forbearance measures, the derecognition gains or losses are recognised in net
gains/(losses) on derecognition of financial assets measured at amortised cost and disclosed separately, if material.
If the modification of the financial asset does not result in derecognition, the gross carrying amount of the financial
asset is recalculated, based on the net present value of the new contractual cash flows, and discounted at the financial
asset\u2019s original effective interest rate. The effect is recognised and disclosed as a modification gain or loss
in\u00a0the\u00a0income statement. Credit related modification gains or losses (i.e. due to forbearance measures) are recognised
in the income statement and presented under impairment charges on financial instruments. Non-credit related
modification gains or losses are recognised in the income statement and presented under interest income calculated
using the effective interest method.
Financial liabilities are derecognised when the liability has been settled, has expired or has been extinguished.
An\u00a0exchange of an existing financial liability for a new liability with the same lender on substantially different terms,
qualitatively and quantitatively (a 10% difference in the present value of the cash flows), is accounted for as
an\u00a0extinguishment of the original financial liability and recognition of a new financial liability. The difference between
the former amortised cost and the consideration paid is recognised in the income statement.
Client clearing
As a general clearing member, ABN AMRO provides clearing and settlement services to its clients for, among other
things, exchange-traded derivatives.
In its capacity as a clearing member, ABN AMRO guarantees the fulfilment of obligations towards central counterparty
clearing houses (CCPs) of clients\u2019 transactions. ABN AMRO is not liable to clients for the non-performance of the CCP.
In the event of a client defaulting, ABN AMRO has the legal obligation to settle all the client\u2019s positions with
the\u00a0relevant CCPs, possibly at a loss. Possible losses arising from this guarantee might relate not only to a client\u2019s
current positions, but also to the client's future trades. ABN AMRO receives and collects (cash) margins from clients,
and remits these margins to the relevant CCP in whole or in part. Given the stringent margin requirements set by
the\u00a0CCPs, possible future outflows of resources for new clearing transactions are considered close to zero.
ABN AMRO does not reflect the exchange-traded derivatives cleared on behalf of clients in its financial statements.
Under normal circumstances, the guarantee has no fair value and is not recognised in the financial statements. Any
loss recognised in the event of non-performance of a client is in line with our contingent liabilities policy.
Offsetting financial assets and liabilities
Financial assets and liabilities are offset, and the net amount is reported on the statement of financial position, if there
is a legally enforceable right to offset the recognised amounts and there is an intention either to settle on a net basis or
to realise the asset and settle the liability simultaneously. The bank applies netting to debtor and creditor balances
such as current accounts where offsetting is justified by formal agreement with the client, provided the balances meet
the applicable criteria.
Enforceable master netting arrangements are agreements in which the bank has a legally enforceable right to offset in
the event of default, but no ability and/or intention to realise the asset and settle the liability simultaneously in the
normal course of business. As a result, the criteria to offset are not met. These arrangements include derivative
clearing agreements, global master repurchase agreements and global master securities lending agreements.
Statement of cash flows
For the purposes of the statement of cash flows, cash and cash equivalents comprise cash in hand, freely available
balances with central banks and other banks, and net balances on current accounts with other banks with a maturity
of\u00a0less than three months from the date of acquisition. The statement of cash flows, based on the indirect method
of\u00a0calculating operating cash flows, gives details of the source of cash and cash equivalents which became available
during the year and the application of these cash and cash equivalents over the course of the year. The cash flows are
categorised into cash flows from operations, including banking activities, investment activities and financing activities.
Movements in loans and advances and interbank deposits are included in the cash flow from operating activities.
Investment activities are comprised of acquisitions, sales and redemptions in respect of financial investments, as well
as investments in, and sales of, subsidiaries and associates, property and equipment. The issuing of shares and
the\u00a0borrowing and repayment of long-term funds are treated as financing activities. Cash flows arising from foreign
currency transactions are translated into euros using the exchange rates at the date of the cash flows.
Government grants
Government grants are recognised in the income statement on a systematic basis over the periods that the related
expenses, which the grants are intended to compensate, are recognised. In the case of an income-related grant,
the\u00a0grant is deducted from the related expense.
Levies and other regulatory charges
ABN AMRO recognises a liability arising from levies and similar charges when it becomes legally enforceable (i.e. when
the obligating event arises).
2\u00a0 \u00a0 Segment reporting
Accounting policy for segment reporting
ABN AMRO\u2019s segment reporting is in accordance with IFRS 8 Operating Segments and consistent with
the\u00a0internal reporting provided to its Executive Board, which is responsible for allocating resources and assessing
performance and has been identified as the chief operating decision-maker. All transactions between segments
are eliminated as intersegment revenues and expenses in Group Functions. Geographical data are presented
according to the management view.
Segment assets, liabilities, income and results are measured based on our accounting policies and include items
directly attributable to a segment, as well as those that can be allocated on a reasonable basis. Transactions
between segments are conducted on an arm\u2019s length basis. Interest income is reported as net interest income
(NII) because management relies primarily on net, rather than gross, interest income and expenses as
a\u00a0performance measure.
4\u00a0 \u00a0 Net interest income
Accounting policy for net interest income
Interest income and expenses on financial instruments are recognised in the income statement on an accrual
basis using the effective interest rate method, except where financial instruments are measured at fair value
through profit or loss. The effective interest rate method allocates interest, amortisation of any discount or
premium or other differences, including transaction costs and qualifying fees and commissions, over
the\u00a0expected lives of the assets and liabilities. The effective interest rate is the rate that exactly discounts
estimated future cash flows to the net carrying amount of the asset. As a result, this method requires ABN AMRO
to estimate future cash flows, in some cases based on its experience with client behaviour, considering all
contractual terms of the financial instrument, as well as the expected lives of the assets and liabilities. Interest on
loans and advances measured at fair value through profit or loss is also included in net interest income and
recognised using the contractual interest rate. Interest income and expenses on trading balances are included
in\u00a0net trading income. Interest paid on assets with a negative interest yield is classified as interest expense.
Interest received from liabilities with a negative interest yield is classified as interest income.
5\u00a0 \u00a0 Net fee and commission income
Accounting policy for net fee and commission income
ABN AMRO applies IFRS 15 when recognising revenue from contracts with clients, all of which is included in net
fee and commission income. After identifying contracts and their performance obligations, revenue is
recognised as an amount that reflects the consideration to which the bank expects to be entitled in exchange for
transferring promised services to clients. The transaction price is allocated to each performance obligation.
Revenue is measured at the fair value of the consideration received, taking into account discounts and rebates.
The amount of revenue recognised is discounted to the present value of the consideration due, if payment
extends beyond normal credit terms.
Revenue is recognised when a promised service is transferred to the client. Fees and commission income are
recognised either:
\u2022 at a certain point in time: the fee is a reward for a service provided at a moment in time, or
\u2022 over time (amortised): the fee relates to services on an ongoing basis.
6\u00a0 \u00a0 Net income from other operating activities
Accounting policy for other operating income
Other operating income includes all other banking activities such as operating lease activities as lessor and
results on the disposal of assets. It also includes the change in fair value of derivatives used for risk management
purposes that do not meet the requirements for hedge accounting, ineffectiveness of hedging programmes, fair
value changes relating to assets and liabilities measured at fair value through profit or loss, and changes
in\u00a0the\u00a0value of derivatives related to such instruments. Dividend income from non-trading equity investments is
recognised when entitlement is established. Income from operating lease activities is presented separately from
the depreciation expense of the related assets.
7\u00a0 \u00a0 Net trading income
Accounting policy for net trading income
In accordance with IFRS 9, trading positions are held at fair value, and net trading income includes gains and
losses arising from changes in the fair value of such financial assets and liabilities. The latter comprises gains and
losses from trading financial assets and liabilities, interest income and expenses related to trading financial
assets and liabilities, and dividends received from trading instruments. Dividend income and dividends from
trading instruments are recognised at the dividend announcement date. Net trading income also includes
changes in fair value arising from changes in counterparty credit spreads (CVA) and changes in own credit
spreads (DVA) where these affect the value of our trading assets and liabilities. The funding valuation adjustment
(FVA) incorporates the incremental cost of funding into the valuation of uncollateralised and partly collateralised
derivatives.
8\u00a0 \u00a0 Net gains/(losses) on derecognition of financial assets measured at amortised cost
Accounting policy derecognition of financial assets
The net gains/(losses) on derecognition of financial assets measured at amortised cost includes gains and losses
recognised on the sale or derecognition of these financial assets, calculated as the difference between the
carrying amount (which is the amortised cost adjusted for the loss allowance) and the proceeds received.
The net losses on derecognition of financial assets measured at amortised cost comprise EUR\u00a017\u00a0million in gains and
EUR\u00a045\u00a0million in losses, and relate to several smaller portfolio sales.
9\u00a0 \u00a0 Personnel expenses
Accounting policy for personnel expenses
Salaries and wages, social security charges and other salary-related costs are recognised over the period
in\u00a0which the employees provide the services to which the payments relate. The accounting policies for pensions
and other post-employment benefits are included in Note 31 - Pension and other employee benefits.
10\u00a0 General and administrative expenses
Accounting policy for general and administrative expenses
Costs are recognised in the period in which services have been provided and to which the payment relates.
11\u00a0 Income tax expense, tax assets and tax liabilities
Accounting policy for income tax expense, tax assets and tax liabilities
Income tax expense consists of current and deferred tax. Income tax is recognised in the income statement and
in\u00a0the statement of other comprehensive income in the period in which profits arise. Withholding taxes are
included in income tax when these taxes become payable by a subsidiary, associate or joint arrangement on
distributions to ABN AMRO. Income tax recoverable on tax-allowable losses is recognised as a current tax asset
only to the extent that it is regarded as recoverable by offsetting against taxable profits arising in the current or
prior period. Current tax is measured using tax rates prevailing at the balance sheet date.
Deferred tax is recognised for qualifying temporary differences. Temporary differences represent the difference
between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for
taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or
settlement of the carrying amount of assets and liabilities, using tax rates prevailing at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will allow
the\u00a0deferred tax asset to be recovered. Deferred tax assets and liabilities are offset only when there is both a legal
right to offset and an intention to settle on a net basis.
13\u00a0 Cash and balances at central banks
Accounting policy for cash and balances at central banks
Cash and balances at central banks are held at amortised cost. This item includes cash on hand and available
demand deposits with central banks in countries in which the bank has a presence. Mandatory reserve deposits
are disclosed in Note 20 - Loans and advances banks.
14\u00a0 Financial assets and liabilities held for trading
Accounting policy for financial assets and liabilities held for trading
In accordance with IFRS 9, all assets and liabilities held for trading are measured at fair value through profit or
loss, with gains and losses in the changes of the fair value taken to net trading income in the income statement.
15\u00a0 Derivatives
Accounting policy for derivatives
A derivative is a financial instrument or other contract within the scope of IFRS 9 with all three of the following
characteristics:
\u2022 its value changes in response to the change in a specified interest rate, financial instrument price, commodity
price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided
in\u00a0the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes
called the \u2018underlying\u2019)
\u2022 it requires no initial net investment or an initial net investment that is smaller than would be required for other
types of contracts that would be expected to have a similar response to changes in market factors
\u2022 it is settled at a future date
Derivatives are recorded at fair value.
Derivative assets and liabilities subject to master netting arrangements are presented net only when they satisfy
the eligibility requirements for netting under IAS 32. ABN AMRO did not have any netted derivative positions
in\u00a0the statement of financial position in either 2025 or 2024.
16\u00a0 Hedge accounting
Accounting policy for hedge accounting
ABN AMRO enters into various derivative and non-derivative instrument transactions with external parties
to\u00a0hedge risks on assets, liabilities, highly probable forecasted transactions and net investments. The accounting
treatment of the hedged item and the hedging instrument depends on whether the hedge relationship qualifies
for hedge accounting.
Qualifying hedges may be designated as fair value hedges, cash flow hedges or hedges of net investments.
A\u00a0non-derivative financial asset or liability may be designated as a hedging instrument for hedge accounting
purposes only if it hedges the risk of changes in foreign currency exchange rates. The hedged item can be
an\u00a0asset, a liability, or a net investment in a foreign operation that (a) exposes the entity to the risk of changes
in\u00a0fair value or future cash flows, and (b) is designated as being hedged.
The hedged risks are typically changes in interest rates or foreign currency rates. ABN AMRO\u2019s market risk
management strategy, which includes interest rate risk and foreign currency risk in the banking book, is
described in more detail in the Risk, funding & capital chapter.
Both at the inception of the hedge and on an ongoing basis, ABN AMRO assesses whether the derivatives
designated in each hedging relationship are expected to be and have been highly effective in offsetting changes
in the fair value or cash flows of the hedged item. These prospective and retrospective effectiveness tests are
performed by using a regression analysis. ABN AMRO applies the following criteria to assess whether the
hedging relationship is effective:
\u2022 a regression co-efficient (R squared), which measures the correlation between the variables in the regression,
and
\u2022 a slope of the regression line is within a range of 0.80-1.25
Hedge ineffectiveness and gains and losses on components of a derivative that are excluded from the assessment
of hedge effectiveness are recorded directly in the result from financial transactions as part of other operating
income. ABN AMRO discontinues hedge accounting when the hedge relationship has ceased to be effective or is
no longer expected to be effective, or when the derivative or hedged item is sold or otherwise terminated.
Application of IAS 39 as endorsed by the European Union
As permitted by IFRS 9 paragraph 7.2.21, ABN AMRO has elected to continue applying the requirements of IAS
39 as endorsed by the European Union instead of applying the hedge accounting requirements of IFRS 9.
The\u00a0EU\u2011endorsed version of IAS 39 provides relief from certain hedge accounting requirements when compared
to\u00a0the full hedge accounting text of IAS 39. One of these reliefs is that negative credit spreads can be excluded
from hedge relationships. ABN AMRO applies this to several micro fair value hedge relationships. Another relief
is that the impact of changes in the estimates of the repricing dates is considered ineffective only if it leads
to\u00a0over\u2011hedging. This relief is applied in the macro fair value hedge.
Fair value hedges
ABN AMRO applies fair value hedge accounting on individual hedged items (micro fair value hedging), as well as
on a portfolio of hedged items (macro fair value hedging). Where a derivative financial instrument hedges
the\u00a0exposure to changes in the fair value of the hedged item, the hedged item is adjusted in relation to the risk
being hedged. Gains or losses on remeasurement of both the hedging instrument and the hedged item are
recognised in the income statement as result from financial transactions, which is part of the line item Other
operating income.
Hedge effectiveness for fair value hedges is measured as the amount by which the changes in the fair value
of\u00a0the\u00a0hedging instrument are different from the changes in the fair value of the hedged item. When a fair value
hedge of interest rate risk is terminated, any value adjustment to the carrying amount of the hedged item is
amortised to profit or loss over the original designated hedging period, or taken directly to income if the hedged
item is derecognised.
Micro fair value hedge accounting
Hedging instruments designated in individual fair value hedge relationships principally consist of interest rate
swaps and interest rate options that are used to protect against changes in\u00a0the\u00a0fair value of fixed-rate assets and
fixed-rate liabilities due to changes in market interest rates.
The main sources of hedge ineffectiveness in micro fair value hedges are:
\u2022 the effect of the counterparty and the bank\u2019s own credit risk on the fair value of the interest rate swap that is
not reflected in the fair value of the hedged item, which is only attributable to the change in the interest rate
\u2022 the difference in discounting between the hedged item and the hedging instrument
\u2022 potential differences in maturities and interest conditions of the hedged item and the hedging instrument
Macro fair value hedge accounting
ABN AMRO manages the interest rate risk arising from fixed-rate mortgages by entering into interest rate swaps.
The exposure from this portfolio changes frequently due to new loans originated, contractual repayments and
changes in expected future prepayments. To ensure an effective matching of hedged items and hedging
instruments, ABN AMRO applies a dynamic strategy in which hedged items are de-designated and re\u2011designated
on a monthly basis. The hedge accounting relationship is reviewed and re-designated on a monthly basis.
The hedged item consists of a volume of mortgages that have a fixed interest rate and are accounted for at
amortised cost. At each designation, the mortgage cash flows are allocated to monthly time buckets, based on
the expected maturity dates. ABN AMRO models the expected interest maturity dates of mortgages, taking into
account the modelled prepayments applied to the contractual cash flows and the maturity dates of the
mortgage portfolio. If the\u00a0interest rate swap notional exceeds the expected mortgage notional in any given
month, taking into account the uncertainty of the expected mortgage notional by applying a haircut, mortgages
that mature in adjacent buckets are designated to the interest rate swaps.
Changes in the fair value of the mortgages that are attributable to the hedged interest rate risk are recognised as
fair value adjustments from hedge accounting in the income statement and adjust the carrying amount
of\u00a0the\u00a0mortgages. The recognised fair value changes in the mortgages partially offset the changes in fair value
of\u00a0the interest rate swaps and therefore reduce the profit or loss volatility that would otherwise arise from
changes in the fair value of the interest rate swaps alone.
At the start of the hedge relationships and at each monthly re-designation, the difference between the fair value
attributable to the hedged interest rate risk and the carrying amount of the hedged mortgages is amortised over
the remaining life of the hedged item. In addition to the sources of ineffectiveness described for micro fair value
hedges, the sources of ineffectiveness specifically for macro hedges are:
\u2022 the difference between the expected and actual volume of prepayments for the mortgage portfolio
to\u00a0the\u00a0extent that the difference would lead to over-hedging; and
\u2022 the difference in payment frequency between the fixed leg of the hedging instrument and the payment
frequency of the hedged item (mortgages).
Cash flow hedges
ABN AMRO applies cash flow hedge accounting to a portfolio of future cash flows on banking book assets and
liabilities \u2013 the hedged items \u2013 and a portfolio of interest rate swaps \u2013 the hedging instruments. The hedge
relationship is reviewed on a monthly basis and the hedging instruments and hedged items are de-designated or
re-designated, if necessary, to maintain an effective hedge accounting relationship.
When a derivative financial instrument hedges the exposure to variability in the cash flows from a hedged item,
the effective part of any gain or loss on remeasurement of the hedging instrument is recognised directly in other
comprehensive income. Hedge effectiveness for the macro cash flow hedge is measured as the amount by
which the changes in the fair value of the interest rate swaps are in excess of changes in the fair value of the
expected cash flows in the hedge relationship. Any ineffective part of the cash flow hedge is immediately
recognised
in\u00a0other operating income. When a cash flow hedging instrument or hedge relationship is terminated but
the\u00a0hedged transaction is still expected to occur, the accumulated gains or losses continue to be recognised
in\u00a0other comprehensive income and are transferred to the income statement when the hedged transaction
affects profit or loss.
The gains or losses are included in the same line item as the hedged transaction. In the exceptional case that
the\u00a0hedged transaction is no longer expected to occur, the accumulated gains or losses recognised in other
comprehensive income are recognised in the income statement immediately.
The main sources of hedge ineffectiveness for cash flow hedges are:
\u2022 the effect of the counterparty and the bank\u2019s own credit risk on the fair value of the interest rate swap that is
not reflected in the fair value of the hedged item, which is only attributable to the change in the interest rate,
and
\u2022 potential differences in maturities and interest conditions of the hedged item and the hedging instrument
The hedged items in the macro cash flow hedge are future cash flows, which are derived from the projected
balance sheet. This projected balance sheet takes the contractual terms and conditions of financial assets and
liabilities and combines these with estimated prepayments, volume growth rates and interest scenarios. Within
the projected balance sheet, assets and liabilities are grouped on the basis of the specific interest rate index on
which they reprice (e.g. one month, three months, six months, twelve months). For each repricing index, all
assets and liabilities are allocated on a gross basis to monthly buckets in which they reprice until their maturity.
The notional amounts of the interest rate swaps, which can be either pay or receive floating interest, are also
grouped by interest rate index and allocated to monthly repricing buckets until their maturity. The hedge
relationship is established by designating the interest rate swap cash flows per bucket to the corresponding
bucket of cash flows projected for the hedged items. The hedged risk identified is the benchmark rate that
applies to the buckets. If no projected cash flows are available in the corresponding bucket with the applicable
benchmark rate, the interest rate swap cash flows are designated to projected cash flows in a bucket with
a\u00a0different benchmark. The availability of projected cash flows in the buckets is not constant over time and is
therefore evaluated on a monthly basis. Changes in cash flow projections may lead to a revision
of\u00a0the\u00a0designation. Back-testing is performed on the interest rate risk models. Historical data are used to review
the assumptions applied.
Hedges of net investments in foreign operations
ABN AMRO may enter into foreign currency derivatives and currency borrowings to hedge various net
investments in foreign operations. For such hedges, currency translation differences arising on translation
of\u00a0the\u00a0currency of these instruments to euros are recognised directly in the currency translation reserve in other
comprehensive income, insofar as they are effective. The accumulated gains or losses recognised in other
comprehensive income are transferred to the income statement on the disposal of the foreign operation.
In previous years, ABN AMRO hedged its currency exposure to certain investments in foreign operations by
hedging its net investment in these foreign operations with forward contracts. ABN AMRO currently still holds
some currency translation reserve for these respective positions, but no longer applies net investment hedge
accounting.
Hedges not qualifying for hedge accounting
The fair value changes of derivative transactions used to hedge against economic risk exposures that do not
qualify for hedge accounting, or for which it is not cost-beneficial to apply hedge accounting, are recognised
directly in profit or loss.
17\u00a0 Financial investments
Accounting policy for financial investments
Financial investments include financial instruments measured at fair value through other comprehensive income
(FVOCI) and financial instruments measured at fair value through profit or loss (FVTPL).
Accounting policy for financial instruments measured at fair value through other
comprehensive income
Unrealised gains and losses on FVOCI assets are recognised directly in other comprehensive income, net
of\u00a0applicable taxes. Interest earned, premiums, discounts and qualifying transaction costs of interest-earning
FVOCI assets are amortised to income on an effective interest rate basis. When FVOCI debt instruments are sold,
the cumulative gain or loss recognised in other comprehensive income is transferred to other operating income
in\u00a0the income statement. The impairment loss resulting from the ECL on FVOCI debt instruments is recognised
in\u00a0the impairment charges on financial instruments in the income statement. The related loss allowance is
recognised in other comprehensive income and does not reduce the carrying amount of the FVOCI debt
instruments. ABN\u00a0AMRO\u2019s impairment assessment and measurement approach for FVOCI debt instruments is set
out in the Credit risk management section of the Risk, funding & capital management chapter and Note 1
Accounting Policies. Fair value changes in equity instruments that are irrevocably designated as FVOCI upon initial
recognition are recognised in other comprehensive income and not subsequently reclassified to the income
statement.
Accounting policy for financial instruments measured at fair value through profit and loss
Financial investments can be designated at FVTPL if doing so eliminates or significantly reduces a measurement
or recognition inconsistency (an accounting mismatch). ABN AMRO also has financial instruments that are
mandatorily measured at fair value because they do not meet the SPPI test.
18\u00a0 Securities financing
Accounting policy for securities financing
Securities financing is measured at amortised cost. Securities financing consists of securities borrowing and
lending and sale and repurchase transactions. Securities borrowing and securities lending transactions are
generally entered into on a collateralised basis, with securities usually advanced or received as collateral.
The\u00a0transfer of the securities themselves is not reflected in the statement of financial position unless the risks
and rewards of ownership are also transferred. If cash is advanced or received, securities borrowing and lending
activities are recorded at the amount of cash advanced (included in loans and advances) or received (due
to\u00a0banks or customers). The market value of the securities borrowed or lent is monitored on a daily basis, and
the\u00a0collateral levels are adjusted in accordance with the underlying transactions. Fees and interest received or
paid are recognised on an effective interest rate basis and recorded as interest income or interest expense.
Sale and repurchase transactions involve purchases (or sales) of investments with agreements to resell (or
repurchase) substantially identical investments at a certain date in the future at a fixed price. Investments
purchased subject to commitments to resell them at future dates are not recognised. The amounts paid are
recognised in loans and advances to either banks or customers and are shown as collateralised by
the\u00a0underlying security.
Investments sold under repurchase agreements continue to be recognised in the statement of financial position.
Proceeds from the sale of the investments are reported as liabilities to either banks or customers. The difference
between the sale and repurchase price is recognised over the period of the transaction and recorded as interest
income or interest expense, using the effective interest rate method. If borrowed securities are sold to third
parties, the proceeds from the sale and a liability for the obligation to return the collateral are recorded at fair
value.
19\u00a0 Fair value of financial instruments carried at fair value
Accounting policy for fair value of financial instruments
The fair value is defined as the price that would be received when selling an asset or paid when transferring
a\u00a0liability in an orderly transaction between market participants at the measurement date.
For financial instruments that are actively traded and for which quoted market prices or market parameters are
readily available, the fair value is determined in a highly objective manner. However, when observable market
prices and parameters do not exist, management judgement is necessary to estimate fair value.
For financial instruments where no active liquid market exists, or quoted prices are unobtainable, recent market
transactions are used or the fair value is estimated using a variety of valuation techniques \u2013 including reference
to similar instruments for which market prices do exist, or to valuation techniques such as discounted cash flow
models or option pricing models (e.g. Black Scholes).
When portfolios of financial assets and liabilities are measured on the basis of the net exposure to the credit risk
of a particular counterparty, any existing arrangements that mitigate the credit risk exposure (e.g. master netting
agreements with the counterparty) are taken into account.
Unobservable inputs are estimated using a combination of management judgement, historical data, market
practice and benchmarking to other relevant observable market data. The difference between the transaction
price and the internal valuation at inception, calculated using a model, is reserved and amortised to profit or loss
at appropriate points over the life of the instrument, typically taking account of the ability to obtain reliable
external data, the passage of time and the use of offsetting transactions. Where inputs to the valuation of a new
transaction cannot be reliably determined, the transaction is initially recognised at its transaction price.
Subsequent changes in fair value as calculated by the valuation model are reported as profit or loss or in equity.
In order to determine a reliable fair value, where appropriate, management applies valuation adjustments
to\u00a0the\u00a0pricing information derived from the above sources. These adjustments reflect management\u2019s assessment
of factors that market participants would consider in setting a price, to the extent that these factors have not
already been included in the information from the above sources. The main valuation adjustments required
to\u00a0arrive at a fair value are as follows:
\u2022 Bid-ask adjustments. If the model calculates a mid-market price, it is adjusted to take into account the relevant
bid-offer spread.
\u2022 Credit and debit valuation adjustments. In addition to credit valuation for loans measured at fair value through
profit or loss, credit valuation adjustments and debit valuation adjustments are incorporated into derivative
valuations to reflect the impact on fair value of counterparty credit risk and how counterparties consider
ABN\u00a0AMRO\u2019s creditworthiness respectively.
\u2022 Liquidity adjustments. ABN AMRO uses different techniques to determine the price or input parameters
of\u00a0the\u00a0pricing model dependent on the liquidity in the market.
\u2022 Funding valuation adjustment. The funding valuation adjustment incorporates the incremental cost of funding
into the valuation of uncollateralised and partially collateralised derivatives.
\u2022 Own credit adjustment. An own credit risk adjustment is applied to financial liabilities where it is believed that
counterparties will consider ABN AMRO\u2019s creditworthiness when pricing such instruments.
\u2022 Model valuation adjustments for any known limitations. Management assesses the appropriateness of any
model used on an ongoing basis. To the extent that the price provided by internal models does not represent
the fair value of the instrument, for instance in highly stressed market conditions, management makes
adjustments to the model valuation to calibrate to other available pricing sources.
We believe our estimates of the fair value are adequate. However, the use of different models or assumptions
could result in changes to our reported results.
20\u00a0 Loans and advances banks
Accounting policy for loans and advances banks and customers
Loans and advances banks, and loans and advances customers, are held in a \u2018hold to collect\u2019 business model.
Loans and advances for which the contractual cash flows are solely payments of principal and interest (SPPI) are
measured at amortised cost, i.e. fair value at initial recognition, adjusted for repayment and amortisation
of\u00a0coupon, fees and expenses to represent the effective interest rate of the asset. Loans and advances that do
not pass the SPPI test are measured at fair value through profit or loss. Please refer to Note 1 Accounting policies
in the Consolidated Annual Financial Statements.
21\u00a0 Loans and advances customers
Accounting policy for loans and advances customers
The accounting policy for loans and advances customers is included in Note 20 - Loans and advances banks.
Please refer to Note 1 - Accounting policies in the Consolidated Annual Financial Statements.
22\u00a0 Fair value of financial instruments not carried at fair value
Accounting policy for fair value of financial instruments not carried at fair value
The categorisation and valuation of financial instruments not carried at fair value is determined in accordance
with the accounting policies set out in Note 19 - Fair value of financial instruments carried at fair value.
23\u00a0 Group structure
Accounting policy for business combinations
ABN AMRO accounts for business combinations using the acquisition method when control is transferred
to\u00a0the\u00a0bank. All items of consideration, including contingent consideration, transferred by ABN AMRO are
measured and recognised at fair value at the acquisition date. Transaction costs incurred by ABN AMRO
in\u00a0connection with the business combination, other than those associated with the issuance of debt and equity
securities, do not form part of the cost of the business combination transaction but are expensed as incurred.
The amount of the purchase consideration in excess of ABN AMRO\u2019s share of the fair value of the identifiable net
assets acquired (including certain contingent liabilities) is recorded as goodwill.
ABN AMRO measures the identifiable assets acquired and the liabilities assumed at the fair value at the acquisition
date. In a step acquisition, where a business combination occurs in stages and control of the business is obtained
in\u00a0stages, the identifiable assets and liabilities of the acquiree are recognised at fair value when control is obtained.
A gain or loss is recognised in profit or loss as the difference between the fair value of the previously held equity
interest in the acquiree and its carrying amount. Changes in interests in subsidiaries that do not result in a change
of control are treated as transactions between equity holders and are reported in equity.
Accounting policy for subsidiaries
ABN AMRO\u2019s subsidiaries are those entities which it directly or indirectly controls. Control over an entity is
evidenced by ABN AMRO\u2019s ability to exercise its power in order to affect the variable returns that it is exposed
to\u00a0through its involvement in the entity. The existence and effect of potential voting rights that are currently
exercisable are taken into account when assessing whether control exists.
The assessment of control takes into account all facts and circumstances. The bank reassesses whether
it\u00a0controls an investee if facts and circumstances indicate that there are changes to one or more of the three
elements of control (power, exposure to variability in returns, and a link between the two).
ABN AMRO sponsors entities, including certain special purpose entities which may or may not be directly owned,
for the purpose of asset securitisation transactions and other specific and well-defined objectives. Particularly
in\u00a0the case of securitisations, these entities may acquire assets from ABN AMRO's subsidiaries. Some of these
entities hold assets that are not available to meet claims of ABN AMRO's creditors or subsidiaries. These entities
are consolidated in ABN AMRO\u2019s financial statements when the substance of the relationship between
ABN\u00a0AMRO and the entity indicates that control is held by ABN AMRO.
ABN AMRO is mainly involved in securitisations of own originated assets, such as various consumer and
commercial financial assets. This process generally necessitates a sale of these assets to a special purpose entity
(SPE), which in turn issues securities to investors. ABN AMRO\u2019s interests in securitised assets may be retained
in\u00a0the form of senior or subordinated tranches, issued guarantees, interest-only strips or other residual interests,
together referred to as retained interests. In many cases, these retained interests convey control, as a result
of\u00a0which the SPE is consolidated and the securitised assets continue to be recognised in the consolidated
statement of financial position.
The financial statements of subsidiaries and special purpose entities are included in the Consolidated Annual
Financial Statements from the date on which control commences until the date on which control ceases.
Accounting policy for associates and joint ventures
Associates are those entities in which ABN AMRO has significant influence on, but no control or joint control
over, the operating and financial policies. Significant influence is generally presumed when ABN AMRO holds
between 20% and 50% of the voting rights. Potential voting rights that are currently exercisable are considered
in assessing whether ABN AMRO has significant influence. Among other factors, representation on the board
of\u00a0directors, participation in the policy-making process and material transactions between the entity and
the\u00a0investee are considered when determining significant influence.
A joint venture is an investment in which two or more parties have contractually agreed to share control over
the\u00a0investment. Joint control exists only when decisions about the relevant activities require the unanimous
consent of the parties sharing control. The activities conducted through joint ventures include cash transfers,
insurance, finance and leasing.
Investments in associates and joint ventures, including strategic investments, are accounted for using the equity
method. Under this method, the investment is initially recorded at cost and subsequently increased (or
decreased) for post-acquisition net income (or loss), other movements affecting the equity of the investee and
any adjustments required for impairment. ABN AMRO\u2019s share of the profit or loss of the investee is recognised
in\u00a0the share of result in equity accounted investments. If ABN AMRO\u2019s share of losses exceeds the carrying
amount of the investment, the carrying amount is reduced to zero, including any other unsecured receivables,
and recognition of further losses is discontinued, except if ABN AMRO has incurred obligations or made
payments on behalf of the investee.
Unrealised gains arising from transactions with associates and jointly controlled entities are eliminated
to\u00a0the\u00a0extent of ABN AMRO\u2019s interest in the entities. Unrealised losses are also eliminated unless the transaction
provides evidence of impairment in the asset transferred.
24\u00a0 Property and equipment, leases, goodwill and other intangible assets
Accounting policy for property and equipment
Property and equipment are stated at cost less accumulated depreciation and any accumulated impairment
amount. At each balance sheet date, an assessment is performed to determine whether there is any indication
of\u00a0impairment. Subsequent costs are capitalised if these result in an enhancement to the asset. Depreciation is
charged to the income statement on a straight-line basis over the estimated useful lives of items of property and
equipment, and of major components that are accounted for separately. ABN AMRO generally applies
the\u00a0following useful lives to calculate depreciation:
\u2022 Land: not depreciated
\u2022 Buildings: 30 years
\u2022 Leasehold improvements: 5 years
\u2022 Equipment: 5 years
\u2022 Installations (durable): 10 years
\u2022 Computer installations: 2 to 5 years
Depreciation rates and residual values are reviewed at least periodically to take into account any change
in\u00a0circumstances. Capitalised leasehold improvements are depreciated in a manner that takes into account
the\u00a0term and renewal conditions of the related lease.
Assets for which the bank acts as a lessor in an operational lease contract are included in property and
equipment. The asset is depreciated on a straight-line basis, over its useful life, to its estimated residual value.
Accounting policy for impairment of non-financial assets
At each reporting date, ABN AMRO reviews the carrying amounts of its non-financial assets (i.e. ROU assets,
equipment, goodwill and other intangible assets) to determine whether there is any indication of impairment. If
any such indication exists, the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for
impairment.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash
inflows from continuing use that is largely independent of the cash inflows of other assets or cash-generating
units. Goodwill arising from a business combination is allocated to cash-generating units or groups
of\u00a0cash\u2011generating units that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less
costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using
a\u00a0pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset or cash-generating unit.
An impairment loss is recognised if the carrying amount of an asset or cash-generating unit exceeds its
recoverable amount. In general, ABN AMRO\u2019s corporate assets do not generate separate cash inflows and are
used by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on
a\u00a0reasonable and consistent basis and tested for impairment as part of the testing of the cash-generating unit
to\u00a0which the corporate assets are allocated.
Impairment losses are recognised in the income statement as a component of depreciation and amortisation
expense. They are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating
unit, and then to reduce the carrying amounts of the other assets in the cash-generating unit on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only
to\u00a0the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Accounting policy for leases
Lessor accounting
Where ABN AMRO acts as lessor, a distinction is made between operating and finance leases. Leases where
the\u00a0bank transfers all risks and rewards incidental to ownership of the asset to the lessee are classified as finance
leases. Leases that do not transfer these risks and rewards are classified as operating leases. Finance leases are
recognised as a receivable in loans and advances at an amount equal to the net investment in the lease, less
credit loss allowances. Assets subject to operating leases are recognised at cost in property and equipment.
Operating income from finance leases is recognised in a pattern reflecting a constant periodic rate of return on
the net investment in the lease.
Lessee accounting
All leases, except for low-value leases and leases with a duration of less than one year, are recognised on
the\u00a0balance sheet as a right of use (ROU) asset and lease liability. As a lessee, ABN AMRO enters into various
lease contracts, mainly for office buildings and cars that the bank leases for its own use. When accounting for
contracts as a lessee, ABN AMRO separates non-lease components from lease components. Payments such as
variable lease payments that do not depend on an index or a rate and non-lease components are not included
in\u00a0the lease liability. The ROU asset is initially measured at cost, which reflects the initial lease liability, adjusted
for upfront lease payments, received incentives and initial direct costs. The initial lease liability is equal
to\u00a0the\u00a0sum of the fixed lease payments, discounted by the incremental borrowing rate. Given that ABN AMRO
cannot readily determine the interest rate implicit in the lease, it uses the incremental borrowing rate to measure
lease liabilities.
The ROU asset is depreciated over the period of the lease, using the straight-line method.
Adjustments to the ROU asset and corresponding lease liability result from remeasurement and/or modification.
Remeasurement occurs when there is a change in the lease term or discount rate, a change in lease payments
due to a change in an index or rate, or when ABN AMRO changes its assessment regarding purchase, extension
or termination options. A lease modification is a change in the scope of the lease, or the consideration of a part
of a lease that was not in the original terms and conditions of the lease. A lease modification results in either
a\u00a0separate additional lease or a change in the accounting for the existing lease. In the case of a lease
modification not resulting in an additional lease, the lease liability is remeasured by adjusting the carrying
amount of the ROU asset and, to reflect the partial or full termination of the lease, recognising any gain or loss
in\u00a0the statement of profit and loss.
Expenses related to short-term leases with a term of less than 12 months and leases of low value are recognised
in the income statement. ROU assets are included in property and equipment, while the lease liabilities are
included in other liabilities. Depreciation of the ROU assets is included in depreciation, while amortisation
of\u00a0tangible and intangible assets is included in the income statement, and interest expense on lease liabilities is
included in other interest and similar expense.
Sale and leaseback transactions
In a sale and leaseback transaction, the seller/lessee transfers an underlying asset to the buyer/lessor and leases
that asset back from the buyer/lessor.
Seller/lessee accounting
If the bank is involved in a sale and leaseback transaction as a seller/lessee, the accounting policy described
below is from the perspective of a seller/lessee. To determine how to account for a sale and leaseback
transaction, the bank first considers whether the initial transfer of the underlying asset from the seller/lessee
to\u00a0the buyer/lessor is a sale in accordance with IFRS 15.
If a sale and leaseback transaction constitutes a sale in accordance with IFRS 15, the underlying asset is
derecognised and the lessee accounting model is applied to the leaseback. The ROU asset arising from
the\u00a0leaseback is measured based on the proportion of the previous carrying amount of the asset that relates
to\u00a0the rights of use retained by the seller/lessee. Accordingly, any gain or loss that relates to the rights
transferred to the buyer/lessor is recognised.
The proportion of the rights of use retained is the ratio between the present value of lease payments at market
rates (excluding any future index changes) and the fair value of the consideration for the sale proceeds.
The\u00a0residual proportion is the proportion of the rights transferred.
The fair value of the consideration for the sale proceeds is equal to the fair value of the underlying asset
in\u00a0the\u00a0sale-and-leaseback transaction. If this does not equal the fair value of the underlying asset, or if
the\u00a0payments for the lease are not at market rates, the bank makes adjustments to recognise the sale proceeds
at the fair value.
Any below-market terms are recognised as a prepayment of lease payments and any above-market terms are
recognised as additional financing provided by the buyer/lessor to the seller/lessee.
Accounting policy for intangible assets
Goodwill
Goodwill is capitalised and stated at cost, being the excess of the consideration paid over the fair value
of\u00a0ABN\u00a0AMRO\u2019s share of the acquired entity\u2019s net identifiable assets at the acquisition date, less any accumulated
impairment losses. For the purpose of calculating goodwill, the fair values of acquired assets, liabilities and
contingent liabilities are determined by reference to market values or by discounting expected future cash flows
to present value. Goodwill is not amortised, but is reviewed annually for impairment, or more frequently if there
are indications that impairment may have occurred. In the test, the carrying amount of goodwill is compared
with the higher of the fair value less costs to sell and the value in use, being the present value of the cash flows
discounted at a pre-tax discount rate that reflects the risk of the cash-generating unit to which the goodwill
relates. Impairment losses are recognised in the income statement as depreciation and amortisation expense
and are irreversible.
Software and other intangible assets
The accounting policy for software and other intangible assets is determined by IAS 38 Intangible assets.
Software is amortised over a period of three years, unless it is classified as core application software, which is
amortised over its estimated useful life, set at a maximum of seven years. For own-developed software, only
the\u00a0development phase is capitalised.
Other intangible assets include separately identifiable items arising from acquisitions of subsidiaries, such as
client relationships, and certain purchased trademarks and similar items. In general, the estimated useful life
does not exceed ten years. Amortisation rates and residual values are reviewed at least annually to take into
account any change in circumstances.
25\u00a0 Non-current assets and disposal groups held for sale
Accounting policy for non-current assets and disposal groups held for sale
Non-current assets and/or businesses are classified as held for sale if their carrying amount is to be recovered
principally by selling them within 12 months, rather than through ongoing use. Assets held for sale (other than
financial instruments) are not depreciated and are measured at the lower of their carrying amount and fair value,
less costs to sell. Assets and liabilities of a business held for sale are presented separately in the consolidated
statement of financial position.
27\u00a0 Due to banks
Accounting policy for due to banks and due to customers
Amounts due to banks and customers are held at amortised cost. That is, at fair value upon initial recognition,
adjusted for repayment and amortisation of coupon, fees and expenses to represent the effective interest rate
of\u00a0the instrument.
28\u00a0 Due to customers
Accounting policy for due to customers
The accounting policy for amounts due to customers is set out in Note 27 - Due to banks .
29\u00a0 Issued debt and subordinated liabilities
Accounting policy for issued debt and subordinated liabilities
Issued debt securities and subordinated liabilities are recorded at amortised cost using the effective interest rate
method. Hybrid or structured financial liabilities are irrevocably designated upon initial recognition to be
measured at fair value through profit or loss. The latter is applied when the instruments are held to reduce
an\u00a0accounting mismatch, are managed on the basis of their fair value or include terms that qualify as
an\u00a0embedded derivative that cannot be separated.
ABN AMRO applies IAS 32 Financial Instruments: Presentation to determine whether funding is a financial
liability or equity. Issued financial instruments or their components are classified as financial liabilities where
the\u00a0substance of the contractual arrangement results in ABN AMRO having a present obligation to deliver either
cash or another financial asset or to satisfy the obligation other than by the exchange of a fixed number of equity
shares.
Issued liabilities qualify as subordinated debt if claims by the holders are subordinated to all other current and
future liabilities of ABN AMRO and its subsidiaries.
The valuation of liabilities measured at fair value includes the effect of changes in the bank\u2019s own credit spreads.
The change in fair value applies to those financial liabilities designated at fair value where own value credit risk
would be considered by market participants. The cumulative amount of changes in fair value attributable
to\u00a0credit risk of issued debt is presented as liability own credit risk reserve in equity. Exchange-traded own debt
measured at fair value through profit or loss is valued at market prices.
Fair value changes are calculated based on a yield curve generated from observed external pricing for funding
and quoted CDS spreads
30\u00a0 Provisions
Accounting policy for provisions
A provision is recognised in the balance sheet when ABN AMRO has a legal or constructive obligation as a result
of a past event, and it is more likely than not that an outflow of economic benefits will be required to settle
the\u00a0obligation, and a reliable estimate of the amount of the obligation can be made. If the effect of time value is
material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects
current market rates and, where appropriate, the risks specific to the liability. In cases where ABN AMRO expects
disclosure of legal proceedings on a case-by-case basis to seriously prejudice its position, it only discloses
the\u00a0general nature of the dispute.
A provision for restructuring is recognised when an obligation exists. An obligation exists when ABN AMRO has
approved a detailed plan and has raised a valid expectation among those affected by the plan by starting
to\u00a0implement the plan or by announcing its main features. Future operating costs are not provided for. Provisions
for insurance risks are determined by actuarial methods, which include the use of statistics, interest rate data
and settlement cost expectations.
Provisions are established for certain guarantee contracts for which ABN AMRO is liable to pay upon default
of\u00a0payment. Expected credit loss allowances of loan commitments and financial guarantees are recognised as
provisions under IFRS 9.
31\u00a0 Pension and other employee benefits
Accounting policy for pension and other employee benefits
ABN AMRO sponsors a number of pension schemes in the Netherlands and abroad. These schemes are mainly
defined contribution plans. The majority of the beneficiaries of the plans are located in the Netherlands.
Defined contribution plans
For defined contribution plans, ABN AMRO pays annual contributions determined by a fixed method and has no
legal or constructive obligation to pay any further contributions. Contributions are recognised directly
in\u00a0the\u00a0income statement in the year to which they relate. Actuarial and investment risk are for the account
of\u00a0the\u00a0participants in the plan.
Defined benefit plans
For defined benefit plans, the net obligation of each plan is the difference between the present value
of\u00a0the\u00a0defined benefit obligations and the fair value of the plan\u2019s assets.
The actuarial assumptions used for calculating the present value of the defined benefit obligations include
discount rates based on high-quality corporate bonds, the inflation rate, future salary increases, employee
contributions, mortality assumptions and rates of employee turnover. The assumptions are based on available
market data and management expectations at the end of the reporting period.
Plan assets are measured at fair value at balance sheet date and are netted against the defined benefit
obligations. Pension costs recognised in the income statement for defined benefit plans consist of:
\u2022 service costs
\u2022 net interest costs determined by multiplying the net defined benefit liability (asset) by the discount rate, both
as at the start of the annual reporting period, taking into account any changes in the net defined benefit
liability (asset) during the period as a result of contributions and benefit payments
\u2022 curtailments or plan amendments
Differences between pension costs and pension contributions payable are accounted for as provisions or
prepayments.
Remeasurement
Remeasurements of the net defined benefit liability (asset) are actuarial gains and losses resulting from changes
in actuarial assumptions and experience adjustments (i.e. unexpectedly high or low rates of employee turnover).
They are recognised in other comprehensive income and are not recycled to profit or loss in later periods.
The\u00a0actual return on the pension plan\u2019s assets is determined after deduction of the costs of managing the assets
and any tax payable by the pension plan itself.
Other employee benefits
Some group companies provide post-retirement benefits to their retirees, such as long-term service benefits and
discounts on banking products. Entitlement to these benefits is usually conditional on the employee remaining
in\u00a0service up to retirement age and the completion of a minimum service period.
The expected costs of these benefits are accrued over the period of employment, using the same accounting
methodology as that used for defined benefit pension plans. These obligations are calculated annually.
Pension and other employee benefit plans in all countries comply with applicable local regulations concerning
investments and minimum funding levels.
33\u00a0 Equity
Share capital and other components of equity
Ordinary shares
As at 31 December 2025, all shares in the capital of ABN AMRO Bank N.V. were held by two foundations: NLFI
and STAK AAB.
Compound financial instruments
Components of compound financial instruments (liability and equity parts) are classified in their respective areas
of the statement of financial position.
Currency translation reserve
The currency translation reserve represents cumulative gains and losses on the translation of our net investment
in foreign operations, net of the effect of hedging.
Fair value reserve
Under IFRS 9, the fair value reserve includes the gains and losses, net of tax, resulting from a change in the fair
value of debt instruments measured at FVOCI. When the instruments are sold or otherwise disposed of,
the\u00a0related cumulative gain or loss recognised in equity is recycled to the income statement.
Cash flow hedging reserve
The cash flow hedging reserve comprises the effective portion of the cumulative net change in the fair value
of\u00a0cash flow hedging instruments, net of taxes, that are recycled to the income statement if the hedged
transactions have an impact on profit or loss.
Liability own credit risk reserve
Under IFRS 9, the changes in fair value attributable to changes in the own credit risk of financial liabilities
designated at FVTPL are presented in other comprehensive income. The cumulative amount of changes in fair
value attributable to credit risk of such liabilities is presented as liability own credit risk reserve in equity.
Other reserves
Other reserves mainly comprise retained earnings and profit for the period.
Dividends
Dividends on ordinary shares classified as equity are recognised as a distribution of equity in the period in which
they are approved by shareholders.
Capital securities
Undated, deeply subordinated, resettable, callable capital securities are classified as additional tier 1 (AT1)
capital, under total equity. ABN AMRO Bank has the European Central Bank\u2019s permission to carry out limited
repurchases from investors and to sell back in the market.
34\u00a0 Transferred, pledged, encumbered and restricted assets
Accounting policy for transferred, pledged and encumbered assets
Transferred financial assets are arrangements/transactions for which ABN AMRO has:
\u2022 transferred the contractual rights to receive the cash flows of the financial asset to a third party, or
\u2022 retained the contractual rights to receive the cash flows of that financial asset, but has assumed a contractual
obligation to pay the cash flows to a third party
Depending on the circumstances, these transfers may either result in financial assets that are not derecognised
in their entirety or in assets that are derecognised in their entirety. More detailed information on our recognition
and derecognition policy is provided in the paragraph on material accounting policies under Note 1 - Accounting
policies.
Pledged assets are assets given as security (collateral) to guarantee the payment of a debt or fulfilment of
an\u00a0obligation by ABN AMRO to a third party. Encumbered assets are assets that have been pledged or are
subject to any form of arrangement to secure, collateralise or credit enhance any transaction from which free
withdrawal is not allowed. The key difference between encumbered and pledged assets is that the latter is
based on the legal terms such as title transfer while the former is based on economic principles.
35\u00a0 Commitments and contingent liabilities
Accounting policy for off-balance sheet items
Commitments
Loan commitments that allow for draw-down of a loan within the timeframe generally established by regulation
or convention in the marketplace are not recognised as derivative financial instruments. Acceptances comprise
undertakings by ABN AMRO to pay bills of exchange drawn on clients. ABN AMRO expects most acceptances
to\u00a0be settled simultaneously with the reimbursement from clients. Acceptances are not recognised
in\u00a0the\u00a0balance sheet and are disclosed as commitments.
Financial guarantee contracts
A financial guarantee contract requires the issuer to make specified payments to reimburse the holder for a loss
it incurs if a specified debtor fails to make payment when due under the original or modified terms of a debt
instrument. Initial recognition of financial guarantee contracts is at their fair value. Subsequent measurement is
at the higher of the amount of the expected credit loss and the amount initially recognised, less \u2013 when
appropriate \u2013 the cumulative amount of income recognised in the income statement.
Contingent liabilities
Contingent liabilities are possible obligations whose existence will be confirmed only by uncertain future events,
and present obligations where the transfer of economic resources is uncertain or cannot be reliably measured.
Contingent liabilities are not recognised in the balance sheet, but disclosed if the likelihood of an outflow
of\u00a0economic resources is not more likely than not, or if the likelihood of an outflow of economic resources is
more likely than not, but cannot be reliably estimated.
37\u00a0 Share-based payment
Accounting policy for share-based payment
Identified staff as defined by CRD V are entitled to receive variable compensation, consisting of a cash element
and a share-based element settled in cash. The cash element in the variable compensation plan is recognised
in\u00a0accordance with IAS 19 and the other element qualifies as a cash-settled share-based payment in accordance
with IFRS 2.
Variable compensation is granted for a certain performance year, at 50% in cash and 50% in share-based
compensation settled in cash. The vesting conditions include bad leaver conditions and consist of a deferral
period and a retention period until the share-based compensation is settled in cash.
Up to and including the performance year 2019, 30% of the share-based compensation settled in cash
(depositary receipt) vests two years after the performance year. The remaining 20% vests in three equal tranches
in the third, fourth and fifth year following the performance year. At the end of the vesting period, participants
receive the cash value of the five-day average of an ABN AMRO listed depositary receipt (DR).
Share-based compensation settled in cash granted for 2019 and the years before includes the option
of\u00a0requesting DRs rather than cash. This choice can be made during the quarter in which settlement takes place
and is subject to Supervisory Board approval. This equity component in the plan is valued at nil until the request
is approved. Participants receive the same amount of fair value, regardless of whether they choose cash or DRs.
If participants choose DRs, the value of the DRs is transferred in its entirety from the liability to an equity
account. The actual delivery to the participant is expected to take place in the same quarter as the choice is
made.
ABN AMRO will not issue additional shares for compensation granted for years 2019 and before, but will buy
shares in the market when needed. As the purchase of shares is expected to take place in the quarter during
which the DRs are delivered, there is no impact on (diluted) earnings per share.
As from performance year 2020, the DRs were replaced by performance certificates (PCs) as share-based
compensation settled in cash. The share-based compensation settled in cash vests for 30% in the first year.
The\u00a0remaining 20% vests in four equal tranches in the second, third, fourth and fifth year following
the\u00a0performance year. At the end of the vesting period, participants receive the cash value of the five-day
average of ABN AMRO\u2019s share price. Share-based compensation settled in cash granted from performance year
2020 onwards does not include the option of requesting DRs.
A liability is recognised for the fair value of cash-settled transactions. The fair value is measured initially and at
each reporting date up to and including the settlement date, with changes in fair value recognised in employee
benefits expenses. The fair value is determined using an internally developed model based on the share price
and market expectations of future dividends.
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1\u00a0 \u00a0 Accounting policies
Material accounting policies
Financial assets and liabilities
Classification of assets and liabilities held for trading
A financial asset or financial liability is classified as 'held for trading' if it is:
\u2022 acquired or incurred principally for the purpose of selling or repurchasing it in the near term
\u2022 part of a portfolio of identified financial instruments that are managed together and for which there is evidence
of\u00a0a\u00a0recent actual pattern of short-term profit making, or
\u2022 a trading derivative (except for a derivative that is a designated and effective hedging instrument).
Classification and measurement of financial liabilities
Financial liabilities are initially recognised at their fair value minus transaction costs that are directly attributable
to\u00a0the\u00a0acquisition or issue of the financial liability. Under IFRS 9, financial liabilities are classified as subsequently
measured at amortised cost, except for the following instruments:
\u2022 financial liabilities held for trading are measured at fair value through profit or loss
\u2022 financial liabilities that ABN AMRO has irrevocably designated as held at fair value through profit or loss at initial
recognition, which are held to reduce an accounting mismatch, are managed on the basis of their fair value or
include terms that have derivative characteristics by nature.
Under IFRS 9, the changes in fair value attributable to changes in the credit risk of financial liabilities designated at
FVTPL are presented in other comprehensive income. The cumulative amount of changes in fair value attributable
to\u00a0credit risk of such liabilities is presented as liability own credit risk reserve in equity.
Financial liabilities are never reclassified after initial recognition.
Recognition and derecognition
Traded instruments are recognised on the trade date, which is defined as the date on which ABN AMRO commits
to\u00a0purchase or sell the underlying instrument. If the settlement terms are non-standard, the commitment is accounted
for as a derivative between the trade and settlement dates. Loans and advances are recognised when they are
acquired or funded by ABN AMRO and derecognised when settled. Issued debt is recognised when issued, and
deposits are recognised when the cash is deposited with ABN AMRO. Other financial assets and liabilities, including
derivatives, are recognised when ABN AMRO becomes a party to the contractual provisions of the asset or liability.
Financial liabilities are derecognised when the liability has been settled, has expired or has been extinguished.
An\u00a0exchange of an existing financial liability for a new liability with the same lender on substantially different terms,
qualitatively and quantitatively (a 10% difference in the present value of the cash flows), is accounted for as
an\u00a0extinguishment of the original financial liability and recognition of a new financial liability. The difference between
the former amortised cost and the consideration paid is recognised in the income statement.
Offsetting financial assets and liabilities
Financial assets and liabilities are offset, and the net amount is reported on the statement of financial position, if there
is a legally enforceable right to offset the recognised amounts and there is an intention either to settle on a net basis or
to realise the asset and settle the liability simultaneously. The bank applies netting to debtor and creditor balances
such as current accounts where offsetting is justified by formal agreement with the client, provided the balances meet
the applicable criteria.
Enforceable master netting arrangements are agreements in which the bank has a legally enforceable right to offset in
the event of default, but no ability and/or intention to realise the asset and settle the liability simultaneously in the
normal course of business. As a result, the criteria to offset are not met. These arrangements include derivative
clearing agreements, global master repurchase agreements and global master securities lending agreements.
14\u00a0 Financial assets and liabilities held for trading
Accounting policy for financial assets and liabilities held for trading
In accordance with IFRS 9, all assets and liabilities held for trading are measured at fair value through profit or
loss, with gains and losses in the changes of the fair value taken to net trading income in the income statement.
15\u00a0 Derivatives
Accounting policy for derivatives
A derivative is a financial instrument or other contract within the scope of IFRS 9 with all three of the following
characteristics:
\u2022 its value changes in response to the change in a specified interest rate, financial instrument price, commodity
price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided
in\u00a0the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes
called the \u2018underlying\u2019)
\u2022 it requires no initial net investment or an initial net investment that is smaller than would be required for other
types of contracts that would be expected to have a similar response to changes in market factors
\u2022 it is settled at a future date
Derivatives are recorded at fair value.
Derivative assets and liabilities subject to master netting arrangements are presented net only when they satisfy
the eligibility requirements for netting under IAS 32. ABN AMRO did not have any netted derivative positions
in\u00a0the statement of financial position in either 2025 or 2024.
18\u00a0 Securities financing
Accounting policy for securities financing
Securities financing is measured at amortised cost. Securities financing consists of securities borrowing and
lending and sale and repurchase transactions. Securities borrowing and securities lending transactions are
generally entered into on a collateralised basis, with securities usually advanced or received as collateral.
The\u00a0transfer of the securities themselves is not reflected in the statement of financial position unless the risks
and rewards of ownership are also transferred. If cash is advanced or received, securities borrowing and lending
activities are recorded at the amount of cash advanced (included in loans and advances) or received (due
to\u00a0banks or customers). The market value of the securities borrowed or lent is monitored on a daily basis, and
the\u00a0collateral levels are adjusted in accordance with the underlying transactions. Fees and interest received or
paid are recognised on an effective interest rate basis and recorded as interest income or interest expense.
Sale and repurchase transactions involve purchases (or sales) of investments with agreements to resell (or
repurchase) substantially identical investments at a certain date in the future at a fixed price. Investments
purchased subject to commitments to resell them at future dates are not recognised. The amounts paid are
recognised in loans and advances to either banks or customers and are shown as collateralised by
the\u00a0underlying security.
Investments sold under repurchase agreements continue to be recognised in the statement of financial position.
Proceeds from the sale of the investments are reported as liabilities to either banks or customers. The difference
between the sale and repurchase price is recognised over the period of the transaction and recorded as interest
income or interest expense, using the effective interest rate method. If borrowed securities are sold to third
parties, the proceeds from the sale and a liability for the obligation to return the collateral are recorded at fair
value.
19\u00a0 Fair value of financial instruments carried at fair value
Accounting policy for fair value of financial instruments
The fair value is defined as the price that would be received when selling an asset or paid when transferring
a\u00a0liability in an orderly transaction between market participants at the measurement date.
For financial instruments that are actively traded and for which quoted market prices or market parameters are
readily available, the fair value is determined in a highly objective manner. However, when observable market
prices and parameters do not exist, management judgement is necessary to estimate fair value.
For financial instruments where no active liquid market exists, or quoted prices are unobtainable, recent market
transactions are used or the fair value is estimated using a variety of valuation techniques \u2013 including reference
to similar instruments for which market prices do exist, or to valuation techniques such as discounted cash flow
models or option pricing models (e.g. Black Scholes).
When portfolios of financial assets and liabilities are measured on the basis of the net exposure to the credit risk
of a particular counterparty, any existing arrangements that mitigate the credit risk exposure (e.g. master netting
agreements with the counterparty) are taken into account.
Unobservable inputs are estimated using a combination of management judgement, historical data, market
practice and benchmarking to other relevant observable market data. The difference between the transaction
price and the internal valuation at inception, calculated using a model, is reserved and amortised to profit or loss
at appropriate points over the life of the instrument, typically taking account of the ability to obtain reliable
external data, the passage of time and the use of offsetting transactions. Where inputs to the valuation of a new
transaction cannot be reliably determined, the transaction is initially recognised at its transaction price.
Subsequent changes in fair value as calculated by the valuation model are reported as profit or loss or in equity.
In order to determine a reliable fair value, where appropriate, management applies valuation adjustments
to\u00a0the\u00a0pricing information derived from the above sources. These adjustments reflect management\u2019s assessment
of factors that market participants would consider in setting a price, to the extent that these factors have not
already been included in the information from the above sources. The main valuation adjustments required
to\u00a0arrive at a fair value are as follows:
\u2022 Bid-ask adjustments. If the model calculates a mid-market price, it is adjusted to take into account the relevant
bid-offer spread.
\u2022 Credit and debit valuation adjustments. In addition to credit valuation for loans measured at fair value through
profit or loss, credit valuation adjustments and debit valuation adjustments are incorporated into derivative
valuations to reflect the impact on fair value of counterparty credit risk and how counterparties consider
ABN\u00a0AMRO\u2019s creditworthiness respectively.
\u2022 Liquidity adjustments. ABN AMRO uses different techniques to determine the price or input parameters
of\u00a0the\u00a0pricing model dependent on the liquidity in the market.
\u2022 Funding valuation adjustment. The funding valuation adjustment incorporates the incremental cost of funding
into the valuation of uncollateralised and partially collateralised derivatives.
\u2022 Own credit adjustment. An own credit risk adjustment is applied to financial liabilities where it is believed that
counterparties will consider ABN AMRO\u2019s creditworthiness when pricing such instruments.
\u2022 Model valuation adjustments for any known limitations. Management assesses the appropriateness of any
model used on an ongoing basis. To the extent that the price provided by internal models does not represent
the fair value of the instrument, for instance in highly stressed market conditions, management makes
adjustments to the model valuation to calibrate to other available pricing sources.
We believe our estimates of the fair value are adequate. However, the use of different models or assumptions
could result in changes to our reported results.
22\u00a0 Fair value of financial instruments not carried at fair value
Accounting policy for fair value of financial instruments not carried at fair value
The categorisation and valuation of financial instruments not carried at fair value is determined in accordance
with the accounting policies set out in Note 19 - Fair value of financial instruments carried at fair value.
27\u00a0 Due to banks
Accounting policy for due to banks and due to customers
Amounts due to banks and customers are held at amortised cost. That is, at fair value upon initial recognition,
adjusted for repayment and amortisation of coupon, fees and expenses to represent the effective interest rate
of\u00a0the instrument.
28\u00a0 Due to customers
Accounting policy for due to customers
The accounting policy for amounts due to customers is set out in Note 27 - Due to banks .
29\u00a0 Issued debt and subordinated liabilities
Accounting policy for issued debt and subordinated liabilities
Issued debt securities and subordinated liabilities are recorded at amortised cost using the effective interest rate
method. Hybrid or structured financial liabilities are irrevocably designated upon initial recognition to be
measured at fair value through profit or loss. The latter is applied when the instruments are held to reduce
an\u00a0accounting mismatch, are managed on the basis of their fair value or include terms that qualify as
an\u00a0embedded derivative that cannot be separated.
ABN AMRO applies IAS 32 Financial Instruments: Presentation to determine whether funding is a financial
liability or equity. Issued financial instruments or their components are classified as financial liabilities where
the\u00a0substance of the contractual arrangement results in ABN AMRO having a present obligation to deliver either
cash or another financial asset or to satisfy the obligation other than by the exchange of a fixed number of equity
shares.
Issued liabilities qualify as subordinated debt if claims by the holders are subordinated to all other current and
future liabilities of ABN AMRO and its subsidiaries.
The valuation of liabilities measured at fair value includes the effect of changes in the bank\u2019s own credit spreads.
The change in fair value applies to those financial liabilities designated at fair value where own value credit risk
would be considered by market participants. The cumulative amount of changes in fair value attributable
to\u00a0credit risk of issued debt is presented as liability own credit risk reserve in equity. Exchange-traded own debt
measured at fair value through profit or loss is valued at market prices.
Fair value changes are calculated based on a yield curve generated from observed external pricing for funding
and quoted CDS spreads
35\u00a0 Commitments and contingent liabilities
Financial guarantee contracts
A financial guarantee contract requires the issuer to make specified payments to reimburse the holder for a loss
it incurs if a specified debtor fails to make payment when due under the original or modified terms of a debt
instrument. Initial recognition of financial guarantee contracts is at their fair value. Subsequent measurement is
at the higher of the amount of the expected credit loss and the amount initially recognised, less \u2013 when
appropriate \u2013 the cumulative amount of income recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-386": { "value": "
1\u00a0 \u00a0 Accounting policies
Material accounting policies
Financial assets and liabilities
Classification and measurement of financial assets
ABN AMRO classifies financial assets based on the business model in which they are held in accordance with IFRS\u00a09.
The business model is determined at portfolio level. Portfolios are based on how ABN AMRO manages financial assets
in order to achieve a particular business objective. The business model assessment is based on the level of sales, risk
management, performance evaluation and management compensation. Derecognition is used as a condition
to\u00a0determine whether a transaction results in a sale.
Three business models are distinguished:
\u2022 \u2018Hold to collect\u2019 business model, in which cash flows are primarily generated by collecting contractual cash flows
until maturity of the financial instrument. Sales can occur, as long as they are incidental, infrequent and insignificant.
The assessment of the frequency and significance of sales is determined for each underlying portfolio. Sales that
result from increases in the credit risk of the counterparty or take place close to maturity do not contradict the \u2018hold
to collect\u2019 business model.
\u2022 \u2018Hold to collect and sell\u2019 business model, in which the selling of financial assets is integral to achieving the business
objective. In this business model, sales take place more frequently and have a greater value than in a 'hold to collect'
business model.
\u2022 Other business models not meeting the criteria of the business models mentioned above, for example business
models in which financial assets are managed with the objective of generating cash flows from sales (trading book),
are measured at FVTPL.
After the business model has been determined, the contractual cash flows of financial assets are assessed.
Debt\u00a0instruments can be classified at amortised cost or FVOCI only when the contractual cash flows are solely
payments of\u00a0principal and interest (SPPI). Contractual cash flows that are SPPI are consistent with a basic lending
arrangement in\u00a0which consideration for the time value of money and credit risk are typically the most significant
interest elements. Debt instruments that do not meet the SPPI requirements are mandatorily measured at FVTPL.
Financial\u00a0assets are assessed in their entirety, including any embedded derivatives that are not separated from the host
contract.
Based on the business model determined and the SPPI assessment, the following measurement categories are
identified under IFRS 9:
\u2022 Amortised cost \u2013 Financial instruments measured at amortised cost are debt instruments within a \u2018hold to collect\u2019
business model with fixed or determinable payments which meet the SPPI criteria. These instruments are initially
measured at fair value (including transaction costs) and subsequently measured at amortised cost using the effective
interest rate method. Financial instruments measured at amortised cost are presented net of credit loss allowances
in the statement of financial position.
\u2022 FVTPL \u2013 Financial instruments measured at FVTPL include instruments held for trading, derivatives, equity
instruments for which the FVOCI option has not been elected and instruments whose cash flows do not meet
the\u00a0SPPI requirements. Changes in the fair value of these instruments are directly recognised in the income
statement.
\u2022 FVOCI \u2013 Financial instruments measured at FVOCI are debt instruments which are held in a \u2018hold to collect and sell\u2019
business model and which meet the SPPI criteria. They are initially measured at fair value, with subsequent
unrealised changes recognised in other comprehensive income. Equity instruments for which the fair value option is
elected are also measured at FVOCI.
Reclassifications of financial assets are expected to be very infrequent and occur only when ABN AMRO changes its
business model for a certain portfolio of financial assets.
Measuring allowances for expected credit losses
ABN AMRO recognises loss allowances based on the Expected Credit Loss model (ECL) of IFRS 9, which is designed to
be forward-looking. The amount of ECL is based on the probability-weighted present value of all expected cash
shortfalls over the remaining life of the financial instrument for both on- and off-balance sheet exposures. ABN AMRO
distinguishes between two types of calculation methods for credit loss allowances:
\u2022 Individual Lifetime ECL (LECL) for credit impaired (stage 3) financial instruments with exposures above
EUR\u00a05\u00a0million;
\u2022 Collective 12-month ECL (stage 1) and LECL (stage 2 and 3) for financial instruments that have similar credit risk
characteristics (e.g. residential mortgages, consumer loans and SME loans); these are clustered in portfolios and
collectively assessed for impairment losses. A collective impairment calculation approach based on individual
parameters is also applied to stage 3 exposures below EUR 5 million. ABN AMRO has models to quantify the
Probability of Loss (PL), Loss Given Loss (LGL) and Exposure at Loss (EAL) for the purpose of calculating the collective
12-month ECL and LECL for these financial instruments.
The IFRS 9 impairment requirements are applicable to financial assets measured at amortised cost or fair value
through other comprehensive income (FVOCI), loan commitments, lease receivables and contract assets and financial
guarantee contracts. At each reporting date, these financial instruments are classified into one of three risk stages,
depending on current credit quality, or as purchased or originated credit impaired (POCI).
POCI assets, which are credit impaired at initial recognition, are accounted for at fair value (i.e. net of the initial lifetime
ECLs) and do not carry an impairment allowance. Instead, a credit-adjusted effective interest rate (EIR), which is
calculated using expected cash flows including initial lifetime ECLs, is applied to the amortised cost. Subsequently, the
cumulative changes in lifetime ECLs since initial recognition, which are discounted at the credit-adjusted effective
interest rate, are recognised in the profit or loss statement as an impairment gain or loss, and presented under
impairment charges on financial instruments. Once a financial asset is classified as POCI, it retains that classification
until it is derecognised.
Risk staging
We use quantitative and qualitative stage triggers to determine whether a financial instrument should be classified as
stage 1 or stage 2. A transfer to stage 3 will always be the result of the default of a financial instrument.
Quantitative stage triggers
The key quantitative metric that determines when a financial instrument is transferred from stage 1 to stage 2 is the
deterioration in the lifetime probability of default (LPD) from the date of origination to the reporting date, based on
internal data. The LPD represents the likelihood that a counterparty will default during the lifetime of the financial
instrument and depends on credit risk drivers such as:
\u2022 product characteristics (e.g. repayment and interest terms, term of the product);
\u2022 the financial condition of the borrower;
\u2022 the number of days past due;
\u2022 expected developments in the economy.
The lifetime PD deterioration (LPDD) measures the relative difference between the remaining lifetime PD at reporting
(LPDR) and the remaining lifetime PD at origination (LPDO) as LPDD = LPDR/LPDO. If the LPD deterioration of an
exposure is above a predefined threshold, the LPD is considered to be significantly deteriorated. The exposure is then
transferred to stage 2 and impairment allowances equal to the lifetime expected credit loss are recognised. If the LPD
deterioration subsequently reduces and falls below the threshold, the balance is transferred back to stage 1. When
determining the thresholds, ABN AMRO distinguishes between various portfolios within consumer lending, residential
mortgages and corporate loans. A specific threshold is calculated for each portfolio, based on a statistical method.
Qualitative stage triggers
The bank transfers a financial instrument from stage 1 to stage 2 if the instrument meets any of the following
qualitative triggers:
\u2022 Forborne status of a borrower;
\u2022 Watch status of a borrower. ABN AMRO assigns the watch status to counterparties with an increased credit risk. This
process comprises intensive monitoring, early detection of deterioration in the credit portfolio and appropriate
follow up measures;
\u2022 A delinquency-based regulatory backstop is in place, such that the credit risk of financial assets that are more than
30\u00a0days past due will be assumed to have significantly increased.
Reclassification to stage 1
As a general rule, favourable changes in credit risk are recognised consistently with unfavourable changes, and a
financial instrument is transferred back to stage 1 if quantitative or qualitative triggers are no longer met. In some
cases, a probation period applies:
\u2022 Forborne financial instruments are transferred back from stage 2 to stage 1 only after a probation period of at least
two years has ended, in line with the ABN AMRO forbearance policy. Stage 3 forborne instruments transfer back to
stage 2 after a cure period of at least one year;
\u2022 For financial instruments that are 30 days past due, a three-month probation period is applied for transfers from
stage\u00a02 to stage\u00a01.
Classification in stage 3
A transfer to stage 3 will always be the result of the default of a financial instrument. The definition of default for
IFRS\u00a09 is aligned with the regulatory capital definition. A default is deemed to have occurred when:
\u2022 the counterparty is past due by more than 90 days on any material financial credit obligation to the bank; or
\u2022 the bank considers the borrower to be unlikely to meet its contractual obligations (unlikely to pay, or UTP).
The materiality of a financial obligation past due is assessed against an absolute and a relative threshold, in line with
regulatory standards. To determine unlikeliness to pay, the bank has specified mandatory default triggers (always
resulting in the assignment of a default status, whereby no additional expert judgement is allowed) and judgemental
triggers (requiring an assessment by credit risk managers to determine whether the UTP indications should result in a
default classification).
The mandatory triggers include the reporting of a forborne exposure under probation as non-performing for being
30\u00a0days past due or owing to an additional forbearance measure being applied. As a result, the definitions of non-
performing and default are materially aligned.
Reclassification to stage 2
The default classification for non-forborne exposures ends when the default triggers no longer apply and a probation
or cure period of at least three months has passed since the default trigger was last applied. For forborne exposures, a
twelve-month cure period starts from the moment the last forbearance measure or default trigger was applied. After
the cure period, an assessment is performed to establish whether the improvement in the credit quality is factual and
permanent (including, for example, no remaining past due amounts).
Lifetime expected credit loss
ABN AMRO defines the lifetime of credit as the maximum contractual period during which the bank is exposed to
credit risk; we do not apply a longer period, even if that longer period is consistent with business practice. For some
contracts, such as overdraft facilities or credit cards, no end date is specified or amounts can be contractually
withdrawn by the lender at short notice. In these cases, ABN AMRO uses behavioural maturity models that rely on
historical client behaviour to determine future expected exposures.
Forward-looking information
For expected credit loss calculations, ABN AMRO uses three different scenarios of future economic developments: a
baseline (or most likely) scenario, a negative scenario and a positive scenario. The three scenarios are incorporated into
the expected credit loss calculation and risk stage determination in a probability-weighted manner. In order to
incorporate the latest economic outlook, the scenarios and their weights are reviewed each quarter and adjusted if
necessary. Details of the scenarios and their weights used in the reporting period can be found in the Credit risk review
section. The baseline scenario entails our Group Economics analysts\u2019 current macroeconomic base scenario, which
usually covers the current year and subsequent year. For the purpose of scenario analysis under IFRS 9, this baseline is
extended by three or four additional calendar years, after which it is assumed that macroeconomic variables (MEVs)
gradually move to their potential or equilibrium values. At least once every quarter, Group Economics compares its
forecasts with those of institutions like the Netherlands Bureau for Economic Policy Analysis (CPB), the Dutch central
bank (DNB), ECB, IMF or OECD in order to determine possible differences and to analyse whether it can underpin
them. This external benchmarking exercise is a standard input to the Scenario Booklet that is presented to the bank\u2019s
Scenario and Stress Testing Committee for approval. Group Economics also develops a negative and a positive
scenario. These scenarios are designed to give an impression of the bandwidth within which the economy, interest and
FX rates, and other relevant variables are likely to move in the next four to five years, with a probability of around\u00a085%
(roughly corresponding to a standard deviation of plus and minus one and a half). Hence, these scenarios produce
upper and lower boundaries, with a resulting bandwidth between the outcomes of the negative (\u2018bad weather\u2019 in
terms of financial results of the bank) and positive (\u2018good weather\u2019) scenarios. To determine these boundaries, Group
Economics may look at historical developments, medium-term (non-baseline) scenarios made by the above
institutions and other relevant developments.
Management overlays and other adjustments
Where necessary to reflect credit risk dynamics not captured by our models, management judgement is applied via a
management overlay or other IFRS 9 adjustment. A management overlay is a temporary adjustment in a loss
allowance until a long-term solution (e.g. model adjustment) is effective, and must be an amount commensurate to
the model limitation. All overlays require a decision by the Impairment and Provision Committee (IPC). The main types
of management overlays that ABN AMRO distinguishes are: post-model adjustments (adjustments to model
outcomes), adjustments in the weightings of macroeconomic scenarios and stage overrides. Other adjustments such
as adjustments to model parameters or input data are not considered management overlays, but follow the same
internal approval process.
Cured financial assets
When a credit impaired financial asset cures, the interest that was previously unrecognised is reported as an
impairment release in the impairment charge rather than as a credit to the interest income calculated using the
effective interest method.
Write-off
Under IFRS 9, \u2018write-off\u2019 refers to the process of recognising that a financial asset, or a portion of it, is uncollectible and
should be removed from an entity\u2019s balance sheet. This typically happens when there is no reasonable expectation of
recovering the asset, indicating that the entity has exhausted all practical recovery efforts.
\u2022 For non-programme lending, a loan must be written off if all possible means of recovery have been exhausted and it
has become clear that there is a low probability of recovering the debt, either in part or full.
\u2022 Most of the programme lending facilities are automatically written off after 1,080 days in default.
Such loans are written off after all the necessary procedures have been completed and the amount of the loss has
been determined. Subsequent recoveries of amounts previously written off are credited to impairment charges on
financial instruments in the income statement.
Credit enhancements
Financial guarantees held are included in the ECL calculations of a financial asset when they are an integral element of
the contractual terms of the financial asset. Financial guarantees that do not form an integral element of the
contractual terms of a financial asset are accounted for as a separate asset.
Classification of assets and liabilities held for trading
A financial asset or financial liability is classified as 'held for trading' if it is:
\u2022 acquired or incurred principally for the purpose of selling or repurchasing it in the near term
\u2022 part of a portfolio of identified financial instruments that are managed together and for which there is evidence
of\u00a0a\u00a0recent actual pattern of short-term profit making, or
\u2022 a trading derivative (except for a derivative that is a designated and effective hedging instrument).
Recognition and derecognition
Traded instruments are recognised on the trade date, which is defined as the date on which ABN AMRO commits
to\u00a0purchase or sell the underlying instrument. If the settlement terms are non-standard, the commitment is accounted
for as a derivative between the trade and settlement dates. Loans and advances are recognised when they are
acquired or funded by ABN AMRO and derecognised when settled. Issued debt is recognised when issued, and
deposits are recognised when the cash is deposited with ABN AMRO. Other financial assets and liabilities, including
derivatives, are recognised when ABN AMRO becomes a party to the contractual provisions of the asset or liability.
Financial assets are derecognised when ABN AMRO loses control and the ability to obtain benefits from
the\u00a0contractual rights that comprise that asset. This occurs when the rights are realised or expire, or when substantially
all risks and rewards are transferred. Financial assets are also derecognised if the bank has neither transferred nor
retained substantially all risks and rewards of ownership, but control has passed to the transferee. Financial assets
continue to be recognised in the balance sheet, and a liability recognised for the proceeds of any related funding
transaction, unless a fully proportional share of all or specifically identified cash flows are transferred to the lender
without material delay and the lender\u2019s claim is limited to those cash flows, and substantially all the risks, rewards and
control associated with the financial instruments, that have been transferred, in which case that proportion of the asset
is derecognised.
When the terms and conditions of a financial asset have been renegotiated or otherwise modified to the extent that,
substantially, it becomes a new financial asset, ABN AMRO derecognises the financial asset, with the difference
recognised in the income statement, to the extent that an impairment loss has not already been recorded. The newly
recognised financial asset is classified as stage 1 for ECL measurement purposes. ABN AMRO assesses, in both
qualitative and quantitative terms, whether such modifications are substantial. Generally, a 10% change in the net
present value of the cash flows between the initial and new contract results in a derecognition. With regard
to\u00a0substantial modifications, e.g. due to forbearance measures, the derecognition gains or losses are recognised in net
gains/(losses) on derecognition of financial assets measured at amortised cost and disclosed separately, if material.
If the modification of the financial asset does not result in derecognition, the gross carrying amount of the financial
asset is recalculated, based on the net present value of the new contractual cash flows, and discounted at the financial
asset\u2019s original effective interest rate. The effect is recognised and disclosed as a modification gain or loss
in\u00a0the\u00a0income statement. Credit related modification gains or losses (i.e. due to forbearance measures) are recognised
in the income statement and presented under impairment charges on financial instruments. Non-credit related
modification gains or losses are recognised in the income statement and presented under interest income calculated
using the effective interest method.
Offsetting financial assets and liabilities
Financial assets and liabilities are offset, and the net amount is reported on the statement of financial position, if there
is a legally enforceable right to offset the recognised amounts and there is an intention either to settle on a net basis or
to realise the asset and settle the liability simultaneously. The bank applies netting to debtor and creditor balances
such as current accounts where offsetting is justified by formal agreement with the client, provided the balances meet
the applicable criteria.
Enforceable master netting arrangements are agreements in which the bank has a legally enforceable right to offset in
the event of default, but no ability and/or intention to realise the asset and settle the liability simultaneously in the
normal course of business. As a result, the criteria to offset are not met. These arrangements include derivative
clearing agreements, global master repurchase agreements and global master securities lending agreements.
8\u00a0 \u00a0 Net gains/(losses) on derecognition of financial assets measured at amortised cost
Accounting policy derecognition of financial assets
The net gains/(losses) on derecognition of financial assets measured at amortised cost includes gains and losses
recognised on the sale or derecognition of these financial assets, calculated as the difference between the
carrying amount (which is the amortised cost adjusted for the loss allowance) and the proceeds received.
The net losses on derecognition of financial assets measured at amortised cost comprise EUR\u00a017\u00a0million in gains and
EUR\u00a045\u00a0million in losses, and relate to several smaller portfolio sales.
13\u00a0 Cash and balances at central banks
Accounting policy for cash and balances at central banks
Cash and balances at central banks are held at amortised cost. This item includes cash on hand and available
demand deposits with central banks in countries in which the bank has a presence. Mandatory reserve deposits
are disclosed in Note 20 - Loans and advances banks.
14\u00a0 Financial assets and liabilities held for trading
Accounting policy for financial assets and liabilities held for trading
In accordance with IFRS 9, all assets and liabilities held for trading are measured at fair value through profit or
loss, with gains and losses in the changes of the fair value taken to net trading income in the income statement.
15\u00a0 Derivatives
Accounting policy for derivatives
A derivative is a financial instrument or other contract within the scope of IFRS 9 with all three of the following
characteristics:
\u2022 its value changes in response to the change in a specified interest rate, financial instrument price, commodity
price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided
in\u00a0the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes
called the \u2018underlying\u2019)
\u2022 it requires no initial net investment or an initial net investment that is smaller than would be required for other
types of contracts that would be expected to have a similar response to changes in market factors
\u2022 it is settled at a future date
Derivatives are recorded at fair value.
Derivative assets and liabilities subject to master netting arrangements are presented net only when they satisfy
the eligibility requirements for netting under IAS 32. ABN AMRO did not have any netted derivative positions
in\u00a0the statement of financial position in either 2025 or 2024.
17\u00a0 Financial investments
Accounting policy for financial investments
Financial investments include financial instruments measured at fair value through other comprehensive income
(FVOCI) and financial instruments measured at fair value through profit or loss (FVTPL).
Accounting policy for financial instruments measured at fair value through other
comprehensive income
Unrealised gains and losses on FVOCI assets are recognised directly in other comprehensive income, net
of\u00a0applicable taxes. Interest earned, premiums, discounts and qualifying transaction costs of interest-earning
FVOCI assets are amortised to income on an effective interest rate basis. When FVOCI debt instruments are sold,
the cumulative gain or loss recognised in other comprehensive income is transferred to other operating income
in\u00a0the income statement. The impairment loss resulting from the ECL on FVOCI debt instruments is recognised
in\u00a0the impairment charges on financial instruments in the income statement. The related loss allowance is
recognised in other comprehensive income and does not reduce the carrying amount of the FVOCI debt
instruments. ABN\u00a0AMRO\u2019s impairment assessment and measurement approach for FVOCI debt instruments is set
out in the Credit risk management section of the Risk, funding & capital management chapter and Note 1
Accounting Policies. Fair value changes in equity instruments that are irrevocably designated as FVOCI upon initial
recognition are recognised in other comprehensive income and not subsequently reclassified to the income
statement.
Accounting policy for financial instruments measured at fair value through profit and loss
Financial investments can be designated at FVTPL if doing so eliminates or significantly reduces a measurement
or recognition inconsistency (an accounting mismatch). ABN AMRO also has financial instruments that are
mandatorily measured at fair value because they do not meet the SPPI test.
18\u00a0 Securities financing
Accounting policy for securities financing
Securities financing is measured at amortised cost. Securities financing consists of securities borrowing and
lending and sale and repurchase transactions. Securities borrowing and securities lending transactions are
generally entered into on a collateralised basis, with securities usually advanced or received as collateral.
The\u00a0transfer of the securities themselves is not reflected in the statement of financial position unless the risks
and rewards of ownership are also transferred. If cash is advanced or received, securities borrowing and lending
activities are recorded at the amount of cash advanced (included in loans and advances) or received (due
to\u00a0banks or customers). The market value of the securities borrowed or lent is monitored on a daily basis, and
the\u00a0collateral levels are adjusted in accordance with the underlying transactions. Fees and interest received or
paid are recognised on an effective interest rate basis and recorded as interest income or interest expense.
Sale and repurchase transactions involve purchases (or sales) of investments with agreements to resell (or
repurchase) substantially identical investments at a certain date in the future at a fixed price. Investments
purchased subject to commitments to resell them at future dates are not recognised. The amounts paid are
recognised in loans and advances to either banks or customers and are shown as collateralised by
the\u00a0underlying security.
Investments sold under repurchase agreements continue to be recognised in the statement of financial position.
Proceeds from the sale of the investments are reported as liabilities to either banks or customers. The difference
between the sale and repurchase price is recognised over the period of the transaction and recorded as interest
income or interest expense, using the effective interest rate method. If borrowed securities are sold to third
parties, the proceeds from the sale and a liability for the obligation to return the collateral are recorded at fair
value.
19\u00a0 Fair value of financial instruments carried at fair value
Accounting policy for fair value of financial instruments
The fair value is defined as the price that would be received when selling an asset or paid when transferring
a\u00a0liability in an orderly transaction between market participants at the measurement date.
For financial instruments that are actively traded and for which quoted market prices or market parameters are
readily available, the fair value is determined in a highly objective manner. However, when observable market
prices and parameters do not exist, management judgement is necessary to estimate fair value.
For financial instruments where no active liquid market exists, or quoted prices are unobtainable, recent market
transactions are used or the fair value is estimated using a variety of valuation techniques \u2013 including reference
to similar instruments for which market prices do exist, or to valuation techniques such as discounted cash flow
models or option pricing models (e.g. Black Scholes).
When portfolios of financial assets and liabilities are measured on the basis of the net exposure to the credit risk
of a particular counterparty, any existing arrangements that mitigate the credit risk exposure (e.g. master netting
agreements with the counterparty) are taken into account.
Unobservable inputs are estimated using a combination of management judgement, historical data, market
practice and benchmarking to other relevant observable market data. The difference between the transaction
price and the internal valuation at inception, calculated using a model, is reserved and amortised to profit or loss
at appropriate points over the life of the instrument, typically taking account of the ability to obtain reliable
external data, the passage of time and the use of offsetting transactions. Where inputs to the valuation of a new
transaction cannot be reliably determined, the transaction is initially recognised at its transaction price.
Subsequent changes in fair value as calculated by the valuation model are reported as profit or loss or in equity.
In order to determine a reliable fair value, where appropriate, management applies valuation adjustments
to\u00a0the\u00a0pricing information derived from the above sources. These adjustments reflect management\u2019s assessment
of factors that market participants would consider in setting a price, to the extent that these factors have not
already been included in the information from the above sources. The main valuation adjustments required
to\u00a0arrive at a fair value are as follows:
\u2022 Bid-ask adjustments. If the model calculates a mid-market price, it is adjusted to take into account the relevant
bid-offer spread.
\u2022 Credit and debit valuation adjustments. In addition to credit valuation for loans measured at fair value through
profit or loss, credit valuation adjustments and debit valuation adjustments are incorporated into derivative
valuations to reflect the impact on fair value of counterparty credit risk and how counterparties consider
ABN\u00a0AMRO\u2019s creditworthiness respectively.
\u2022 Liquidity adjustments. ABN AMRO uses different techniques to determine the price or input parameters
of\u00a0the\u00a0pricing model dependent on the liquidity in the market.
\u2022 Funding valuation adjustment. The funding valuation adjustment incorporates the incremental cost of funding
into the valuation of uncollateralised and partially collateralised derivatives.
\u2022 Own credit adjustment. An own credit risk adjustment is applied to financial liabilities where it is believed that
counterparties will consider ABN AMRO\u2019s creditworthiness when pricing such instruments.
\u2022 Model valuation adjustments for any known limitations. Management assesses the appropriateness of any
model used on an ongoing basis. To the extent that the price provided by internal models does not represent
the fair value of the instrument, for instance in highly stressed market conditions, management makes
adjustments to the model valuation to calibrate to other available pricing sources.
We believe our estimates of the fair value are adequate. However, the use of different models or assumptions
could result in changes to our reported results.
20\u00a0 Loans and advances banks
Accounting policy for loans and advances banks and customers
Loans and advances banks, and loans and advances customers, are held in a \u2018hold to collect\u2019 business model.
Loans and advances for which the contractual cash flows are solely payments of principal and interest (SPPI) are
measured at amortised cost, i.e. fair value at initial recognition, adjusted for repayment and amortisation
of\u00a0coupon, fees and expenses to represent the effective interest rate of the asset. Loans and advances that do
not pass the SPPI test are measured at fair value through profit or loss. Please refer to Note 1 Accounting policies
in the Consolidated Annual Financial Statements.
21\u00a0 Loans and advances customers
Accounting policy for loans and advances customers
The accounting policy for loans and advances customers is included in Note 20 - Loans and advances banks.
Please refer to Note 1 - Accounting policies in the Consolidated Annual Financial Statements.
22\u00a0 Fair value of financial instruments not carried at fair value
Accounting policy for fair value of financial instruments not carried at fair value
The categorisation and valuation of financial instruments not carried at fair value is determined in accordance
with the accounting policies set out in Note 19 - Fair value of financial instruments carried at fair value.
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1\u00a0 \u00a0 Accounting policies
Material accounting policies
Basis of consolidation
The Consolidated Annual Financial Statements of ABN AMRO Bank N.V. include the financial statements of the parent
company and the entities it controls, thus incorporating the assets, liabilities, revenues and expenses of
ABN\u00a0AMRO\u00a0Bank N.V. and its subsidiaries. Non-controlling interests (held by third parties) in the equity and results
of\u00a0group companies are presented separately in the Consolidated Annual Financial Statements.
Subsidiaries are included using the same reporting period and consistent accounting policies. Intercompany balances
and transactions, as well as any related unrealised gains and losses, are eliminated in preparing the
Consolidated\u00a0Financial\u00a0Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-384": { "value": "
1\u00a0 \u00a0 Accounting policies
Basis of preparation
The Consolidated Annual Financial Statements have been prepared on a historical cost basis, except for certain items that
are measured at fair value. Derivative financial instruments, financial assets and liabilities held for trading or designated
as measured at fair value through profit or loss, financial instruments not held in a 'hold to collect' business model, debt
instruments that do not meet the solely payments of principal and interest (SPPI) test, and equity investments
in\u00a0associates or joint ventures for which the venture capital exemption is applied, are measured at fair value through
profit or loss. Certain interest-earning financial investments are valued at fair value through other comprehensive income
(FVOCI). As these instruments do not meet the requirements regarding frequency of sales, they are not classified
in\u00a0a\u00a0'hold to collect' business model. The carrying values of recognised assets and liabilities included in fair value hedges
and otherwise carried at amortised cost are adjusted to record changes in fair value attributable to the risks that are
being hedged. Associates and joint ventures are accounted for using the equity method.
The Annual Financial Statements are presented in euros, which is the presentation currency of ABN AMRO, rounded
to\u00a0the nearest million (unless otherwise stated).
The financial statements are prepared on a going concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-383": { "value": "
1\u00a0 \u00a0 Accounting policies
Material accounting policies
Financial assets and liabilities
Statement of cash flows
For the purposes of the statement of cash flows, cash and cash equivalents comprise cash in hand, freely available
balances with central banks and other banks, and net balances on current accounts with other banks with a maturity
of\u00a0less than three months from the date of acquisition. The statement of cash flows, based on the indirect method
of\u00a0calculating operating cash flows, gives details of the source of cash and cash equivalents which became available
during the year and the application of these cash and cash equivalents over the course of the year. The cash flows are
categorised into cash flows from operations, including banking activities, investment activities and financing activities.
Movements in loans and advances and interbank deposits are included in the cash flow from operating activities.
Investment activities are comprised of acquisitions, sales and redemptions in respect of financial investments, as well
as investments in, and sales of, subsidiaries and associates, property and equipment. The issuing of shares and
the\u00a0borrowing and repayment of long-term funds are treated as financing activities. Cash flows arising from foreign
currency transactions are translated into euros using the exchange rates at the date of the cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-382": { "value": "
1\u00a0 \u00a0 Accounting policies
Corporate information
ABN AMRO Bank N.V. (referred to as ABN AMRO Bank, ABN AMRO, the bank or the parent company) and its consolidated
entities provide financial services in the Netherlands and abroad (together referred to as the group). ABN\u00a0AMRO Bank is
a\u00a0public limited liability company, incorporated under Dutch law on 9 April 2009 in the Netherlands, and registered at
Gustav Mahlerlaan 10, 1082 PP Amsterdam, the Netherlands (Chamber of Commerce number 34334259).
At 31\u00a0December 2025, all shares in the capital of ABN AMRO Bank N.V. were held by two foundations: NLFI and
STAK\u00a0AAB. NLFI was holding 27.5% in ABN AMRO Bank N.V., of which 25.2% were held directly via ordinary shares
and 2.3% were held indirectly via depositary receipts for shares in ABN AMRO Bank N.V. STAK AAB was holding 72.5%
of the shares in the issued capital of ABN AMRO Bank N.V. Both foundations have issued depositary receipts for shares
in ABN\u00a0AMRO Bank N.V. Only STAK AAB\u2019s depositary receipts are issued with the cooperation of ABN AMRO Bank N.V.
and traded on Euronext Amsterdam.
ABN AMRO provides a broad range of financial services to retail, private and corporate banking clients. These activities
are conducted primarily in the Netherlands and selectively abroad.
The Consolidated Annual Financial Statements of ABN AMRO Bank for the year ended 31\u00a0December 2025 incorporate
financial information of ABN AMRO Bank N.V., as well as that of the bank's controlled entities, interests in associates
and joint ventures. The Annual Financial Statements were prepared by the Executive Board and authorised for issue by
the Supervisory Board and Executive Board on 10 March 2026.
Basis of preparation
The Consolidated Annual Financial Statements have been prepared on a historical cost basis, except for certain items that
are measured at fair value. Derivative financial instruments, financial assets and liabilities held for trading or designated
as measured at fair value through profit or loss, financial instruments not held in a 'hold to collect' business model, debt
instruments that do not meet the solely payments of principal and interest (SPPI) test, and equity investments
in\u00a0associates or joint ventures for which the venture capital exemption is applied, are measured at fair value through
profit or loss. Certain interest-earning financial investments are valued at fair value through other comprehensive income
(FVOCI). As these instruments do not meet the requirements regarding frequency of sales, they are not classified
in\u00a0a\u00a0'hold to collect' business model. The carrying values of recognised assets and liabilities included in fair value hedges
and otherwise carried at amortised cost are adjusted to record changes in fair value attributable to the risks that are
being hedged. Associates and joint ventures are accounted for using the equity method.
The Annual Financial Statements are presented in euros, which is the presentation currency of ABN AMRO, rounded
to\u00a0the nearest million (unless otherwise stated).
The financial statements are prepared on a going concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-381": { "value": "
1\u00a0 \u00a0 Accounting policies
Statement of compliance
The Consolidated Annual Financial Statements have been prepared in accordance with International Financial
Reporting Standards (IFRS), as endorsed by the European Union (EU). They also comply with the financial reporting
requirements set out in Title 9 of Book 2 of the Dutch\u00a0Civil\u00a0Code, where applicable.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-380": { "value": "
1\u00a0 \u00a0 Accounting policies
Material accounting policies
Foreign currency
ABN AMRO applies IAS 21 The Effects of Changes in Foreign Exchange Rates. Transactions in foreign currencies are
translated into euros at the rate prevailing on the transaction date. Foreign currency balances of monetary items are
translated into euros at period-end exchange rates. Exchange gains and losses on such balances are recognised
in\u00a0the\u00a0income statement.
The Consolidated Annual Financial Statements are stated in euros, which is the presentation and functional currency
of\u00a0ABN AMRO. The bank\u2019s foreign operations may have different functional currencies. The functional currency is
the\u00a0currency that best reflects the economic substance of the underlying event and circumstances relevant to that
entity. Prior to consolidation (or equity accounting), the assets and liabilities of non-euro operations are translated into
euros at the closing rate, and items in the income statement and other comprehensive income are translated at
the\u00a0rate prevailing on the transaction dates. Exchange differences arising on the translation of foreign operations are
included in the currency translation reserve within equity. These amounts are transferred to the income statement
when the bank loses control, joint control or significant influence over the foreign operation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-379": { "value": "
1\u00a0 \u00a0 Accounting policies
Basis of preparation
The financial statements are prepared on a going concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-378": { "value": "
1\u00a0 \u00a0 Accounting policies
Material accounting policies
Financial assets and liabilities
Statement of cash flows
For the purposes of the statement of cash flows, cash and cash equivalents comprise cash in hand, freely available
balances with central banks and other banks, and net balances on current accounts with other banks with a maturity
of\u00a0less than three months from the date of acquisition. The statement of cash flows, based on the indirect method
of\u00a0calculating operating cash flows, gives details of the source of cash and cash equivalents which became available
during the year and the application of these cash and cash equivalents over the course of the year. The cash flows are
categorised into cash flows from operations, including banking activities, investment activities and financing activities.
Movements in loans and advances and interbank deposits are included in the cash flow from operating activities.
Investment activities are comprised of acquisitions, sales and redemptions in respect of financial investments, as well
as investments in, and sales of, subsidiaries and associates, property and equipment. The issuing of shares and
the\u00a0borrowing and repayment of long-term funds are treated as financing activities. Cash flows arising from foreign
currency transactions are translated into euros using the exchange rates at the date of the cash flows.
13\u00a0 Cash and balances at central banks
Accounting policy for cash and balances at central banks
Cash and balances at central banks are held at amortised cost. This item includes cash on hand and available
demand deposits with central banks in countries in which the bank has a presence. Mandatory reserve deposits
are disclosed in Note 20 - Loans and advances banks.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-377": { "value": "
1\u00a0 \u00a0 Accounting policies
Material accounting policies
Financial assets and liabilities
Government grants
Government grants are recognised in the income statement on a systematic basis over the periods that the related
expenses, which the grants are intended to compensate, are recognised. In the case of an income-related grant,
the\u00a0grant is deducted from the related expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-376": { "value": "
1\u00a0 \u00a0 Accounting policies
Financial assets and liabilities
Measuring allowances for expected credit losses
ABN AMRO recognises loss allowances based on the Expected Credit Loss model (ECL) of IFRS 9, which is designed to
be forward-looking. The amount of ECL is based on the probability-weighted present value of all expected cash
shortfalls over the remaining life of the financial instrument for both on- and off-balance sheet exposures. ABN AMRO
distinguishes between two types of calculation methods for credit loss allowances:
\u2022 Individual Lifetime ECL (LECL) for credit impaired (stage 3) financial instruments with exposures above
EUR\u00a05\u00a0million;
\u2022 Collective 12-month ECL (stage 1) and LECL (stage 2 and 3) for financial instruments that have similar credit risk
characteristics (e.g. residential mortgages, consumer loans and SME loans); these are clustered in portfolios and
collectively assessed for impairment losses. A collective impairment calculation approach based on individual
parameters is also applied to stage 3 exposures below EUR 5 million. ABN AMRO has models to quantify the
Probability of Loss (PL), Loss Given Loss (LGL) and Exposure at Loss (EAL) for the purpose of calculating the collective
12-month ECL and LECL for these financial instruments.
The IFRS 9 impairment requirements are applicable to financial assets measured at amortised cost or fair value
through other comprehensive income (FVOCI), loan commitments, lease receivables and contract assets and financial
guarantee contracts. At each reporting date, these financial instruments are classified into one of three risk stages,
depending on current credit quality, or as purchased or originated credit impaired (POCI).
POCI assets, which are credit impaired at initial recognition, are accounted for at fair value (i.e. net of the initial lifetime
ECLs) and do not carry an impairment allowance. Instead, a credit-adjusted effective interest rate (EIR), which is
calculated using expected cash flows including initial lifetime ECLs, is applied to the amortised cost. Subsequently, the
cumulative changes in lifetime ECLs since initial recognition, which are discounted at the credit-adjusted effective
interest rate, are recognised in the profit or loss statement as an impairment gain or loss, and presented under
impairment charges on financial instruments. Once a financial asset is classified as POCI, it retains that classification
until it is derecognised.
Risk staging
We use quantitative and qualitative stage triggers to determine whether a financial instrument should be classified as
stage 1 or stage 2. A transfer to stage 3 will always be the result of the default of a financial instrument.
Quantitative stage triggers
The key quantitative metric that determines when a financial instrument is transferred from stage 1 to stage 2 is the
deterioration in the lifetime probability of default (LPD) from the date of origination to the reporting date, based on
internal data. The LPD represents the likelihood that a counterparty will default during the lifetime of the financial
instrument and depends on credit risk drivers such as:
\u2022 product characteristics (e.g. repayment and interest terms, term of the product);
\u2022 the financial condition of the borrower;
\u2022 the number of days past due;
\u2022 expected developments in the economy.
The lifetime PD deterioration (LPDD) measures the relative difference between the remaining lifetime PD at reporting
(LPDR) and the remaining lifetime PD at origination (LPDO) as LPDD = LPDR/LPDO. If the LPD deterioration of an
exposure is above a predefined threshold, the LPD is considered to be significantly deteriorated. The exposure is then
transferred to stage 2 and impairment allowances equal to the lifetime expected credit loss are recognised. If the LPD
deterioration subsequently reduces and falls below the threshold, the balance is transferred back to stage 1. When
determining the thresholds, ABN AMRO distinguishes between various portfolios within consumer lending, residential
mortgages and corporate loans. A specific threshold is calculated for each portfolio, based on a statistical method.
Qualitative stage triggers
The bank transfers a financial instrument from stage 1 to stage 2 if the instrument meets any of the following
qualitative triggers:
\u2022 Forborne status of a borrower;
\u2022 Watch status of a borrower. ABN AMRO assigns the watch status to counterparties with an increased credit risk. This
process comprises intensive monitoring, early detection of deterioration in the credit portfolio and appropriate
follow up measures;
\u2022 A delinquency-based regulatory backstop is in place, such that the credit risk of financial assets that are more than
30\u00a0days past due will be assumed to have significantly increased.
Reclassification to stage 1
As a general rule, favourable changes in credit risk are recognised consistently with unfavourable changes, and a
financial instrument is transferred back to stage 1 if quantitative or qualitative triggers are no longer met. In some
cases, a probation period applies:
\u2022 Forborne financial instruments are transferred back from stage 2 to stage 1 only after a probation period of at least
two years has ended, in line with the ABN AMRO forbearance policy. Stage 3 forborne instruments transfer back to
stage 2 after a cure period of at least one year;
\u2022 For financial instruments that are 30 days past due, a three-month probation period is applied for transfers from
stage\u00a02 to stage\u00a01.
Classification in stage 3
A transfer to stage 3 will always be the result of the default of a financial instrument. The definition of default for
IFRS\u00a09 is aligned with the regulatory capital definition. A default is deemed to have occurred when:
\u2022 the counterparty is past due by more than 90 days on any material financial credit obligation to the bank; or
\u2022 the bank considers the borrower to be unlikely to meet its contractual obligations (unlikely to pay, or UTP).
The materiality of a financial obligation past due is assessed against an absolute and a relative threshold, in line with
regulatory standards. To determine unlikeliness to pay, the bank has specified mandatory default triggers (always
resulting in the assignment of a default status, whereby no additional expert judgement is allowed) and judgemental
triggers (requiring an assessment by credit risk managers to determine whether the UTP indications should result in a
default classification).
The mandatory triggers include the reporting of a forborne exposure under probation as non-performing for being
30\u00a0days past due or owing to an additional forbearance measure being applied. As a result, the definitions of non-
performing and default are materially aligned.
Reclassification to stage 2
The default classification for non-forborne exposures ends when the default triggers no longer apply and a probation
or cure period of at least three months has passed since the default trigger was last applied. For forborne exposures, a
twelve-month cure period starts from the moment the last forbearance measure or default trigger was applied. After
the cure period, an assessment is performed to establish whether the improvement in the credit quality is factual and
permanent (including, for example, no remaining past due amounts).
Lifetime expected credit loss
ABN AMRO defines the lifetime of credit as the maximum contractual period during which the bank is exposed to
credit risk; we do not apply a longer period, even if that longer period is consistent with business practice. For some
contracts, such as overdraft facilities or credit cards, no end date is specified or amounts can be contractually
withdrawn by the lender at short notice. In these cases, ABN AMRO uses behavioural maturity models that rely on
historical client behaviour to determine future expected exposures.
Forward-looking information
For expected credit loss calculations, ABN AMRO uses three different scenarios of future economic developments: a
baseline (or most likely) scenario, a negative scenario and a positive scenario. The three scenarios are incorporated into
the expected credit loss calculation and risk stage determination in a probability-weighted manner. In order to
incorporate the latest economic outlook, the scenarios and their weights are reviewed each quarter and adjusted if
necessary. Details of the scenarios and their weights used in the reporting period can be found in the Credit risk review
section. The baseline scenario entails our Group Economics analysts\u2019 current macroeconomic base scenario, which
usually covers the current year and subsequent year. For the purpose of scenario analysis under IFRS 9, this baseline is
extended by three or four additional calendar years, after which it is assumed that macroeconomic variables (MEVs)
gradually move to their potential or equilibrium values. At least once every quarter, Group Economics compares its
forecasts with those of institutions like the Netherlands Bureau for Economic Policy Analysis (CPB), the Dutch central
bank (DNB), ECB, IMF or OECD in order to determine possible differences and to analyse whether it can underpin
them. This external benchmarking exercise is a standard input to the Scenario Booklet that is presented to the bank\u2019s
Scenario and Stress Testing Committee for approval. Group Economics also develops a negative and a positive
scenario. These scenarios are designed to give an impression of the bandwidth within which the economy, interest and
FX rates, and other relevant variables are likely to move in the next four to five years, with a probability of around\u00a085%
(roughly corresponding to a standard deviation of plus and minus one and a half). Hence, these scenarios produce
upper and lower boundaries, with a resulting bandwidth between the outcomes of the negative (\u2018bad weather\u2019 in
terms of financial results of the bank) and positive (\u2018good weather\u2019) scenarios. To determine these boundaries, Group
Economics may look at historical developments, medium-term (non-baseline) scenarios made by the above
institutions and other relevant developments.
Management overlays and other adjustments
Where necessary to reflect credit risk dynamics not captured by our models, management judgement is applied via a
management overlay or other IFRS 9 adjustment. A management overlay is a temporary adjustment in a loss
allowance until a long-term solution (e.g. model adjustment) is effective, and must be an amount commensurate to
the model limitation. All overlays require a decision by the Impairment and Provision Committee (IPC). The main types
of management overlays that ABN AMRO distinguishes are: post-model adjustments (adjustments to model
outcomes), adjustments in the weightings of macroeconomic scenarios and stage overrides. Other adjustments such
as adjustments to model parameters or input data are not considered management overlays, but follow the same
internal approval process.
Cured financial assets
When a credit impaired financial asset cures, the interest that was previously unrecognised is reported as an
impairment release in the impairment charge rather than as a credit to the interest income calculated using the
effective interest method.
Write-off
Under IFRS 9, \u2018write-off\u2019 refers to the process of recognising that a financial asset, or a portion of it, is uncollectible and
should be removed from an entity\u2019s balance sheet. This typically happens when there is no reasonable expectation of
recovering the asset, indicating that the entity has exhausted all practical recovery efforts.
\u2022 For non-programme lending, a loan must be written off if all possible means of recovery have been exhausted and it
has become clear that there is a low probability of recovering the debt, either in part or full.
\u2022 Most of the programme lending facilities are automatically written off after 1,080 days in default.
Such loans are written off after all the necessary procedures have been completed and the amount of the loss has
been determined. Subsequent recoveries of amounts previously written off are credited to impairment charges on
financial instruments in the income statement.
Credit enhancements
Financial guarantees held are included in the ECL calculations of a financial asset when they are an integral element of
the contractual terms of the financial asset. Financial guarantees that do not form an integral element of the
contractual terms of a financial asset are accounted for as a separate asset.
24\u00a0 Property and equipment, leases, goodwill and other intangible assets
Accounting policy for property and equipment
Property and equipment are stated at cost less accumulated depreciation and any accumulated impairment
amount. At each balance sheet date, an assessment is performed to determine whether there is any indication
of\u00a0impairment. Subsequent costs are capitalised if these result in an enhancement to the asset. Depreciation is
charged to the income statement on a straight-line basis over the estimated useful lives of items of property and
equipment, and of major components that are accounted for separately. ABN AMRO generally applies
the\u00a0following useful lives to calculate depreciation:
\u2022 Land: not depreciated
\u2022 Buildings: 30 years
\u2022 Leasehold improvements: 5 years
\u2022 Equipment: 5 years
\u2022 Installations (durable): 10 years
\u2022 Computer installations: 2 to 5 years
Depreciation rates and residual values are reviewed at least periodically to take into account any change
in\u00a0circumstances. Capitalised leasehold improvements are depreciated in a manner that takes into account
the\u00a0term and renewal conditions of the related lease.
Accounting policy for impairment of non-financial assets
At each reporting date, ABN AMRO reviews the carrying amounts of its non-financial assets (i.e. ROU assets,
equipment, goodwill and other intangible assets) to determine whether there is any indication of impairment. If
any such indication exists, the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for
impairment.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash
inflows from continuing use that is largely independent of the cash inflows of other assets or cash-generating
units. Goodwill arising from a business combination is allocated to cash-generating units or groups
of\u00a0cash\u2011generating units that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less
costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using
a\u00a0pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset or cash-generating unit.
An impairment loss is recognised if the carrying amount of an asset or cash-generating unit exceeds its
recoverable amount. In general, ABN AMRO\u2019s corporate assets do not generate separate cash inflows and are
used by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on
a\u00a0reasonable and consistent basis and tested for impairment as part of the testing of the cash-generating unit
to\u00a0which the corporate assets are allocated.
Impairment losses are recognised in the income statement as a component of depreciation and amortisation
expense. They are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating
unit, and then to reduce the carrying amounts of the other assets in the cash-generating unit on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only
to\u00a0the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortisation, if no impairment loss had been recognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-375": { "value": "
1\u00a0 \u00a0 Accounting policies
Changes in presentation
In 2025, ABN AMRO updated the presentation of the consolidated statement of financial position to simplify the
structure, reduce duplication and provide more relevant information. First, all loans and advances to customers are
aggregated in one line item in the consolidated statement of financial position, as are all due to customers.
Disaggregated information continues to be provided in the notes. This change has subsequently resulted in changes to
the line items reported under the assets and liabilities per segment in the segment reporting note and changes to the
adjustments in the operating section of the consolidated statement of cash flows to allow for comparability. Second,
committed credit facilities and guarantees and other commitments are no longer presented on the face of the
consolidated statement of financial position. All relevant information on these two items continues to be disclosed in
the notes. Comparative figures have been updated accordingly.", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-374": { "value": "
1\u00a0 \u00a0 Accounting policies
Changes in accounting policies
Amendments to existing standards
The International Accounting Standards Board (IASB) issued a number of amendments to existing standards (and
endorsed by the EU), which became effective for the reporting period beginning 1 January 2025. The standard
amended is:
\u2022 IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
The impact of this amendment on the consolidated financial statements is insignificant for ABN AMRO and has not
resulted in major changes to ABN AMRO\u2019s accounting policies.
New standards, amendments and interpretations not yet effective
The IASB has issued the following new standards. These new standards will become effective on 1\u00a0January\u00a02027 if
they are endorsed by the EU. ABN AMRO will not early adopt these standards.
IFRS 18 Presentation and Disclosure in Financial statements
In April 2024 the IASB issued IFRS 18, which is set to replace IAS 1 Presentation and Disclosures in Financial
Statements. The main changes introduced by IFRS 18 relate to three areas:
\u2022 Presentation of two new defined subtotals in the statement of profit or loss and consistent classification of income
and expenses in categories. The standard identifies five categories - operating, investing, financing, income taxes
and discontinued operations.
\u2022 Disclosure of information about management-defined performance measures in the notes to the financial
statements.
\u2022 Enhanced requirement for grouping (aggregation and disaggregation) of information. These changes are focused on
the statement of profit or loss and relate solely to presentation and disclosure requirements.
The expected impact of these changes on the consolidated financial statements of ABN AMRO is being finalised.
The\u00a0main changes are on the face of the consolidated income statement, where classification of certain income and
expenses will change and new subtotal(s) will be introduced. At Capital Markets Day, the bank introduced a new
subtotal that it will use in it's communications: Commercial Net Interest Income. This subtotal qualifies as a
management-defined performance measure under IFRS 18 and will be treated as such upon application of the
standard. The\u00a0standard will not affect reported profit or equity.
IFRS 19 Subsidiaries without Public Accountability
In May 2024 the IASB issued IFRS 19, which specifies disclosure requirements that certain entities are allowed to apply
instead of the disclosure requirements in other IFRS. Given that ABN AMRO is not an entity that can apply IFRS\u00a019, this
new standard does not impact ABN AMRO.
Amendments to existing standards not yet effective
The IASB has issued amendments to several standards, some of which have not yet been endorsed by the EU.
ABN\u00a0AMRO will not early adopt the amendments that have been endorsed by the EU. These amendments are to take
effect on or later than 1\u00a0January\u00a02026. The standards amended are:
\u2022 IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments;
\u2022 Annual Improvements Volume 11;
\u2022 Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7; and
\u2022 IFRS 19 Subsidiaries without Public Accountability.
ABN AMRO is still investigating the impact of these amendments but preliminary results show that no significant
impact is expected.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-373": { "value": "
1\u00a0 \u00a0 Accounting policies
The Consolidated Annual Financial Statements of ABN AMRO Bank for the year ended 31\u00a0December 2025 incorporate
financial information of ABN AMRO Bank N.V., as well as that of the bank's controlled entities, interests in associates
and joint ventures. The Annual Financial Statements were prepared by the Executive Board and authorised for issue by
the Supervisory Board and Executive Board on 10 March 2026.
Authorisation of the Consolidated Annual Financial Statements
10 March 2026
Supervisory Board
T. de Swaan , Chair
M.P. Lap, Vice-Chair
L.J. Griffith
D.U. Hartert
S.A.C. Russell
M.L. Tannemaat
F. de Vries
Executive Board
M.M.A.S. B\u00e9rard, Chief Executive Officer and Chair
D.S. Dorner, Chief Commercial Officer - Corporate Banking and Vice-Chair
C. Bittner, Chief Innovation and Technology Officer
S. Fioravanti, Chief Risk Officer
C.L. van der Hooft - Cheong, Chief Commercial Officer - Wealth Management
F.G. Vaandrager, Chief Financial Officer
A.M. Vreugdenhil, Chief Commercial Officer - Personal & Business Banking", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-372": { "value": "
1\u00a0 \u00a0 Accounting policies
Material accounting policies
Financial assets and liabilities
Classification and measurement of financial assets
ABN AMRO classifies financial assets based on the business model in which they are held in accordance with IFRS\u00a09.
The business model is determined at portfolio level. Portfolios are based on how ABN AMRO manages financial assets
in order to achieve a particular business objective. The business model assessment is based on the level of sales, risk
management, performance evaluation and management compensation. Derecognition is used as a condition
to\u00a0determine whether a transaction results in a sale.
Three business models are distinguished:
\u2022 \u2018Hold to collect\u2019 business model, in which cash flows are primarily generated by collecting contractual cash flows
until maturity of the financial instrument. Sales can occur, as long as they are incidental, infrequent and insignificant.
The assessment of the frequency and significance of sales is determined for each underlying portfolio. Sales that
result from increases in the credit risk of the counterparty or take place close to maturity do not contradict the \u2018hold
to collect\u2019 business model.
\u2022 \u2018Hold to collect and sell\u2019 business model, in which the selling of financial assets is integral to achieving the business
objective. In this business model, sales take place more frequently and have a greater value than in a 'hold to collect'
business model.
\u2022 Other business models not meeting the criteria of the business models mentioned above, for example business
models in which financial assets are managed with the objective of generating cash flows from sales (trading book),
are measured at FVTPL.
After the business model has been determined, the contractual cash flows of financial assets are assessed.
Debt\u00a0instruments can be classified at amortised cost or FVOCI only when the contractual cash flows are solely
payments of\u00a0principal and interest (SPPI). Contractual cash flows that are SPPI are consistent with a basic lending
arrangement in\u00a0which consideration for the time value of money and credit risk are typically the most significant
interest elements. Debt instruments that do not meet the SPPI requirements are mandatorily measured at FVTPL.
Financial\u00a0assets are assessed in their entirety, including any embedded derivatives that are not separated from the host
contract.
Based on the business model determined and the SPPI assessment, the following measurement categories are
identified under IFRS 9:
\u2022 Amortised cost \u2013 Financial instruments measured at amortised cost are debt instruments within a \u2018hold to collect\u2019
business model with fixed or determinable payments which meet the SPPI criteria. These instruments are initially
measured at fair value (including transaction costs) and subsequently measured at amortised cost using the effective
interest rate method. Financial instruments measured at amortised cost are presented net of credit loss allowances
in the statement of financial position.
\u2022 FVTPL \u2013 Financial instruments measured at FVTPL include instruments held for trading, derivatives, equity
instruments for which the FVOCI option has not been elected and instruments whose cash flows do not meet
the\u00a0SPPI requirements. Changes in the fair value of these instruments are directly recognised in the income
statement.
\u2022 FVOCI \u2013 Financial instruments measured at FVOCI are debt instruments which are held in a \u2018hold to collect and sell\u2019
business model and which meet the SPPI criteria. They are initially measured at fair value, with subsequent
unrealised changes recognised in other comprehensive income. Equity instruments for which the fair value option is
elected are also measured at FVOCI.
Reclassifications of financial assets are expected to be very infrequent and occur only when ABN AMRO changes its
business model for a certain portfolio of financial assets.
Measuring allowances for expected credit losses
ABN AMRO recognises loss allowances based on the Expected Credit Loss model (ECL) of IFRS 9, which is designed to
be forward-looking. The amount of ECL is based on the probability-weighted present value of all expected cash
shortfalls over the remaining life of the financial instrument for both on- and off-balance sheet exposures. ABN AMRO
distinguishes between two types of calculation methods for credit loss allowances:
\u2022 Individual Lifetime ECL (LECL) for credit impaired (stage 3) financial instruments with exposures above
EUR\u00a05\u00a0million;
\u2022 Collective 12-month ECL (stage 1) and LECL (stage 2 and 3) for financial instruments that have similar credit risk
characteristics (e.g. residential mortgages, consumer loans and SME loans); these are clustered in portfolios and
collectively assessed for impairment losses. A collective impairment calculation approach based on individual
parameters is also applied to stage 3 exposures below EUR 5 million. ABN AMRO has models to quantify the
Probability of Loss (PL), Loss Given Loss (LGL) and Exposure at Loss (EAL) for the purpose of calculating the collective
12-month ECL and LECL for these financial instruments.
The IFRS 9 impairment requirements are applicable to financial assets measured at amortised cost or fair value
through other comprehensive income (FVOCI), loan commitments, lease receivables and contract assets and financial
guarantee contracts. At each reporting date, these financial instruments are classified into one of three risk stages,
depending on current credit quality, or as purchased or originated credit impaired (POCI).
POCI assets, which are credit impaired at initial recognition, are accounted for at fair value (i.e. net of the initial lifetime
ECLs) and do not carry an impairment allowance. Instead, a credit-adjusted effective interest rate (EIR), which is
calculated using expected cash flows including initial lifetime ECLs, is applied to the amortised cost. Subsequently, the
cumulative changes in lifetime ECLs since initial recognition, which are discounted at the credit-adjusted effective
interest rate, are recognised in the profit or loss statement as an impairment gain or loss, and presented under
impairment charges on financial instruments. Once a financial asset is classified as POCI, it retains that classification
until it is derecognised.
Risk staging
We use quantitative and qualitative stage triggers to determine whether a financial instrument should be classified as
stage 1 or stage 2. A transfer to stage 3 will always be the result of the default of a financial instrument.
Quantitative stage triggers
The key quantitative metric that determines when a financial instrument is transferred from stage 1 to stage 2 is the
deterioration in the lifetime probability of default (LPD) from the date of origination to the reporting date, based on
internal data. The LPD represents the likelihood that a counterparty will default during the lifetime of the financial
instrument and depends on credit risk drivers such as:
\u2022 product characteristics (e.g. repayment and interest terms, term of the product);
\u2022 the financial condition of the borrower;
\u2022 the number of days past due;
\u2022 expected developments in the economy.
The lifetime PD deterioration (LPDD) measures the relative difference between the remaining lifetime PD at reporting
(LPDR) and the remaining lifetime PD at origination (LPDO) as LPDD = LPDR/LPDO. If the LPD deterioration of an
exposure is above a predefined threshold, the LPD is considered to be significantly deteriorated. The exposure is then
transferred to stage 2 and impairment allowances equal to the lifetime expected credit loss are recognised. If the LPD
deterioration subsequently reduces and falls below the threshold, the balance is transferred back to stage 1. When
determining the thresholds, ABN AMRO distinguishes between various portfolios within consumer lending, residential
mortgages and corporate loans. A specific threshold is calculated for each portfolio, based on a statistical method.
Qualitative stage triggers
The bank transfers a financial instrument from stage 1 to stage 2 if the instrument meets any of the following
qualitative triggers:
\u2022 Forborne status of a borrower;
\u2022 Watch status of a borrower. ABN AMRO assigns the watch status to counterparties with an increased credit risk. This
process comprises intensive monitoring, early detection of deterioration in the credit portfolio and appropriate
follow up measures;
\u2022 A delinquency-based regulatory backstop is in place, such that the credit risk of financial assets that are more than
30\u00a0days past due will be assumed to have significantly increased.
Reclassification to stage 1
As a general rule, favourable changes in credit risk are recognised consistently with unfavourable changes, and a
financial instrument is transferred back to stage 1 if quantitative or qualitative triggers are no longer met. In some
cases, a probation period applies:
\u2022 Forborne financial instruments are transferred back from stage 2 to stage 1 only after a probation period of at least
two years has ended, in line with the ABN AMRO forbearance policy. Stage 3 forborne instruments transfer back to
stage 2 after a cure period of at least one year;
\u2022 For financial instruments that are 30 days past due, a three-month probation period is applied for transfers from
stage\u00a02 to stage\u00a01.
Classification in stage 3
A transfer to stage 3 will always be the result of the default of a financial instrument. The definition of default for
IFRS\u00a09 is aligned with the regulatory capital definition. A default is deemed to have occurred when:
\u2022 the counterparty is past due by more than 90 days on any material financial credit obligation to the bank; or
\u2022 the bank considers the borrower to be unlikely to meet its contractual obligations (unlikely to pay, or UTP).
The materiality of a financial obligation past due is assessed against an absolute and a relative threshold, in line with
regulatory standards. To determine unlikeliness to pay, the bank has specified mandatory default triggers (always
resulting in the assignment of a default status, whereby no additional expert judgement is allowed) and judgemental
triggers (requiring an assessment by credit risk managers to determine whether the UTP indications should result in a
default classification).
The mandatory triggers include the reporting of a forborne exposure under probation as non-performing for being
30\u00a0days past due or owing to an additional forbearance measure being applied. As a result, the definitions of non-
performing and default are materially aligned.
Reclassification to stage 2
The default classification for non-forborne exposures ends when the default triggers no longer apply and a probation
or cure period of at least three months has passed since the default trigger was last applied. For forborne exposures, a
twelve-month cure period starts from the moment the last forbearance measure or default trigger was applied. After
the cure period, an assessment is performed to establish whether the improvement in the credit quality is factual and
permanent (including, for example, no remaining past due amounts).
Lifetime expected credit loss
ABN AMRO defines the lifetime of credit as the maximum contractual period during which the bank is exposed to
credit risk; we do not apply a longer period, even if that longer period is consistent with business practice. For some
contracts, such as overdraft facilities or credit cards, no end date is specified or amounts can be contractually
withdrawn by the lender at short notice. In these cases, ABN AMRO uses behavioural maturity models that rely on
historical client behaviour to determine future expected exposures.
Forward-looking information
For expected credit loss calculations, ABN AMRO uses three different scenarios of future economic developments: a
baseline (or most likely) scenario, a negative scenario and a positive scenario. The three scenarios are incorporated into
the expected credit loss calculation and risk stage determination in a probability-weighted manner. In order to
incorporate the latest economic outlook, the scenarios and their weights are reviewed each quarter and adjusted if
necessary. Details of the scenarios and their weights used in the reporting period can be found in the Credit risk review
section. The baseline scenario entails our Group Economics analysts\u2019 current macroeconomic base scenario, which
usually covers the current year and subsequent year. For the purpose of scenario analysis under IFRS 9, this baseline is
extended by three or four additional calendar years, after which it is assumed that macroeconomic variables (MEVs)
gradually move to their potential or equilibrium values. At least once every quarter, Group Economics compares its
forecasts with those of institutions like the Netherlands Bureau for Economic Policy Analysis (CPB), the Dutch central
bank (DNB), ECB, IMF or OECD in order to determine possible differences and to analyse whether it can underpin
them. This external benchmarking exercise is a standard input to the Scenario Booklet that is presented to the bank\u2019s
Scenario and Stress Testing Committee for approval. Group Economics also develops a negative and a positive
scenario. These scenarios are designed to give an impression of the bandwidth within which the economy, interest and
FX rates, and other relevant variables are likely to move in the next four to five years, with a probability of around\u00a085%
(roughly corresponding to a standard deviation of plus and minus one and a half). Hence, these scenarios produce
upper and lower boundaries, with a resulting bandwidth between the outcomes of the negative (\u2018bad weather\u2019 in
terms of financial results of the bank) and positive (\u2018good weather\u2019) scenarios. To determine these boundaries, Group
Economics may look at historical developments, medium-term (non-baseline) scenarios made by the above
institutions and other relevant developments.
Management overlays and other adjustments
Where necessary to reflect credit risk dynamics not captured by our models, management judgement is applied via a
management overlay or other IFRS 9 adjustment. A management overlay is a temporary adjustment in a loss
allowance until a long-term solution (e.g. model adjustment) is effective, and must be an amount commensurate to
the model limitation. All overlays require a decision by the Impairment and Provision Committee (IPC). The main types
of management overlays that ABN AMRO distinguishes are: post-model adjustments (adjustments to model
outcomes), adjustments in the weightings of macroeconomic scenarios and stage overrides. Other adjustments such
as adjustments to model parameters or input data are not considered management overlays, but follow the same
internal approval process.
Cured financial assets
When a credit impaired financial asset cures, the interest that was previously unrecognised is reported as an
impairment release in the impairment charge rather than as a credit to the interest income calculated using the
effective interest method.
Write-off
Under IFRS 9, \u2018write-off\u2019 refers to the process of recognising that a financial asset, or a portion of it, is uncollectible and
should be removed from an entity\u2019s balance sheet. This typically happens when there is no reasonable expectation of
recovering the asset, indicating that the entity has exhausted all practical recovery efforts.
\u2022 For non-programme lending, a loan must be written off if all possible means of recovery have been exhausted and it
has become clear that there is a low probability of recovering the debt, either in part or full.
\u2022 Most of the programme lending facilities are automatically written off after 1,080 days in default.
Such loans are written off after all the necessary procedures have been completed and the amount of the loss has
been determined. Subsequent recoveries of amounts previously written off are credited to impairment charges on
financial instruments in the income statement.
Credit enhancements
Financial guarantees held are included in the ECL calculations of a financial asset when they are an integral element of
the contractual terms of the financial asset. Financial guarantees that do not form an integral element of the
contractual terms of a financial asset are accounted for as a separate asset.
Classification of assets and liabilities held for trading
A financial asset or financial liability is classified as 'held for trading' if it is:
\u2022 acquired or incurred principally for the purpose of selling or repurchasing it in the near term
\u2022 part of a portfolio of identified financial instruments that are managed together and for which there is evidence
of\u00a0a\u00a0recent actual pattern of short-term profit making, or
\u2022 a trading derivative (except for a derivative that is a designated and effective hedging instrument).
Classification and measurement of financial liabilities
Financial liabilities are initially recognised at their fair value minus transaction costs that are directly attributable
to\u00a0the\u00a0acquisition or issue of the financial liability. Under IFRS 9, financial liabilities are classified as subsequently
measured at amortised cost, except for the following instruments:
\u2022 financial liabilities held for trading are measured at fair value through profit or loss
\u2022 financial liabilities that ABN AMRO has irrevocably designated as held at fair value through profit or loss at initial
recognition, which are held to reduce an accounting mismatch, are managed on the basis of their fair value or
include terms that have derivative characteristics by nature.
Under IFRS 9, the changes in fair value attributable to changes in the credit risk of financial liabilities designated at
FVTPL are presented in other comprehensive income. The cumulative amount of changes in fair value attributable
to\u00a0credit risk of such liabilities is presented as liability own credit risk reserve in equity.
Financial liabilities are never reclassified after initial recognition.
Recognition and derecognition
Traded instruments are recognised on the trade date, which is defined as the date on which ABN AMRO commits
to\u00a0purchase or sell the underlying instrument. If the settlement terms are non-standard, the commitment is accounted
for as a derivative between the trade and settlement dates. Loans and advances are recognised when they are
acquired or funded by ABN AMRO and derecognised when settled. Issued debt is recognised when issued, and
deposits are recognised when the cash is deposited with ABN AMRO. Other financial assets and liabilities, including
derivatives, are recognised when ABN AMRO becomes a party to the contractual provisions of the asset or liability.
Financial assets are derecognised when ABN AMRO loses control and the ability to obtain benefits from
the\u00a0contractual rights that comprise that asset. This occurs when the rights are realised or expire, or when substantially
all risks and rewards are transferred. Financial assets are also derecognised if the bank has neither transferred nor
retained substantially all risks and rewards of ownership, but control has passed to the transferee. Financial assets
continue to be recognised in the balance sheet, and a liability recognised for the proceeds of any related funding
transaction, unless a fully proportional share of all or specifically identified cash flows are transferred to the lender
without material delay and the lender\u2019s claim is limited to those cash flows, and substantially all the risks, rewards and
control associated with the financial instruments, that have been transferred, in which case that proportion of the asset
is derecognised.
When the terms and conditions of a financial asset have been renegotiated or otherwise modified to the extent that,
substantially, it becomes a new financial asset, ABN AMRO derecognises the financial asset, with the difference
recognised in the income statement, to the extent that an impairment loss has not already been recorded. The newly
recognised financial asset is classified as stage 1 for ECL measurement purposes. ABN AMRO assesses, in both
qualitative and quantitative terms, whether such modifications are substantial. Generally, a 10% change in the net
present value of the cash flows between the initial and new contract results in a derecognition. With regard
to\u00a0substantial modifications, e.g. due to forbearance measures, the derecognition gains or losses are recognised in net
gains/(losses) on derecognition of financial assets measured at amortised cost and disclosed separately, if material.
If the modification of the financial asset does not result in derecognition, the gross carrying amount of the financial
asset is recalculated, based on the net present value of the new contractual cash flows, and discounted at the financial
asset\u2019s original effective interest rate. The effect is recognised and disclosed as a modification gain or loss
in\u00a0the\u00a0income statement. Credit related modification gains or losses (i.e. due to forbearance measures) are recognised
in the income statement and presented under impairment charges on financial instruments. Non-credit related
modification gains or losses are recognised in the income statement and presented under interest income calculated
using the effective interest method.
Financial liabilities are derecognised when the liability has been settled, has expired or has been extinguished.
An\u00a0exchange of an existing financial liability for a new liability with the same lender on substantially different terms,
qualitatively and quantitatively (a 10% difference in the present value of the cash flows), is accounted for as
an\u00a0extinguishment of the original financial liability and recognition of a new financial liability. The difference between
the former amortised cost and the consideration paid is recognised in the income statement.
Client clearing
As a general clearing member, ABN AMRO provides clearing and settlement services to its clients for, among other
things, exchange-traded derivatives.
In its capacity as a clearing member, ABN AMRO guarantees the fulfilment of obligations towards central counterparty
clearing houses (CCPs) of clients\u2019 transactions. ABN AMRO is not liable to clients for the non-performance of the CCP.
In the event of a client defaulting, ABN AMRO has the legal obligation to settle all the client\u2019s positions with
the\u00a0relevant CCPs, possibly at a loss. Possible losses arising from this guarantee might relate not only to a client\u2019s
current positions, but also to the client's future trades. ABN AMRO receives and collects (cash) margins from clients,
and remits these margins to the relevant CCP in whole or in part. Given the stringent margin requirements set by
the\u00a0CCPs, possible future outflows of resources for new clearing transactions are considered close to zero.
ABN AMRO does not reflect the exchange-traded derivatives cleared on behalf of clients in its financial statements.
Under normal circumstances, the guarantee has no fair value and is not recognised in the financial statements. Any
loss recognised in the event of non-performance of a client is in line with our contingent liabilities policy.
Offsetting financial assets and liabilities
Financial assets and liabilities are offset, and the net amount is reported on the statement of financial position, if there
is a legally enforceable right to offset the recognised amounts and there is an intention either to settle on a net basis or
to realise the asset and settle the liability simultaneously. The bank applies netting to debtor and creditor balances
such as current accounts where offsetting is justified by formal agreement with the client, provided the balances meet
the applicable criteria.
Enforceable master netting arrangements are agreements in which the bank has a legally enforceable right to offset in
the event of default, but no ability and/or intention to realise the asset and settle the liability simultaneously in the
normal course of business. As a result, the criteria to offset are not met. These arrangements include derivative
clearing agreements, global master repurchase agreements and global master securities lending agreements.
4\u00a0 \u00a0 Net interest income
Accounting policy for net interest income
Interest income and expenses on financial instruments are recognised in the income statement on an accrual
basis using the effective interest rate method, except where financial instruments are measured at fair value
through profit or loss. The effective interest rate method allocates interest, amortisation of any discount or
premium or other differences, including transaction costs and qualifying fees and commissions, over
the\u00a0expected lives of the assets and liabilities. The effective interest rate is the rate that exactly discounts
estimated future cash flows to the net carrying amount of the asset. As a result, this method requires ABN AMRO
to estimate future cash flows, in some cases based on its experience with client behaviour, considering all
contractual terms of the financial instrument, as well as the expected lives of the assets and liabilities. Interest on
loans and advances measured at fair value through profit or loss is also included in net interest income and
recognised using the contractual interest rate. Interest income and expenses on trading balances are included
in\u00a0net trading income. Interest paid on assets with a negative interest yield is classified as interest expense.
Interest received from liabilities with a negative interest yield is classified as interest income.
7\u00a0 \u00a0 Net trading income
Accounting policy for net trading income
In accordance with IFRS 9, trading positions are held at fair value, and net trading income includes gains and
losses arising from changes in the fair value of such financial assets and liabilities. The latter comprises gains and
losses from trading financial assets and liabilities, interest income and expenses related to trading financial
assets and liabilities, and dividends received from trading instruments. Dividend income and dividends from
trading instruments are recognised at the dividend announcement date. Net trading income also includes
changes in fair value arising from changes in counterparty credit spreads (CVA) and changes in own credit
spreads (DVA) where these affect the value of our trading assets and liabilities. The funding valuation adjustment
(FVA) incorporates the incremental cost of funding into the valuation of uncollateralised and partly collateralised
derivatives.
8\u00a0 \u00a0 Net gains/(losses) on derecognition of financial assets measured at amortised cost
Accounting policy derecognition of financial assets
The net gains/(losses) on derecognition of financial assets measured at amortised cost includes gains and losses
recognised on the sale or derecognition of these financial assets, calculated as the difference between the
carrying amount (which is the amortised cost adjusted for the loss allowance) and the proceeds received.
The net losses on derecognition of financial assets measured at amortised cost comprise EUR\u00a017\u00a0million in gains and
EUR\u00a045\u00a0million in losses, and relate to several smaller portfolio sales.
13\u00a0 Cash and balances at central banks
Accounting policy for cash and balances at central banks
Cash and balances at central banks are held at amortised cost. This item includes cash on hand and available
demand deposits with central banks in countries in which the bank has a presence. Mandatory reserve deposits
are disclosed in Note 20 - Loans and advances banks.
14\u00a0 Financial assets and liabilities held for trading
Accounting policy for financial assets and liabilities held for trading
In accordance with IFRS 9, all assets and liabilities held for trading are measured at fair value through profit or
loss, with gains and losses in the changes of the fair value taken to net trading income in the income statement.
15\u00a0 Derivatives
Accounting policy for derivatives
A derivative is a financial instrument or other contract within the scope of IFRS 9 with all three of the following
characteristics:
\u2022 its value changes in response to the change in a specified interest rate, financial instrument price, commodity
price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided
in\u00a0the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes
called the \u2018underlying\u2019)
\u2022 it requires no initial net investment or an initial net investment that is smaller than would be required for other
types of contracts that would be expected to have a similar response to changes in market factors
\u2022 it is settled at a future date
Derivatives are recorded at fair value.
Derivative assets and liabilities subject to master netting arrangements are presented net only when they satisfy
the eligibility requirements for netting under IAS 32. ABN AMRO did not have any netted derivative positions
in\u00a0the statement of financial position in either 2025 or 2024.
16\u00a0 Hedge accounting
Accounting policy for hedge accounting
ABN AMRO enters into various derivative and non-derivative instrument transactions with external parties
to\u00a0hedge risks on assets, liabilities, highly probable forecasted transactions and net investments. The accounting
treatment of the hedged item and the hedging instrument depends on whether the hedge relationship qualifies
for hedge accounting.
Qualifying hedges may be designated as fair value hedges, cash flow hedges or hedges of net investments.
A\u00a0non-derivative financial asset or liability may be designated as a hedging instrument for hedge accounting
purposes only if it hedges the risk of changes in foreign currency exchange rates. The hedged item can be
an\u00a0asset, a liability, or a net investment in a foreign operation that (a) exposes the entity to the risk of changes
in\u00a0fair value or future cash flows, and (b) is designated as being hedged.
The hedged risks are typically changes in interest rates or foreign currency rates. ABN AMRO\u2019s market risk
management strategy, which includes interest rate risk and foreign currency risk in the banking book, is
described in more detail in the Risk, funding & capital chapter.
Both at the inception of the hedge and on an ongoing basis, ABN AMRO assesses whether the derivatives
designated in each hedging relationship are expected to be and have been highly effective in offsetting changes
in the fair value or cash flows of the hedged item. These prospective and retrospective effectiveness tests are
performed by using a regression analysis. ABN AMRO applies the following criteria to assess whether the
hedging relationship is effective:
\u2022 a regression co-efficient (R squared), which measures the correlation between the variables in the regression,
and
\u2022 a slope of the regression line is within a range of 0.80-1.25
Hedge ineffectiveness and gains and losses on components of a derivative that are excluded from the assessment
of hedge effectiveness are recorded directly in the result from financial transactions as part of other operating
income. ABN AMRO discontinues hedge accounting when the hedge relationship has ceased to be effective or is
no longer expected to be effective, or when the derivative or hedged item is sold or otherwise terminated.
Application of IAS 39 as endorsed by the European Union
As permitted by IFRS 9 paragraph 7.2.21, ABN AMRO has elected to continue applying the requirements of IAS
39 as endorsed by the European Union instead of applying the hedge accounting requirements of IFRS 9.
The\u00a0EU\u2011endorsed version of IAS 39 provides relief from certain hedge accounting requirements when compared
to\u00a0the full hedge accounting text of IAS 39. One of these reliefs is that negative credit spreads can be excluded
from hedge relationships. ABN AMRO applies this to several micro fair value hedge relationships. Another relief
is that the impact of changes in the estimates of the repricing dates is considered ineffective only if it leads
to\u00a0over\u2011hedging. This relief is applied in the macro fair value hedge.
Fair value hedges
ABN AMRO applies fair value hedge accounting on individual hedged items (micro fair value hedging), as well as
on a portfolio of hedged items (macro fair value hedging). Where a derivative financial instrument hedges
the\u00a0exposure to changes in the fair value of the hedged item, the hedged item is adjusted in relation to the risk
being hedged. Gains or losses on remeasurement of both the hedging instrument and the hedged item are
recognised in the income statement as result from financial transactions, which is part of the line item Other
operating income.
Hedge effectiveness for fair value hedges is measured as the amount by which the changes in the fair value
of\u00a0the\u00a0hedging instrument are different from the changes in the fair value of the hedged item. When a fair value
hedge of interest rate risk is terminated, any value adjustment to the carrying amount of the hedged item is
amortised to profit or loss over the original designated hedging period, or taken directly to income if the hedged
item is derecognised.
Micro fair value hedge accounting
Hedging instruments designated in individual fair value hedge relationships principally consist of interest rate
swaps and interest rate options that are used to protect against changes in\u00a0the\u00a0fair value of fixed-rate assets and
fixed-rate liabilities due to changes in market interest rates.
The main sources of hedge ineffectiveness in micro fair value hedges are:
\u2022 the effect of the counterparty and the bank\u2019s own credit risk on the fair value of the interest rate swap that is
not reflected in the fair value of the hedged item, which is only attributable to the change in the interest rate
\u2022 the difference in discounting between the hedged item and the hedging instrument
\u2022 potential differences in maturities and interest conditions of the hedged item and the hedging instrument
Macro fair value hedge accounting
ABN AMRO manages the interest rate risk arising from fixed-rate mortgages by entering into interest rate swaps.
The exposure from this portfolio changes frequently due to new loans originated, contractual repayments and
changes in expected future prepayments. To ensure an effective matching of hedged items and hedging
instruments, ABN AMRO applies a dynamic strategy in which hedged items are de-designated and re\u2011designated
on a monthly basis. The hedge accounting relationship is reviewed and re-designated on a monthly basis.
The hedged item consists of a volume of mortgages that have a fixed interest rate and are accounted for at
amortised cost. At each designation, the mortgage cash flows are allocated to monthly time buckets, based on
the expected maturity dates. ABN AMRO models the expected interest maturity dates of mortgages, taking into
account the modelled prepayments applied to the contractual cash flows and the maturity dates of the
mortgage portfolio. If the\u00a0interest rate swap notional exceeds the expected mortgage notional in any given
month, taking into account the uncertainty of the expected mortgage notional by applying a haircut, mortgages
that mature in adjacent buckets are designated to the interest rate swaps.
Changes in the fair value of the mortgages that are attributable to the hedged interest rate risk are recognised as
fair value adjustments from hedge accounting in the income statement and adjust the carrying amount
of\u00a0the\u00a0mortgages. The recognised fair value changes in the mortgages partially offset the changes in fair value
of\u00a0the interest rate swaps and therefore reduce the profit or loss volatility that would otherwise arise from
changes in the fair value of the interest rate swaps alone.
At the start of the hedge relationships and at each monthly re-designation, the difference between the fair value
attributable to the hedged interest rate risk and the carrying amount of the hedged mortgages is amortised over
the remaining life of the hedged item. In addition to the sources of ineffectiveness described for micro fair value
hedges, the sources of ineffectiveness specifically for macro hedges are:
\u2022 the difference between the expected and actual volume of prepayments for the mortgage portfolio
to\u00a0the\u00a0extent that the difference would lead to over-hedging; and
\u2022 the difference in payment frequency between the fixed leg of the hedging instrument and the payment
frequency of the hedged item (mortgages).
Cash flow hedges
ABN AMRO applies cash flow hedge accounting to a portfolio of future cash flows on banking book assets and
liabilities \u2013 the hedged items \u2013 and a portfolio of interest rate swaps \u2013 the hedging instruments. The hedge
relationship is reviewed on a monthly basis and the hedging instruments and hedged items are de-designated or
re-designated, if necessary, to maintain an effective hedge accounting relationship.
When a derivative financial instrument hedges the exposure to variability in the cash flows from a hedged item,
the effective part of any gain or loss on remeasurement of the hedging instrument is recognised directly in other
comprehensive income. Hedge effectiveness for the macro cash flow hedge is measured as the amount by
which the changes in the fair value of the interest rate swaps are in excess of changes in the fair value of the
expected cash flows in the hedge relationship. Any ineffective part of the cash flow hedge is immediately
recognised
in\u00a0other operating income. When a cash flow hedging instrument or hedge relationship is terminated but
the\u00a0hedged transaction is still expected to occur, the accumulated gains or losses continue to be recognised
in\u00a0other comprehensive income and are transferred to the income statement when the hedged transaction
affects profit or loss.
The gains or losses are included in the same line item as the hedged transaction. In the exceptional case that
the\u00a0hedged transaction is no longer expected to occur, the accumulated gains or losses recognised in other
comprehensive income are recognised in the income statement immediately.
The main sources of hedge ineffectiveness for cash flow hedges are:
\u2022 the effect of the counterparty and the bank\u2019s own credit risk on the fair value of the interest rate swap that is
not reflected in the fair value of the hedged item, which is only attributable to the change in the interest rate,
and
\u2022 potential differences in maturities and interest conditions of the hedged item and the hedging instrument
The hedged items in the macro cash flow hedge are future cash flows, which are derived from the projected
balance sheet. This projected balance sheet takes the contractual terms and conditions of financial assets and
liabilities and combines these with estimated prepayments, volume growth rates and interest scenarios. Within
the projected balance sheet, assets and liabilities are grouped on the basis of the specific interest rate index on
which they reprice (e.g. one month, three months, six months, twelve months). For each repricing index, all
assets and liabilities are allocated on a gross basis to monthly buckets in which they reprice until their maturity.
The notional amounts of the interest rate swaps, which can be either pay or receive floating interest, are also
grouped by interest rate index and allocated to monthly repricing buckets until their maturity. The hedge
relationship is established by designating the interest rate swap cash flows per bucket to the corresponding
bucket of cash flows projected for the hedged items. The hedged risk identified is the benchmark rate that
applies to the buckets. If no projected cash flows are available in the corresponding bucket with the applicable
benchmark rate, the interest rate swap cash flows are designated to projected cash flows in a bucket with
a\u00a0different benchmark. The availability of projected cash flows in the buckets is not constant over time and is
therefore evaluated on a monthly basis. Changes in cash flow projections may lead to a revision
of\u00a0the\u00a0designation. Back-testing is performed on the interest rate risk models. Historical data are used to review
the assumptions applied.
Hedges of net investments in foreign operations
ABN AMRO may enter into foreign currency derivatives and currency borrowings to hedge various net
investments in foreign operations. For such hedges, currency translation differences arising on translation
of\u00a0the\u00a0currency of these instruments to euros are recognised directly in the currency translation reserve in other
comprehensive income, insofar as they are effective. The accumulated gains or losses recognised in other
comprehensive income are transferred to the income statement on the disposal of the foreign operation.
In previous years, ABN AMRO hedged its currency exposure to certain investments in foreign operations by
hedging its net investment in these foreign operations with forward contracts. ABN AMRO currently still holds
some currency translation reserve for these respective positions, but no longer applies net investment hedge
accounting.
Hedges not qualifying for hedge accounting
The fair value changes of derivative transactions used to hedge against economic risk exposures that do not
qualify for hedge accounting, or for which it is not cost-beneficial to apply hedge accounting, are recognised
directly in profit or loss.
17\u00a0 Financial investments
Accounting policy for financial investments
Financial investments include financial instruments measured at fair value through other comprehensive income
(FVOCI) and financial instruments measured at fair value through profit or loss (FVTPL).
Accounting policy for financial instruments measured at fair value through other
comprehensive income
Unrealised gains and losses on FVOCI assets are recognised directly in other comprehensive income, net
of\u00a0applicable taxes. Interest earned, premiums, discounts and qualifying transaction costs of interest-earning
FVOCI assets are amortised to income on an effective interest rate basis. When FVOCI debt instruments are sold,
the cumulative gain or loss recognised in other comprehensive income is transferred to other operating income
in\u00a0the income statement. The impairment loss resulting from the ECL on FVOCI debt instruments is recognised
in\u00a0the impairment charges on financial instruments in the income statement. The related loss allowance is
recognised in other comprehensive income and does not reduce the carrying amount of the FVOCI debt
instruments. ABN\u00a0AMRO\u2019s impairment assessment and measurement approach for FVOCI debt instruments is set
out in the Credit risk management section of the Risk, funding & capital management chapter and Note 1
Accounting Policies. Fair value changes in equity instruments that are irrevocably designated as FVOCI upon initial
recognition are recognised in other comprehensive income and not subsequently reclassified to the income
statement.
Accounting policy for financial instruments measured at fair value through profit and loss
Financial investments can be designated at FVTPL if doing so eliminates or significantly reduces a measurement
or recognition inconsistency (an accounting mismatch). ABN AMRO also has financial instruments that are
mandatorily measured at fair value because they do not meet the SPPI test.
18\u00a0 Securities financing
Accounting policy for securities financing
Securities financing is measured at amortised cost. Securities financing consists of securities borrowing and
lending and sale and repurchase transactions. Securities borrowing and securities lending transactions are
generally entered into on a collateralised basis, with securities usually advanced or received as collateral.
The\u00a0transfer of the securities themselves is not reflected in the statement of financial position unless the risks
and rewards of ownership are also transferred. If cash is advanced or received, securities borrowing and lending
activities are recorded at the amount of cash advanced (included in loans and advances) or received (due
to\u00a0banks or customers). The market value of the securities borrowed or lent is monitored on a daily basis, and
the\u00a0collateral levels are adjusted in accordance with the underlying transactions. Fees and interest received or
paid are recognised on an effective interest rate basis and recorded as interest income or interest expense.
Sale and repurchase transactions involve purchases (or sales) of investments with agreements to resell (or
repurchase) substantially identical investments at a certain date in the future at a fixed price. Investments
purchased subject to commitments to resell them at future dates are not recognised. The amounts paid are
recognised in loans and advances to either banks or customers and are shown as collateralised by
the\u00a0underlying security.
Investments sold under repurchase agreements continue to be recognised in the statement of financial position.
Proceeds from the sale of the investments are reported as liabilities to either banks or customers. The difference
between the sale and repurchase price is recognised over the period of the transaction and recorded as interest
income or interest expense, using the effective interest rate method. If borrowed securities are sold to third
parties, the proceeds from the sale and a liability for the obligation to return the collateral are recorded at fair
value.
19\u00a0 Fair value of financial instruments carried at fair value
Accounting policy for fair value of financial instruments
The fair value is defined as the price that would be received when selling an asset or paid when transferring
a\u00a0liability in an orderly transaction between market participants at the measurement date.
For financial instruments that are actively traded and for which quoted market prices or market parameters are
readily available, the fair value is determined in a highly objective manner. However, when observable market
prices and parameters do not exist, management judgement is necessary to estimate fair value.
For financial instruments where no active liquid market exists, or quoted prices are unobtainable, recent market
transactions are used or the fair value is estimated using a variety of valuation techniques \u2013 including reference
to similar instruments for which market prices do exist, or to valuation techniques such as discounted cash flow
models or option pricing models (e.g. Black Scholes).
When portfolios of financial assets and liabilities are measured on the basis of the net exposure to the credit risk
of a particular counterparty, any existing arrangements that mitigate the credit risk exposure (e.g. master netting
agreements with the counterparty) are taken into account.
Unobservable inputs are estimated using a combination of management judgement, historical data, market
practice and benchmarking to other relevant observable market data. The difference between the transaction
price and the internal valuation at inception, calculated using a model, is reserved and amortised to profit or loss
at appropriate points over the life of the instrument, typically taking account of the ability to obtain reliable
external data, the passage of time and the use of offsetting transactions. Where inputs to the valuation of a new
transaction cannot be reliably determined, the transaction is initially recognised at its transaction price.
Subsequent changes in fair value as calculated by the valuation model are reported as profit or loss or in equity.
In order to determine a reliable fair value, where appropriate, management applies valuation adjustments
to\u00a0the\u00a0pricing information derived from the above sources. These adjustments reflect management\u2019s assessment
of factors that market participants would consider in setting a price, to the extent that these factors have not
already been included in the information from the above sources. The main valuation adjustments required
to\u00a0arrive at a fair value are as follows:
\u2022 Bid-ask adjustments. If the model calculates a mid-market price, it is adjusted to take into account the relevant
bid-offer spread.
\u2022 Credit and debit valuation adjustments. In addition to credit valuation for loans measured at fair value through
profit or loss, credit valuation adjustments and debit valuation adjustments are incorporated into derivative
valuations to reflect the impact on fair value of counterparty credit risk and how counterparties consider
ABN\u00a0AMRO\u2019s creditworthiness respectively.
\u2022 Liquidity adjustments. ABN AMRO uses different techniques to determine the price or input parameters
of\u00a0the\u00a0pricing model dependent on the liquidity in the market.
\u2022 Funding valuation adjustment. The funding valuation adjustment incorporates the incremental cost of funding
into the valuation of uncollateralised and partially collateralised derivatives.
\u2022 Own credit adjustment. An own credit risk adjustment is applied to financial liabilities where it is believed that
counterparties will consider ABN AMRO\u2019s creditworthiness when pricing such instruments.
\u2022 Model valuation adjustments for any known limitations. Management assesses the appropriateness of any
model used on an ongoing basis. To the extent that the price provided by internal models does not represent
the fair value of the instrument, for instance in highly stressed market conditions, management makes
adjustments to the model valuation to calibrate to other available pricing sources.
We believe our estimates of the fair value are adequate. However, the use of different models or assumptions
could result in changes to our reported results.
20\u00a0 Loans and advances banks
Accounting policy for loans and advances banks and customers
Loans and advances banks, and loans and advances customers, are held in a \u2018hold to collect\u2019 business model.
Loans and advances for which the contractual cash flows are solely payments of principal and interest (SPPI) are
measured at amortised cost, i.e. fair value at initial recognition, adjusted for repayment and amortisation
of\u00a0coupon, fees and expenses to represent the effective interest rate of the asset. Loans and advances that do
not pass the SPPI test are measured at fair value through profit or loss. Please refer to Note 1 Accounting policies
in the Consolidated Annual Financial Statements.
21\u00a0 Loans and advances customers
Accounting policy for loans and advances customers
The accounting policy for loans and advances customers is included in Note 20 - Loans and advances banks.
Please refer to Note 1 - Accounting policies in the Consolidated Annual Financial Statements.
22\u00a0 Fair value of financial instruments not carried at fair value
Accounting policy for fair value of financial instruments not carried at fair value
The categorisation and valuation of financial instruments not carried at fair value is determined in accordance
with the accounting policies set out in Note 19 - Fair value of financial instruments carried at fair value.
27\u00a0 Due to banks
Accounting policy for due to banks and due to customers
Amounts due to banks and customers are held at amortised cost. That is, at fair value upon initial recognition,
adjusted for repayment and amortisation of coupon, fees and expenses to represent the effective interest rate
of\u00a0the instrument.
28\u00a0 Due to customers
Accounting policy for due to customers
The accounting policy for amounts due to customers is set out in Note 27 - Due to banks .
29\u00a0 Issued debt and subordinated liabilities
Accounting policy for issued debt and subordinated liabilities
Issued debt securities and subordinated liabilities are recorded at amortised cost using the effective interest rate
method. Hybrid or structured financial liabilities are irrevocably designated upon initial recognition to be
measured at fair value through profit or loss. The latter is applied when the instruments are held to reduce
an\u00a0accounting mismatch, are managed on the basis of their fair value or include terms that qualify as
an\u00a0embedded derivative that cannot be separated.
ABN AMRO applies IAS 32 Financial Instruments: Presentation to determine whether funding is a financial
liability or equity. Issued financial instruments or their components are classified as financial liabilities where
the\u00a0substance of the contractual arrangement results in ABN AMRO having a present obligation to deliver either
cash or another financial asset or to satisfy the obligation other than by the exchange of a fixed number of equity
shares.
Issued liabilities qualify as subordinated debt if claims by the holders are subordinated to all other current and
future liabilities of ABN AMRO and its subsidiaries.
The valuation of liabilities measured at fair value includes the effect of changes in the bank\u2019s own credit spreads.
The change in fair value applies to those financial liabilities designated at fair value where own value credit risk
would be considered by market participants. The cumulative amount of changes in fair value attributable
to\u00a0credit risk of issued debt is presented as liability own credit risk reserve in equity. Exchange-traded own debt
measured at fair value through profit or loss is valued at market prices.
Fair value changes are calculated based on a yield curve generated from observed external pricing for funding
and quoted CDS spreads
34\u00a0 Transferred, pledged, encumbered and restricted assets
Accounting policy for transferred, pledged and encumbered assets
Transferred financial assets are arrangements/transactions for which ABN AMRO has:
\u2022 transferred the contractual rights to receive the cash flows of the financial asset to a third party, or
\u2022 retained the contractual rights to receive the cash flows of that financial asset, but has assumed a contractual
obligation to pay the cash flows to a third party
Depending on the circumstances, these transfers may either result in financial assets that are not derecognised
in their entirety or in assets that are derecognised in their entirety. More detailed information on our recognition
and derecognition policy is provided in the paragraph on material accounting policies under Note 1 - Accounting
policies.
Pledged assets are assets given as security (collateral) to guarantee the payment of a debt or fulfilment of
an\u00a0obligation by ABN AMRO to a third party. Encumbered assets are assets that have been pledged or are
subject to any form of arrangement to secure, collateralise or credit enhance any transaction from which free
withdrawal is not allowed. The key difference between encumbered and pledged assets is that the latter is
based on the legal terms such as title transfer while the former is based on economic principles.
35\u00a0 Commitments and contingent liabilities
Accounting policy for off-balance sheet items
Financial guarantee contracts
A financial guarantee contract requires the issuer to make specified payments to reimburse the holder for a loss
it incurs if a specified debtor fails to make payment when due under the original or modified terms of a debt
instrument. Initial recognition of financial guarantee contracts is at their fair value. Subsequent measurement is
at the higher of the amount of the expected credit loss and the amount initially recognised, less \u2013 when
appropriate \u2013 the cumulative amount of income recognised in the income statement.
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1\u00a0 \u00a0 Accounting policies
Material accounting policies
Financial assets and liabilities
Classification and measurement of financial assets
ABN AMRO classifies financial assets based on the business model in which they are held in accordance with IFRS\u00a09.
The business model is determined at portfolio level. Portfolios are based on how ABN AMRO manages financial assets
in order to achieve a particular business objective. The business model assessment is based on the level of sales, risk
management, performance evaluation and management compensation. Derecognition is used as a condition
to\u00a0determine whether a transaction results in a sale.
Three business models are distinguished:
\u2022 \u2018Hold to collect\u2019 business model, in which cash flows are primarily generated by collecting contractual cash flows
until maturity of the financial instrument. Sales can occur, as long as they are incidental, infrequent and insignificant.
The assessment of the frequency and significance of sales is determined for each underlying portfolio. Sales that
result from increases in the credit risk of the counterparty or take place close to maturity do not contradict the \u2018hold
to collect\u2019 business model.
\u2022 \u2018Hold to collect and sell\u2019 business model, in which the selling of financial assets is integral to achieving the business
objective. In this business model, sales take place more frequently and have a greater value than in a 'hold to collect'
business model.
\u2022 Other business models not meeting the criteria of the business models mentioned above, for example business
models in which financial assets are managed with the objective of generating cash flows from sales (trading book),
are measured at FVTPL.
After the business model has been determined, the contractual cash flows of financial assets are assessed.
Debt\u00a0instruments can be classified at amortised cost or FVOCI only when the contractual cash flows are solely
payments of\u00a0principal and interest (SPPI). Contractual cash flows that are SPPI are consistent with a basic lending
arrangement in\u00a0which consideration for the time value of money and credit risk are typically the most significant
interest elements. Debt instruments that do not meet the SPPI requirements are mandatorily measured at FVTPL.
Financial\u00a0assets are assessed in their entirety, including any embedded derivatives that are not separated from the host
contract.
Based on the business model determined and the SPPI assessment, the following measurement categories are
identified under IFRS 9:
\u2022 Amortised cost \u2013 Financial instruments measured at amortised cost are debt instruments within a \u2018hold to collect\u2019
business model with fixed or determinable payments which meet the SPPI criteria. These instruments are initially
measured at fair value (including transaction costs) and subsequently measured at amortised cost using the effective
interest rate method. Financial instruments measured at amortised cost are presented net of credit loss allowances
in the statement of financial position.
\u2022 FVTPL \u2013 Financial instruments measured at FVTPL include instruments held for trading, derivatives, equity
instruments for which the FVOCI option has not been elected and instruments whose cash flows do not meet
the\u00a0SPPI requirements. Changes in the fair value of these instruments are directly recognised in the income
statement.
\u2022 FVOCI \u2013 Financial instruments measured at FVOCI are debt instruments which are held in a \u2018hold to collect and sell\u2019
business model and which meet the SPPI criteria. They are initially measured at fair value, with subsequent
unrealised changes recognised in other comprehensive income. Equity instruments for which the fair value option is
elected are also measured at FVOCI.
Measuring allowances for expected credit losses
ABN AMRO recognises loss allowances based on the Expected Credit Loss model (ECL) of IFRS 9, which is designed to
be forward-looking. The amount of ECL is based on the probability-weighted present value of all expected cash
shortfalls over the remaining life of the financial instrument for both on- and off-balance sheet exposures. ABN AMRO
distinguishes between two types of calculation methods for credit loss allowances:
\u2022 Individual Lifetime ECL (LECL) for credit impaired (stage 3) financial instruments with exposures above
EUR\u00a05\u00a0million;
\u2022 Collective 12-month ECL (stage 1) and LECL (stage 2 and 3) for financial instruments that have similar credit risk
characteristics (e.g. residential mortgages, consumer loans and SME loans); these are clustered in portfolios and
collectively assessed for impairment losses. A collective impairment calculation approach based on individual
parameters is also applied to stage 3 exposures below EUR 5 million. ABN AMRO has models to quantify the
Probability of Loss (PL), Loss Given Loss (LGL) and Exposure at Loss (EAL) for the purpose of calculating the collective
12-month ECL and LECL for these financial instruments.
The IFRS 9 impairment requirements are applicable to financial assets measured at amortised cost or fair value
through other comprehensive income (FVOCI), loan commitments, lease receivables and contract assets and financial
guarantee contracts. At each reporting date, these financial instruments are classified into one of three risk stages,
depending on current credit quality, or as purchased or originated credit impaired (POCI).
POCI assets, which are credit impaired at initial recognition, are accounted for at fair value (i.e. net of the initial lifetime
ECLs) and do not carry an impairment allowance. Instead, a credit-adjusted effective interest rate (EIR), which is
calculated using expected cash flows including initial lifetime ECLs, is applied to the amortised cost. Subsequently, the
cumulative changes in lifetime ECLs since initial recognition, which are discounted at the credit-adjusted effective
interest rate, are recognised in the profit or loss statement as an impairment gain or loss, and presented under
impairment charges on financial instruments. Once a financial asset is classified as POCI, it retains that classification
until it is derecognised.
Risk staging
We use quantitative and qualitative stage triggers to determine whether a financial instrument should be classified as
stage 1 or stage 2. A transfer to stage 3 will always be the result of the default of a financial instrument.
Quantitative stage triggers
The key quantitative metric that determines when a financial instrument is transferred from stage 1 to stage 2 is the
deterioration in the lifetime probability of default (LPD) from the date of origination to the reporting date, based on
internal data. The LPD represents the likelihood that a counterparty will default during the lifetime of the financial
instrument and depends on credit risk drivers such as:
\u2022 product characteristics (e.g. repayment and interest terms, term of the product);
\u2022 the financial condition of the borrower;
\u2022 the number of days past due;
\u2022 expected developments in the economy.
The lifetime PD deterioration (LPDD) measures the relative difference between the remaining lifetime PD at reporting
(LPDR) and the remaining lifetime PD at origination (LPDO) as LPDD = LPDR/LPDO. If the LPD deterioration of an
exposure is above a predefined threshold, the LPD is considered to be significantly deteriorated. The exposure is then
transferred to stage 2 and impairment allowances equal to the lifetime expected credit loss are recognised. If the LPD
deterioration subsequently reduces and falls below the threshold, the balance is transferred back to stage 1. When
determining the thresholds, ABN AMRO distinguishes between various portfolios within consumer lending, residential
mortgages and corporate loans. A specific threshold is calculated for each portfolio, based on a statistical method.
Qualitative stage triggers
The bank transfers a financial instrument from stage 1 to stage 2 if the instrument meets any of the following
qualitative triggers:
\u2022 Forborne status of a borrower;
\u2022 Watch status of a borrower. ABN AMRO assigns the watch status to counterparties with an increased credit risk. This
process comprises intensive monitoring, early detection of deterioration in the credit portfolio and appropriate
follow up measures;
\u2022 A delinquency-based regulatory backstop is in place, such that the credit risk of financial assets that are more than
30\u00a0days past due will be assumed to have significantly increased.
Reclassification to stage 1
As a general rule, favourable changes in credit risk are recognised consistently with unfavourable changes, and a
financial instrument is transferred back to stage 1 if quantitative or qualitative triggers are no longer met. In some
cases, a probation period applies:
\u2022 Forborne financial instruments are transferred back from stage 2 to stage 1 only after a probation period of at least
two years has ended, in line with the ABN AMRO forbearance policy. Stage 3 forborne instruments transfer back to
stage 2 after a cure period of at least one year;
\u2022 For financial instruments that are 30 days past due, a three-month probation period is applied for transfers from
stage\u00a02 to stage\u00a01.
Classification in stage 3
A transfer to stage 3 will always be the result of the default of a financial instrument. The definition of default for
IFRS\u00a09 is aligned with the regulatory capital definition. A default is deemed to have occurred when:
\u2022 the counterparty is past due by more than 90 days on any material financial credit obligation to the bank; or
\u2022 the bank considers the borrower to be unlikely to meet its contractual obligations (unlikely to pay, or UTP).
The materiality of a financial obligation past due is assessed against an absolute and a relative threshold, in line with
regulatory standards. To determine unlikeliness to pay, the bank has specified mandatory default triggers (always
resulting in the assignment of a default status, whereby no additional expert judgement is allowed) and judgemental
triggers (requiring an assessment by credit risk managers to determine whether the UTP indications should result in a
default classification).
The mandatory triggers include the reporting of a forborne exposure under probation as non-performing for being
30\u00a0days past due or owing to an additional forbearance measure being applied. As a result, the definitions of non-
performing and default are materially aligned.
Reclassification to stage 2
The default classification for non-forborne exposures ends when the default triggers no longer apply and a probation
or cure period of at least three months has passed since the default trigger was last applied. For forborne exposures, a
twelve-month cure period starts from the moment the last forbearance measure or default trigger was applied. After
the cure period, an assessment is performed to establish whether the improvement in the credit quality is factual and
permanent (including, for example, no remaining past due amounts).
Lifetime expected credit loss
ABN AMRO defines the lifetime of credit as the maximum contractual period during which the bank is exposed to
credit risk; we do not apply a longer period, even if that longer period is consistent with business practice. For some
contracts, such as overdraft facilities or credit cards, no end date is specified or amounts can be contractually
withdrawn by the lender at short notice. In these cases, ABN AMRO uses behavioural maturity models that rely on
historical client behaviour to determine future expected exposures.
Forward-looking information
For expected credit loss calculations, ABN AMRO uses three different scenarios of future economic developments: a
baseline (or most likely) scenario, a negative scenario and a positive scenario. The three scenarios are incorporated into
the expected credit loss calculation and risk stage determination in a probability-weighted manner. In order to
incorporate the latest economic outlook, the scenarios and their weights are reviewed each quarter and adjusted if
necessary. Details of the scenarios and their weights used in the reporting period can be found in the Credit risk review
section. The baseline scenario entails our Group Economics analysts\u2019 current macroeconomic base scenario, which
usually covers the current year and subsequent year. For the purpose of scenario analysis under IFRS 9, this baseline is
extended by three or four additional calendar years, after which it is assumed that macroeconomic variables (MEVs)
gradually move to their potential or equilibrium values. At least once every quarter, Group Economics compares its
forecasts with those of institutions like the Netherlands Bureau for Economic Policy Analysis (CPB), the Dutch central
bank (DNB), ECB, IMF or OECD in order to determine possible differences and to analyse whether it can underpin
them. This external benchmarking exercise is a standard input to the Scenario Booklet that is presented to the bank\u2019s
Scenario and Stress Testing Committee for approval. Group Economics also develops a negative and a positive
scenario. These scenarios are designed to give an impression of the bandwidth within which the economy, interest and
FX rates, and other relevant variables are likely to move in the next four to five years, with a probability of around\u00a085%
(roughly corresponding to a standard deviation of plus and minus one and a half). Hence, these scenarios produce
upper and lower boundaries, with a resulting bandwidth between the outcomes of the negative (\u2018bad weather\u2019 in
terms of financial results of the bank) and positive (\u2018good weather\u2019) scenarios. To determine these boundaries, Group
Economics may look at historical developments, medium-term (non-baseline) scenarios made by the above
institutions and other relevant developments.
Management overlays and other adjustments
Where necessary to reflect credit risk dynamics not captured by our models, management judgement is applied via a
management overlay or other IFRS 9 adjustment. A management overlay is a temporary adjustment in a loss
allowance until a long-term solution (e.g. model adjustment) is effective, and must be an amount commensurate to
the model limitation. All overlays require a decision by the Impairment and Provision Committee (IPC). The main types
of management overlays that ABN AMRO distinguishes are: post-model adjustments (adjustments to model
outcomes), adjustments in the weightings of macroeconomic scenarios and stage overrides. Other adjustments such
as adjustments to model parameters or input data are not considered management overlays, but follow the same
internal approval process.
Cured financial assets
When a credit impaired financial asset cures, the interest that was previously unrecognised is reported as an
impairment release in the impairment charge rather than as a credit to the interest income calculated using the
effective interest method.
Write-off
Under IFRS 9, \u2018write-off\u2019 refers to the process of recognising that a financial asset, or a portion of it, is uncollectible and
should be removed from an entity\u2019s balance sheet. This typically happens when there is no reasonable expectation of
recovering the asset, indicating that the entity has exhausted all practical recovery efforts.
\u2022 For non-programme lending, a loan must be written off if all possible means of recovery have been exhausted and it
has become clear that there is a low probability of recovering the debt, either in part or full.
\u2022 Most of the programme lending facilities are automatically written off after 1,080 days in default.
Such loans are written off after all the necessary procedures have been completed and the amount of the loss has
been determined. Subsequent recoveries of amounts previously written off are credited to impairment charges on
financial instruments in the income statement.
Credit enhancements
Financial guarantees held are included in the ECL calculations of a financial asset when they are an integral element of
the contractual terms of the financial asset. Financial guarantees that do not form an integral element of the
contractual terms of a financial asset are accounted for as a separate asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-388": { "value": "ABN AMRO Bank N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-389": { "value": "ABN AMRO Bank N.V.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-390": { "value": "the Netherlands and abroad", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-391": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-392": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-393": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-394": { "value": "Gustav Mahlerlaan 10, 1082 PP Amsterdam, the Netherlands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-395": { "value": "ABN AMRO provides a broad range of financial services to retail, private and corporate banking clients.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-396": { "value": "
Changes in accounting policies
Amendments to existing standards
The International Accounting Standards Board (IASB) issued a number of amendments to existing standards (and
endorsed by the EU), which became effective for the reporting period beginning 1 January 2025. The standard
amended is:
\u2022 IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
The impact of this amendment on the consolidated financial statements is insignificant for ABN AMRO and has not
resulted in major changes to ABN AMRO\u2019s accounting policies.
New standards, amendments and interpretations not yet effective
The IASB has issued the following new standards. These new standards will become effective on 1\u00a0January\u00a02027 if
they are endorsed by the EU. ABN AMRO will not early adopt these standards.
IFRS 18 Presentation and Disclosure in Financial statements
In April 2024 the IASB issued IFRS 18, which is set to replace IAS 1 Presentation and Disclosures in Financial
Statements. The main changes introduced by IFRS 18 relate to three areas:
\u2022 Presentation of two new defined subtotals in the statement of profit or loss and consistent classification of income
and expenses in categories. The standard identifies five categories - operating, investing, financing, income taxes
and discontinued operations.
\u2022 Disclosure of information about management-defined performance measures in the notes to the financial
statements.
\u2022 Enhanced requirement for grouping (aggregation and disaggregation) of information. These changes are focused on
the statement of profit or loss and relate solely to presentation and disclosure requirements.
The expected impact of these changes on the consolidated financial statements of ABN AMRO is being finalised.
The\u00a0main changes are on the face of the consolidated income statement, where classification of certain income and
expenses will change and new subtotal(s) will be introduced. At Capital Markets Day, the bank introduced a new
subtotal that it will use in it's communications: Commercial Net Interest Income. This subtotal qualifies as a
management-defined performance measure under IFRS 18 and will be treated as such upon application of the
standard. The\u00a0standard will not affect reported profit or equity.
IFRS 19 Subsidiaries without Public Accountability
In May 2024 the IASB issued IFRS 19, which specifies disclosure requirements that certain entities are allowed to apply
instead of the disclosure requirements in other IFRS. Given that ABN AMRO is not an entity that can apply IFRS\u00a019, this
new standard does not impact ABN AMRO.
Amendments to existing standards not yet effective
The IASB has issued amendments to several standards, some of which have not yet been endorsed by the EU.
ABN\u00a0AMRO will not early adopt the amendments that have been endorsed by the EU. These amendments are to take
effect on or later than 1\u00a0January\u00a02026. The standards amended are:
\u2022 IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments;
\u2022 Annual Improvements Volume 11;
\u2022 Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7; and
\u2022 IFRS 19 Subsidiaries without Public Accountability.
ABN AMRO is still investigating the impact of these amendments but preliminary results show that no significant
impact is expected.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-399": { "value": "
Material accounting policies
Financial assets and liabilities
Offsetting financial assets and liabilities
Financial assets and liabilities are offset, and the net amount is reported on the statement of financial position, if there
is a legally enforceable right to offset the recognised amounts and there is an intention either to settle on a net basis or
to realise the asset and settle the liability simultaneously. The bank applies netting to debtor and creditor balances
such as current accounts where offsetting is justified by formal agreement with the client, provided the balances meet
the applicable criteria.
Enforceable master netting arrangements are agreements in which the bank has a legally enforceable right to offset in
the event of default, but no ability and/or intention to realise the asset and settle the liability simultaneously in the
normal course of business. As a result, the criteria to offset are not met. These arrangements include derivative
clearing agreements, global master repurchase agreements and global master securities lending agreements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-398": { "value": "
Material accounting policies
Financial assets and liabilities
Classification and measurement of financial assets
Reclassifications of financial assets are expected to be very infrequent and occur only when ABN AMRO changes its
business model for a certain portfolio of financial assets.
Classification and measurement of financial liabilities
Financial liabilities are never reclassified after initial recognition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-397": { "value": "
Material accounting policies
Recognition and derecognition
Traded instruments are recognised on the trade date, which is defined as the date on which ABN AMRO commits
to\u00a0purchase or sell the underlying instrument. If the settlement terms are non-standard, the commitment is accounted
for as a derivative between the trade and settlement dates. Loans and advances are recognised when they are
acquired or funded by ABN AMRO and derecognised when settled. Issued debt is recognised when issued, and
deposits are recognised when the cash is deposited with ABN AMRO. Other financial assets and liabilities, including
derivatives, are recognised when ABN AMRO becomes a party to the contractual provisions of the asset or liability.
Financial assets are derecognised when ABN AMRO loses control and the ability to obtain benefits from
the\u00a0contractual rights that comprise that asset. This occurs when the rights are realised or expire, or when substantially
all risks and rewards are transferred. Financial assets are also derecognised if the bank has neither transferred nor
retained substantially all risks and rewards of ownership, but control has passed to the transferee. Financial assets
continue to be recognised in the balance sheet, and a liability recognised for the proceeds of any related funding
transaction, unless a fully proportional share of all or specifically identified cash flows are transferred to the lender
without material delay and the lender\u2019s claim is limited to those cash flows, and substantially all the risks, rewards and
control associated with the financial instruments, that have been transferred, in which case that proportion of the asset
is derecognised.
When the terms and conditions of a financial asset have been renegotiated or otherwise modified to the extent that,
substantially, it becomes a new financial asset, ABN AMRO derecognises the financial asset, with the difference
recognised in the income statement, to the extent that an impairment loss has not already been recorded. The newly
recognised financial asset is classified as stage 1 for ECL measurement purposes. ABN AMRO assesses, in both
qualitative and quantitative terms, whether such modifications are substantial. Generally, a 10% change in the net
present value of the cash flows between the initial and new contract results in a derecognition. With regard
to\u00a0substantial modifications, e.g. due to forbearance measures, the derecognition gains or losses are recognised in net
gains/(losses) on derecognition of financial assets measured at amortised cost and disclosed separately, if material.
If the modification of the financial asset does not result in derecognition, the gross carrying amount of the financial
asset is recalculated, based on the net present value of the new contractual cash flows, and discounted at the financial
asset\u2019s original effective interest rate. The effect is recognised and disclosed as a modification gain or loss
in\u00a0the\u00a0income statement. Credit related modification gains or losses (i.e. due to forbearance measures) are recognised
in the income statement and presented under impairment charges on financial instruments. Non-credit related
modification gains or losses are recognised in the income statement and presented under interest income calculated
using the effective interest method.
Financial liabilities are derecognised when the liability has been settled, has expired or has been extinguished.
An\u00a0exchange of an existing financial liability for a new liability with the same lender on substantially different terms,
qualitatively and quantitatively (a 10% difference in the present value of the cash flows), is accounted for as
an\u00a0extinguishment of the original financial liability and recognition of a new financial liability. The difference between
the former amortised cost and the consideration paid is recognised in the income statement.
8\u00a0 \u00a0 Net gains/(losses) on derecognition of financial assets measured at amortised cost
Accounting policy derecognition of financial assets
The net gains/(losses) on derecognition of financial assets measured at amortised cost includes gains and losses
recognised on the sale or derecognition of these financial assets, calculated as the difference between the
carrying amount (which is the amortised cost adjusted for the loss allowance) and the proceeds received.
The net losses on derecognition of financial assets measured at amortised cost comprise EUR\u00a017\u00a0million in gains and
EUR\u00a045\u00a0million in losses, and relate to several smaller portfolio sales.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-401": { "value": "
2\u00a0 \u00a0 Segment reporting
Accounting policy for segment reporting
ABN AMRO\u2019s segment reporting is in accordance with IFRS 8 Operating Segments and consistent with
the\u00a0internal reporting provided to its Executive Board, which is responsible for allocating resources and assessing
performance and has been identified as the chief operating decision-maker. All transactions between segments
are eliminated as intersegment revenues and expenses in Group Functions. Geographical data are presented
according to the management view.
Segment assets, liabilities, income and results are measured based on our accounting policies and include items
directly attributable to a segment, as well as those that can be allocated on a reasonable basis. Transactions
between segments are conducted on an arm\u2019s length basis. Interest income is reported as net interest income
(NII) because management relies primarily on net, rather than gross, interest income and expenses as
a\u00a0performance measure.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-400": { "value": "
2\u00a0 \u00a0 Segment reporting
Accounting policy for segment reporting
ABN AMRO\u2019s segment reporting is in accordance with IFRS 8 Operating Segments and consistent with
the\u00a0internal reporting provided to its Executive Board, which is responsible for allocating resources and assessing
performance and has been identified as the chief operating decision-maker. All transactions between segments
are eliminated as intersegment revenues and expenses in Group Functions. Geographical data are presented
according to the management view.
Segment assets, liabilities, income and results are measured based on our accounting policies and include items
directly attributable to a segment, as well as those that can be allocated on a reasonable basis. Transactions
between segments are conducted on an arm\u2019s length basis. Interest income is reported as net interest income
(NII) because management relies primarily on net, rather than gross, interest income and expenses as
a\u00a0performance measure.
Personal & Business Banking
This client unit serves consumer and business clients with banking and partner offerings, providing the convenience
of\u00a0digital interactions and access to expertise when it matters most.
Wealth Management
The Wealth Management client unit delivers outstanding expertise with tailored value propositions for wealthy clients,
focusing on investment advisory, financial planning and real estate financing.
Corporate Banking
This expertise-driven client unit delivers tailored financing, capital structuring and transaction banking solutions for
medium sized and large corporate clients and financial institutions. Corporate Banking also offers Entrepreneur &
Enterprise as a bank-wide service concept for business and wealthy clients, in close collaboration with Wealth
Management.
Group Functions
Group Functions consists of the following support function departments: Finance, Risk Management, Innovation &
Technology, Group Economics, Human Resources, Group Audit, Legal & Corporate Office, Brand Marketing &
Communications, Strategy & Transformation and a Sustainability Centre of Excellence. Group Functions is not a client
unit, but part of the reconciliation. The majority of Group Functions\u2019 costs are allocated to the client units.
Segment income statement for the year 2025
2025
(in millions)
Personal &
Business Banking
Wealth
Management
Corporate
Banking
Group
Functions
Total
Income
Net interest income
3,231
900
2,117
88
6,335
Net fee and commission income
655
771
730
-23
2,132
Net income from other operating activities
-20
27
89
-66
30
Net trading income
-1
220
219
Share of result in equity-accounted investments
9
-2
19
2
28
Net gains/(losses) on derecognition of financial assets
measured at amortised cost
-2
-3
-14
-10
-29
Operating income
3,873
1,693
3,160
-9
8,716
Expenses
Personnel expenses
510
555
690
1,350
3,104
General and administrative expenses
430
237
327
1,332
2,326
Depreciation, amortisation and impairment losses of
tangible and intangible assets
5
49
22
104
180
Intersegment revenues/expenses
1,459
460
738
-2,657
Operating expenses
2,404
1,302
1,776
128
5,610
Impairment charges on financial instruments
-81
10
92
-1
20
Total expenses
2,323
1,312
1,868
127
5,630
Profit/(loss) before taxation
1,549
381
1,292
-136
3,086
Income tax expense
410
113
304
6
834
Profit/(loss)
1,139
267
989
-143
2,252
Attributable to:
Owners of the parent company
1,139
267
989
-143
2,252
Segment income statement for the year 2024
2024
(in millions)
Personal &
Business Banking
Wealth
Management
Corporate
Banking
Group
Functions
Total
Income
Net interest income
3,262
932
2,281
29
6,504
Net fee and commission income
603
632
699
-24
1,910
Net income from other operating activities
59
-9
141
34
226
Net trading income
-2
285
283
Share of result in equity-accounted investments
18
13
-19
-3
9
Net gains/(losses) on derecognition of financial assets
measured at amortised cost
-8
-30
-33
-71
Operating income
3,932
1,568
3,358
4
8,861
Expenses
Personnel expenses
500
438
645
1,192
2,776
General and administrative expenses
462
208
396
1,464
2,531
Depreciation, amortisation and impairment losses of
tangible and intangible assets
4
27
22
108
160
Intersegment revenues/expenses
1,485
419
738
-2,642
Operating expenses
2,451
1,092
1,802
122
5,467
Impairment charges on financial instruments
-108
14
74
-2
-21
Total expenses
2,343
1,106
1,877
121
5,446
Profit/(loss) before taxation
1,589
462
1,481
-117
3,415
Income tax expense
419
137
382
74
1,013
Profit/(loss)
1,169
325
1,099
-191
2,403
Attributable to:
Owners of the parent company
1,169
325
1,099
-191
2,403
For the explanation and further details of large incidentals used in the section below, please refer to the Financial
performance section in the Strategy & performance chapter.
Total bank
Net interest income decreased by EUR\u00a0169\u00a0million to EUR\u00a06,335\u00a0million in 2025, (2024: EUR\u00a06,504\u00a0million). Excluding
large incidentals, NII decreased by EUR\u00a0166\u00a0million, with declines observed across all client units. The decrease was
largely attributable to margin pressure on deposits due to changes in the interest rate environment, as well as,
continued margin pressure on corporate loans and declining margins on mortgages. Margin pressure was only
partially offset by strong volume growth in deposits and mortgages. A limited offset also came from improved
Treasury results and the positive impact of the integration of Hauck Aufh\u00e4user Lampe (HAL).
Net fee and commission income increased by EUR\u00a0222\u00a0million to EUR\u00a02,132\u00a0million in 2025. This increase was mainly
attributable to higher fee income at Wealth Management, reflecting the integration of HAL and higher asset
management and securities services fees. In addition, Personal & Business Banking benefited from higher payment
services fees due to increased pricing of payment packages and higher transaction volumes. Clearing also recorded
higher fee income, reflecting increased transaction volumes driven by elevated market volatility.
Net income from other operating activities amounted to EUR\u00a030\u00a0million in 2025, compared with EUR\u00a0226\u00a0million
in\u00a02024, reflecting a decrease of EUR\u00a0196\u00a0million. This decrease was mainly attributable to less favourable Treasury
and Personal\u00a0&\u00a0Business\u00a0Banking results (fair value revaluations on loans). Next to that, a decrease in
Corporate\u00a0Banking was mainly driven by lower revaluations of equities and the wind-down of the ABF portfolio, partly
offset by higher Clearing results. This was partly offset by improved Wealth Management results, mostly reflecting the
integration of HAL and the large incidental in 2024.
Net trading income decreased by EUR\u00a064\u00a0million to EUR\u00a0219\u00a0million in 2025, compared with EUR\u00a0283\u00a0million
in\u00a02024, reflecting lower Clearing and Global Markets results at Corporate Banking.
Share of result in equity-accounted investments improved by EUR\u00a019\u00a0million to EUR\u00a028\u00a0million in 2025. The increase
was mainly driven by more favourable revaluations at Corporate Banking, partly offset by lower results at Wealth
Management, primarily due to the sale of the joint venture Neuflize Vie in 2024.
Net gains/(losses) on derecognition of financial assets increased by EUR\u00a042\u00a0million, resulting in a net loss of
EUR\u00a029\u00a0million in 2025, compared with a net loss of EUR\u00a071\u00a0million in 2024. This increase was mainly driven by lower
derecognition losses at Corporate Banking and Group Functions.
Personnel expenses increased by EUR\u00a0328\u00a0million to EUR\u00a03,104\u00a0million in 2025. This increase was attributable to a
higher number of internal employees, largely reflecting the integration of HAL, as well as the impact of the Dutch CLA
and higher restructuring provisions (including large incidentals).
General and administrative expenses decreased by EUR\u00a0205\u00a0million to EUR\u00a02,326\u00a0million in 2025, compared with
EUR\u00a02,531\u00a0million in 2024. Excluding large incidentals, general and administrative expenses decreased by
EUR\u00a0193\u00a0million. The decrease was mainly driven by lower external staffing costs and non-recurring VAT rebates in
2025, partly offset by higher IT-related expenses, mainly related to the integration of HAL.
Depreciation and amortisation increased by EUR\u00a020\u00a0million to EUR\u00a0180\u00a0million in 2025, compared with
EUR\u00a0160\u00a0million in 2024, largely reflecting the integration of HAL.
Impairment charges amounted to EUR\u00a020\u00a0million for 2025 (2024: release of EUR\u00a021\u00a0million) and were primarily
related to individual-based net additions for corporate loans at Corporate Banking, partially offset by net releases at
Personal\u00a0&\u00a0Business\u00a0Banking. The resulting cost of risk was 1bp\u00a0positive compared with 2bps\u00a0negative in 2024.
Personal & Business Banking
Net interest income decreased by EUR\u00a031\u00a0million to EUR\u00a03,231\u00a0million in 2025, compared with EUR\u00a03,262\u00a0million
in\u00a02024. Excluding large incidentals, net interest income decreased by EUR\u00a047\u00a0million mainly due to lower margins on
deposits and mortgages, partly offset by volume growth in deposits and mortgages.
Net fee and commission income increased by EUR\u00a052\u00a0million to EUR\u00a0655\u00a0million in 2025, largely driven by higher
payment services fees resulting from increased payment package pricing and higher transaction volumes.
Net income from other operating activities amounted to a loss of EUR\u00a020\u00a0million in 2025, compared with a gain of
EUR\u00a059\u00a0million in 2024, reflecting a decrease of EUR\u00a079\u00a0million. The decrease was mainly driven by negative fair value
revaluations on loans versus positive revaluations in the previous year.
Personnel expenses increased by EUR\u00a010\u00a0million to EUR\u00a0510\u00a0million in 2025, mainly driven by the impact of the
Dutch CLA, partly offset by lower restructuring provisions and a slightly lower number of internal employees,
reflecting our limited hiring of staff.
General and administrative expenses decreased by EUR\u00a032\u00a0million to EUR\u00a0430\u00a0million in 2025, mainly due to lower
external staffing costs, reflecting our cost discipline.
Impairment charges recorded a release of EUR\u00a081\u00a0million for 2025 (2024: release of EUR\u00a0108\u00a0million), driven by
releases in all 3 stages.
Wealth Management
Net interest income decreased by EUR\u00a032\u00a0million to EUR\u00a0900\u00a0million in 2025, compared with EUR\u00a0932\u00a0million
in\u00a02024. The decrease was mainly driven by lower deposit margins, partly offset by higher volumes and the positive
impact of the integration of HAL.
Net fee and commission income increased by EUR\u00a0139\u00a0million to EUR\u00a0771\u00a0million in 2025, driven mainly by the
integration of HAL and higher other fee income, particularly from asset management and securities services.
Net income from other operating activities increased by EUR\u00a036\u00a0million to EUR\u00a027\u00a0million in 2025 (2024: loss of
EUR\u00a09\u00a0million), mainly reflecting the integration of HAL and the large incidental in 2024.
Share of result in equity-accounted investments decreased by EUR\u00a015\u00a0million to a loss of EUR\u00a02\u00a0million in 2025
(2024: EUR\u00a013\u00a0million), largely due to the absence of results from the joint venture Neuflize Vie following its sale in
2024.
Personnel expenses increased by EUR\u00a0117\u00a0million to EUR\u00a0555\u00a0million in 2025, compared with EUR\u00a0438\u00a0million
in\u00a02024. The increase was attributable to an increase in the number of internal employees, reflecting the integration of
HAL, as well as the impact of the Dutch CLA and higher restructuring provisions.
General and administrative expenses increased by EUR\u00a029\u00a0million to EUR\u00a0237\u00a0million in 2025, largely driven by the
integration of HAL, partly offset by lower external staffing costs, reflecting our cost discipline.
Depreciation and amortisation increased by EUR\u00a022\u00a0million to EUR\u00a049\u00a0million in 2025, compared with EUR\u00a027\u00a0million
in\u00a02024, mainly reflecting the integration of HAL and higher impairments of intangible assets.
Impairment charges recorded an addition of EUR\u00a010\u00a0million for 2025 (2024: addition of EUR\u00a014\u00a0million), reflecting
stage 1 and stage 3 charges, partly offset by stage 2 releases.
Corporate Banking
Net interest income decreased by EUR\u00a0164\u00a0million to EUR\u00a02,117\u00a0million in\u00a02025, compared with EUR\u00a02,281\u00a0million
in\u00a02024. The decrease was mainly driven by lower margins on liabilities, lower corporate loan volumes and lower
Clearing NII.
Net fee and commission income increased by EUR\u00a031\u00a0million to EUR\u00a0730\u00a0million in\u00a02025, mainly due to higher results
at Clearing, which benefitted from increased market volatility, partly offset by the wind-down of the ABF portfolio.
Net income from other operating activities amounted to EUR\u00a089\u00a0million in 2025, compared with EUR\u00a0141\u00a0million
in\u00a02024, reflecting a decrease of EUR\u00a052\u00a0million. The decrease was mainly related to lower revaluations of equities and
the wind-down of the ABF portfolio, partly offset by higher Clearing results.
Net trading income decreased by EUR\u00a065\u00a0million to EUR\u00a0220\u00a0million in 2025, due to lower Clearing and Global
Markets results.
Share of result in equity-accounted investments amounted to EUR\u00a019\u00a0million in 2025 (2024: loss of EUR\u00a019\u00a0million),
due to more favourable revaluations.
Net gains/(losses) on derecognition of financial assets totalled a loss of EUR\u00a014\u00a0million in 2025 (2024:\u00a0loss of
EUR\u00a030\u00a0million). The 2025 results mainly reflect derecognition losses due to the risk transfer of an infrastructure
portfolio.
Personnel expenses increased by EUR\u00a045\u00a0million to EUR\u00a0690\u00a0million in 2025. Excluding large incidentals, personnel
expenses increased by EUR\u00a067\u00a0million. This increase was mainly driven by the impact of the Dutch CLA, higher
restructuring provisions and the integration of HAL, partly offset by a slight decrease in the number of internal
employees, reflecting our limited hiring of staff.
General and administrative expenses decreased by EUR\u00a069\u00a0million, amounting to EUR\u00a0327\u00a0million in 2025. Excluding
large incidentals, the decrease was EUR\u00a076\u00a0million, mainly due to lower external staffing costs, reflecting our cost
discipline and non-recurring VAT rebates in 2025.
Impairment charges recorded an addition of EUR\u00a092\u00a0million for\u00a02025 (2024: addition of EUR\u00a074\u00a0million), reflecting
stage 3 charges, partly offset by stage\u00a01 and 2 releases.
Group Functions
Net interest income increased by EUR\u00a059\u00a0million to EUR\u00a088\u00a0million in 2025, compared with EUR\u00a029\u00a0million in\u00a02024.
Excluding large incidentals, net interest income increased by EUR\u00a078\u00a0million, mainly reflecting improved Treasury
results.
Net income from other operating activities amounted to a loss of EUR\u00a066\u00a0million in 2025, compared with a gain of
EUR\u00a034\u00a0million in 2024, reflecting a decrease of EUR\u00a0100\u00a0million. The decrease was mainly driven by less favourable
asset and liability management results at Treasury.
Net gains/(losses) on derecognition of financial assets improved by EUR\u00a023\u00a0million, totalling a loss of EUR\u00a010\u00a0million
in\u00a02025 (2024: loss of EUR\u00a033\u00a0million). The increase mainly reflects lower derecognition losses related to smaller
portfolio sales.
Personnel expenses increased by EUR\u00a0158\u00a0million to EUR\u00a01,350\u00a0million in\u00a02025, mainly due to a higher number of
internal employees, the impact of the Dutch CLA and higher restructuring provisions. The additional employees mainly
reflect internalisation activities, which reduced external staffing costs.
General and administrative expenses decreased by EUR\u00a0132\u00a0million to EUR\u00a01,332\u00a0million in\u00a02025. Excluding large
incidentals, general and administrative expenses decreased by EUR\u00a0114\u00a0million, mainly reflecting lower external
staffing costs.
Selected assets and liabilities per segment
31 December 2025
(in millions)
Personal &
Business Banking
Wealth
Management
Corporate
Banking
Group
Functions
Total
Assets
Financial assets held for trading
2,044
2,044
Derivatives
166
3,475
293
3,933
Securities financing
1,296
7,787
31,090
40,173
Loans and advances customers
169,987
19,299
71,684
-5,208
255,760
Other
4,906
10,718
6,326
89,348
111,298
Total assets
174,893
31,478
91,316
115,523
413,210
Liabilities
Financial liabilities held for trading
1,631
1,631
Derivatives
6
86
1,466
409
1,967
Securities financing
15,319
15,320
Due to customers
135,764
85,846
51,573
5,944
279,126
Other
39,122
-54,454
36,646
66,808
88,123
Total liabilities
174,893
31,478
91,316
88,480
386,167
31 December 2024
(in millions)
Personal &
Business Banking
Wealth
Management
Corporate
Banking
Group
Functions
Total
Assets
Financial assets held for trading
2,503
2,503
Derivatives
1
3,892
454
4,347
Securities financing
8,773
18,216
26,989
Loans and advances customers
161,189
16,215
75,620
-4,242
248,782
Other
2,397
1,610
8,374
90,045
102,426
Total assets
163,586
17,826
99,162
104,473
385,047
Liabilities
Financial liabilities held for trading
1,163
1,163
Derivatives
7
2
2,118
371
2,499
Securities financing
18
10,334
10,352
Due to customers
126,626
66,652
55,801
7,108
256,186
Other
36,953
-48,828
40,062
60,552
88,739
Total liabilities
163,586
17,826
99,162
78,365
358,939
Geographical segments
2025
(in millions)
The
Netherlands
Rest of
Europe
USA
Asia
Rest of
the world
Total
Income
Net interest income
5,754
387
102
57
35
6,335
Net fee and commission income
1,403
447
145
131
7
2,132
Net income from other operating activities
37
-12
9
1
-5
30
Net trading income
225
3
-9
219
Share of result in equity-accounted investments
31
-4
28
Net gains/ (losses) on derecognition of financial assets
measured at amortised cost
-36
6
1
-29
Operating income
7,416
827
256
188
30
8,716
Expenses
Personnel expenses
2,514
494
55
23
17
3,104
General and administrative expenses
2,062
212
26
15
11
2,326
Depreciation and amortisation of tangible and intangible
assets
124
48
3
3
1
180
Intersegment revenues/expenses
9
2
4
2
-17
Operating expenses
4,710
756
88
43
12
5,610
Impairment charges on financial instruments
-14
34
20
Total expenses
4,696
790
88
43
12
5,630
Profit/(loss) before taxation
2,720
37
167
145
17
3,086
Income tax expense
758
20
28
22
6
834
Profit/(loss)
1,962
17
140
123
11
2,252
Attributable to:
Owners of the parent company
1,961
17
140
123
11
2,252
2024
(in millions)
The
Netherlands
Rest of
Europe
USA
Asia
Rest of
the world
Total
Income
Net interest income
5,936
359
124
62
23
6,504
Net fee and commission income
1,326
338
136
103
7
1,910
Net income from other operating activities
231
18
7
2
-32
226
Net trading income
255
29
283
Share of result in equity-accounted investments
-4
13
9
Net gains/ (losses) on derecognition of financial assets
measured at amortised cost
-73
1
1
-71
Operating income
7,671
728
267
167
28
8,861
Expenses
Personnel expenses
2,283
399
57
21
15
2,776
General and administrative expenses
2,311
170
27
14
9
2,531
Depreciation and amortisation of tangible and intangible
assets
125
28
3
3
1
160
Intersegment revenues/expenses
12
3
2
-5
-13
Operating expenses
4,731
600
90
33
13
5,467
Impairment charges on financial instruments
-47
26
-21
Total expenses
4,685
626
90
33
13
5,446
Profit/(loss) before taxation
2,986
102
178
134
15
3,415
Income tax expense
862
59
70
17
5
1,013
Profit/(loss)
2,124
43
108
118
10
2,403
Attributable to:
Owners of the parent company
2,124
43
108
118
10
2,403
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-404": { "value": "
4\u00a0 \u00a0 Net interest income
Accounting policy for net interest income
Interest income and expenses on financial instruments are recognised in the income statement on an accrual
basis using the effective interest rate method, except where financial instruments are measured at fair value
through profit or loss. The effective interest rate method allocates interest, amortisation of any discount or
premium or other differences, including transaction costs and qualifying fees and commissions, over
the\u00a0expected lives of the assets and liabilities. The effective interest rate is the rate that exactly discounts
estimated future cash flows to the net carrying amount of the asset. As a result, this method requires ABN AMRO
to estimate future cash flows, in some cases based on its experience with client behaviour, considering all
contractual terms of the financial instrument, as well as the expected lives of the assets and liabilities. Interest on
loans and advances measured at fair value through profit or loss is also included in net interest income and
recognised using the contractual interest rate. Interest income and expenses on trading balances are included
in\u00a0net trading income. Interest paid on assets with a negative interest yield is classified as interest expense.
Interest received from liabilities with a negative interest yield is classified as interest income.
(in millions)
2025
2024
Interest income calculated using the effective interest method
14,205
16,757
Other interest and similar income
253
351
Interest income
14,457
17,108
Interest expense calculated using the effective interest method
8,019
10,532
Other interest and similar expense
103
72
Interest expense
8,122
10,604
Net interest income
6,335
6,504
Interest income
(in millions)
2025
2024
Interest income from:
Financial investments at fair value through other comprehensive income
1,136
1,028
Securities financing
1,455
1,495
Loans and advances banks
1,268
1,917
Loans and advances customers
8,840
9,528
Non-trading derivatives - hedge accounting - Cash flow hedges
274
208
Non-trading derivatives - hedge accounting - Fair value hedges
1,073
2,369
Other
159
213
Interest income calculated using the effective interest method
14,205
16,757
Financial assets at fair value through profit or loss
32
34
Non-trading derivatives - no hedge accounting
95
55
Other
126
262
Other interest and similar income
253
351
Total interest income
14,457
17,108
Interest expense
(in millions)
2025
2024
Interest expenses from:
Securities financing
696
896
Due to banks
244
333
Due to customers
4,199
5,260
Issued debt
2,242
2,139
Subordinated liabilities
281
297
Non-trading derivatives - hedge accounting - Cash flow hedges
288
654
Non-trading derivatives - hedge accounting - Fair value hedges
517
1,283
Other
-449
-330
Interest expense calculated using the effective interest method
8,019
10,532
Financial liabilities at fair value through profit or loss
10
9
Non-trading derivatives - no hedge accounting
72
43
Other
21
20
Other interest and similar expense
103
72
Total interest expense
8,122
10,604
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-403": { "value": "
4\u00a0 \u00a0 Net interest income
Accounting policy for net interest income
Interest income and expenses on financial instruments are recognised in the income statement on an accrual
basis using the effective interest rate method, except where financial instruments are measured at fair value
through profit or loss. The effective interest rate method allocates interest, amortisation of any discount or
premium or other differences, including transaction costs and qualifying fees and commissions, over
the\u00a0expected lives of the assets and liabilities. The effective interest rate is the rate that exactly discounts
estimated future cash flows to the net carrying amount of the asset. As a result, this method requires ABN AMRO
to estimate future cash flows, in some cases based on its experience with client behaviour, considering all
contractual terms of the financial instrument, as well as the expected lives of the assets and liabilities. Interest on
loans and advances measured at fair value through profit or loss is also included in net interest income and
recognised using the contractual interest rate. Interest income and expenses on trading balances are included
in\u00a0net trading income. Interest paid on assets with a negative interest yield is classified as interest expense.
Interest received from liabilities with a negative interest yield is classified as interest income.
(in millions)
2025
2024
Interest income calculated using the effective interest method
14,205
16,757
Other interest and similar income
253
351
Interest income
14,457
17,108
Interest expense calculated using the effective interest method
8,019
10,532
Other interest and similar expense
103
72
Interest expense
8,122
10,604
Net interest income
6,335
6,504
Interest income
(in millions)
2025
2024
Interest income from:
Financial investments at fair value through other comprehensive income
1,136
1,028
Securities financing
1,455
1,495
Loans and advances banks
1,268
1,917
Loans and advances customers
8,840
9,528
Non-trading derivatives - hedge accounting - Cash flow hedges
274
208
Non-trading derivatives - hedge accounting - Fair value hedges
1,073
2,369
Other
159
213
Interest income calculated using the effective interest method
14,205
16,757
Financial assets at fair value through profit or loss
32
34
Non-trading derivatives - no hedge accounting
95
55
Other
126
262
Other interest and similar income
253
351
Total interest income
14,457
17,108
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-402": { "value": "
4\u00a0 \u00a0 Net interest income
Accounting policy for net interest income
Interest income and expenses on financial instruments are recognised in the income statement on an accrual
basis using the effective interest rate method, except where financial instruments are measured at fair value
through profit or loss. The effective interest rate method allocates interest, amortisation of any discount or
premium or other differences, including transaction costs and qualifying fees and commissions, over
the\u00a0expected lives of the assets and liabilities. The effective interest rate is the rate that exactly discounts
estimated future cash flows to the net carrying amount of the asset. As a result, this method requires ABN AMRO
to estimate future cash flows, in some cases based on its experience with client behaviour, considering all
contractual terms of the financial instrument, as well as the expected lives of the assets and liabilities. Interest on
loans and advances measured at fair value through profit or loss is also included in net interest income and
recognised using the contractual interest rate. Interest income and expenses on trading balances are included
in\u00a0net trading income. Interest paid on assets with a negative interest yield is classified as interest expense.
Interest received from liabilities with a negative interest yield is classified as interest income.
(in millions)
2025
2024
Interest income calculated using the effective interest method
14,205
16,757
Other interest and similar income
253
351
Interest income
14,457
17,108
Interest expense calculated using the effective interest method
8,019
10,532
Other interest and similar expense
103
72
Interest expense
8,122
10,604
Net interest income
6,335
6,504
Interest income
(in millions)
2025
2024
Interest income from:
Financial investments at fair value through other comprehensive income
1,136
1,028
Securities financing
1,455
1,495
Loans and advances banks
1,268
1,917
Loans and advances customers
8,840
9,528
Non-trading derivatives - hedge accounting - Cash flow hedges
274
208
Non-trading derivatives - hedge accounting - Fair value hedges
1,073
2,369
Other
159
213
Interest income calculated using the effective interest method
14,205
16,757
Financial assets at fair value through profit or loss
32
34
Non-trading derivatives - no hedge accounting
95
55
Other
126
262
Other interest and similar income
253
351
Total interest income
14,457
17,108
5\u00a0 \u00a0 Net fee and commission income
Accounting policy for net fee and commission income
ABN AMRO applies IFRS 15 when recognising revenue from contracts with clients, all of which is included in net
fee and commission income. After identifying contracts and their performance obligations, revenue is
recognised as an amount that reflects the consideration to which the bank expects to be entitled in exchange for
transferring promised services to clients. The transaction price is allocated to each performance obligation.
Revenue is measured at the fair value of the consideration received, taking into account discounts and rebates.
The amount of revenue recognised is discounted to the present value of the consideration due, if payment
extends beyond normal credit terms.
Revenue is recognised when a promised service is transferred to the client. Fees and commission income are
recognised either:
\u2022 at a certain point in time: the fee is a reward for a service provided at a moment in time, or
\u2022 over time (amortised): the fee relates to services on an ongoing basis.
ABN AMRO engages in transactions where more than one party is involved in providing services to a client. In the case
of these transactions, ABN AMRO assesses whether it is a principal or an agent in the transaction by evaluating the
nature of its promise to the client.
The bank is a principal if it controls the promised goods or services before they are transferred to a client. The bank
acts as an agent of another party if its service entails transferring goods or services to a client on behalf of that other
party and, as a result, the bank does not control the specified goods or services. Control of goods and services refers to
the ability to direct the use of, and obtain substantially all the remaining benefits from, the goods and services.
If the bank is assessed to be a principal in the transaction, it recognises as revenue the gross amount of the
consideration to which it expects to be entitled in exchange for the specified goods or services transferred. If, however,
the bank acts as an agent, it recognises as revenue the amount of the fee or commission to which it expects to be
entitled in exchange for transferring the specified goods or services provided by the other party. The fee or
commission may be the net amount of consideration that the bank retains after paying the other party the
consideration received in exchange for the goods or services provided by that party.
(in millions)
2025
2024
Fee and commission income
2,635
2,414
Fee and commission expense
502
504
Net fee and commission income
2,132
1,910
Fee and commission income
2025
(in millions)
Personal &
Business Banking
Wealth
Management
Corporate
Banking
Group
Functions
Total
Fee and commission income from:
Securities and custodian services
17
125
617
2
761
Payment services
677
59
132
1
868
Portfolio management and trust fees
54
595
6
654
Guarantees and commitment fees
44
8
57
1
110
Insurance and investment fees
42
50
92
Other service fees
32
26
90
1
150
Total fee and commission income
865
863
902
5
2,635
Timing fee and commission income
Recognised at a point in time
393
446
864
4
1,707
Recognised over time
472
417
38
1
927
Total fee and commission income
865
863
902
5
2,635
2024
(in millions)
Personal &
Business Banking
Wealth
Management
Corporate
Banking
Group
Functions
Total
Fee and commission income from:
Securities and custodian services
15
54
577
3
649
Payment services
642
39
147
827
Portfolio management and trust fees
48
556
4
608
Guarantees and commitment fees
36
7
56
1
101
Insurance and investment fees
39
45
84
Other service fees
33
18
93
145
Total fee and commission income
813
719
877
5
2,414
Timing fee and commission income
Recognised at a point in time
372
371
843
4
1,590
Recognised over time
440
348
35
1
823
Total fee and commission income
813
719
877
5
2,414
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-407": { "value": "
4\u00a0 \u00a0 Net interest income
Accounting policy for net interest income
Interest income and expenses on financial instruments are recognised in the income statement on an accrual
basis using the effective interest rate method, except where financial instruments are measured at fair value
through profit or loss. The effective interest rate method allocates interest, amortisation of any discount or
premium or other differences, including transaction costs and qualifying fees and commissions, over
the\u00a0expected lives of the assets and liabilities. The effective interest rate is the rate that exactly discounts
estimated future cash flows to the net carrying amount of the asset. As a result, this method requires ABN AMRO
to estimate future cash flows, in some cases based on its experience with client behaviour, considering all
contractual terms of the financial instrument, as well as the expected lives of the assets and liabilities. Interest on
loans and advances measured at fair value through profit or loss is also included in net interest income and
recognised using the contractual interest rate. Interest income and expenses on trading balances are included
in\u00a0net trading income. Interest paid on assets with a negative interest yield is classified as interest expense.
Interest received from liabilities with a negative interest yield is classified as interest income.
(in millions)
2025
2024
Interest income calculated using the effective interest method
14,205
16,757
Other interest and similar income
253
351
Interest income
14,457
17,108
Interest expense calculated using the effective interest method
8,019
10,532
Other interest and similar expense
103
72
Interest expense
8,122
10,604
Net interest income
6,335
6,504
Interest expense
(in millions)
2025
2024
Interest expenses from:
Securities financing
696
896
Due to banks
244
333
Due to customers
4,199
5,260
Issued debt
2,242
2,139
Subordinated liabilities
281
297
Non-trading derivatives - hedge accounting - Cash flow hedges
288
654
Non-trading derivatives - hedge accounting - Fair value hedges
517
1,283
Other
-449
-330
Interest expense calculated using the effective interest method
8,019
10,532
Financial liabilities at fair value through profit or loss
10
9
Non-trading derivatives - no hedge accounting
72
43
Other
21
20
Other interest and similar expense
103
72
Total interest expense
8,122
10,604
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-406": { "value": "
4\u00a0 \u00a0 Net interest income
Accounting policy for net interest income
Interest income and expenses on financial instruments are recognised in the income statement on an accrual
basis using the effective interest rate method, except where financial instruments are measured at fair value
through profit or loss. The effective interest rate method allocates interest, amortisation of any discount or
premium or other differences, including transaction costs and qualifying fees and commissions, over
the\u00a0expected lives of the assets and liabilities. The effective interest rate is the rate that exactly discounts
estimated future cash flows to the net carrying amount of the asset. As a result, this method requires ABN AMRO
to estimate future cash flows, in some cases based on its experience with client behaviour, considering all
contractual terms of the financial instrument, as well as the expected lives of the assets and liabilities. Interest on
loans and advances measured at fair value through profit or loss is also included in net interest income and
recognised using the contractual interest rate. Interest income and expenses on trading balances are included
in\u00a0net trading income. Interest paid on assets with a negative interest yield is classified as interest expense.
Interest received from liabilities with a negative interest yield is classified as interest income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-405": { "value": "
4\u00a0 \u00a0 Net interest income
Accounting policy for net interest income
Interest income and expenses on financial instruments are recognised in the income statement on an accrual
basis using the effective interest rate method, except where financial instruments are measured at fair value
through profit or loss. The effective interest rate method allocates interest, amortisation of any discount or
premium or other differences, including transaction costs and qualifying fees and commissions, over
the\u00a0expected lives of the assets and liabilities. The effective interest rate is the rate that exactly discounts
estimated future cash flows to the net carrying amount of the asset. As a result, this method requires ABN AMRO
to estimate future cash flows, in some cases based on its experience with client behaviour, considering all
contractual terms of the financial instrument, as well as the expected lives of the assets and liabilities. Interest on
loans and advances measured at fair value through profit or loss is also included in net interest income and
recognised using the contractual interest rate. Interest income and expenses on trading balances are included
in\u00a0net trading income. Interest paid on assets with a negative interest yield is classified as interest expense.
Interest received from liabilities with a negative interest yield is classified as interest income.
5\u00a0 \u00a0 Net fee and commission income
Accounting policy for net fee and commission income
ABN AMRO applies IFRS 15 when recognising revenue from contracts with clients, all of which is included in net
fee and commission income. After identifying contracts and their performance obligations, revenue is
recognised as an amount that reflects the consideration to which the bank expects to be entitled in exchange for
transferring promised services to clients. The transaction price is allocated to each performance obligation.
Revenue is measured at the fair value of the consideration received, taking into account discounts and rebates.
The amount of revenue recognised is discounted to the present value of the consideration due, if payment
extends beyond normal credit terms.
Revenue is recognised when a promised service is transferred to the client. Fees and commission income are
recognised either:
\u2022 at a certain point in time: the fee is a reward for a service provided at a moment in time, or
\u2022 over time (amortised): the fee relates to services on an ongoing basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-409": { "value": "
5\u00a0 \u00a0 Net fee and commission income
Accounting policy for net fee and commission income
ABN AMRO applies IFRS 15 when recognising revenue from contracts with clients, all of which is included in net
fee and commission income. After identifying contracts and their performance obligations, revenue is
recognised as an amount that reflects the consideration to which the bank expects to be entitled in exchange for
transferring promised services to clients. The transaction price is allocated to each performance obligation.
Revenue is measured at the fair value of the consideration received, taking into account discounts and rebates.
The amount of revenue recognised is discounted to the present value of the consideration due, if payment
extends beyond normal credit terms.
Revenue is recognised when a promised service is transferred to the client. Fees and commission income are
recognised either:
\u2022 at a certain point in time: the fee is a reward for a service provided at a moment in time, or
\u2022 over time (amortised): the fee relates to services on an ongoing basis.
ABN AMRO engages in transactions where more than one party is involved in providing services to a client. In the case
of these transactions, ABN AMRO assesses whether it is a principal or an agent in the transaction by evaluating the
nature of its promise to the client.
The bank is a principal if it controls the promised goods or services before they are transferred to a client. The bank
acts as an agent of another party if its service entails transferring goods or services to a client on behalf of that other
party and, as a result, the bank does not control the specified goods or services. Control of goods and services refers to
the ability to direct the use of, and obtain substantially all the remaining benefits from, the goods and services.
If the bank is assessed to be a principal in the transaction, it recognises as revenue the gross amount of the
consideration to which it expects to be entitled in exchange for the specified goods or services transferred. If, however,
the bank acts as an agent, it recognises as revenue the amount of the fee or commission to which it expects to be
entitled in exchange for transferring the specified goods or services provided by the other party. The fee or
commission may be the net amount of consideration that the bank retains after paying the other party the
consideration received in exchange for the goods or services provided by that party.
(in millions)
2025
2024
Fee and commission income
2,635
2,414
Fee and commission expense
502
504
Net fee and commission income
2,132
1,910
Fee and commission income
2025
(in millions)
Personal &
Business Banking
Wealth
Management
Corporate
Banking
Group
Functions
Total
Fee and commission income from:
Securities and custodian services
17
125
617
2
761
Payment services
677
59
132
1
868
Portfolio management and trust fees
54
595
6
654
Guarantees and commitment fees
44
8
57
1
110
Insurance and investment fees
42
50
92
Other service fees
32
26
90
1
150
Total fee and commission income
865
863
902
5
2,635
Timing fee and commission income
Recognised at a point in time
393
446
864
4
1,707
Recognised over time
472
417
38
1
927
Total fee and commission income
865
863
902
5
2,635
2024
(in millions)
Personal &
Business Banking
Wealth
Management
Corporate
Banking
Group
Functions
Total
Fee and commission income from:
Securities and custodian services
15
54
577
3
649
Payment services
642
39
147
827
Portfolio management and trust fees
48
556
4
608
Guarantees and commitment fees
36
7
56
1
101
Insurance and investment fees
39
45
84
Other service fees
33
18
93
145
Total fee and commission income
813
719
877
5
2,414
Timing fee and commission income
Recognised at a point in time
372
371
843
4
1,590
Recognised over time
440
348
35
1
823
Total fee and commission income
813
719
877
5
2,414
Fee and commission expense
(in millions)
2025
2024
Fee and commission expenses from:
Securities and custodian services
170
159
Payment services
201
218
Portfolio management and trust fees
56
63
Guarantees and commitment fees
41
29
Insurance and investment fees
20
21
Other service fees
15
14
Total fee and commission expense
502
504
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-408": { "value": "
5\u00a0 \u00a0 Net fee and commission income
Accounting policy for net fee and commission income
ABN AMRO applies IFRS 15 when recognising revenue from contracts with clients, all of which is included in net
fee and commission income. After identifying contracts and their performance obligations, revenue is
recognised as an amount that reflects the consideration to which the bank expects to be entitled in exchange for
transferring promised services to clients. The transaction price is allocated to each performance obligation.
Revenue is measured at the fair value of the consideration received, taking into account discounts and rebates.
The amount of revenue recognised is discounted to the present value of the consideration due, if payment
extends beyond normal credit terms.
Revenue is recognised when a promised service is transferred to the client. Fees and commission income are
recognised either:
\u2022 at a certain point in time: the fee is a reward for a service provided at a moment in time, or
\u2022 over time (amortised): the fee relates to services on an ongoing basis.
ABN AMRO engages in transactions where more than one party is involved in providing services to a client. In the case
of these transactions, ABN AMRO assesses whether it is a principal or an agent in the transaction by evaluating the
nature of its promise to the client.
The bank is a principal if it controls the promised goods or services before they are transferred to a client. The bank
acts as an agent of another party if its service entails transferring goods or services to a client on behalf of that other
party and, as a result, the bank does not control the specified goods or services. Control of goods and services refers to
the ability to direct the use of, and obtain substantially all the remaining benefits from, the goods and services.
If the bank is assessed to be a principal in the transaction, it recognises as revenue the gross amount of the
consideration to which it expects to be entitled in exchange for the specified goods or services transferred. If, however,
the bank acts as an agent, it recognises as revenue the amount of the fee or commission to which it expects to be
entitled in exchange for transferring the specified goods or services provided by the other party. The fee or
commission may be the net amount of consideration that the bank retains after paying the other party the
consideration received in exchange for the goods or services provided by that party.
(in millions)
2025
2024
Fee and commission income
2,635
2,414
Fee and commission expense
502
504
Net fee and commission income
2,132
1,910
Fee and commission income
2025
(in millions)
Personal &
Business Banking
Wealth
Management
Corporate
Banking
Group
Functions
Total
Fee and commission income from:
Securities and custodian services
17
125
617
2
761
Payment services
677
59
132
1
868
Portfolio management and trust fees
54
595
6
654
Guarantees and commitment fees
44
8
57
1
110
Insurance and investment fees
42
50
92
Other service fees
32
26
90
1
150
Total fee and commission income
865
863
902
5
2,635
Timing fee and commission income
Recognised at a point in time
393
446
864
4
1,707
Recognised over time
472
417
38
1
927
Total fee and commission income
865
863
902
5
2,635
2024
(in millions)
Personal &
Business Banking
Wealth
Management
Corporate
Banking
Group
Functions
Total
Fee and commission income from:
Securities and custodian services
15
54
577
3
649
Payment services
642
39
147
827
Portfolio management and trust fees
48
556
4
608
Guarantees and commitment fees
36
7
56
1
101
Insurance and investment fees
39
45
84
Other service fees
33
18
93
145
Total fee and commission income
813
719
877
5
2,414
Timing fee and commission income
Recognised at a point in time
372
371
843
4
1,590
Recognised over time
440
348
35
1
823
Total fee and commission income
813
719
877
5
2,414
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-410": { "value": "
5\u00a0 \u00a0 Net fee and commission income
Accounting policy for net fee and commission income
ABN AMRO applies IFRS 15 when recognising revenue from contracts with clients, all of which is included in net
fee and commission income. After identifying contracts and their performance obligations, revenue is
recognised as an amount that reflects the consideration to which the bank expects to be entitled in exchange for
transferring promised services to clients. The transaction price is allocated to each performance obligation.
Revenue is measured at the fair value of the consideration received, taking into account discounts and rebates.
The amount of revenue recognised is discounted to the present value of the consideration due, if payment
extends beyond normal credit terms.
Revenue is recognised when a promised service is transferred to the client. Fees and commission income are
recognised either:
\u2022 at a certain point in time: the fee is a reward for a service provided at a moment in time, or
\u2022 over time (amortised): the fee relates to services on an ongoing basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-412": { "value": "
6\u00a0 \u00a0 Net income from other operating activities
Accounting policy for other operating income
Other operating income includes all other banking activities such as operating lease activities as lessor and
results on the disposal of assets. It also includes the change in fair value of derivatives used for risk management
purposes that do not meet the requirements for hedge accounting, ineffectiveness of hedging programmes, fair
value changes relating to assets and liabilities measured at fair value through profit or loss, and changes
in\u00a0the\u00a0value of derivatives related to such instruments. Dividend income from non-trading equity investments is
recognised when entitlement is established. Income from operating lease activities is presented separately from
the depreciation expense of the related assets.
(in millions)
2025
2024
Income from lease activities
87
101
Disposal of operating activities and equity-accounted investments
1
-22
Result from financial transactions
2
211
Other
10
20
Income from other operating activities
101
311
(in millions)
2025
2024
Expenses from lease activities
70
84
Expenses from other operating activities
70
84
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-411": { "value": "
6\u00a0 \u00a0 Net income from other operating activities
Accounting policy for other operating income
Other operating income includes all other banking activities such as operating lease activities as lessor and
results on the disposal of assets. It also includes the change in fair value of derivatives used for risk management
purposes that do not meet the requirements for hedge accounting, ineffectiveness of hedging programmes, fair
value changes relating to assets and liabilities measured at fair value through profit or loss, and changes
in\u00a0the\u00a0value of derivatives related to such instruments. Dividend income from non-trading equity investments is
recognised when entitlement is established. Income from operating lease activities is presented separately from
the depreciation expense of the related assets.
(in millions)
2025
2024
Income from lease activities
87
101
Disposal of operating activities and equity-accounted investments
1
-22
Result from financial transactions
2
211
Other
10
20
Income from other operating activities
101
311
(in millions)
2025
2024
Expenses from lease activities
70
84
Expenses from other operating activities
70
84
24\u00a0 Property and equipment, leases, goodwill and other intangible assets
Accounting policy for impairment of non-financial assets
At each reporting date, ABN AMRO reviews the carrying amounts of its non-financial assets (i.e. ROU assets,
equipment, goodwill and other intangible assets) to determine whether there is any indication of impairment. If
any such indication exists, the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for
impairment.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash
inflows from continuing use that is largely independent of the cash inflows of other assets or cash-generating
units. Goodwill arising from a business combination is allocated to cash-generating units or groups
of\u00a0cash\u2011generating units that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less
costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using
a\u00a0pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset or cash-generating unit.
An impairment loss is recognised if the carrying amount of an asset or cash-generating unit exceeds its
recoverable amount. In general, ABN AMRO\u2019s corporate assets do not generate separate cash inflows and are
used by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on
a\u00a0reasonable and consistent basis and tested for impairment as part of the testing of the cash-generating unit
to\u00a0which the corporate assets are allocated.
Impairment losses are recognised in the income statement as a component of depreciation and amortisation
expense. They are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating
unit, and then to reduce the carrying amounts of the other assets in the cash-generating unit on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only
to\u00a0the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Accounting policy for leases
Lessor accounting
Where ABN AMRO acts as lessor, a distinction is made between operating and finance leases. Leases where
the\u00a0bank transfers all risks and rewards incidental to ownership of the asset to the lessee are classified as finance
leases. Leases that do not transfer these risks and rewards are classified as operating leases. Finance leases are
recognised as a receivable in loans and advances at an amount equal to the net investment in the lease, less
credit loss allowances. Assets subject to operating leases are recognised at cost in property and equipment.
Operating income from finance leases is recognised in a pattern reflecting a constant periodic rate of return on
the net investment in the lease.
Lessee accounting
All leases, except for low-value leases and leases with a duration of less than one year, are recognised on
the\u00a0balance sheet as a right of use (ROU) asset and lease liability. As a lessee, ABN AMRO enters into various
lease contracts, mainly for office buildings and cars that the bank leases for its own use. When accounting for
contracts as a lessee, ABN AMRO separates non-lease components from lease components. Payments such as
variable lease payments that do not depend on an index or a rate and non-lease components are not included
in\u00a0the lease liability. The ROU asset is initially measured at cost, which reflects the initial lease liability, adjusted
for upfront lease payments, received incentives and initial direct costs. The initial lease liability is equal
to\u00a0the\u00a0sum of the fixed lease payments, discounted by the incremental borrowing rate. Given that ABN AMRO
cannot readily determine the interest rate implicit in the lease, it uses the incremental borrowing rate to measure
lease liabilities.
The ROU asset is depreciated over the period of the lease, using the straight-line method.
Adjustments to the ROU asset and corresponding lease liability result from remeasurement and/or modification.
Remeasurement occurs when there is a change in the lease term or discount rate, a change in lease payments
due to a change in an index or rate, or when ABN AMRO changes its assessment regarding purchase, extension
or termination options. A lease modification is a change in the scope of the lease, or the consideration of a part
of a lease that was not in the original terms and conditions of the lease. A lease modification results in either
a\u00a0separate additional lease or a change in the accounting for the existing lease. In the case of a lease
modification not resulting in an additional lease, the lease liability is remeasured by adjusting the carrying
amount of the ROU asset and, to reflect the partial or full termination of the lease, recognising any gain or loss
in\u00a0the statement of profit and loss.
Expenses related to short-term leases with a term of less than 12 months and leases of low value are recognised
in the income statement. ROU assets are included in property and equipment, while the lease liabilities are
included in other liabilities. Depreciation of the ROU assets is included in depreciation, while amortisation
of\u00a0tangible and intangible assets is included in the income statement, and interest expense on lease liabilities is
included in other interest and similar expense.
Sale and leaseback transactions
In a sale and leaseback transaction, the seller/lessee transfers an underlying asset to the buyer/lessor and leases
that asset back from the buyer/lessor.
Seller/lessee accounting
If the bank is involved in a sale and leaseback transaction as a seller/lessee, the accounting policy described
below is from the perspective of a seller/lessee. To determine how to account for a sale and leaseback
transaction, the bank first considers whether the initial transfer of the underlying asset from the seller/lessee
to\u00a0the buyer/lessor is a sale in accordance with IFRS 15.
If a sale and leaseback transaction constitutes a sale in accordance with IFRS 15, the underlying asset is
derecognised and the lessee accounting model is applied to the leaseback. The ROU asset arising from
the\u00a0leaseback is measured based on the proportion of the previous carrying amount of the asset that relates
to\u00a0the rights of use retained by the seller/lessee. Accordingly, any gain or loss that relates to the rights
transferred to the buyer/lessor is recognised.
The proportion of the rights of use retained is the ratio between the present value of lease payments at market
rates (excluding any future index changes) and the fair value of the consideration for the sale proceeds.
The\u00a0residual proportion is the proportion of the rights transferred.
The fair value of the consideration for the sale proceeds is equal to the fair value of the underlying asset
in\u00a0the\u00a0sale-and-leaseback transaction. If this does not equal the fair value of the underlying asset, or if
the\u00a0payments for the lease are not at market rates, the bank makes adjustments to recognise the sale proceeds
at the fair value.
Any below-market terms are recognised as a prepayment of lease payments and any above-market terms are
recognised as additional financing provided by the buyer/lessor to the seller/lessee.
(in millions)
31 December 2025
31 December 2024
Land and buildings held for own use
581
379
Leasehold improvements
38
44
Plant & equipment under operating lease
232
306
Equipment
74
70
Right of use assets
288
260
Other
8
8
Total property and equipment
1,221
1,068
The right of use assets consist primarily of real estate.
2025
(in millions)
Land and
buildings
held for
own use
Leasehold
improve-
ments
Plant &
equipment
under ope-
rating lease
Equip-
ment
Right
of use
assets
Other
property
and
equipment
Total
property
and
equipment
Good-
will
Other
intangible
assets
Total
goodwill
and other
intangible
assets
Acquisition costs as at 1 January
941
209
570
607
565
11
2,902
150
623
773
Acquisitions/divestments of subsidiaries
24
13
80
117
36
36
Additions
195
9
64
25
37
331
5
5
Reversal of cost due to disposals
-5
-13
-222
-142
-15
-398
-28
-28
Foreign exchange differences
-1
-3
-4
-4
-12
-1
-1
Internally generated software
94
94
Other
6
-2
-17
-13
-6
-6
Acquisition costs as at 31
December
1,160
201
408
499
646
11
2,926
150
722
871
Accumulated depreciation/
amortisation as at 1 January
-557
-165
-263
-537
-297
-1
-1,819
-404
-404
Acquisitions/divestments of subsidiaries
Depreciation/amortisation
-15
-14
-33
-86
-149
-25
-25
Depreciation of assets subject to
operating lease
-70
-70
Reversal of depreciation/amortisation
due to disposals
2
13
155
142
11
323
22
22
Foreign exchange differences
1
2
3
2
9
1
1
Other
-6
2
17
12
Accumulated depreciation/
amortisation as at 31 December
-576
-164
-176
-425
-353
-1
-1,694
-406
-406
Accumulated impairments as at
1 January
-5
-1
-7
-2
-14
-105
-10
-116
Increase of impairments charged to the
income statement
-1
-6
-6
Reversal of impairments due to
disposals
2
1
1
4
6
6
Other
6
6
Accumulated impairments as at
31 December
-3
-6
-2
-11
-105
-4
-110
Total as at 31 December
581
38
232
74
288
8
1,221
44
311
356
2024
(in millions)
Land and
buildings
held for
own use
Leasehold
improve-
ments
Plant &
equipment
under ope-
rating lease
Equip-
ment
Right
of use
assets
Other
property
and
equipment
Total
property
and
equipment
Good-
will
Other
intangible
assets
Total
goodwill
and other
intangible
assets
Acquisition costs as at 1 January
777
208
649
626
584
11
2,853
115
517
632
Acquisitions/divestments of subsidiaries
33
33
Additions
174
13
97
28
53
365
44
4
48
Reversal of cost due to disposals
-12
-13
-182
-48
-58
-313
-10
-22
-31
Foreign exchange differences
1
6
1
3
10
1
1
Internally generated software
93
93
Other
2
-1
-17
-15
-4
-3
Acquisition costs as at 31
December
941
209
570
607
565
11
2,902
150
623
773
Accumulated depreciation/
amortisation as at 1 January
-547
-160
-308
-546
-256
-1,817
-408
-408
Acquisitions/divestments of subsidiaries
-7
-7
Depreciation/amortisation
-16
-14
-36
-81
-147
-13
-13
Depreciation of assets subject to
operating lease
-86
-86
Reversal of depreciation/amortisation
due to disposals
10
9
135
45
21
219
22
22
Foreign exchange differences
-1
-3
-1
-1
-6
-1
-1
Other
-4
1
1
20
18
3
3
Accumulated depreciation/
amortisation as at 31 December
-557
-165
-263
-537
-297
-1
-1,819
-404
-404
Accumulated impairments as at
1 January
-5
-4
-3
-2
-43
-2
-59
-115
-10
-125
Impairments on assets subject to
operating lease
2
2
Reversal of impairments due to
disposals
2
4
2
37
45
10
10
Foreign exchange differences
-1
-1
Other
-2
-2
Accumulated impairments as at
31 December
-5
-1
-7
-2
-14
-105
-10
-116
Total as at 31 December
379
44
306
70
260
8
1,068
44
209
253
Leases
ABN AMRO enters into leases both as lessor and lessee. In its capacity as lessee, ABN AMRO leases various assets
(mainly office properties, cars and equipment) that support the bank\u2019s operations. These leases have various terms and
termination and renewal options. The majority of termination and renewal options are exercisable only by the bank
and not by the relevant lessor. There are no variable lease payments in lease contracts in which ABN AMRO acts as the
lessee. These lease contracts do not contain any covenants, and ABN AMRO is not allowed to use leased assets as
security for financing purposes. The total cash outflow relating to leases in\u00a02025 amounted to EUR\u00a0121\u00a0million.
The following table shows the maturity of lease liabilities for leases in which the bank acts as lessee, as well as
the future undiscounted minimum lease receipts under operating and financial leases where the bank acts as lessor.
It also reconciles the total future minimum lease receipts under financial leases and the net investment in the leases.
31 December 2025
(in millions)
Within
3 months
More than
3 months but
within 1 year
More than
1 year but
within 5 years
More than
5 years
Total
Unearned
finance
income
Net
investment
in the lease
Lease liabilities
26
81
166
249
522
n/a
n/a
Future minimum lease receipts under
financial leases
362
488
1,084
119
2,053
-162
1,891
Future minimum lease receipts under
operating leases
22
56
169
13
260
n/a
n/a
31 December 2024
(in millions)
Within
3 months
More than
3 months but
within 1 year
More than
1 year but
within 5 years
More than
5 years
Total
Unearned
finance
income
Net
investment
in the lease
Lease liabilities
24
65
158
201
447
n/a
n/a
Future minimum lease receipts under
financial leases\u00b9
298
663
1,485
221
2,668
-238
2,430
Future minimum lease receipts under
operating leases
26
82
214
21
342
n/a
n/a
1. ABN AMRO performed a review on the classification of loan-to-book value facilities. This resulted in a reclassification from Financial lease receivables to Corporate loans for
comparative purposes of EUR 1.4 billion for 2024.
The net investment in leases amounted to EUR\u00a01,891\u00a0million (31\u00a0December\u00a02024: EUR\u00a02,430\u00a0million). The decline was
primarily attributable to the continued wind\u2011down of the foreign branches of ABF, including the sale of the UK lease
portfolio. No rights are retained in the underlying assets for financial leases, and the sale of the UK lease portfolio
resulted in a loss.
In its capacity as lessor, ABN AMRO leases out various assets. Operating leases in which the bank acts as the lessor are
included in Property and equipment \u2013 equipment. Financial leases in which the bank acts as the lessor are included
in\u00a0corporate loans under loans and advances customers. Income from leases in which ABN AMRO acts as the lessor is
presented in the following table.
(in millions)
2025
2024
Income from financial leases
109
180
Income from operating leases
87
101
Total income from leases
197
281
Income related to variable lease payments on financial leases amounted to EUR\u00a00.2\u00a0million. There is no income
relating to variable lease payments on operating leases.
ABN AMRO also acts as an intermediate lessor in subleases, where it subleases right of use assets to a third party.
In\u00a02025, the total income from subleasing right of use assets amounted to EUR\u00a04\u00a0million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-414": { "value": "
6\u00a0 \u00a0 Net income from other operating activities
Accounting policy for other operating income
Other operating income includes all other banking activities such as operating lease activities as lessor and
results on the disposal of assets. It also includes the change in fair value of derivatives used for risk management
purposes that do not meet the requirements for hedge accounting, ineffectiveness of hedging programmes, fair
value changes relating to assets and liabilities measured at fair value through profit or loss, and changes
in\u00a0the\u00a0value of derivatives related to such instruments. Dividend income from non-trading equity investments is
recognised when entitlement is established. Income from operating lease activities is presented separately from
the depreciation expense of the related assets.
(in millions)
2025
2024
Income from lease activities
87
101
Disposal of operating activities and equity-accounted investments
1
-22
Result from financial transactions
2
211
Other
10
20
Income from other operating activities
101
311
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-413": { "value": "
6\u00a0 \u00a0 Net income from other operating activities
Accounting policy for other operating income
Other operating income includes all other banking activities such as operating lease activities as lessor and
results on the disposal of assets. It also includes the change in fair value of derivatives used for risk management
purposes that do not meet the requirements for hedge accounting, ineffectiveness of hedging programmes, fair
value changes relating to assets and liabilities measured at fair value through profit or loss, and changes
in\u00a0the\u00a0value of derivatives related to such instruments. Dividend income from non-trading equity investments is
recognised when entitlement is established. Income from operating lease activities is presented separately from
the depreciation expense of the related assets.
(in millions)
2025
2024
Expenses from lease activities
70
84
Expenses from other operating activities
70
84
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-415": { "value": "
7\u00a0 \u00a0 Net trading income
Accounting policy for net trading income
In accordance with IFRS 9, trading positions are held at fair value, and net trading income includes gains and
losses arising from changes in the fair value of such financial assets and liabilities. The latter comprises gains and
losses from trading financial assets and liabilities, interest income and expenses related to trading financial
assets and liabilities, and dividends received from trading instruments. Dividend income and dividends from
trading instruments are recognised at the dividend announcement date. Net trading income also includes
changes in fair value arising from changes in counterparty credit spreads (CVA) and changes in own credit
spreads (DVA) where these affect the value of our trading assets and liabilities. The funding valuation adjustment
(FVA) incorporates the incremental cost of funding into the valuation of uncollateralised and partly collateralised
derivatives.
(in millions)
2025
2024
Interest instruments trading
118
133
Equity and commodity trading
-12
Foreign exchange transaction results
113
151
Total net trading income
219
283
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-416": { "value": "
7\u00a0 \u00a0 Net trading income
Accounting policy for net trading income
In accordance with IFRS 9, trading positions are held at fair value, and net trading income includes gains and
losses arising from changes in the fair value of such financial assets and liabilities. The latter comprises gains and
losses from trading financial assets and liabilities, interest income and expenses related to trading financial
assets and liabilities, and dividends received from trading instruments. Dividend income and dividends from
trading instruments are recognised at the dividend announcement date. Net trading income also includes
changes in fair value arising from changes in counterparty credit spreads (CVA) and changes in own credit
spreads (DVA) where these affect the value of our trading assets and liabilities. The funding valuation adjustment
(FVA) incorporates the incremental cost of funding into the valuation of uncollateralised and partly collateralised
derivatives.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradingIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-419": { "value": "
9\u00a0 \u00a0 Personnel expenses
Accounting policy for personnel expenses
Salaries and wages, social security charges and other salary-related costs are recognised over the period
in\u00a0which the employees provide the services to which the payments relate. The accounting policies for pensions
and other post-employment benefits are included in Note 31 - Pension and other employee benefits.
(in millions)
2025
2024
Salaries and wages
2,264
1,996
Social security charges
339
286
Expenses relating to Defined post employment benefit plans
6
7
Defined contribution plan expenses
328
366
Other
168
120
Total personnel expenses
3,104
2,776
31\u00a0 Pension and other employee benefits
Accounting policy for pension and other employee benefits
ABN AMRO sponsors a number of pension schemes in the Netherlands and abroad. These schemes are mainly
defined contribution plans. The majority of the beneficiaries of the plans are located in the Netherlands.
Defined contribution plans
For defined contribution plans, ABN AMRO pays annual contributions determined by a fixed method and has no
legal or constructive obligation to pay any further contributions. Contributions are recognised directly
in\u00a0the\u00a0income statement in the year to which they relate. Actuarial and investment risk are for the account
of\u00a0the\u00a0participants in the plan.
Defined benefit plans
For defined benefit plans, the net obligation of each plan is the difference between the present value
of\u00a0the\u00a0defined benefit obligations and the fair value of the plan\u2019s assets.
The actuarial assumptions used for calculating the present value of the defined benefit obligations include
discount rates based on high-quality corporate bonds, the inflation rate, future salary increases, employee
contributions, mortality assumptions and rates of employee turnover. The assumptions are based on available
market data and management expectations at the end of the reporting period.
Plan assets are measured at fair value at balance sheet date and are netted against the defined benefit
obligations. Pension costs recognised in the income statement for defined benefit plans consist of:
\u2022 service costs
\u2022 net interest costs determined by multiplying the net defined benefit liability (asset) by the discount rate, both
as at the start of the annual reporting period, taking into account any changes in the net defined benefit
liability (asset) during the period as a result of contributions and benefit payments
\u2022 curtailments or plan amendments
Differences between pension costs and pension contributions payable are accounted for as provisions or
prepayments.
Remeasurement
Remeasurements of the net defined benefit liability (asset) are actuarial gains and losses resulting from changes
in actuarial assumptions and experience adjustments (i.e. unexpectedly high or low rates of employee turnover).
They are recognised in other comprehensive income and are not recycled to profit or loss in later periods.
The\u00a0actual return on the pension plan\u2019s assets is determined after deduction of the costs of managing the assets
and any tax payable by the pension plan itself.
Other employee benefits
Some group companies provide post-retirement benefits to their retirees, such as long-term service benefits and
discounts on banking products. Entitlement to these benefits is usually conditional on the employee remaining
in\u00a0service up to retirement age and the completion of a minimum service period.
The expected costs of these benefits are accrued over the period of employment, using the same accounting
methodology as that used for defined benefit pension plans. These obligations are calculated annually.
Pension and other employee benefit plans in all countries comply with applicable local regulations concerning
investments and minimum funding levels.
Pension and other employee benefits
Amounts recognised in the income statement for pensions and other employee benefits
2025
2024
(in millions)
Defined post
employment
benefit
Other
employee
benefits
Total
Defined post
employment
benefit
Other
employee
benefits
Total
Current service cost
6
3
9
5
2
8
Interest cost
7
2
8
7
2
9
Interest income
-5
-5
-5
-5
Other
5
5
3
7
10
Total defined benefit expenses in actuarial report
8
9
17
10
11
21
Other expenses
-2
1
-2
-3
-3
Total defined benefit expenses
6
9
15
7
11
18
Defined contribution plans
328
328
366
366
Total pension expenses and other post retirement
employee benefits
333
9
343
373
11
384
Pension expenses for defined contribution plans consist mainly of the cash contributions to the Dutch collective
defined contribution plan.
Dutch defined contribution plan
The Dutch defined contribution plan is a collective defined contribution plan, based on an average salary plan. The
target retirement age is set at 68 years. The contribution payable by pension fund participants is 5.5% (2024: 5.5%).
In 2025 ABN AMRO's contribution to the Dutch defined contribution plan amounted to EUR\u00a0287\u00a0million
(2024:\u00a0EUR\u00a0336\u00a0million) and is included in the pension expenses.
Reconciliation to the statement of financial position and other comprehensive income
2025
2024
(in millions)
Defined post
employment
benefit
Other
employee
benefits
Total
Defined post
employment
benefit
Other
employee
benefits
Total
Present value of defined benefit obligations - funded with plan assets
209
2
211
193
3
196
Less: Fair value of plan assets
178
178
155
155
31
2
33
38
3
41
Present value of defined benefit obligations - unfunded
28
147
176
35
140
176
Net liabilities/(assets) balance sheet as at 31 December
60
149
209
73
143
216
- of which assets
5
5
3
3
- of which liabilities
65
149
214
76
143
219
Experience adjustments
6
6
-1
Remeasurements arising from changes in demographic
assumptions DBO
1
1
Remeasurements arising from changes in financial
assumptions DBO
3
4
-8
-9
Remeasurements arising from changes in financial
assumptions plan assets
-4
-4
1
1
Remeasurements in other comprehensive income
5
1
5
-7
-7
Change in defined benefit obligation (DBO)
2025
2024
(in millions)
Defined post
employment
benefit
Other
employee
benefits
Total
Defined post
employment
benefit
Other
employee
benefits
Total
Defined benefit obligation as at 1 January
228
143
371
228
134
362
Acquisition of subsidiaries
76
76
Current service cost
6
3
9
5
2
8
Interest cost
7
2
8
7
2
9
Past service cost
1
1
Curtailment
-51
-51
Benefits paid
-5
-5
-7
-7
Benefits paid in from employer
-15
-4
-19
-13
-3
-16
Remeasurements arising from changes in demographic assumptions
-1
-1
Experience adjustments\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
-6
-6
1
Remeasurements arising from changes in financial assumptions
-3
-4
8
9
Other
6
6
-2
9
7
Defined benefit obligation as at 31 December
237
149
386
228
143
371
As from 1\u00a0July\u00a02025 ABN AMRO included the defined benefit plans of HAL. HAL has several defined benefit plans that
are funded or insured. Only employees of HAL are covered by this plan. In September 2025, HAL sold the defined
pension obligation related to inactive employees to an external party. This resulted in a decrease of the DBO of
EUR\u00a051\u00a0million and a decrease of plan assets of EUR\u00a06\u00a0million.
The net defined benefit liabilities/(assets) balance as at 31\u00a0December\u00a02025 consisted of several defined benefit plans
outside of the Netherlands, pensioners with a profit share, and the indexation of benefits insured with an insurance
company.
Change in fair value of plan assets
2025
2024
(in millions)
Defined post
employment
benefit
Other
employee
benefits
Total
Defined post
employment
benefit
Other
employee
benefits
Total
Fair value of plan assets as at 1 January
155
155
158
158
Acquisition of subsidiaries
32
32
Interest income
5
5
5
5
Return on plan assets excluding interest
-4
-4
1
1
Employer's contributions
6
6
5
5
Benefits paid
-5
-5
-7
-7
Curtailment
-6
-6
Other
-5
-5
-8
-8
Fair value of plan assets as at 31 December
178
178
155
155
Principal actuarial assumptions
2025
2024
Discount rate
3.8%
3.2%
Indexation rate
2.1%
2.6%
Future salary increases\u00b9
2.2%
2.2%
1. Salary increases in the Netherlands are not taken into consideration, because Dutch pension plan is defined contribution plan.
The above assumptions are weighted by defined benefit obligations. The discount rate consists of a risk-free rate and a
credit spread on AA-rated corporate bonds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-418": { "value": "
9\u00a0 \u00a0 Personnel expenses
Accounting policy for personnel expenses
Salaries and wages, social security charges and other salary-related costs are recognised over the period
in\u00a0which the employees provide the services to which the payments relate. The accounting policies for pensions
and other post-employment benefits are included in Note 31 - Pension and other employee benefits.
(in millions)
2025
2024
Salaries and wages
2,264
1,996
Social security charges
339
286
Expenses relating to Defined post employment benefit plans
6
7
Defined contribution plan expenses
328
366
Other
168
120
Total personnel expenses
3,104
2,776
10\u00a0 General and administrative expenses
Accounting policy for general and administrative expenses
Costs are recognised in the period in which services have been provided and to which the payment relates.
(in millions)
2025
2024
Agency staff, contractors and consultancy costs
590
760
Staff-related costs
62
74
Information technology costs
1,047
1,023
Housing
111
97
Post, telephone and transport
23
28
Marketing and public relations costs
96
89
Regulatory charges
179
189
Other
218
270
Total general and administrative expenses
2,326
2,531
In 2025, the bank paid two fines, which are recorded in Other general and administrative expenses. One fine was
imposed by the Netherlands Public Prosecution Service (NPPS) for involvement in transactions connected, according
to the NPPS, to the filing of intentionally incorrect tax returns by a Dutch subsidiary of a foreign financial institution in
the period 2010-2013. For this imposed penalty order, ABN AMRO paid a fine of EUR 14 million. The other fine was
imposed by the Dutch Central Bank (DNB) for violations of the bonus prohibition in the period from 2016 to 2024.
ABN\u00a0AMRO paid an administrative fine of EUR 15 million.
(in millions)
2025
2024
Banking tax
123
118
Deposit Guarantee Scheme
7
34
Single Resolution Fund
15
2
Other regulatory levies
34
35
Total regulatory charges
179
189
Auditor's fees for EY\u2019s services are included under agency staff, contractors and consultancy costs. The fees stated for
the audit of the financial statements are based on the total fees for the audit of the financial statements, regardless
of whether the audit activities were performed before the year-end. These are specified in the following table.
(in millions)
2025
2024
Financial statements audit fees
16
17
Audit-related fees
2
2
Total auditor's fee
18
19
Financial statement audit fees relating to the audit of activities in the Netherlands amounted to EUR 14 million in 2025
(2024:\u00a0EUR\u00a015\u00a0million). Audit-related fees for activities in the Netherlands amounted to EUR 1 million in 2025
(2024:\u00a0EUR\u00a01\u00a0million).
Audit-related fees comprise services relating to regulatory reporting, comfort letters and consent letters, assurance
engagements on segregation of assets, assurance on service organisation reports and procedures agreed for
supervisory purposes.
24\u00a0 Property and equipment, leases, goodwill and other intangible assets
Accounting policy for property and equipment
Property and equipment are stated at cost less accumulated depreciation and any accumulated impairment
amount. At each balance sheet date, an assessment is performed to determine whether there is any indication
of\u00a0impairment. Subsequent costs are capitalised if these result in an enhancement to the asset. Depreciation is
charged to the income statement on a straight-line basis over the estimated useful lives of items of property and
equipment, and of major components that are accounted for separately. ABN AMRO generally applies
the\u00a0following useful lives to calculate depreciation:
\u2022 Land: not depreciated
\u2022 Buildings: 30 years
\u2022 Leasehold improvements: 5 years
\u2022 Equipment: 5 years
\u2022 Installations (durable): 10 years
\u2022 Computer installations: 2 to 5 years
Depreciation rates and residual values are reviewed at least periodically to take into account any change
in\u00a0circumstances. Capitalised leasehold improvements are depreciated in a manner that takes into account
the\u00a0term and renewal conditions of the related lease.
Accounting policy for impairment of non-financial assets
At each reporting date, ABN AMRO reviews the carrying amounts of its non-financial assets (i.e. ROU assets,
equipment, goodwill and other intangible assets) to determine whether there is any indication of impairment. If
any such indication exists, the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for
impairment.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash
inflows from continuing use that is largely independent of the cash inflows of other assets or cash-generating
units. Goodwill arising from a business combination is allocated to cash-generating units or groups
of\u00a0cash\u2011generating units that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less
costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using
a\u00a0pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset or cash-generating unit.
An impairment loss is recognised if the carrying amount of an asset or cash-generating unit exceeds its
recoverable amount. In general, ABN AMRO\u2019s corporate assets do not generate separate cash inflows and are
used by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on
a\u00a0reasonable and consistent basis and tested for impairment as part of the testing of the cash-generating unit
to\u00a0which the corporate assets are allocated.
Impairment losses are recognised in the income statement as a component of depreciation and amortisation
expense. They are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating
unit, and then to reduce the carrying amounts of the other assets in the cash-generating unit on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only
to\u00a0the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Lessee accounting
The ROU asset is depreciated over the period of the lease, using the straight-line method.
Accounting policy for intangible assets
Software and other intangible assets
The accounting policy for software and other intangible assets is determined by IAS 38 Intangible assets.
Software is amortised over a period of three years, unless it is classified as core application software, which is
amortised over its estimated useful life, set at a maximum of seven years. For own-developed software, only
the\u00a0development phase is capitalised.
Other intangible assets include separately identifiable items arising from acquisitions of subsidiaries, such as
client relationships, and certain purchased trademarks and similar items. In general, the estimated useful life
does not exceed ten years. Amortisation rates and residual values are reviewed at least annually to take into
account any change in circumstances.
2025
(in millions)
Land and
buildings
held for
own use
Leasehold
improve-
ments
Plant &
equipment
under ope-
rating lease
Equip-
ment
Right
of use
assets
Other
property
and
equipment
Total
property
and
equipment
Good-
will
Other
intangible
assets
Total
goodwill
and other
intangible
assets
Acquisition costs as at 1 January
941
209
570
607
565
11
2,902
150
623
773
Acquisitions/divestments of subsidiaries
24
13
80
117
36
36
Additions
195
9
64
25
37
331
5
5
Reversal of cost due to disposals
-5
-13
-222
-142
-15
-398
-28
-28
Foreign exchange differences
-1
-3
-4
-4
-12
-1
-1
Internally generated software
94
94
Other
6
-2
-17
-13
-6
-6
Acquisition costs as at 31
December
1,160
201
408
499
646
11
2,926
150
722
871
Accumulated depreciation/
amortisation as at 1 January
-557
-165
-263
-537
-297
-1
-1,819
-404
-404
Acquisitions/divestments of subsidiaries
Depreciation/amortisation
-15
-14
-33
-86
-149
-25
-25
Depreciation of assets subject to
operating lease
-70
-70
Reversal of depreciation/amortisation
due to disposals
2
13
155
142
11
323
22
22
Foreign exchange differences
1
2
3
2
9
1
1
Other
-6
2
17
12
Accumulated depreciation/
amortisation as at 31 December
-576
-164
-176
-425
-353
-1
-1,694
-406
-406
Accumulated impairments as at
1 January
-5
-1
-7
-2
-14
-105
-10
-116
Increase of impairments charged to the
income statement
-1
-6
-6
Reversal of impairments due to
disposals
2
1
1
4
6
6
Other
6
6
Accumulated impairments as at
31 December
-3
-6
-2
-11
-105
-4
-110
Total as at 31 December
581
38
232
74
288
8
1,221
44
311
356
2024
(in millions)
Land and
buildings
held for
own use
Leasehold
improve-
ments
Plant &
equipment
under ope-
rating lease
Equip-
ment
Right
of use
assets
Other
property
and
equipment
Total
property
and
equipment
Good-
will
Other
intangible
assets
Total
goodwill
and other
intangible
assets
Acquisition costs as at 1 January
777
208
649
626
584
11
2,853
115
517
632
Acquisitions/divestments of subsidiaries
33
33
Additions
174
13
97
28
53
365
44
4
48
Reversal of cost due to disposals
-12
-13
-182
-48
-58
-313
-10
-22
-31
Foreign exchange differences
1
6
1
3
10
1
1
Internally generated software
93
93
Other
2
-1
-17
-15
-4
-3
Acquisition costs as at 31
December
941
209
570
607
565
11
2,902
150
623
773
Accumulated depreciation/
amortisation as at 1 January
-547
-160
-308
-546
-256
-1,817
-408
-408
Acquisitions/divestments of subsidiaries
-7
-7
Depreciation/amortisation
-16
-14
-36
-81
-147
-13
-13
Depreciation of assets subject to
operating lease
-86
-86
Reversal of depreciation/amortisation
due to disposals
10
9
135
45
21
219
22
22
Foreign exchange differences
-1
-3
-1
-1
-6
-1
-1
Other
-4
1
1
20
18
3
3
Accumulated depreciation/
amortisation as at 31 December
-557
-165
-263
-537
-297
-1
-1,819
-404
-404
Accumulated impairments as at
1 January
-5
-4
-3
-2
-43
-2
-59
-115
-10
-125
Impairments on assets subject to
operating lease
2
2
Reversal of impairments due to
disposals
2
4
2
37
45
10
10
Foreign exchange differences
-1
-1
Other
-2
-2
Accumulated impairments as at
31 December
-5
-1
-7
-2
-14
-105
-10
-116
Total as at 31 December
379
44
306
70
260
8
1,068
44
209
253
(in millions)
2025
2024
Depreciation on tangible assets
Land and buildings held for own use
15
16
Leasehold improvements
14
14
Equipment
33
36
Right of use assets
86
81
Amortisation on intangible assets
Purchased software
6
5
Internally developed software
15
6
Other intangible assets
4
2
Impairment losses on intangible assets
Internally developed software
1
Other intangible assets
5
Total depreciation, amortisation and impairment losses
180
160
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-417": { "value": "
9\u00a0 \u00a0 Personnel expenses
Accounting policy for personnel expenses
Salaries and wages, social security charges and other salary-related costs are recognised over the period
in\u00a0which the employees provide the services to which the payments relate. The accounting policies for pensions
and other post-employment benefits are included in Note 31 - Pension and other employee benefits.
(in millions)
2025
2024
Salaries and wages
2,264
1,996
Social security charges
339
286
Expenses relating to Defined post employment benefit plans
6
7
Defined contribution plan expenses
328
366
Other
168
120
Total personnel expenses
3,104
2,776
10\u00a0 General and administrative expenses
Accounting policy for general and administrative expenses
Costs are recognised in the period in which services have been provided and to which the payment relates.
(in millions)
2025
2024
Agency staff, contractors and consultancy costs
590
760
Staff-related costs
62
74
Information technology costs
1,047
1,023
Housing
111
97
Post, telephone and transport
23
28
Marketing and public relations costs
96
89
Regulatory charges
179
189
Other
218
270
Total general and administrative expenses
2,326
2,531
In 2025, the bank paid two fines, which are recorded in Other general and administrative expenses. One fine was
imposed by the Netherlands Public Prosecution Service (NPPS) for involvement in transactions connected, according
to the NPPS, to the filing of intentionally incorrect tax returns by a Dutch subsidiary of a foreign financial institution in
the period 2010-2013. For this imposed penalty order, ABN AMRO paid a fine of EUR 14 million. The other fine was
imposed by the Dutch Central Bank (DNB) for violations of the bonus prohibition in the period from 2016 to 2024.
ABN\u00a0AMRO paid an administrative fine of EUR 15 million.
(in millions)
2025
2024
Banking tax
123
118
Deposit Guarantee Scheme
7
34
Single Resolution Fund
15
2
Other regulatory levies
34
35
Total regulatory charges
179
189
Auditor's fees for EY\u2019s services are included under agency staff, contractors and consultancy costs. The fees stated for
the audit of the financial statements are based on the total fees for the audit of the financial statements, regardless
of whether the audit activities were performed before the year-end. These are specified in the following table.
(in millions)
2025
2024
Financial statements audit fees
16
17
Audit-related fees
2
2
Total auditor's fee
18
19
Financial statement audit fees relating to the audit of activities in the Netherlands amounted to EUR 14 million in 2025
(2024:\u00a0EUR\u00a015\u00a0million). Audit-related fees for activities in the Netherlands amounted to EUR 1 million in 2025
(2024:\u00a0EUR\u00a01\u00a0million).
Audit-related fees comprise services relating to regulatory reporting, comfort letters and consent letters, assurance
engagements on segregation of assets, assurance on service organisation reports and procedures agreed for
supervisory purposes.
24\u00a0 Property and equipment, leases, goodwill and other intangible assets
Accounting policy for property and equipment
Property and equipment are stated at cost less accumulated depreciation and any accumulated impairment
amount. At each balance sheet date, an assessment is performed to determine whether there is any indication
of\u00a0impairment. Subsequent costs are capitalised if these result in an enhancement to the asset. Depreciation is
charged to the income statement on a straight-line basis over the estimated useful lives of items of property and
equipment, and of major components that are accounted for separately. ABN AMRO generally applies
the\u00a0following useful lives to calculate depreciation:
\u2022 Land: not depreciated
\u2022 Buildings: 30 years
\u2022 Leasehold improvements: 5 years
\u2022 Equipment: 5 years
\u2022 Installations (durable): 10 years
\u2022 Computer installations: 2 to 5 years
Depreciation rates and residual values are reviewed at least periodically to take into account any change
in\u00a0circumstances. Capitalised leasehold improvements are depreciated in a manner that takes into account
the\u00a0term and renewal conditions of the related lease.
Accounting policy for impairment of non-financial assets
At each reporting date, ABN AMRO reviews the carrying amounts of its non-financial assets (i.e. ROU assets,
equipment, goodwill and other intangible assets) to determine whether there is any indication of impairment. If
any such indication exists, the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for
impairment.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash
inflows from continuing use that is largely independent of the cash inflows of other assets or cash-generating
units. Goodwill arising from a business combination is allocated to cash-generating units or groups
of\u00a0cash\u2011generating units that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less
costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using
a\u00a0pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset or cash-generating unit.
An impairment loss is recognised if the carrying amount of an asset or cash-generating unit exceeds its
recoverable amount. In general, ABN AMRO\u2019s corporate assets do not generate separate cash inflows and are
used by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on
a\u00a0reasonable and consistent basis and tested for impairment as part of the testing of the cash-generating unit
to\u00a0which the corporate assets are allocated.
Impairment losses are recognised in the income statement as a component of depreciation and amortisation
expense. They are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating
unit, and then to reduce the carrying amounts of the other assets in the cash-generating unit on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only
to\u00a0the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Lessee accounting
The ROU asset is depreciated over the period of the lease, using the straight-line method.
Accounting policy for intangible assets
Software and other intangible assets
The accounting policy for software and other intangible assets is determined by IAS 38 Intangible assets.
Software is amortised over a period of three years, unless it is classified as core application software, which is
amortised over its estimated useful life, set at a maximum of seven years. For own-developed software, only
the\u00a0development phase is capitalised.
Other intangible assets include separately identifiable items arising from acquisitions of subsidiaries, such as
client relationships, and certain purchased trademarks and similar items. In general, the estimated useful life
does not exceed ten years. Amortisation rates and residual values are reviewed at least annually to take into
account any change in circumstances.
2025
(in millions)
Land and
buildings
held for
own use
Leasehold
improve-
ments
Plant &
equipment
under ope-
rating lease
Equip-
ment
Right
of use
assets
Other
property
and
equipment
Total
property
and
equipment
Good-
will
Other
intangible
assets
Total
goodwill
and other
intangible
assets
Acquisition costs as at 1 January
941
209
570
607
565
11
2,902
150
623
773
Acquisitions/divestments of subsidiaries
24
13
80
117
36
36
Additions
195
9
64
25
37
331
5
5
Reversal of cost due to disposals
-5
-13
-222
-142
-15
-398
-28
-28
Foreign exchange differences
-1
-3
-4
-4
-12
-1
-1
Internally generated software
94
94
Other
6
-2
-17
-13
-6
-6
Acquisition costs as at 31
December
1,160
201
408
499
646
11
2,926
150
722
871
Accumulated depreciation/
amortisation as at 1 January
-557
-165
-263
-537
-297
-1
-1,819
-404
-404
Acquisitions/divestments of subsidiaries
Depreciation/amortisation
-15
-14
-33
-86
-149
-25
-25
Depreciation of assets subject to
operating lease
-70
-70
Reversal of depreciation/amortisation
due to disposals
2
13
155
142
11
323
22
22
Foreign exchange differences
1
2
3
2
9
1
1
Other
-6
2
17
12
Accumulated depreciation/
amortisation as at 31 December
-576
-164
-176
-425
-353
-1
-1,694
-406
-406
Accumulated impairments as at
1 January
-5
-1
-7
-2
-14
-105
-10
-116
Increase of impairments charged to the
income statement
-1
-6
-6
Reversal of impairments due to
disposals
2
1
1
4
6
6
Other
6
6
Accumulated impairments as at
31 December
-3
-6
-2
-11
-105
-4
-110
Total as at 31 December
581
38
232
74
288
8
1,221
44
311
356
2024
(in millions)
Land and
buildings
held for
own use
Leasehold
improve-
ments
Plant &
equipment
under ope-
rating lease
Equip-
ment
Right
of use
assets
Other
property
and
equipment
Total
property
and
equipment
Good-
will
Other
intangible
assets
Total
goodwill
and other
intangible
assets
Acquisition costs as at 1 January
777
208
649
626
584
11
2,853
115
517
632
Acquisitions/divestments of subsidiaries
33
33
Additions
174
13
97
28
53
365
44
4
48
Reversal of cost due to disposals
-12
-13
-182
-48
-58
-313
-10
-22
-31
Foreign exchange differences
1
6
1
3
10
1
1
Internally generated software
93
93
Other
2
-1
-17
-15
-4
-3
Acquisition costs as at 31
December
941
209
570
607
565
11
2,902
150
623
773
Accumulated depreciation/
amortisation as at 1 January
-547
-160
-308
-546
-256
-1,817
-408
-408
Acquisitions/divestments of subsidiaries
-7
-7
Depreciation/amortisation
-16
-14
-36
-81
-147
-13
-13
Depreciation of assets subject to
operating lease
-86
-86
Reversal of depreciation/amortisation
due to disposals
10
9
135
45
21
219
22
22
Foreign exchange differences
-1
-3
-1
-1
-6
-1
-1
Other
-4
1
1
20
18
3
3
Accumulated depreciation/
amortisation as at 31 December
-557
-165
-263
-537
-297
-1
-1,819
-404
-404
Accumulated impairments as at
1 January
-5
-4
-3
-2
-43
-2
-59
-115
-10
-125
Impairments on assets subject to
operating lease
2
2
Reversal of impairments due to
disposals
2
4
2
37
45
10
10
Foreign exchange differences
-1
-1
Other
-2
-2
Accumulated impairments as at
31 December
-5
-1
-7
-2
-14
-105
-10
-116
Total as at 31 December
379
44
306
70
260
8
1,068
44
209
253
(in millions)
2025
2024
Depreciation on tangible assets
Land and buildings held for own use
15
16
Leasehold improvements
14
14
Equipment
33
36
Right of use assets
86
81
Amortisation on intangible assets
Purchased software
6
5
Internally developed software
15
6
Other intangible assets
4
2
Impairment losses on intangible assets
Internally developed software
1
Other intangible assets
5
Total depreciation, amortisation and impairment losses
180
160
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-421": { "value": "
9\u00a0 \u00a0 Personnel expenses
Accounting policy for personnel expenses
Salaries and wages, social security charges and other salary-related costs are recognised over the period
in\u00a0which the employees provide the services to which the payments relate. The accounting policies for pensions
and other post-employment benefits are included in Note 31 - Pension and other employee benefits.
31\u00a0 Pension and other employee benefits
Accounting policy for pension and other employee benefits
ABN AMRO sponsors a number of pension schemes in the Netherlands and abroad. These schemes are mainly
defined contribution plans. The majority of the beneficiaries of the plans are located in the Netherlands.
Defined contribution plans
For defined contribution plans, ABN AMRO pays annual contributions determined by a fixed method and has no
legal or constructive obligation to pay any further contributions. Contributions are recognised directly
in\u00a0the\u00a0income statement in the year to which they relate. Actuarial and investment risk are for the account
of\u00a0the\u00a0participants in the plan.
Defined benefit plans
For defined benefit plans, the net obligation of each plan is the difference between the present value
of\u00a0the\u00a0defined benefit obligations and the fair value of the plan\u2019s assets.
The actuarial assumptions used for calculating the present value of the defined benefit obligations include
discount rates based on high-quality corporate bonds, the inflation rate, future salary increases, employee
contributions, mortality assumptions and rates of employee turnover. The assumptions are based on available
market data and management expectations at the end of the reporting period.
Plan assets are measured at fair value at balance sheet date and are netted against the defined benefit
obligations. Pension costs recognised in the income statement for defined benefit plans consist of:
\u2022 service costs
\u2022 net interest costs determined by multiplying the net defined benefit liability (asset) by the discount rate, both
as at the start of the annual reporting period, taking into account any changes in the net defined benefit
liability (asset) during the period as a result of contributions and benefit payments
\u2022 curtailments or plan amendments
Differences between pension costs and pension contributions payable are accounted for as provisions or
prepayments.
Remeasurement
Remeasurements of the net defined benefit liability (asset) are actuarial gains and losses resulting from changes
in actuarial assumptions and experience adjustments (i.e. unexpectedly high or low rates of employee turnover).
They are recognised in other comprehensive income and are not recycled to profit or loss in later periods.
The\u00a0actual return on the pension plan\u2019s assets is determined after deduction of the costs of managing the assets
and any tax payable by the pension plan itself.
Other employee benefits
Some group companies provide post-retirement benefits to their retirees, such as long-term service benefits and
discounts on banking products. Entitlement to these benefits is usually conditional on the employee remaining
in\u00a0service up to retirement age and the completion of a minimum service period.
The expected costs of these benefits are accrued over the period of employment, using the same accounting
methodology as that used for defined benefit pension plans. These obligations are calculated annually.
Pension and other employee benefit plans in all countries comply with applicable local regulations concerning
investments and minimum funding levels.
37\u00a0 Share-based payment
Accounting policy for share-based payment
Identified staff as defined by CRD V are entitled to receive variable compensation, consisting of a cash element
and a share-based element settled in cash. The cash element in the variable compensation plan is recognised
in\u00a0accordance with IAS 19 and the other element qualifies as a cash-settled share-based payment in accordance
with IFRS 2.
Variable compensation is granted for a certain performance year, at 50% in cash and 50% in share-based
compensation settled in cash. The vesting conditions include bad leaver conditions and consist of a deferral
period and a retention period until the share-based compensation is settled in cash.
Up to and including the performance year 2019, 30% of the share-based compensation settled in cash
(depositary receipt) vests two years after the performance year. The remaining 20% vests in three equal tranches
in the third, fourth and fifth year following the performance year. At the end of the vesting period, participants
receive the cash value of the five-day average of an ABN AMRO listed depositary receipt (DR).
Share-based compensation settled in cash granted for 2019 and the years before includes the option
of\u00a0requesting DRs rather than cash. This choice can be made during the quarter in which settlement takes place
and is subject to Supervisory Board approval. This equity component in the plan is valued at nil until the request
is approved. Participants receive the same amount of fair value, regardless of whether they choose cash or DRs.
If participants choose DRs, the value of the DRs is transferred in its entirety from the liability to an equity
account. The actual delivery to the participant is expected to take place in the same quarter as the choice is
made.
ABN AMRO will not issue additional shares for compensation granted for years 2019 and before, but will buy
shares in the market when needed. As the purchase of shares is expected to take place in the quarter during
which the DRs are delivered, there is no impact on (diluted) earnings per share.
As from performance year 2020, the DRs were replaced by performance certificates (PCs) as share-based
compensation settled in cash. The share-based compensation settled in cash vests for 30% in the first year.
The\u00a0remaining 20% vests in four equal tranches in the second, third, fourth and fifth year following
the\u00a0performance year. At the end of the vesting period, participants receive the cash value of the five-day
average of ABN AMRO\u2019s share price. Share-based compensation settled in cash granted from performance year
2020 onwards does not include the option of requesting DRs.
A liability is recognised for the fair value of cash-settled transactions. The fair value is measured initially and at
each reporting date up to and including the settlement date, with changes in fair value recognised in employee
benefits expenses. The fair value is determined using an internally developed model based on the share price
and market expectations of future dividends.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-420": { "value": "
9\u00a0 \u00a0 Personnel expenses
Accounting policy for personnel expenses
Salaries and wages, social security charges and other salary-related costs are recognised over the period
in\u00a0which the employees provide the services to which the payments relate. The accounting policies for pensions
and other post-employment benefits are included in Note 31 - Pension and other employee benefits.
10\u00a0 General and administrative expenses
Accounting policy for general and administrative expenses
Costs are recognised in the period in which services have been provided and to which the payment relates.
24\u00a0 Property and equipment, leases, goodwill and other intangible assets
Accounting policy for property and equipment
Property and equipment are stated at cost less accumulated depreciation and any accumulated impairment
amount. At each balance sheet date, an assessment is performed to determine whether there is any indication
of\u00a0impairment. Subsequent costs are capitalised if these result in an enhancement to the asset. Depreciation is
charged to the income statement on a straight-line basis over the estimated useful lives of items of property and
equipment, and of major components that are accounted for separately. ABN AMRO generally applies
the\u00a0following useful lives to calculate depreciation:
\u2022 Land: not depreciated
\u2022 Buildings: 30 years
\u2022 Leasehold improvements: 5 years
\u2022 Equipment: 5 years
\u2022 Installations (durable): 10 years
\u2022 Computer installations: 2 to 5 years
Depreciation rates and residual values are reviewed at least periodically to take into account any change
in\u00a0circumstances. Capitalised leasehold improvements are depreciated in a manner that takes into account
the\u00a0term and renewal conditions of the related lease.
Accounting policy for impairment of non-financial assets
At each reporting date, ABN AMRO reviews the carrying amounts of its non-financial assets (i.e. ROU assets,
equipment, goodwill and other intangible assets) to determine whether there is any indication of impairment. If
any such indication exists, the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for
impairment.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash
inflows from continuing use that is largely independent of the cash inflows of other assets or cash-generating
units. Goodwill arising from a business combination is allocated to cash-generating units or groups
of\u00a0cash\u2011generating units that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less
costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using
a\u00a0pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset or cash-generating unit.
An impairment loss is recognised if the carrying amount of an asset or cash-generating unit exceeds its
recoverable amount. In general, ABN AMRO\u2019s corporate assets do not generate separate cash inflows and are
used by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on
a\u00a0reasonable and consistent basis and tested for impairment as part of the testing of the cash-generating unit
to\u00a0which the corporate assets are allocated.
Impairment losses are recognised in the income statement as a component of depreciation and amortisation
expense. They are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating
unit, and then to reduce the carrying amounts of the other assets in the cash-generating unit on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only
to\u00a0the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Lessee accounting
The ROU asset is depreciated over the period of the lease, using the straight-line method.
Accounting policy for intangible assets
Software and other intangible assets
The accounting policy for software and other intangible assets is determined by IAS 38 Intangible assets.
Software is amortised over a period of three years, unless it is classified as core application software, which is
amortised over its estimated useful life, set at a maximum of seven years. For own-developed software, only
the\u00a0development phase is capitalised.
Other intangible assets include separately identifiable items arising from acquisitions of subsidiaries, such as
client relationships, and certain purchased trademarks and similar items. In general, the estimated useful life
does not exceed ten years. Amortisation rates and residual values are reviewed at least annually to take into
account any change in circumstances.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-423": { "value": "
10\u00a0 General and administrative expenses
Accounting policy for general and administrative expenses
Costs are recognised in the period in which services have been provided and to which the payment relates.
(in millions)
2025
2024
Agency staff, contractors and consultancy costs
590
760
Staff-related costs
62
74
Information technology costs
1,047
1,023
Housing
111
97
Post, telephone and transport
23
28
Marketing and public relations costs
96
89
Regulatory charges
179
189
Other
218
270
Total general and administrative expenses
2,326
2,531
In 2025, the bank paid two fines, which are recorded in Other general and administrative expenses. One fine was
imposed by the Netherlands Public Prosecution Service (NPPS) for involvement in transactions connected, according
to the NPPS, to the filing of intentionally incorrect tax returns by a Dutch subsidiary of a foreign financial institution in
the period 2010-2013. For this imposed penalty order, ABN AMRO paid a fine of EUR 14 million. The other fine was
imposed by the Dutch Central Bank (DNB) for violations of the bonus prohibition in the period from 2016 to 2024.
ABN\u00a0AMRO paid an administrative fine of EUR 15 million.
(in millions)
2025
2024
Banking tax
123
118
Deposit Guarantee Scheme
7
34
Single Resolution Fund
15
2
Other regulatory levies
34
35
Total regulatory charges
179
189
Auditor's fees for EY\u2019s services are included under agency staff, contractors and consultancy costs. The fees stated for
the audit of the financial statements are based on the total fees for the audit of the financial statements, regardless
of whether the audit activities were performed before the year-end. These are specified in the following table.
(in millions)
2025
2024
Financial statements audit fees
16
17
Audit-related fees
2
2
Total auditor's fee
18
19
Financial statement audit fees relating to the audit of activities in the Netherlands amounted to EUR 14 million in 2025
(2024:\u00a0EUR\u00a015\u00a0million). Audit-related fees for activities in the Netherlands amounted to EUR 1 million in 2025
(2024:\u00a0EUR\u00a01\u00a0million).
Audit-related fees comprise services relating to regulatory reporting, comfort letters and consent letters, assurance
engagements on segregation of assets, assurance on service organisation reports and procedures agreed for
supervisory purposes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-422": { "value": "
10\u00a0 General and administrative expenses
Auditor's fees for EY\u2019s services are included under agency staff, contractors and consultancy costs. The fees stated for
the audit of the financial statements are based on the total fees for the audit of the financial statements, regardless
of whether the audit activities were performed before the year-end. These are specified in the following table.
(in millions)
2025
2024
Financial statements audit fees
16
17
Audit-related fees
2
2
Total auditor's fee
18
19
Financial statement audit fees relating to the audit of activities in the Netherlands amounted to EUR 14 million in 2025
(2024:\u00a0EUR\u00a015\u00a0million). Audit-related fees for activities in the Netherlands amounted to EUR 1 million in 2025
(2024:\u00a0EUR\u00a01\u00a0million).
Audit-related fees comprise services relating to regulatory reporting, comfort letters and consent letters, assurance
engagements on segregation of assets, assurance on service organisation reports and procedures agreed for
supervisory purposes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-425": { "value": "
11\u00a0 Income tax expense, tax assets and tax liabilities
Accounting policy for income tax expense, tax assets and tax liabilities
Income tax expense consists of current and deferred tax. Income tax is recognised in the income statement and
in\u00a0the statement of other comprehensive income in the period in which profits arise. Withholding taxes are
included in income tax when these taxes become payable by a subsidiary, associate or joint arrangement on
distributions to ABN AMRO. Income tax recoverable on tax-allowable losses is recognised as a current tax asset
only to the extent that it is regarded as recoverable by offsetting against taxable profits arising in the current or
prior period. Current tax is measured using tax rates prevailing at the balance sheet date.
Deferred tax is recognised for qualifying temporary differences. Temporary differences represent the difference
between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for
taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or
settlement of the carrying amount of assets and liabilities, using tax rates prevailing at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will allow
the\u00a0deferred tax asset to be recovered. Deferred tax assets and liabilities are offset only when there is both a legal
right to offset and an intention to settle on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-424": { "value": "
11\u00a0 Income tax expense, tax assets and tax liabilities
Accounting policy for income tax expense, tax assets and tax liabilities
Income tax expense consists of current and deferred tax. Income tax is recognised in the income statement and
in\u00a0the statement of other comprehensive income in the period in which profits arise. Withholding taxes are
included in income tax when these taxes become payable by a subsidiary, associate or joint arrangement on
distributions to ABN AMRO. Income tax recoverable on tax-allowable losses is recognised as a current tax asset
only to the extent that it is regarded as recoverable by offsetting against taxable profits arising in the current or
prior period. Current tax is measured using tax rates prevailing at the balance sheet date.
Deferred tax is recognised for qualifying temporary differences. Temporary differences represent the difference
between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for
taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or
settlement of the carrying amount of assets and liabilities, using tax rates prevailing at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will allow
the\u00a0deferred tax asset to be recovered. Deferred tax assets and liabilities are offset only when there is both a legal
right to offset and an intention to settle on a net basis.
(in millions)
2025
2024
Recognised in income statement:
Current tax expenses for the current period
819
947
Pillar Two tax expense
3
5
Adjustments recognised in the period for current tax of prior periods
-3
9
Total current tax expense
819
961
Deferred tax arising from the current period
28
43
Impact of changes in tax rates on deferred taxes
1
Deferred tax arising from the write-down or reversal of a write-down of a deferred tax asset
-4
21
Deferred tax prior period
1
-6
Previously unrecognised tax losses, tax credits and temporary differences reducing deferred tax expense
-11
-6
Total deferred tax expense
15
52
Total income tax expense
834
1,013
Reconciliation of the total tax charge
The effective tax rate based on the consolidated income statement differs from the theoretical rate that would arise
using the statutory tax rate of the Netherlands. This difference is explained in the following table.
(in millions)
2025
Effective tax rate
2024
Effective tax rate
Profit/(loss) before taxation
3,086
3,415
Applicable tax rate
25.8%
25.8%
Expected income tax expense
796
881
International tax rate difference
-13
-0.4%
-10
-0.3%
Adjustment previous years
-2
-0.1%
3
0.1%
Change in tax rates
1
0.0%
-0.0%
Banking tax
32
1.0%
31
0.9%
Non-taxable income
-7
-0.2%
-9
-0.3%
Non-deductible expenses
47
1.5%
96
2.8%
Tax exempted result (participation exemption)
-17
-0.6%
-13
-0.4%
Losses not benefited
-11
-0.4%
-6
-0.2%
Change recognition of deferred tax assets
-4
-0.1%
21
0.6%
Pillar Two tax expense
3
0.1%
5
0.1%
Other tax effects
10
0.3%
13
0.4%
Actual income tax expense
834
27.0%
1,013
29.6%
The income tax expense decreased by EUR\u00a0179\u00a0million to EUR\u00a0834\u00a0million in\u00a02025. The effective tax rate was 27.0%
in\u00a02025, compared with the standard Dutch rate of 25.8%. This is caused mainly by the annual banking tax which is
not deductible and non-deductible interest due to the Dutch \u201cthin capitalisation\u201d rules for banks.
Tax assets and liabilities
The most significant temporary differences arose from the revaluation of certain financial assets and liabilities,
including derivative contracts, allowances for loan impairment and investments. The following table summarises the
tax position.
31 December 2025
31 December 2024
(in millions)
Assets
Liabilities
Assets
Liabilities
Current tax
29
118
51
395
Deferred tax
114
65
275
Total tax assets and liabilities
143
183
326
395
The significant components and annual movements in deferred tax assets and deferred tax liabilities are shown in the
following tables.
(in millions)
As at
31 December
2024
Income
statement
OCI
Equity
Other
As at
31 December
2025
- of which
deferred
tax asset
- of which
deferred
tax liability
Assets and liabilities held for trading, derivatives
and financial investments
159
-234
-1
-76
289
365
Property and equipment (excluding leases) and
intangible assets
-1
-37
-10
-48
19
67
Loans
10
-1
9
17
19
2
Leases
28
1
-4
26
100
75
Pensions and other (post-)employment benefits
9
1
9
9
Provisions
29
-7
-1
20
20
Tax losses carried forward
50
11
26
87
87
Other
-8
18
3
13
52
39
Deferred tax assets (+) and liabilities (-)
275
-15
-235
24
49
596
547
Offsetting deferred tax assets and liabilities
482
482
Net deferred tax assets (+) and liabilities (-)
114
65
(in millions)
As at
31 December
2023
Income
statement
OCI
Equity
Other
As at
31 December
2024
- of which
deferred
tax asset
- of which
deferred
tax liability
Assets and liabilities held for trading, derivatives and
financial investments
115
-6
51
159
175
16
Property and equipment (excluding leases) and
intangible assets
25
-20
-5
-1
20
21
Loans
12
-1
10
11
1
Leases
32
-4
28
93
65
Pensions and other (post-)employment benefits
8
1
9
9
Provisions
23
4
1
1
29
29
Tax losses carried forward
88
-42
3
50
50
Other
-25
19
-1
-8
57
65
Deferred tax assets (+) and liabilities (-)
278
-52
51
-2
275
442
167
Offsetting deferred tax assets and liabilities
167
167
Net deferred tax assets (+) and liabilities (-)
275
Deferred tax assets and liabilities
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will allow the deferred
tax asset to be recovered. Recognition is based on estimates of taxable income by jurisdiction in which ABN AMRO
operates and the period over which the deferred tax assets will be recoverable. In the event that actual results differ
from these estimates in future periods, changes to the recognition of deferred tax assets could be required and these
could impact our financial position and net profit.
Undistributed earnings of ABN\u202fAMRO\u2019s subsidiaries, branches and interests in joint ventures may give rise to taxable
temporary differences and therefore to deferred tax liabilities. No deferred tax liabilities have been recognised in
respect of such undistributed earnings.
Unrecognised tax assets
Certain amounts of deferred tax assets are not recognised because future taxable profits are not considered probable.
Deferred tax assets for an amount of EUR\u00a023\u00a0million (31\u00a0December\u00a02024:\u00a0EUR\u00a029\u00a0million) have not been recognised in
respect of deductible temporary differences of EUR\u00a091\u00a0million (31\u00a0December\u00a02024: EUR\u00a0112\u00a0million). In addition,
deferred tax assets for an amount of EUR\u00a051\u00a0million (31\u00a0December\u00a02024: EUR\u00a046\u00a0million) have not been recognised in
respect of tax losses of EUR\u00a0254\u00a0million (31\u00a0December\u00a02024: EUR\u00a0233\u00a0million).
Tax credits and unrecognised tax credits
ABN AMRO did not have any carry-forward tax credits on 31\u00a0December\u00a02025.
Loss carry-forward by year of expiration
(in millions)
2025
2026
2027
2028
2029
2030
After 5
years
No
expiration
Total
2025
Loss carry-forward recognised
521
521
Loss carry-forward not recognised
1
254
254
Total tax losses carry-forward (gross)
1
775
775
2024
Loss carry-forward recognised
418
418
Loss carry-forward not recognised
233
233
Total tax losses carry-forward (gross)
651
651
Of the total amount of recognised net deferred tax assets, EUR\u00a018\u00a0million (31\u00a0December\u00a02024: EUR\u00a06\u00a0million) was
related to entities that suffered a loss in either the current or preceding year. The recognition of these deferred tax
assets is based on a projection of future taxable income.
Tax related to equity
Tax related to components of other comprehensive income and tax related to equity and movements in equity can be
found in the Consolidated statement of comprehensive income and the Consolidated statement of changes in equity.
Income tax consequences of dividend
Dividends are, in principle, subject to a 15%\u00a0withholding tax in the Netherlands. In\u00a02025, ABN AMRO withheld
EUR\u00a0120\u00a0million of dividend withholding tax on dividends paid to its shareholders.
Country-by-country reporting
31 December 2025
Country of
activity
Principal subsidiary
Main activities
Non-banking
activities
Total
assets
(in
millions)
Total
operating
income
(in
millions)
Average
number of
FTEs
Operating
profit/
(loss)
before
taxation
(in millions)
Income tax
expense
(in millions)
Income tax
paid
(in millions)
The Netherlands\u00b9
ABN AMRO Bank N.V.
Corporate
Banking, Wealth
Management,
Equity
Investment,
Real Estate
Investment
Research &
Development,
Insurance
367,990
7,415
19,212
2,716
758
1,018
France
ABN AMRO Bank N.V.
Paris Branch
Wealth
Management,
Corporate
Banking, Equity
Investment,
Real Estate
Investment
Research &
Development,
Procurement
4,237
320
879
41
15
10
Germany
ABN AMRO Bank N.V.
Frankfurt Branch
Wealth
Management,
Corporate
Banking, Equity
Investment,
Real Estate
Investment
Insurance
13,115
288
978
-29
-6
14
Belgium
ABN AMRO Bank N.V.
Belgium Branch
Wealth
Management,
Corporate
Banking
768
88
387
-21
United Kingdom
ABN AMRO Bank N.V.
UK Branch
Corporate
Banking, Equity
Investment,
Equity
Non-regulated
Financial
Services
108
29
298
6
6
4
Luxembourg
Hauck Aufh\u00e4user
Lampe Privatbank
AG, Niederlassung
Luxemburg
Wealth
Management
424
67
352
13
3
Norway
ABN AMRO Bank N.V.
Oslo Branch NUF
Corporate
Banking
1,494
36
18
29
1
17
United States
ABN AMRO Clearing
USA LLC
Corporate
Banking,
Treasury, Equity
Investment
Insurance
21,278
256
248
167
28
-7
Brazil
Banco ABN AMRO
Clearing S.A.
Corporate
Banking
178
16
40
15
5
4
Singapore
ABN AMRO Clearing
Bank N.V. Singapore
Branch
Corporate
Banking,
Treasury
2,892
89
91
72
11
9
Hong Kong
ABN AMRO Clearing
Hong Kong Limited
Corporate
Banking, Equity
Investment
523
80
39
68
10
5
Japan
ABN AMRO Clearing
Tokyo Co. Ltd.
Corporate
Banking
6
19
35
5
1
4
Australia
ABN AMRO Clearing
Australia Pty Ltd.
Corporate
Banking, Equity
Investment
190
14
77
3
1
2
Spain
ABN AMRO Mahler
Assets Spain SL
Real Estate
Investment
3
-1
Romania
AAC IT Services
Romania S.R.L.
IT Services
1
22
Total
413,210
8,716
22,676
3,086
834
1,079
1. Following new country-by-country regulation, ABN AMRO has presented all countries individually and any consolidation effects have been reclassified to the Netherlands.
Comparative figures have been adjusted accordingly.
31 December 2024
Country of
activity
Principal subsidiary
Main activities
Non-banking
activities
Total
assets
(in
millions)
Total
operating
income
(in
millions)
Average
number of
FTEs
Operating
profit/
(loss) before
taxation
(in millions)
Income tax
expense
(in millions)
Income tax
paid
(in millions)
The Netherlands\u00b9
ABN AMRO Bank N.V.
Corporate
Banking, Wealth
Management,
Equity
Investment,
Real Estate
Investment
Research &
Development,
Insurance
351,558
7,672
18,295
2,986
862
643
France
ABN AMRO Bank N.V.
Paris Branch
Wealth
Management,
Corporate
Banking, Equity
Investment,
Real Estate
Investment
Research &
Development,
Procurement
4,054
317
878
51
20
24
Germany
ABN AMRO Bank N.V.
Frankfurt Branch
Wealth
Management,
Corporate
Banking, Equity
Investment,
Real Estate
Investment
Insurance
2,337
198
775
3
6
3
Belgium
ABN AMRO Bank N.V.
Belgium Branch
Wealth
Management,
Corporate
Banking
724
89
378
-30
United Kingdom
ABN AMRO Bank N.V.
UK Branch
Corporate
Banking, Equity
Investment,
Equity
Non-regulated
Financial
Services
1,242
74
354
35
8
8
Norway
ABN AMRO Bank N.V.
Oslo Branch NUF
Corporate
Banking
1,897
47
18
42
25
United States
ABN AMRO Clearing
USA LLC
Corporate
Banking,
Treasury, Equity
Investment
Insurance
19,607
267
252
178
70
45
Brazil
Banco ABN AMRO
Clearing S.A.
Corporate
Banking
259
13
29
12
4
3
Singapore
ABN AMRO Clearing
Bank N.V. Singapore
Branch
Corporate
Banking,
Treasury
2,462
76
82
68
10
6
Hong Kong
ABN AMRO Clearing
Hong Kong Limited
Corporate
Banking, Equity
Investment
461
70
36
58
4
1
Japan
ABN AMRO Clearing
Tokyo Co. Ltd.
Corporate
Banking
131
22
30
9
3
2
Australia
ABN AMRO Clearing
Australia Pty Ltd.
Corporate
Banking, Equity
Investment
309
15
74
3
1
1
Spain
ABN AMRO Mahler
Assets Spain SL
Real Estate
Investment
4
Romania
AAC IT Services
Romania S.R.L.
IT Services
1
Total
385,047
8,861
21,199
3,415
1,013
737
1. Following new country-by-country regulation, ABN AMRO has presented all countries individually and any consolidation effects have been reclassified to the Netherlands.
Comparative figures have been adjusted accordingly.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-428": { "value": "
11\u00a0 Income tax expense, tax assets and tax liabilities
Accounting policy for income tax expense, tax assets and tax liabilities
Deferred tax is recognised for qualifying temporary differences. Temporary differences represent the difference
between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for
taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or
settlement of the carrying amount of assets and liabilities, using tax rates prevailing at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will allow
the\u00a0deferred tax asset to be recovered. Deferred tax assets and liabilities are offset only when there is both a legal
right to offset and an intention to settle on a net basis.
(in millions)
2025
2024
Recognised in income statement:
Current tax expenses for the current period
819
947
Pillar Two tax expense
3
5
Adjustments recognised in the period for current tax of prior periods
-3
9
Total current tax expense
819
961
Deferred tax arising from the current period
28
43
Impact of changes in tax rates on deferred taxes
1
Deferred tax arising from the write-down or reversal of a write-down of a deferred tax asset
-4
21
Deferred tax prior period
1
-6
Previously unrecognised tax losses, tax credits and temporary differences reducing deferred tax expense
-11
-6
Total deferred tax expense
15
52
Total income tax expense
834
1,013
Tax assets and liabilities
The most significant temporary differences arose from the revaluation of certain financial assets and liabilities,
including derivative contracts, allowances for loan impairment and investments. The following table summarises the
tax position.
31 December 2025
31 December 2024
(in millions)
Assets
Liabilities
Assets
Liabilities
Current tax
29
118
51
395
Deferred tax
114
65
275
Total tax assets and liabilities
143
183
326
395
The significant components and annual movements in deferred tax assets and deferred tax liabilities are shown in the
following tables.
(in millions)
As at
31 December
2024
Income
statement
OCI
Equity
Other
As at
31 December
2025
- of which
deferred
tax asset
- of which
deferred
tax liability
Assets and liabilities held for trading, derivatives
and financial investments
159
-234
-1
-76
289
365
Property and equipment (excluding leases) and
intangible assets
-1
-37
-10
-48
19
67
Loans
10
-1
9
17
19
2
Leases
28
1
-4
26
100
75
Pensions and other (post-)employment benefits
9
1
9
9
Provisions
29
-7
-1
20
20
Tax losses carried forward
50
11
26
87
87
Other
-8
18
3
13
52
39
Deferred tax assets (+) and liabilities (-)
275
-15
-235
24
49
596
547
Offsetting deferred tax assets and liabilities
482
482
Net deferred tax assets (+) and liabilities (-)
114
65
(in millions)
As at
31 December
2023
Income
statement
OCI
Equity
Other
As at
31 December
2024
- of which
deferred
tax asset
- of which
deferred
tax liability
Assets and liabilities held for trading, derivatives and
financial investments
115
-6
51
159
175
16
Property and equipment (excluding leases) and
intangible assets
25
-20
-5
-1
20
21
Loans
12
-1
10
11
1
Leases
32
-4
28
93
65
Pensions and other (post-)employment benefits
8
1
9
9
Provisions
23
4
1
1
29
29
Tax losses carried forward
88
-42
3
50
50
Other
-25
19
-1
-8
57
65
Deferred tax assets (+) and liabilities (-)
278
-52
51
-2
275
442
167
Offsetting deferred tax assets and liabilities
167
167
Net deferred tax assets (+) and liabilities (-)
275
Deferred tax assets and liabilities
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will allow the deferred
tax asset to be recovered. Recognition is based on estimates of taxable income by jurisdiction in which ABN AMRO
operates and the period over which the deferred tax assets will be recoverable. In the event that actual results differ
from these estimates in future periods, changes to the recognition of deferred tax assets could be required and these
could impact our financial position and net profit.
Undistributed earnings of ABN\u202fAMRO\u2019s subsidiaries, branches and interests in joint ventures may give rise to taxable
temporary differences and therefore to deferred tax liabilities. No deferred tax liabilities have been recognised in
respect of such undistributed earnings.
Unrecognised tax assets
Certain amounts of deferred tax assets are not recognised because future taxable profits are not considered probable.
Deferred tax assets for an amount of EUR\u00a023\u00a0million (31\u00a0December\u00a02024:\u00a0EUR\u00a029\u00a0million) have not been recognised in
respect of deductible temporary differences of EUR\u00a091\u00a0million (31\u00a0December\u00a02024: EUR\u00a0112\u00a0million). In addition,
deferred tax assets for an amount of EUR\u00a051\u00a0million (31\u00a0December\u00a02024: EUR\u00a046\u00a0million) have not been recognised in
respect of tax losses of EUR\u00a0254\u00a0million (31\u00a0December\u00a02024: EUR\u00a0233\u00a0million).
Tax credits and unrecognised tax credits
ABN AMRO did not have any carry-forward tax credits on 31\u00a0December\u00a02025.
Loss carry-forward by year of expiration
(in millions)
2025
2026
2027
2028
2029
2030
After 5
years
No
expiration
Total
2025
Loss carry-forward recognised
521
521
Loss carry-forward not recognised
1
254
254
Total tax losses carry-forward (gross)
1
775
775
2024
Loss carry-forward recognised
418
418
Loss carry-forward not recognised
233
233
Total tax losses carry-forward (gross)
651
651
Of the total amount of recognised net deferred tax assets, EUR\u00a018\u00a0million (31\u00a0December\u00a02024: EUR\u00a06\u00a0million) was
related to entities that suffered a loss in either the current or preceding year. The recognition of these deferred tax
assets is based on a projection of future taxable income.
Tax related to equity
Tax related to components of other comprehensive income and tax related to equity and movements in equity can be
found in the Consolidated statement of comprehensive income and the Consolidated statement of changes in equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-427": { "value": "
11\u00a0 Income tax expense, tax assets and tax liabilities
Tax assets and liabilities
The most significant temporary differences arose from the revaluation of certain financial assets and liabilities,
including derivative contracts, allowances for loan impairment and investments. The following table summarises the
tax position.
31 December 2025
31 December 2024
(in millions)
Assets
Liabilities
Assets
Liabilities
Current tax
29
118
51
395
Deferred tax
114
65
275
Total tax assets and liabilities
143
183
326
395
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-426": { "value": "
11\u00a0 Income tax expense, tax assets and tax liabilities
Accounting policy for income tax expense, tax assets and tax liabilities
Deferred tax is recognised for qualifying temporary differences. Temporary differences represent the difference
between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for
taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or
settlement of the carrying amount of assets and liabilities, using tax rates prevailing at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will allow
the\u00a0deferred tax asset to be recovered. Deferred tax assets and liabilities are offset only when there is both a legal
right to offset and an intention to settle on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-431": { "value": "
12\u00a0 Earnings per share
The following table shows the composition of basic earnings per share as at 31 December.
2025
2024
(in millions)
Profit/(loss) for
the period\u00b9
Average number
of shares
Earnings per
share (in EUR)
Profit/(loss) for
the period\u00b9
Average number
of shares
Earnings per
share (in EUR)
Basic earnings
2,035
830
2.45
2,283
841
2.72
1. Earnings consist of profit excluding results attributable to non-controlling interests and payments to holders of AT1 instruments.
Given that ABN AMRO Bank N.V. does not have any dilutive potential ordinary shares, only basic earnings per ordinary
share is disclosed. Basic earnings per ordinary share is calculated by dividing the profit attributable to the owners of
the parent company by the weighted average number of ordinary shares outstanding. During 2025, a final dividend of
EUR\u00a00.75\u00a0per\u00a0share for 2024, amounting to EUR\u00a0625\u00a0million, and an interim dividend of EUR\u00a00.54\u00a0per share for 2025,
amounting to EUR\u00a0449\u00a0million, were distributed. For the year 2025, a final dividend of EUR\u00a00.70\u00a0per\u00a0share has been
proposed.
During the second half of 2025, ABN AMRO Bank N.V. conducted a EUR\u00a0250\u00a0million buyback programme.
The\u00a0buyback programme resulted in the purchase of 9.8\u00a0million ordinary shares throughout the second half of
the\u00a0year. As a result, the weighted average number of ordinary shares was 830\u00a0million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-430": { "value": "
12\u00a0 Earnings per share
Given that ABN AMRO Bank N.V. does not have any dilutive potential ordinary shares, only basic earnings per ordinary
share is disclosed. Basic earnings per ordinary share is calculated by dividing the profit attributable to the owners of
the parent company by the weighted average number of ordinary shares outstanding. During 2025, a final dividend of
EUR\u00a00.75\u00a0per\u00a0share for 2024, amounting to EUR\u00a0625\u00a0million, and an interim dividend of EUR\u00a00.54\u00a0per share for 2025,
amounting to EUR\u00a0449\u00a0million, were distributed. For the year 2025, a final dividend of EUR\u00a00.70\u00a0per\u00a0share has been
proposed.
33\u00a0 Equity
Dividends
Dividends on ordinary shares classified as equity are recognised as a distribution of equity in the period in which
they are approved by shareholders.
As at 31 December 2025 , the authorised share capital of ABN AMRO Bank N.V. amounted to 2,400,000,000 \u00a0shares.
The\u00a0authorised share capital consisted of 2,200,000,000 ordinary A-shares with a nominal value of EUR \u00a01.00\u00a0each
and\u00a0200,000,000 ordinary B-shares with a nominal value of EUR 1.00 each. Every share is entitled to one vote at
the\u00a0General Meeting. During the financial year, there were no changes in the authorised share capital. The total
number of issued shares as at 31\u00a0December\u00a02025 was 823,201,264. In 2025, a final dividend for the year 2024 of
EUR\u00a00.75\u00a0per share, amounting to EUR\u00a0625\u00a0million, and an interim dividend for 2025 of EUR\u00a00.54\u00a0per share,
amounting to EUR\u00a0449\u00a0million, were paid. For the year 2025, a final dividend of EUR\u00a00.70\u00a0per share has been
proposed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-429": { "value": "
12\u00a0 Earnings per share
During the second half of 2025, ABN AMRO Bank N.V. conducted a EUR\u00a0250\u00a0million buyback programme.
The\u00a0buyback programme resulted in the purchase of 9.8\u00a0million ordinary shares throughout the second half of
the\u00a0year. As a result, the weighted average number of ordinary shares was 830\u00a0million.
33\u00a0 Equity
During the second half of 2025, ABN AMRO Bank N.V. purchased treasury shares under the buyback programme
for\u00a0EUR\u00a0250\u00a0million, at an average price of EUR\u00a025,39\u00a0per share. These treasury shares were cancelled during Q4,
resulting in a reduction in the issued share capital of\u00a09,847,302\u00a0shares, with a nominal value of EUR\u00a01.00\u00a0each. The
amount of the purchase value between EUR\u00a01.00 (the nominal value of the purchased shares) and EUR\u00a011.55 (the
value of the purchased shares for tax purposes) has been deducted from the share premium reserve. The amount of
the purchase value in excess of EUR\u00a011.55\u00a0has been deducted from other reserves.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-432": { "value": "0.70", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-434": { "value": "
13\u00a0 Cash and balances at central banks
Accounting policy for cash and balances at central banks
Cash and balances at central banks are held at amortised cost. This item includes cash on hand and available
demand deposits with central banks in countries in which the bank has a presence. Mandatory reserve deposits
are disclosed in Note 20 - Loans and advances banks.
(in millions)
31 December 2025
31 December 2024
Cash on hand and other cash equivalents
479
414
Balances with central banks readily convertible in cash other than mandatory reserve deposits
49,007
44,050
Total cash and balances at central banks
49,486
44,464
20\u00a0 Loans and advances banks
(in millions)
31 December 2025
31 December 2024
Interest-bearing deposits
1,137
1,169
Loans and advances
708
707
Mandatory reserve deposits with central banks
301
166
Other loans and advances banks
28
12
Subtotal
2,174
2,053
Less: loan impairment allowances
4
4
Total loans and advances banks
2,170
2,049
Mandatory reserve deposits are held with local central banks in accordance with statutory requirements. The most
relevant for the bank are the minimum reserve requirements determined by the ECB. The ECB prescribes how
the minimum reserve amount should be calculated during pre-defined reserve periods. During such a period,
the balances are available for use by ABN AMRO. The bank manages and monitors deposits to ensure that it meets
the minimum reserve requirements for the period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-433": { "value": "
13\u00a0 Cash and balances at central banks
Accounting policy for cash and balances at central banks
Cash and balances at central banks are held at amortised cost. This item includes cash on hand and available
demand deposits with central banks in countries in which the bank has a presence. Mandatory reserve deposits
are disclosed in Note 20 - Loans and advances banks.
(in millions)
31 December 2025
31 December 2024
Cash on hand and other cash equivalents
479
414
Balances with central banks readily convertible in cash other than mandatory reserve deposits
49,007
44,050
Total cash and balances at central banks
49,486
44,464
20\u00a0 Loans and advances banks
(in millions)
31 December 2025
31 December 2024
Interest-bearing deposits
1,137
1,169
Loans and advances
708
707
Mandatory reserve deposits with central banks
301
166
Other loans and advances banks
28
12
Subtotal
2,174
2,053
Less: loan impairment allowances
4
4
Total loans and advances banks
2,170
2,049
Mandatory reserve deposits are held with local central banks in accordance with statutory requirements. The most
relevant for the bank are the minimum reserve requirements determined by the ECB. The ECB prescribes how
the minimum reserve amount should be calculated during pre-defined reserve periods. During such a period,
the balances are available for use by ABN AMRO. The bank manages and monitors deposits to ensure that it meets
the minimum reserve requirements for the period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-437": { "value": "
14\u00a0 Financial assets and liabilities held for trading
Accounting policy for financial assets and liabilities held for trading
In accordance with IFRS 9, all assets and liabilities held for trading are measured at fair value through profit or
loss, with gains and losses in the changes of the fair value taken to net trading income in the income statement.
Financial assets and liabilities held for trading relates mainly to client-facilitating activities carried out by the Global
Markets business. These contracts are managed on a combined basis and are therefore assessed on a total portfolio
basis rather than as stand-alone asset and liability classes.
Financial assets held for trading
(in millions)
31 December 2025
31 December 2024
Trading securities
Government bonds
606
1,169
Corporate debt securities
1,438
1,246
Equity securities
2
Total trading securities
2,044
2,416
Other trading assets
87
Total financial assets held for trading
2,044
2,503
15\u00a0 Derivatives
Accounting policy for derivatives
A derivative is a financial instrument or other contract within the scope of IFRS 9 with all three of the following
characteristics:
\u2022 its value changes in response to the change in a specified interest rate, financial instrument price, commodity
price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided
in\u00a0the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes
called the \u2018underlying\u2019)
\u2022 it requires no initial net investment or an initial net investment that is smaller than would be required for other
types of contracts that would be expected to have a similar response to changes in market factors
\u2022 it is settled at a future date
Derivatives are recorded at fair value.
Derivative assets and liabilities subject to master netting arrangements are presented net only when they satisfy
the eligibility requirements for netting under IAS 32. ABN AMRO did not have any netted derivative positions
in\u00a0the statement of financial position in either 2025 or 2024.
Derivatives comprise derivatives held for trading and derivatives held for risk management purposes. Derivatives held
for trading are closely related to facilitating the needs of our clients. A significant part of the derivatives in the trading
portfolio is related to serving clients in their risk management to hedge, for example, currency or interest rate
exposures. ABN AMRO also provides products traded on the financial markets to institutional and individual clients and
governments.
As derivative transactions and the related cash collateral held at a CCP are settled on a daily basis, the carrying
amount of these positions in the statement of financial position is nil.
From a risk perspective, most of the banks derivative trading activities relate to deals with customers that
are normally offset by transactions with other counterparties. The bank may also take positions with the
expectation of profiting from favourable movements in prices, rates or indices.
31 December 2025
Derivatives held for trading
Economic hedges
Hedge
accounting
Total
derivatives
(in millions)
Interest rate
Currency
Other
Interest rate
Currency
Other
Interest rate
Exchange traded
Fair value assets
5
6
Fair value liabilities
4
23
27
Notionals
1,037
16
198
1,251
Over-the-counter
Fair value assets
2,851
615
2
149
288
23
3,928
Fair value liabilities
1,032
413
67
199
229
1,940
Notionals\u00b9
2,118,161
63,249
460
4,759
37,629
169,816
2,394,075
Total
Fair value assets
2,857
616
2
149
288
23
3,933
Fair value liabilities
1,036
413
23
67
199
229
1,967
Notionals
2,119,198
63,266
658
4,759
37,629
169,816
2,395,326
1. Prior to 30 June 2025, the notional amounts on Over-the-counter derivatives were split in Central counterparties and other bilateral derivatives. As of 30 June 2025, these
lines have been combined.
31 December 2024
Derivatives held for trading
Economic hedges
Hedge
accounting
Total
derivatives
(in millions)
Interest rate
Currency
Other
Interest rate
Currency
Other
Interest rate
Exchange traded
Fair value assets
5
5
Fair value liabilities
3
3
Notionals
429
22
451
Over-the-counter
Fair value assets
3,056
829
1
33
376
46
4,342
Fair value liabilities
1,427
690
4
37
113
224
2,495
Notionals\u00b9
2,054,564
62,798
477
938
31,636
179,884
2,330,297
Total
Fair value assets
3,061
829
1
33
376
46
4,347
Fair value liabilities
1,430
690
4
37
113
224
2,499
Notionals
2,054,992
62,820
477
938
31,636
179,884
2,330,749
1. Prior to 30 June 2025, the notional amounts on Over-the-counter derivatives were split in Central counterparties and other bilateral derivatives. As of 30 June 2025, these
lines have been combined.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-436": { "value": "
14\u00a0 Financial assets and liabilities held for trading
Accounting policy for financial assets and liabilities held for trading
In accordance with IFRS 9, all assets and liabilities held for trading are measured at fair value through profit or
loss, with gains and losses in the changes of the fair value taken to net trading income in the income statement.
Financial assets and liabilities held for trading relates mainly to client-facilitating activities carried out by the Global
Markets business. These contracts are managed on a combined basis and are therefore assessed on a total portfolio
basis rather than as stand-alone asset and liability classes.
Financial assets held for trading
(in millions)
31 December 2025
31 December 2024
Trading securities
Government bonds
606
1,169
Corporate debt securities
1,438
1,246
Equity securities
2
Total trading securities
2,044
2,416
Other trading assets
87
Total financial assets held for trading
2,044
2,503
Financial liabilities held for trading
(in millions)
31 December 2025
31 December 2024
Bonds
1,515
1,040
Equity securities
1
Total short security positions
1,516
1,040
Other liabilities held for trading
114
123
Total financial liabilities held for trading
1,631
1,163
15\u00a0 Derivatives
Accounting policy for derivatives
A derivative is a financial instrument or other contract within the scope of IFRS 9 with all three of the following
characteristics:
\u2022 its value changes in response to the change in a specified interest rate, financial instrument price, commodity
price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided
in\u00a0the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes
called the \u2018underlying\u2019)
\u2022 it requires no initial net investment or an initial net investment that is smaller than would be required for other
types of contracts that would be expected to have a similar response to changes in market factors
\u2022 it is settled at a future date
Derivatives are recorded at fair value.
Derivative assets and liabilities subject to master netting arrangements are presented net only when they satisfy
the eligibility requirements for netting under IAS 32. ABN AMRO did not have any netted derivative positions
in\u00a0the statement of financial position in either 2025 or 2024.
Derivatives comprise derivatives held for trading and derivatives held for risk management purposes. Derivatives held
for trading are closely related to facilitating the needs of our clients. A significant part of the derivatives in the trading
portfolio is related to serving clients in their risk management to hedge, for example, currency or interest rate
exposures. ABN AMRO also provides products traded on the financial markets to institutional and individual clients and
governments.
Derivatives held for risk management purposes include derivatives qualifying for hedge accounting and those used for
economic hedges. A hedging instrument, for hedge accounting purposes, is a designated derivative whose fair value
or cash flows are expected to offset changes in the fair value or cash flows of a designated hedged item.
As derivative transactions and the related cash collateral held at a CCP are settled on a daily basis, the carrying
amount of these positions in the statement of financial position is nil.
From a risk perspective, most of the banks derivative trading activities relate to deals with customers that
are normally offset by transactions with other counterparties. The bank may also take positions with the
expectation of profiting from favourable movements in prices, rates or indices.
31 December 2025
Derivatives held for trading
Economic hedges
Hedge
accounting
Total
derivatives
(in millions)
Interest rate
Currency
Other
Interest rate
Currency
Other
Interest rate
Exchange traded
Fair value assets
5
6
Fair value liabilities
4
23
27
Notionals
1,037
16
198
1,251
Over-the-counter
Fair value assets
2,851
615
2
149
288
23
3,928
Fair value liabilities
1,032
413
67
199
229
1,940
Notionals\u00b9
2,118,161
63,249
460
4,759
37,629
169,816
2,394,075
Total
Fair value assets
2,857
616
2
149
288
23
3,933
Fair value liabilities
1,036
413
23
67
199
229
1,967
Notionals
2,119,198
63,266
658
4,759
37,629
169,816
2,395,326
1. Prior to 30 June 2025, the notional amounts on Over-the-counter derivatives were split in Central counterparties and other bilateral derivatives. As of 30 June 2025, these
lines have been combined.
31 December 2024
Derivatives held for trading
Economic hedges
Hedge
accounting
Total
derivatives
(in millions)
Interest rate
Currency
Other
Interest rate
Currency
Other
Interest rate
Exchange traded
Fair value assets
5
5
Fair value liabilities
3
3
Notionals
429
22
451
Over-the-counter
Fair value assets
3,056
829
1
33
376
46
4,342
Fair value liabilities
1,427
690
4
37
113
224
2,495
Notionals\u00b9
2,054,564
62,798
477
938
31,636
179,884
2,330,297
Total
Fair value assets
3,061
829
1
33
376
46
4,347
Fair value liabilities
1,430
690
4
37
113
224
2,499
Notionals
2,054,992
62,820
477
938
31,636
179,884
2,330,749
1. Prior to 30 June 2025, the notional amounts on Over-the-counter derivatives were split in Central counterparties and other bilateral derivatives. As of 30 June 2025, these
lines have been combined.
17\u00a0 Financial investments
Accounting policy for financial investments
Financial investments include financial instruments measured at fair value through other comprehensive income
(FVOCI) and financial instruments measured at fair value through profit or loss (FVTPL).
Accounting policy for financial instruments measured at fair value through profit and loss
Financial investments can be designated at FVTPL if doing so eliminates or significantly reduces a measurement
or recognition inconsistency (an accounting mismatch). ABN AMRO also has financial instruments that are
mandatorily measured at fair value because they do not meet the SPPI test.
(in millions)
31 December 2025
31 December 2024
Financial investments
Debt securities held at fair value through other comprehensive income
48,921
46,196
Held at fair value through profit or loss
1,310
977
Total financial investments
50,231
47,173
Financial investments measured at fair value through profit or loss
(in millions)
31 December 2025
31 December 2024
Investments designated held at fair value through profit or loss
289
Private equities and venture capital
670
680
Equity securities
350
297
Total investments held at fair value through profit or loss
1,310
977
21\u00a0 Loans and advances customers
Accounting policy for loans and advances customers
The accounting policy for loans and advances customers is included in Note 20 - Loans and advances banks.
Please refer to Note 1 - Accounting policies in the Consolidated Annual Financial Statements.
(in millions)
31 December 2025
31 December 2024
Residential mortgages (excluding fair value adjustment)
163,185
156,209
Fair value adjustment from hedge accounting on residential mortgages
-5,477
-4,686
Residential mortgages, gross
157,708
151,523
Less: loan impairment allowances - residential mortgage loans
120
133
Residential mortgages
157,588
151,390
Consumer loans at amortised cost, gross
6,266
7,575
Less: loan impairment allowances - consumer loans
74
130
Consumer loans at amortised cost
6,192
7,445
Consumer loans at fair value through P&L
486
600
Corporate loans (excluding fair value adjustment)\u00b9
82,535
78,072
Fair value adjustment from hedge accounting on corporate loans
42
102
Financial lease receivables\u00b9
1,891
2,430
Factoring
2,090
3,326
Corporate loans at amortised cost, gross
86,559
83,929
Less: loan impairment allowances - corporate loans
1,026
1,100
Corporate loans at amortised cost
85,532
82,829
Corporate loans at fair value through P&L
28
30
Government and official institutions
342
298
Other loans
5,594
6,191
Fair value adjustment from hedge accounting on other loans
1
Other loans and advances customers, gross
5,936
6,489
Less: loan impairment allowances - other
1
2
Other loans and advances customers
5,935
6,487
Total loans and advances customers
255,760
248,782
1. ABN AMRO performed a review on the classification of loan-to-book value facilities. This resulted in a reclassification from Financial lease receivables to Corporate loans for
comparative purposes of EUR 1.4 billion for 2024.
For information on loan impairment allowances, please refer to the Credit risk review section in the Risk, funding &
capital chapter.
29\u00a0 Issued debt and subordinated liabilities
Accounting policy for issued debt and subordinated liabilities
Issued debt securities and subordinated liabilities are recorded at amortised cost using the effective interest rate
method. Hybrid or structured financial liabilities are irrevocably designated upon initial recognition to be
measured at fair value through profit or loss. The latter is applied when the instruments are held to reduce
an\u00a0accounting mismatch, are managed on the basis of their fair value or include terms that qualify as
an\u00a0embedded derivative that cannot be separated.
ABN AMRO applies IAS 32 Financial Instruments: Presentation to determine whether funding is a financial
liability or equity. Issued financial instruments or their components are classified as financial liabilities where
the\u00a0substance of the contractual arrangement results in ABN AMRO having a present obligation to deliver either
cash or another financial asset or to satisfy the obligation other than by the exchange of a fixed number of equity
shares.
Issued liabilities qualify as subordinated debt if claims by the holders are subordinated to all other current and
future liabilities of ABN AMRO and its subsidiaries.
The valuation of liabilities measured at fair value includes the effect of changes in the bank\u2019s own credit spreads.
The change in fair value applies to those financial liabilities designated at fair value where own value credit risk
would be considered by market participants. The cumulative amount of changes in fair value attributable
to\u00a0credit risk of issued debt is presented as liability own credit risk reserve in equity. Exchange-traded own debt
measured at fair value through profit or loss is valued at market prices.
Fair value changes are calculated based on a yield curve generated from observed external pricing for funding
and quoted CDS spreads
The following table shows the types of debt certificates issued by ABN AMRO and the amounts outstanding at
31\u00a0December\u00a02025. Movements in these debt instruments involve a continual process of redemption and issuance of
long-term and short\u2011term funding.
Issued debt
(in millions)
31 December 2025
31 December 2024
Bonds and notes issued
62,140
56,416
Certificates of deposit and commercial paper
11,773
17,922
Total at amortised cost
73,913
74,337
Designated at fair value through profit or loss
159
205
Total issued debt
74,072
74,542
- of which matures within one year
17,009
24,999
2025
2024
(in millions)
Carrying amount
Carrying amount
Balance as at 1 January
74,542
66,227
Cash flows
Issuance
49,649
42,885
Redemption
-48,161
-36,980
Non-cash changes
Foreign exchange differences
-1,863
909
Fair value changes own credit risk
1
-2
Fair value changes hedge accounting
-636
902
Other
540
601
Balance as at 31 December
74,072
74,542
The amounts of debt issued and redeemed during the period are shown in the Consolidated statement of cash flows.
Non-cash changes consist mainly of unrealised gains and losses and foreign exchange differences. Further details
of\u00a0the funding programmes are provided in the Funding section of the Risk, funding & capital chapter.
Financial liabilities designated at fair value through profit or loss
(in millions)
31 December 2025
31 December 2024
Cumulative change in fair value of the structured notes attributable to changes in credit risk
2
1
Change during the year in fair value of the structured notes attributable to changes in credit risk
1
-2
Difference between amount contractually required to pay at maturity and the carrying amount
7
6
The change in fair value of the structured notes attributable to changes in credit risk is determined using the credit
spread implicit in the fair value of similar bonds traded in active markets and issued by ABN AMRO.
Transferred financial assets not derecognised in their entirety
The following table shows transferred financial assets that have not been derecognised in their entirety.
31 December 2025
31 December 2024
(in millions)
Financial
investments
(at fair value
through OCI)
Financial assets
held for trading
(at fair value
through profit
and loss)
Total
Financial
investments
(at fair value
through OCI)
Financial assets
held for trading
(at fair value
through profit
and loss)
Total
Securities financing
Carrying amount Transferred assets
12,306
12,306
12,748
1
12,748
Carrying amount Associated liabilities
1,097
1,097
873
1
874
Fair value of assets
12,306
12,306
12,748
1
12,748
Fair value of associated liabilities
1,097
1,097
873
1
874
Net position
11,209
11,209
11,875
11,875
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-435": { "value": "
14\u00a0 Financial assets and liabilities held for trading
Accounting policy for financial assets and liabilities held for trading
In accordance with IFRS 9, all assets and liabilities held for trading are measured at fair value through profit or
loss, with gains and losses in the changes of the fair value taken to net trading income in the income statement.
Financial assets and liabilities held for trading relates mainly to client-facilitating activities carried out by the Global
Markets business. These contracts are managed on a combined basis and are therefore assessed on a total portfolio
basis rather than as stand-alone asset and liability classes.
Financial assets held for trading
(in millions)
31 December 2025
31 December 2024
Trading securities
Government bonds
606
1,169
Corporate debt securities
1,438
1,246
Equity securities
2
Total trading securities
2,044
2,416
Other trading assets
87
Total financial assets held for trading
2,044
2,503
Financial liabilities held for trading
(in millions)
31 December 2025
31 December 2024
Bonds
1,515
1,040
Equity securities
1
Total short security positions
1,516
1,040
Other liabilities held for trading
114
123
Total financial liabilities held for trading
1,631
1,163
15\u00a0 Derivatives
Accounting policy for derivatives
A derivative is a financial instrument or other contract within the scope of IFRS 9 with all three of the following
characteristics:
\u2022 its value changes in response to the change in a specified interest rate, financial instrument price, commodity
price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided
in\u00a0the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes
called the \u2018underlying\u2019)
\u2022 it requires no initial net investment or an initial net investment that is smaller than would be required for other
types of contracts that would be expected to have a similar response to changes in market factors
\u2022 it is settled at a future date
Derivatives are recorded at fair value.
Derivative assets and liabilities subject to master netting arrangements are presented net only when they satisfy
the eligibility requirements for netting under IAS 32. ABN AMRO did not have any netted derivative positions
in\u00a0the statement of financial position in either 2025 or 2024.
Derivatives comprise derivatives held for trading and derivatives held for risk management purposes. Derivatives held
for trading are closely related to facilitating the needs of our clients. A significant part of the derivatives in the trading
portfolio is related to serving clients in their risk management to hedge, for example, currency or interest rate
exposures. ABN AMRO also provides products traded on the financial markets to institutional and individual clients and
governments.
As derivative transactions and the related cash collateral held at a CCP are settled on a daily basis, the carrying
amount of these positions in the statement of financial position is nil.
From a risk perspective, most of the banks derivative trading activities relate to deals with customers that
are normally offset by transactions with other counterparties. The bank may also take positions with the
expectation of profiting from favourable movements in prices, rates or indices.
31 December 2025
Derivatives held for trading
Economic hedges
Hedge
accounting
Total
derivatives
(in millions)
Interest rate
Currency
Other
Interest rate
Currency
Other
Interest rate
Exchange traded
Fair value assets
5
6
Fair value liabilities
4
23
27
Notionals
1,037
16
198
1,251
Over-the-counter
Fair value assets
2,851
615
2
149
288
23
3,928
Fair value liabilities
1,032
413
67
199
229
1,940
Notionals\u00b9
2,118,161
63,249
460
4,759
37,629
169,816
2,394,075
Total
Fair value assets
2,857
616
2
149
288
23
3,933
Fair value liabilities
1,036
413
23
67
199
229
1,967
Notionals
2,119,198
63,266
658
4,759
37,629
169,816
2,395,326
1. Prior to 30 June 2025, the notional amounts on Over-the-counter derivatives were split in Central counterparties and other bilateral derivatives. As of 30 June 2025, these
lines have been combined.
31 December 2024
Derivatives held for trading
Economic hedges
Hedge
accounting
Total
derivatives
(in millions)
Interest rate
Currency
Other
Interest rate
Currency
Other
Interest rate
Exchange traded
Fair value assets
5
5
Fair value liabilities
3
3
Notionals
429
22
451
Over-the-counter
Fair value assets
3,056
829
1
33
376
46
4,342
Fair value liabilities
1,427
690
4
37
113
224
2,495
Notionals\u00b9
2,054,564
62,798
477
938
31,636
179,884
2,330,297
Total
Fair value assets
3,061
829
1
33
376
46
4,347
Fair value liabilities
1,430
690
4
37
113
224
2,499
Notionals
2,054,992
62,820
477
938
31,636
179,884
2,330,749
1. Prior to 30 June 2025, the notional amounts on Over-the-counter derivatives were split in Central counterparties and other bilateral derivatives. As of 30 June 2025, these
lines have been combined.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-439": { "value": "
14\u00a0 Financial assets and liabilities held for trading
Accounting policy for financial assets and liabilities held for trading
In accordance with IFRS 9, all assets and liabilities held for trading are measured at fair value through profit or
loss, with gains and losses in the changes of the fair value taken to net trading income in the income statement.
Financial assets and liabilities held for trading relates mainly to client-facilitating activities carried out by the Global
Markets business. These contracts are managed on a combined basis and are therefore assessed on a total portfolio
basis rather than as stand-alone asset and liability classes.
Financial liabilities held for trading
(in millions)
31 December 2025
31 December 2024
Bonds
1,515
1,040
Equity securities
1
Total short security positions
1,516
1,040
Other liabilities held for trading
114
123
Total financial liabilities held for trading
1,631
1,163
15\u00a0 Derivatives
Accounting policy for derivatives
A derivative is a financial instrument or other contract within the scope of IFRS 9 with all three of the following
characteristics:
\u2022 its value changes in response to the change in a specified interest rate, financial instrument price, commodity
price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided
in\u00a0the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes
called the \u2018underlying\u2019)
\u2022 it requires no initial net investment or an initial net investment that is smaller than would be required for other
types of contracts that would be expected to have a similar response to changes in market factors
\u2022 it is settled at a future date
Derivatives are recorded at fair value.
Derivative assets and liabilities subject to master netting arrangements are presented net only when they satisfy
the eligibility requirements for netting under IAS 32. ABN AMRO did not have any netted derivative positions
in\u00a0the statement of financial position in either 2025 or 2024.
Derivatives comprise derivatives held for trading and derivatives held for risk management purposes. Derivatives held
for trading are closely related to facilitating the needs of our clients. A significant part of the derivatives in the trading
portfolio is related to serving clients in their risk management to hedge, for example, currency or interest rate
exposures. ABN AMRO also provides products traded on the financial markets to institutional and individual clients and
governments.
As derivative transactions and the related cash collateral held at a CCP are settled on a daily basis, the carrying
amount of these positions in the statement of financial position is nil.
From a risk perspective, most of the banks derivative trading activities relate to deals with customers that
are normally offset by transactions with other counterparties. The bank may also take positions with the
expectation of profiting from favourable movements in prices, rates or indices.
31 December 2025
Derivatives held for trading
Economic hedges
Hedge
accounting
Total
derivatives
(in millions)
Interest rate
Currency
Other
Interest rate
Currency
Other
Interest rate
Exchange traded
Fair value assets
5
6
Fair value liabilities
4
23
27
Notionals
1,037
16
198
1,251
Over-the-counter
Fair value assets
2,851
615
2
149
288
23
3,928
Fair value liabilities
1,032
413
67
199
229
1,940
Notionals\u00b9
2,118,161
63,249
460
4,759
37,629
169,816
2,394,075
Total
Fair value assets
2,857
616
2
149
288
23
3,933
Fair value liabilities
1,036
413
23
67
199
229
1,967
Notionals
2,119,198
63,266
658
4,759
37,629
169,816
2,395,326
1. Prior to 30 June 2025, the notional amounts on Over-the-counter derivatives were split in Central counterparties and other bilateral derivatives. As of 30 June 2025, these
lines have been combined.
31 December 2024
Derivatives held for trading
Economic hedges
Hedge
accounting
Total
derivatives
(in millions)
Interest rate
Currency
Other
Interest rate
Currency
Other
Interest rate
Exchange traded
Fair value assets
5
5
Fair value liabilities
3
3
Notionals
429
22
451
Over-the-counter
Fair value assets
3,056
829
1
33
376
46
4,342
Fair value liabilities
1,427
690
4
37
113
224
2,495
Notionals\u00b9
2,054,564
62,798
477
938
31,636
179,884
2,330,297
Total
Fair value assets
3,061
829
1
33
376
46
4,347
Fair value liabilities
1,430
690
4
37
113
224
2,499
Notionals
2,054,992
62,820
477
938
31,636
179,884
2,330,749
1. Prior to 30 June 2025, the notional amounts on Over-the-counter derivatives were split in Central counterparties and other bilateral derivatives. As of 30 June 2025, these
lines have been combined.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-438": { "value": "
14\u00a0 Financial assets and liabilities held for trading
Accounting policy for financial assets and liabilities held for trading
In accordance with IFRS 9, all assets and liabilities held for trading are measured at fair value through profit or
loss, with gains and losses in the changes of the fair value taken to net trading income in the income statement.
15\u00a0 Derivatives
Accounting policy for derivatives
A derivative is a financial instrument or other contract within the scope of IFRS 9 with all three of the following
characteristics:
\u2022 its value changes in response to the change in a specified interest rate, financial instrument price, commodity
price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided
in\u00a0the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes
called the \u2018underlying\u2019)
\u2022 it requires no initial net investment or an initial net investment that is smaller than would be required for other
types of contracts that would be expected to have a similar response to changes in market factors
\u2022 it is settled at a future date
Derivatives are recorded at fair value.
Derivative assets and liabilities subject to master netting arrangements are presented net only when they satisfy
the eligibility requirements for netting under IAS 32. ABN AMRO did not have any netted derivative positions
in\u00a0the statement of financial position in either 2025 or 2024.
17\u00a0 Financial investments
Accounting policy for financial investments
Financial investments include financial instruments measured at fair value through other comprehensive income
(FVOCI) and financial instruments measured at fair value through profit or loss (FVTPL).
Accounting policy for financial instruments measured at fair value through profit and loss
Financial investments can be designated at FVTPL if doing so eliminates or significantly reduces a measurement
or recognition inconsistency (an accounting mismatch). ABN AMRO also has financial instruments that are
mandatorily measured at fair value because they do not meet the SPPI test.
29\u00a0 Issued debt and subordinated liabilities
Accounting policy for issued debt and subordinated liabilities
Issued debt securities and subordinated liabilities are recorded at amortised cost using the effective interest rate
method. Hybrid or structured financial liabilities are irrevocably designated upon initial recognition to be
measured at fair value through profit or loss. The latter is applied when the instruments are held to reduce
an\u00a0accounting mismatch, are managed on the basis of their fair value or include terms that qualify as
an\u00a0embedded derivative that cannot be separated.
ABN AMRO applies IAS 32 Financial Instruments: Presentation to determine whether funding is a financial
liability or equity. Issued financial instruments or their components are classified as financial liabilities where
the\u00a0substance of the contractual arrangement results in ABN AMRO having a present obligation to deliver either
cash or another financial asset or to satisfy the obligation other than by the exchange of a fixed number of equity
shares.
Issued liabilities qualify as subordinated debt if claims by the holders are subordinated to all other current and
future liabilities of ABN AMRO and its subsidiaries.
The valuation of liabilities measured at fair value includes the effect of changes in the bank\u2019s own credit spreads.
The change in fair value applies to those financial liabilities designated at fair value where own value credit risk
would be considered by market participants. The cumulative amount of changes in fair value attributable
to\u00a0credit risk of issued debt is presented as liability own credit risk reserve in equity. Exchange-traded own debt
measured at fair value through profit or loss is valued at market prices.
Fair value changes are calculated based on a yield curve generated from observed external pricing for funding
and quoted CDS spreads
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-440": { "value": "
15\u00a0 Derivatives
Accounting policy for derivatives
A derivative is a financial instrument or other contract within the scope of IFRS 9 with all three of the following
characteristics:
\u2022 its value changes in response to the change in a specified interest rate, financial instrument price, commodity
price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided
in\u00a0the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes
called the \u2018underlying\u2019)
\u2022 it requires no initial net investment or an initial net investment that is smaller than would be required for other
types of contracts that would be expected to have a similar response to changes in market factors
\u2022 it is settled at a future date
Derivatives are recorded at fair value.
Derivative assets and liabilities subject to master netting arrangements are presented net only when they satisfy
the eligibility requirements for netting under IAS 32. ABN AMRO did not have any netted derivative positions
in\u00a0the statement of financial position in either 2025 or 2024.
Derivatives comprise derivatives held for trading and derivatives held for risk management purposes. Derivatives held
for trading are closely related to facilitating the needs of our clients. A significant part of the derivatives in the trading
portfolio is related to serving clients in their risk management to hedge, for example, currency or interest rate
exposures. ABN AMRO also provides products traded on the financial markets to institutional and individual clients and
governments.
Derivatives held for risk management purposes include derivatives qualifying for hedge accounting and those used for
economic hedges. A hedging instrument, for hedge accounting purposes, is a designated derivative whose fair value
or cash flows are expected to offset changes in the fair value or cash flows of a designated hedged item.
As derivative transactions and the related cash collateral held at a CCP are settled on a daily basis, the carrying
amount of these positions in the statement of financial position is nil.
From a risk perspective, most of the banks derivative trading activities relate to deals with customers that
are normally offset by transactions with other counterparties. The bank may also take positions with the
expectation of profiting from favourable movements in prices, rates or indices.
31 December 2025
Derivatives held for trading
Economic hedges
Hedge
accounting
Total
derivatives
(in millions)
Interest rate
Currency
Other
Interest rate
Currency
Other
Interest rate
Exchange traded
Fair value assets
5
6
Fair value liabilities
4
23
27
Notionals
1,037
16
198
1,251
Over-the-counter
Fair value assets
2,851
615
2
149
288
23
3,928
Fair value liabilities
1,032
413
67
199
229
1,940
Notionals\u00b9
2,118,161
63,249
460
4,759
37,629
169,816
2,394,075
Total
Fair value assets
2,857
616
2
149
288
23
3,933
Fair value liabilities
1,036
413
23
67
199
229
1,967
Notionals
2,119,198
63,266
658
4,759
37,629
169,816
2,395,326
1. Prior to 30 June 2025, the notional amounts on Over-the-counter derivatives were split in Central counterparties and other bilateral derivatives. As of 30 June 2025, these
lines have been combined.
31 December 2024
Derivatives held for trading
Economic hedges
Hedge
accounting
Total
derivatives
(in millions)
Interest rate
Currency
Other
Interest rate
Currency
Other
Interest rate
Exchange traded
Fair value assets
5
5
Fair value liabilities
3
3
Notionals
429
22
451
Over-the-counter
Fair value assets
3,056
829
1
33
376
46
4,342
Fair value liabilities
1,427
690
4
37
113
224
2,495
Notionals\u00b9
2,054,564
62,798
477
938
31,636
179,884
2,330,297
Total
Fair value assets
3,061
829
1
33
376
46
4,347
Fair value liabilities
1,430
690
4
37
113
224
2,499
Notionals
2,054,992
62,820
477
938
31,636
179,884
2,330,749
1. Prior to 30 June 2025, the notional amounts on Over-the-counter derivatives were split in Central counterparties and other bilateral derivatives. As of 30 June 2025, these
lines have been combined.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-442": { "value": "
15\u00a0 Derivatives
Accounting policy for derivatives
A derivative is a financial instrument or other contract within the scope of IFRS 9 with all three of the following
characteristics:
\u2022 its value changes in response to the change in a specified interest rate, financial instrument price, commodity
price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided
in\u00a0the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes
called the \u2018underlying\u2019)
\u2022 it requires no initial net investment or an initial net investment that is smaller than would be required for other
types of contracts that would be expected to have a similar response to changes in market factors
\u2022 it is settled at a future date
Derivatives are recorded at fair value.
Derivative assets and liabilities subject to master netting arrangements are presented net only when they satisfy
the eligibility requirements for netting under IAS 32. ABN AMRO did not have any netted derivative positions
in\u00a0the statement of financial position in either 2025 or 2024.
16\u00a0 Hedge accounting
Accounting policy for hedge accounting
ABN AMRO enters into various derivative and non-derivative instrument transactions with external parties
to\u00a0hedge risks on assets, liabilities, highly probable forecasted transactions and net investments. The accounting
treatment of the hedged item and the hedging instrument depends on whether the hedge relationship qualifies
for hedge accounting.
Qualifying hedges may be designated as fair value hedges, cash flow hedges or hedges of net investments.
A\u00a0non-derivative financial asset or liability may be designated as a hedging instrument for hedge accounting
purposes only if it hedges the risk of changes in foreign currency exchange rates. The hedged item can be
an\u00a0asset, a liability, or a net investment in a foreign operation that (a) exposes the entity to the risk of changes
in\u00a0fair value or future cash flows, and (b) is designated as being hedged.
The hedged risks are typically changes in interest rates or foreign currency rates. ABN AMRO\u2019s market risk
management strategy, which includes interest rate risk and foreign currency risk in the banking book, is
described in more detail in the Risk, funding & capital chapter.
Both at the inception of the hedge and on an ongoing basis, ABN AMRO assesses whether the derivatives
designated in each hedging relationship are expected to be and have been highly effective in offsetting changes
in the fair value or cash flows of the hedged item. These prospective and retrospective effectiveness tests are
performed by using a regression analysis. ABN AMRO applies the following criteria to assess whether the
hedging relationship is effective:
\u2022 a regression co-efficient (R squared), which measures the correlation between the variables in the regression,
and
\u2022 a slope of the regression line is within a range of 0.80-1.25
Hedge ineffectiveness and gains and losses on components of a derivative that are excluded from the assessment
of hedge effectiveness are recorded directly in the result from financial transactions as part of other operating
income. ABN AMRO discontinues hedge accounting when the hedge relationship has ceased to be effective or is
no longer expected to be effective, or when the derivative or hedged item is sold or otherwise terminated.
Application of IAS 39 as endorsed by the European Union
As permitted by IFRS 9 paragraph 7.2.21, ABN AMRO has elected to continue applying the requirements of IAS
39 as endorsed by the European Union instead of applying the hedge accounting requirements of IFRS 9.
The\u00a0EU\u2011endorsed version of IAS 39 provides relief from certain hedge accounting requirements when compared
to\u00a0the full hedge accounting text of IAS 39. One of these reliefs is that negative credit spreads can be excluded
from hedge relationships. ABN AMRO applies this to several micro fair value hedge relationships. Another relief
is that the impact of changes in the estimates of the repricing dates is considered ineffective only if it leads
to\u00a0over\u2011hedging. This relief is applied in the macro fair value hedge.
Fair value hedges
ABN AMRO applies fair value hedge accounting on individual hedged items (micro fair value hedging), as well as
on a portfolio of hedged items (macro fair value hedging). Where a derivative financial instrument hedges
the\u00a0exposure to changes in the fair value of the hedged item, the hedged item is adjusted in relation to the risk
being hedged. Gains or losses on remeasurement of both the hedging instrument and the hedged item are
recognised in the income statement as result from financial transactions, which is part of the line item Other
operating income.
Hedge effectiveness for fair value hedges is measured as the amount by which the changes in the fair value
of\u00a0the\u00a0hedging instrument are different from the changes in the fair value of the hedged item. When a fair value
hedge of interest rate risk is terminated, any value adjustment to the carrying amount of the hedged item is
amortised to profit or loss over the original designated hedging period, or taken directly to income if the hedged
item is derecognised.
Micro fair value hedge accounting
Hedging instruments designated in individual fair value hedge relationships principally consist of interest rate
swaps and interest rate options that are used to protect against changes in\u00a0the\u00a0fair value of fixed-rate assets and
fixed-rate liabilities due to changes in market interest rates.
The main sources of hedge ineffectiveness in micro fair value hedges are:
\u2022 the effect of the counterparty and the bank\u2019s own credit risk on the fair value of the interest rate swap that is
not reflected in the fair value of the hedged item, which is only attributable to the change in the interest rate
\u2022 the difference in discounting between the hedged item and the hedging instrument
\u2022 potential differences in maturities and interest conditions of the hedged item and the hedging instrument
Macro fair value hedge accounting
ABN AMRO manages the interest rate risk arising from fixed-rate mortgages by entering into interest rate swaps.
The exposure from this portfolio changes frequently due to new loans originated, contractual repayments and
changes in expected future prepayments. To ensure an effective matching of hedged items and hedging
instruments, ABN AMRO applies a dynamic strategy in which hedged items are de-designated and re\u2011designated
on a monthly basis. The hedge accounting relationship is reviewed and re-designated on a monthly basis.
The hedged item consists of a volume of mortgages that have a fixed interest rate and are accounted for at
amortised cost. At each designation, the mortgage cash flows are allocated to monthly time buckets, based on
the expected maturity dates. ABN AMRO models the expected interest maturity dates of mortgages, taking into
account the modelled prepayments applied to the contractual cash flows and the maturity dates of the
mortgage portfolio. If the\u00a0interest rate swap notional exceeds the expected mortgage notional in any given
month, taking into account the uncertainty of the expected mortgage notional by applying a haircut, mortgages
that mature in adjacent buckets are designated to the interest rate swaps.
Changes in the fair value of the mortgages that are attributable to the hedged interest rate risk are recognised as
fair value adjustments from hedge accounting in the income statement and adjust the carrying amount
of\u00a0the\u00a0mortgages. The recognised fair value changes in the mortgages partially offset the changes in fair value
of\u00a0the interest rate swaps and therefore reduce the profit or loss volatility that would otherwise arise from
changes in the fair value of the interest rate swaps alone.
At the start of the hedge relationships and at each monthly re-designation, the difference between the fair value
attributable to the hedged interest rate risk and the carrying amount of the hedged mortgages is amortised over
the remaining life of the hedged item. In addition to the sources of ineffectiveness described for micro fair value
hedges, the sources of ineffectiveness specifically for macro hedges are:
\u2022 the difference between the expected and actual volume of prepayments for the mortgage portfolio
to\u00a0the\u00a0extent that the difference would lead to over-hedging; and
\u2022 the difference in payment frequency between the fixed leg of the hedging instrument and the payment
frequency of the hedged item (mortgages).
Cash flow hedges
ABN AMRO applies cash flow hedge accounting to a portfolio of future cash flows on banking book assets and
liabilities \u2013 the hedged items \u2013 and a portfolio of interest rate swaps \u2013 the hedging instruments. The hedge
relationship is reviewed on a monthly basis and the hedging instruments and hedged items are de-designated or
re-designated, if necessary, to maintain an effective hedge accounting relationship.
When a derivative financial instrument hedges the exposure to variability in the cash flows from a hedged item,
the effective part of any gain or loss on remeasurement of the hedging instrument is recognised directly in other
comprehensive income. Hedge effectiveness for the macro cash flow hedge is measured as the amount by
which the changes in the fair value of the interest rate swaps are in excess of changes in the fair value of the
expected cash flows in the hedge relationship. Any ineffective part of the cash flow hedge is immediately
recognised
in\u00a0other operating income. When a cash flow hedging instrument or hedge relationship is terminated but
the\u00a0hedged transaction is still expected to occur, the accumulated gains or losses continue to be recognised
in\u00a0other comprehensive income and are transferred to the income statement when the hedged transaction
affects profit or loss.
The gains or losses are included in the same line item as the hedged transaction. In the exceptional case that
the\u00a0hedged transaction is no longer expected to occur, the accumulated gains or losses recognised in other
comprehensive income are recognised in the income statement immediately.
The main sources of hedge ineffectiveness for cash flow hedges are:
\u2022 the effect of the counterparty and the bank\u2019s own credit risk on the fair value of the interest rate swap that is
not reflected in the fair value of the hedged item, which is only attributable to the change in the interest rate,
and
\u2022 potential differences in maturities and interest conditions of the hedged item and the hedging instrument
The hedged items in the macro cash flow hedge are future cash flows, which are derived from the projected
balance sheet. This projected balance sheet takes the contractual terms and conditions of financial assets and
liabilities and combines these with estimated prepayments, volume growth rates and interest scenarios. Within
the projected balance sheet, assets and liabilities are grouped on the basis of the specific interest rate index on
which they reprice (e.g. one month, three months, six months, twelve months). For each repricing index, all
assets and liabilities are allocated on a gross basis to monthly buckets in which they reprice until their maturity.
The notional amounts of the interest rate swaps, which can be either pay or receive floating interest, are also
grouped by interest rate index and allocated to monthly repricing buckets until their maturity. The hedge
relationship is established by designating the interest rate swap cash flows per bucket to the corresponding
bucket of cash flows projected for the hedged items. The hedged risk identified is the benchmark rate that
applies to the buckets. If no projected cash flows are available in the corresponding bucket with the applicable
benchmark rate, the interest rate swap cash flows are designated to projected cash flows in a bucket with
a\u00a0different benchmark. The availability of projected cash flows in the buckets is not constant over time and is
therefore evaluated on a monthly basis. Changes in cash flow projections may lead to a revision
of\u00a0the\u00a0designation. Back-testing is performed on the interest rate risk models. Historical data are used to review
the assumptions applied.
Hedges of net investments in foreign operations
ABN AMRO may enter into foreign currency derivatives and currency borrowings to hedge various net
investments in foreign operations. For such hedges, currency translation differences arising on translation
of\u00a0the\u00a0currency of these instruments to euros are recognised directly in the currency translation reserve in other
comprehensive income, insofar as they are effective. The accumulated gains or losses recognised in other
comprehensive income are transferred to the income statement on the disposal of the foreign operation.
In previous years, ABN AMRO hedged its currency exposure to certain investments in foreign operations by
hedging its net investment in these foreign operations with forward contracts. ABN AMRO currently still holds
some currency translation reserve for these respective positions, but no longer applies net investment hedge
accounting.
Hedges not qualifying for hedge accounting
The fair value changes of derivative transactions used to hedge against economic risk exposures that do not
qualify for hedge accounting, or for which it is not cost-beneficial to apply hedge accounting, are recognised
directly in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-441": { "value": "
15\u00a0 Derivatives
Accounting policy for derivatives
A derivative is a financial instrument or other contract within the scope of IFRS 9 with all three of the following
characteristics:
\u2022 its value changes in response to the change in a specified interest rate, financial instrument price, commodity
price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided
in\u00a0the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes
called the \u2018underlying\u2019)
\u2022 it requires no initial net investment or an initial net investment that is smaller than would be required for other
types of contracts that would be expected to have a similar response to changes in market factors
\u2022 it is settled at a future date
Derivatives are recorded at fair value.
Derivative assets and liabilities subject to master netting arrangements are presented net only when they satisfy
the eligibility requirements for netting under IAS 32. ABN AMRO did not have any netted derivative positions
in\u00a0the statement of financial position in either 2025 or 2024.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-443": { "value": "
16\u00a0 Hedge accounting
Accounting policy for hedge accounting
ABN AMRO enters into various derivative and non-derivative instrument transactions with external parties
to\u00a0hedge risks on assets, liabilities, highly probable forecasted transactions and net investments. The accounting
treatment of the hedged item and the hedging instrument depends on whether the hedge relationship qualifies
for hedge accounting.
Qualifying hedges may be designated as fair value hedges, cash flow hedges or hedges of net investments.
A\u00a0non-derivative financial asset or liability may be designated as a hedging instrument for hedge accounting
purposes only if it hedges the risk of changes in foreign currency exchange rates. The hedged item can be
an\u00a0asset, a liability, or a net investment in a foreign operation that (a) exposes the entity to the risk of changes
in\u00a0fair value or future cash flows, and (b) is designated as being hedged.
The hedged risks are typically changes in interest rates or foreign currency rates. ABN AMRO\u2019s market risk
management strategy, which includes interest rate risk and foreign currency risk in the banking book, is
described in more detail in the Risk, funding & capital chapter.
Both at the inception of the hedge and on an ongoing basis, ABN AMRO assesses whether the derivatives
designated in each hedging relationship are expected to be and have been highly effective in offsetting changes
in the fair value or cash flows of the hedged item. These prospective and retrospective effectiveness tests are
performed by using a regression analysis. ABN AMRO applies the following criteria to assess whether the
hedging relationship is effective:
\u2022 a regression co-efficient (R squared), which measures the correlation between the variables in the regression,
and
\u2022 a slope of the regression line is within a range of 0.80-1.25
Hedge ineffectiveness and gains and losses on components of a derivative that are excluded from the assessment
of hedge effectiveness are recorded directly in the result from financial transactions as part of other operating
income. ABN AMRO discontinues hedge accounting when the hedge relationship has ceased to be effective or is
no longer expected to be effective, or when the derivative or hedged item is sold or otherwise terminated.
Application of IAS 39 as endorsed by the European Union
As permitted by IFRS 9 paragraph 7.2.21, ABN AMRO has elected to continue applying the requirements of IAS
39 as endorsed by the European Union instead of applying the hedge accounting requirements of IFRS 9.
The\u00a0EU\u2011endorsed version of IAS 39 provides relief from certain hedge accounting requirements when compared
to\u00a0the full hedge accounting text of IAS 39. One of these reliefs is that negative credit spreads can be excluded
from hedge relationships. ABN AMRO applies this to several micro fair value hedge relationships. Another relief
is that the impact of changes in the estimates of the repricing dates is considered ineffective only if it leads
to\u00a0over\u2011hedging. This relief is applied in the macro fair value hedge.
Fair value hedges
ABN AMRO applies fair value hedge accounting on individual hedged items (micro fair value hedging), as well as
on a portfolio of hedged items (macro fair value hedging). Where a derivative financial instrument hedges
the\u00a0exposure to changes in the fair value of the hedged item, the hedged item is adjusted in relation to the risk
being hedged. Gains or losses on remeasurement of both the hedging instrument and the hedged item are
recognised in the income statement as result from financial transactions, which is part of the line item Other
operating income.
Hedge effectiveness for fair value hedges is measured as the amount by which the changes in the fair value
of\u00a0the\u00a0hedging instrument are different from the changes in the fair value of the hedged item. When a fair value
hedge of interest rate risk is terminated, any value adjustment to the carrying amount of the hedged item is
amortised to profit or loss over the original designated hedging period, or taken directly to income if the hedged
item is derecognised.
Micro fair value hedge accounting
Hedging instruments designated in individual fair value hedge relationships principally consist of interest rate
swaps and interest rate options that are used to protect against changes in\u00a0the\u00a0fair value of fixed-rate assets and
fixed-rate liabilities due to changes in market interest rates.
The main sources of hedge ineffectiveness in micro fair value hedges are:
\u2022 the effect of the counterparty and the bank\u2019s own credit risk on the fair value of the interest rate swap that is
not reflected in the fair value of the hedged item, which is only attributable to the change in the interest rate
\u2022 the difference in discounting between the hedged item and the hedging instrument
\u2022 potential differences in maturities and interest conditions of the hedged item and the hedging instrument
Macro fair value hedge accounting
ABN AMRO manages the interest rate risk arising from fixed-rate mortgages by entering into interest rate swaps.
The exposure from this portfolio changes frequently due to new loans originated, contractual repayments and
changes in expected future prepayments. To ensure an effective matching of hedged items and hedging
instruments, ABN AMRO applies a dynamic strategy in which hedged items are de-designated and re\u2011designated
on a monthly basis. The hedge accounting relationship is reviewed and re-designated on a monthly basis.
The hedged item consists of a volume of mortgages that have a fixed interest rate and are accounted for at
amortised cost. At each designation, the mortgage cash flows are allocated to monthly time buckets, based on
the expected maturity dates. ABN AMRO models the expected interest maturity dates of mortgages, taking into
account the modelled prepayments applied to the contractual cash flows and the maturity dates of the
mortgage portfolio. If the\u00a0interest rate swap notional exceeds the expected mortgage notional in any given
month, taking into account the uncertainty of the expected mortgage notional by applying a haircut, mortgages
that mature in adjacent buckets are designated to the interest rate swaps.
Changes in the fair value of the mortgages that are attributable to the hedged interest rate risk are recognised as
fair value adjustments from hedge accounting in the income statement and adjust the carrying amount
of\u00a0the\u00a0mortgages. The recognised fair value changes in the mortgages partially offset the changes in fair value
of\u00a0the interest rate swaps and therefore reduce the profit or loss volatility that would otherwise arise from
changes in the fair value of the interest rate swaps alone.
At the start of the hedge relationships and at each monthly re-designation, the difference between the fair value
attributable to the hedged interest rate risk and the carrying amount of the hedged mortgages is amortised over
the remaining life of the hedged item. In addition to the sources of ineffectiveness described for micro fair value
hedges, the sources of ineffectiveness specifically for macro hedges are:
\u2022 the difference between the expected and actual volume of prepayments for the mortgage portfolio
to\u00a0the\u00a0extent that the difference would lead to over-hedging; and
\u2022 the difference in payment frequency between the fixed leg of the hedging instrument and the payment
frequency of the hedged item (mortgages).
Cash flow hedges
ABN AMRO applies cash flow hedge accounting to a portfolio of future cash flows on banking book assets and
liabilities \u2013 the hedged items \u2013 and a portfolio of interest rate swaps \u2013 the hedging instruments. The hedge
relationship is reviewed on a monthly basis and the hedging instruments and hedged items are de-designated or
re-designated, if necessary, to maintain an effective hedge accounting relationship.
When a derivative financial instrument hedges the exposure to variability in the cash flows from a hedged item,
the effective part of any gain or loss on remeasurement of the hedging instrument is recognised directly in other
comprehensive income. Hedge effectiveness for the macro cash flow hedge is measured as the amount by
which the changes in the fair value of the interest rate swaps are in excess of changes in the fair value of the
expected cash flows in the hedge relationship. Any ineffective part of the cash flow hedge is immediately
recognised
in\u00a0other operating income. When a cash flow hedging instrument or hedge relationship is terminated but
the\u00a0hedged transaction is still expected to occur, the accumulated gains or losses continue to be recognised
in\u00a0other comprehensive income and are transferred to the income statement when the hedged transaction
affects profit or loss.
The gains or losses are included in the same line item as the hedged transaction. In the exceptional case that
the\u00a0hedged transaction is no longer expected to occur, the accumulated gains or losses recognised in other
comprehensive income are recognised in the income statement immediately.
The main sources of hedge ineffectiveness for cash flow hedges are:
\u2022 the effect of the counterparty and the bank\u2019s own credit risk on the fair value of the interest rate swap that is
not reflected in the fair value of the hedged item, which is only attributable to the change in the interest rate,
and
\u2022 potential differences in maturities and interest conditions of the hedged item and the hedging instrument
The hedged items in the macro cash flow hedge are future cash flows, which are derived from the projected
balance sheet. This projected balance sheet takes the contractual terms and conditions of financial assets and
liabilities and combines these with estimated prepayments, volume growth rates and interest scenarios. Within
the projected balance sheet, assets and liabilities are grouped on the basis of the specific interest rate index on
which they reprice (e.g. one month, three months, six months, twelve months). For each repricing index, all
assets and liabilities are allocated on a gross basis to monthly buckets in which they reprice until their maturity.
The notional amounts of the interest rate swaps, which can be either pay or receive floating interest, are also
grouped by interest rate index and allocated to monthly repricing buckets until their maturity. The hedge
relationship is established by designating the interest rate swap cash flows per bucket to the corresponding
bucket of cash flows projected for the hedged items. The hedged risk identified is the benchmark rate that
applies to the buckets. If no projected cash flows are available in the corresponding bucket with the applicable
benchmark rate, the interest rate swap cash flows are designated to projected cash flows in a bucket with
a\u00a0different benchmark. The availability of projected cash flows in the buckets is not constant over time and is
therefore evaluated on a monthly basis. Changes in cash flow projections may lead to a revision
of\u00a0the\u00a0designation. Back-testing is performed on the interest rate risk models. Historical data are used to review
the assumptions applied.
Hedges of net investments in foreign operations
ABN AMRO may enter into foreign currency derivatives and currency borrowings to hedge various net
investments in foreign operations. For such hedges, currency translation differences arising on translation
of\u00a0the\u00a0currency of these instruments to euros are recognised directly in the currency translation reserve in other
comprehensive income, insofar as they are effective. The accumulated gains or losses recognised in other
comprehensive income are transferred to the income statement on the disposal of the foreign operation.
In previous years, ABN AMRO hedged its currency exposure to certain investments in foreign operations by
hedging its net investment in these foreign operations with forward contracts. ABN AMRO currently still holds
some currency translation reserve for these respective positions, but no longer applies net investment hedge
accounting.
Hedges not qualifying for hedge accounting
The fair value changes of derivative transactions used to hedge against economic risk exposures that do not
qualify for hedge accounting, or for which it is not cost-beneficial to apply hedge accounting, are recognised
directly in profit or loss.
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17\u00a0 Financial investments
Accounting policy for financial investments
Financial investments include financial instruments measured at fair value through other comprehensive income
(FVOCI) and financial instruments measured at fair value through profit or loss (FVTPL).
Accounting policy for financial instruments measured at fair value through other
comprehensive income
Unrealised gains and losses on FVOCI assets are recognised directly in other comprehensive income, net
of\u00a0applicable taxes. Interest earned, premiums, discounts and qualifying transaction costs of interest-earning
FVOCI assets are amortised to income on an effective interest rate basis. When FVOCI debt instruments are sold,
the cumulative gain or loss recognised in other comprehensive income is transferred to other operating income
in\u00a0the income statement. The impairment loss resulting from the ECL on FVOCI debt instruments is recognised
in\u00a0the impairment charges on financial instruments in the income statement. The related loss allowance is
recognised in other comprehensive income and does not reduce the carrying amount of the FVOCI debt
instruments. ABN\u00a0AMRO\u2019s impairment assessment and measurement approach for FVOCI debt instruments is set
out in the Credit risk management section of the Risk, funding & capital management chapter and Note 1
Accounting Policies. Fair value changes in equity instruments that are irrevocably designated as FVOCI upon initial
recognition are recognised in other comprehensive income and not subsequently reclassified to the income
statement.
Accounting policy for financial instruments measured at fair value through profit and loss
Financial investments can be designated at FVTPL if doing so eliminates or significantly reduces a measurement
or recognition inconsistency (an accounting mismatch). ABN AMRO also has financial instruments that are
mandatorily measured at fair value because they do not meet the SPPI test.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-445": { "value": "
17\u00a0 Financial investments
Accounting policy for financial investments
Financial investments include financial instruments measured at fair value through other comprehensive income
(FVOCI) and financial instruments measured at fair value through profit or loss (FVTPL).
Accounting policy for financial instruments measured at fair value through other
comprehensive income
Unrealised gains and losses on FVOCI assets are recognised directly in other comprehensive income, net
of\u00a0applicable taxes. Interest earned, premiums, discounts and qualifying transaction costs of interest-earning
FVOCI assets are amortised to income on an effective interest rate basis. When FVOCI debt instruments are sold,
the cumulative gain or loss recognised in other comprehensive income is transferred to other operating income
in\u00a0the income statement. The impairment loss resulting from the ECL on FVOCI debt instruments is recognised
in\u00a0the impairment charges on financial instruments in the income statement. The related loss allowance is
recognised in other comprehensive income and does not reduce the carrying amount of the FVOCI debt
instruments. ABN\u00a0AMRO\u2019s impairment assessment and measurement approach for FVOCI debt instruments is set
out in the Credit risk management section of the Risk, funding & capital management chapter and Note 1
Accounting Policies. Fair value changes in equity instruments that are irrevocably designated as FVOCI upon initial
recognition are recognised in other comprehensive income and not subsequently reclassified to the income
statement.
Accounting policy for financial instruments measured at fair value through profit and loss
Financial investments can be designated at FVTPL if doing so eliminates or significantly reduces a measurement
or recognition inconsistency (an accounting mismatch). ABN AMRO also has financial instruments that are
mandatorily measured at fair value because they do not meet the SPPI test.
(in millions)
31 December 2025
31 December 2024
Financial investments
Debt securities held at fair value through other comprehensive income
48,921
46,196
Held at fair value through profit or loss
1,310
977
Total financial investments
50,231
47,173
Financial investments measured at fair value through profit or loss
(in millions)
31 December 2025
31 December 2024
Investments designated held at fair value through profit or loss
289
Private equities and venture capital
670
680
Equity securities
350
297
Total investments held at fair value through profit or loss
1,310
977
23\u00a0 Group structure
Unconsolidated structured entities
Unconsolidated structured entities are entities over which ABN AMRO has no control or significant influence.
ABN AMRO is involved with structured entities through securitisation of financial assets and investments in structured
entities. Structured entities generally finance the purchase of assets by issuing debt and equity securities that are
collateralised by the assets held by the structured entities. The debt and equity securities issued by the structured
entities may include tranches with varying levels of subordination. The maximum exposure to losses from these
interests is equal to the total carrying amount.
Sponsoring of unconsolidated structured entities
An entity is considered a sponsor of an unconsolidated structured entity if it had a key role in establishing that entity in
order to enable the transaction that is the purpose of the entity to occur. No sponsoring occurred during 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-444": { "value": "
17\u00a0 Financial investments
Accounting policy for financial instruments measured at fair value through other
comprehensive income
Unrealised gains and losses on FVOCI assets are recognised directly in other comprehensive income, net
of\u00a0applicable taxes. Interest earned, premiums, discounts and qualifying transaction costs of interest-earning
FVOCI assets are amortised to income on an effective interest rate basis. When FVOCI debt instruments are sold,
the cumulative gain or loss recognised in other comprehensive income is transferred to other operating income
in\u00a0the income statement. The impairment loss resulting from the ECL on FVOCI debt instruments is recognised
in\u00a0the impairment charges on financial instruments in the income statement. The related loss allowance is
recognised in other comprehensive income and does not reduce the carrying amount of the FVOCI debt
instruments. ABN\u00a0AMRO\u2019s impairment assessment and measurement approach for FVOCI debt instruments is set
out in the Credit risk management section of the Risk, funding & capital management chapter and Note 1
Accounting Policies. Fair value changes in equity instruments that are irrevocably designated as FVOCI upon initial
recognition are recognised in other comprehensive income and not subsequently reclassified to the income
statement.
(in millions)
31 December 2025
31 December 2024
Financial investments
Debt securities held at fair value through other comprehensive income
48,921
46,196
Held at fair value through profit or loss
1,310
977
Total financial investments
50,231
47,173
Debt securities held at fair value through other comprehensive income consist mainly of government bonds.
Financial investments measured at fair value through other comprehensive income
(in millions)
31 December 2025
31 December 2024
Interest-earning securities
Dutch government
3,399
3,261
US Treasury and US government
7,300
7,140
Other OECD government
18,851
19,143
Non-OECD government
190
170
International bonds issued by the European Union
3,529
3,319
European Stability Mechanism
2,566
2,441
Mortgage- and other asset-backed securities
5,400
5,288
Financial institutions
7,624
5,404
Non-financial institutions
63
29
Total investments held at fair value through other comprehensive income
48,921
46,196
Government bonds by country of origin
31 December 2025
31 December 2024
(in millions)
Accumulated unrealised
gains/(losses) and
fair value hedges
gains/(losses)
Impairments
Fair
value
Accumulated unrealised
gains/(losses) and
fair value hedges
gains/(losses)
Impairments
Fair
value
Dutch national government
-155
3,399
-61
-1
3,261
USA national government
-18
7,300
-267
7,140
German national government
-157
5,280
-118
5,315
French national government
-45
-1
1,677
-61
2,025
Belgian national government
-153
2,808
-152
2,791
Austrian national government
-71
1,745
-34
1,658
Finnish national government
-60
1,823
-50
1,496
Luxembourg national government
-18
345
-19
305
Canadian national government
-41
1,112
-45
1,186
Japanese national government
1,692
-1
2,426
Polish national government
32
329
34
330
Spanish national government
707
4
615
United Kingdom national government
-10
162
-11
170
Danish national government
-22
322
-22
341
Italian national government
-12
503
-29
382
Irish national government
-9
159
2
92
Portuguese national government
-1
85
10
Czech national government
28
Slovenian national government
-1
29
Slovak national government
25
Estonian national government
6
Icelandic national government
4
Lithuanian national government
-1
9
Brazilian national government
115
100
Singapore national government
66
70
Croatian national government
9
European Union bonds
(excl. European Financial Stability Facility)
-614
3,529
-523
3,319
Total government bonds
-1,356
-1
33,269
-1,354
-1
33,034
Critical accounting estimates and judgements
Interest-bearing debt securities classified as FVOCI investments are assessed at each reporting date to establish
whether there are any expected credit losses. ABN AMRO has developed models to determine such credit losses.
These are explained in more detail in the Risk, funding & capital chapter and Note 1 Accounting Policies. Impairment
charges on FVOCI instruments are recorded in (un)realised gains/(losses) fair value through OCI in the statement of
comprehensive income.
29\u00a0 Issued debt and subordinated liabilities
Accounting policy for issued debt and subordinated liabilities
Issued debt securities and subordinated liabilities are recorded at amortised cost using the effective interest rate
method. Hybrid or structured financial liabilities are irrevocably designated upon initial recognition to be
measured at fair value through profit or loss. The latter is applied when the instruments are held to reduce
an\u00a0accounting mismatch, are managed on the basis of their fair value or include terms that qualify as
an\u00a0embedded derivative that cannot be separated.
ABN AMRO applies IAS 32 Financial Instruments: Presentation to determine whether funding is a financial
liability or equity. Issued financial instruments or their components are classified as financial liabilities where
the\u00a0substance of the contractual arrangement results in ABN AMRO having a present obligation to deliver either
cash or another financial asset or to satisfy the obligation other than by the exchange of a fixed number of equity
shares.
Issued liabilities qualify as subordinated debt if claims by the holders are subordinated to all other current and
future liabilities of ABN AMRO and its subsidiaries.
The valuation of liabilities measured at fair value includes the effect of changes in the bank\u2019s own credit spreads.
The change in fair value applies to those financial liabilities designated at fair value where own value credit risk
would be considered by market participants. The cumulative amount of changes in fair value attributable
to\u00a0credit risk of issued debt is presented as liability own credit risk reserve in equity. Exchange-traded own debt
measured at fair value through profit or loss is valued at market prices.
Fair value changes are calculated based on a yield curve generated from observed external pricing for funding
and quoted CDS spreads
The following table shows the types of debt certificates issued by ABN AMRO and the amounts outstanding at
31\u00a0December\u00a02025. Movements in these debt instruments involve a continual process of redemption and issuance of
long-term and short\u2011term funding.
Issued debt
(in millions)
31 December 2025
31 December 2024
Bonds and notes issued
62,140
56,416
Certificates of deposit and commercial paper
11,773
17,922
Total at amortised cost
73,913
74,337
Designated at fair value through profit or loss
159
205
Total issued debt
74,072
74,542
- of which matures within one year
17,009
24,999
2025
2024
(in millions)
Carrying amount
Carrying amount
Balance as at 1 January
74,542
66,227
Cash flows
Issuance
49,649
42,885
Redemption
-48,161
-36,980
Non-cash changes
Foreign exchange differences
-1,863
909
Fair value changes own credit risk
1
-2
Fair value changes hedge accounting
-636
902
Other
540
601
Balance as at 31 December
74,072
74,542
The amounts of debt issued and redeemed during the period are shown in the Consolidated statement of cash flows.
Non-cash changes consist mainly of unrealised gains and losses and foreign exchange differences. Further details
of\u00a0the funding programmes are provided in the Funding section of the Risk, funding & capital chapter.
Financial liabilities designated at fair value through profit or loss
(in millions)
31 December 2025
31 December 2024
Cumulative change in fair value of the structured notes attributable to changes in credit risk
2
1
Change during the year in fair value of the structured notes attributable to changes in credit risk
1
-2
Difference between amount contractually required to pay at maturity and the carrying amount
7
6
The change in fair value of the structured notes attributable to changes in credit risk is determined using the credit
spread implicit in the fair value of similar bonds traded in active markets and issued by ABN AMRO.
Subordinated liabilities
The following table shows the subordinated liabilities.
31 December 2025
31 December 2024
(in millions)
ISIN/CUSIP
Maturity date
First possible
call date
Nominal
amount
Carrying
amount
Nominal
amount
Carrying
amount
Tier 1\u00b9
EUR 1,000 million 4.75% per annum
XS1693822634
Perpetual
September 2027
1,000
994
1,000
994
EUR 750 million 6.875% per annum
XS2774944008
Perpetual
September 2031
750
746
750
746
EUR 750 million 5.75% per annum
XS3004202811
Perpetual
September 2033
750
746
EUR 750 million 6.375% per annum
XS2893176862
Perpetual
September 2034
750
746
750
746
EUR 1,000 million 4.375% per annum
XS2131567138
Perpetual
September 2025
1,000
988
Total Tier 1 capital instruments
3,250
3,233
3,500
3,475
Tier 2
USD 1,000 million 4.8% per annum
US0008DAL47 /
XS1392917784
April 2026
852
854
960
935
USD 300 million 5.6% per annum
XS1385037558
April 2031
256
238
288
256
SGD 750 million 5.5% per annum
XS2498035455
October 2032
July 2027
497
512
529
537
EUR 1,000 million 5.125% per annum
XS2558022591
February 2033
November 2027
1,000
1,051
1,000
1,056
USD 1,000 million 3.324% per annum
US00084DAV29 /
XS2415308761
March 2037
December 2031
852
757
960
807
EUR 750 million 5.5% per annum
XS2637967139
September 2033
June 2028
750
764
750
782
EUR 750 million 4.375% per annum
XS2859413341
July 2036
July 2031
750
769
750
785
USD 1,500 million 4.75% per annum
US00080QAF28 /
XS1264600310
July 2025
1,440
1,452
EUR various smaller instruments
2023 - 2025
3
4
Total Tier 2 capital instruments
4,956
4,946
6,681
6,613
- of which eligible for regulatory capital:
Basel IV / III, Tier 1 (fully-loaded)
3,250
3,500
Basel IV / III, Tier 2 (fully-loaded)
4,114
4,646
1. AT1 capital securities. For both AT1 instruments, the CET1 trigger levels are 7.0% for ABN AMRO Bank level, and 5.125% for ABN AMRO Bank solo level. The amount of
available distributable items for ABN AMRO Bank N.V. as at 31 December 2025 totals EUR 23.0 billion (31 December 2024: EUR 21.7 billion).
2025
2024
(in millions)
Carrying amount
Carrying amount
Balance as at 1 January
6,613
5,572
Cash flows
Issuance
21
767
Redemption
-1,342
-21
Non-cash changes
Foreign exchange differences
-393
214
Fair value changes hedge accounting
72
60
Other
-25
20
Balance as at 31 December
4,946
6,613
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-450": { "value": "
18\u00a0 Securities financing
Accounting policy for securities financing
Securities financing is measured at amortised cost. Securities financing consists of securities borrowing and
lending and sale and repurchase transactions. Securities borrowing and securities lending transactions are
generally entered into on a collateralised basis, with securities usually advanced or received as collateral.
The\u00a0transfer of the securities themselves is not reflected in the statement of financial position unless the risks
and rewards of ownership are also transferred. If cash is advanced or received, securities borrowing and lending
activities are recorded at the amount of cash advanced (included in loans and advances) or received (due
to\u00a0banks or customers). The market value of the securities borrowed or lent is monitored on a daily basis, and
the\u00a0collateral levels are adjusted in accordance with the underlying transactions. Fees and interest received or
paid are recognised on an effective interest rate basis and recorded as interest income or interest expense.
Sale and repurchase transactions involve purchases (or sales) of investments with agreements to resell (or
repurchase) substantially identical investments at a certain date in the future at a fixed price. Investments
purchased subject to commitments to resell them at future dates are not recognised. The amounts paid are
recognised in loans and advances to either banks or customers and are shown as collateralised by
the\u00a0underlying security.
Investments sold under repurchase agreements continue to be recognised in the statement of financial position.
Proceeds from the sale of the investments are reported as liabilities to either banks or customers. The difference
between the sale and repurchase price is recognised over the period of the transaction and recorded as interest
income or interest expense, using the effective interest rate method. If borrowed securities are sold to third
parties, the proceeds from the sale and a liability for the obligation to return the collateral are recorded at fair
value.
31 December 2025
31 December 2024
(in millions)
Banks
Customers
Total
Banks
Customers
Total
Assets
Reverse repurchase agreements
5,432
24,525
29,958
3,890
16,099
19,988
Securities borrowing transactions
6,667
3,548
10,215
2,834
4,167
7,001
Total
12,099
28,074
40,173
6,723
20,266
26,989
Liabilities
Repurchase agreements
791
14,502
15,292
769
9,545
10,315
Securities lending transactions
27
27
37
37
Total
818
14,502
15,320
807
9,545
10,352
Securities financing transactions include balances relating to reverse repurchase activities and cash collateral on
securities borrowed. ABN AMRO controls the credit risk associated with these activities by monitoring counterparty
credit exposure and collateral values on a daily basis and requiring additional collateral to be deposited with
ABN AMRO when deemed necessary.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-447": { "value": "
18\u00a0 Securities financing
Accounting policy for securities financing
Securities financing is measured at amortised cost. Securities financing consists of securities borrowing and
lending and sale and repurchase transactions. Securities borrowing and securities lending transactions are
generally entered into on a collateralised basis, with securities usually advanced or received as collateral.
The\u00a0transfer of the securities themselves is not reflected in the statement of financial position unless the risks
and rewards of ownership are also transferred. If cash is advanced or received, securities borrowing and lending
activities are recorded at the amount of cash advanced (included in loans and advances) or received (due
to\u00a0banks or customers). The market value of the securities borrowed or lent is monitored on a daily basis, and
the\u00a0collateral levels are adjusted in accordance with the underlying transactions. Fees and interest received or
paid are recognised on an effective interest rate basis and recorded as interest income or interest expense.
Sale and repurchase transactions involve purchases (or sales) of investments with agreements to resell (or
repurchase) substantially identical investments at a certain date in the future at a fixed price. Investments
purchased subject to commitments to resell them at future dates are not recognised. The amounts paid are
recognised in loans and advances to either banks or customers and are shown as collateralised by
the\u00a0underlying security.
Investments sold under repurchase agreements continue to be recognised in the statement of financial position.
Proceeds from the sale of the investments are reported as liabilities to either banks or customers. The difference
between the sale and repurchase price is recognised over the period of the transaction and recorded as interest
income or interest expense, using the effective interest rate method. If borrowed securities are sold to third
parties, the proceeds from the sale and a liability for the obligation to return the collateral are recorded at fair
value.
31 December 2025
31 December 2024
(in millions)
Banks
Customers
Total
Banks
Customers
Total
Assets
Reverse repurchase agreements
5,432
24,525
29,958
3,890
16,099
19,988
Securities borrowing transactions
6,667
3,548
10,215
2,834
4,167
7,001
Total
12,099
28,074
40,173
6,723
20,266
26,989
Liabilities
Repurchase agreements
791
14,502
15,292
769
9,545
10,315
Securities lending transactions
27
27
37
37
Total
818
14,502
15,320
807
9,545
10,352
Securities financing transactions include balances relating to reverse repurchase activities and cash collateral on
securities borrowed. ABN AMRO controls the credit risk associated with these activities by monitoring counterparty
credit exposure and collateral values on a daily basis and requiring additional collateral to be deposited with
ABN AMRO when deemed necessary.
27\u00a0 Due to banks
Accounting policy for due to banks and due to customers
Amounts due to banks and customers are held at amortised cost. That is, at fair value upon initial recognition,
adjusted for repayment and amortisation of coupon, fees and expenses to represent the effective interest rate
of\u00a0the instrument.
(in millions)
31 December 2025
31 December 2024
Current accounts
1,369
1,522
Demand deposits
2
1
Time deposits
2,387
320
Cash collateral on securities lent
562
485
Total deposits
4,319
2,329
Other
1
Total due to banks
4,320
2,329
28\u00a0 Due to customers
Accounting policy for due to customers
The accounting policy for amounts due to customers is set out in Note 27 - Due to banks .
(in millions)
31 December 2025
31 December 2024
Current accounts
100,140
92,746
Demand deposits
132,299
108,008
Time deposits
45,601
53,533
Other
1,086
1,899
Total due to customers
279,126
256,186
29\u00a0 Issued debt and subordinated liabilities
Accounting policy for issued debt and subordinated liabilities
Issued debt securities and subordinated liabilities are recorded at amortised cost using the effective interest rate
method. Hybrid or structured financial liabilities are irrevocably designated upon initial recognition to be
measured at fair value through profit or loss. The latter is applied when the instruments are held to reduce
an\u00a0accounting mismatch, are managed on the basis of their fair value or include terms that qualify as
an\u00a0embedded derivative that cannot be separated.
ABN AMRO applies IAS 32 Financial Instruments: Presentation to determine whether funding is a financial
liability or equity. Issued financial instruments or their components are classified as financial liabilities where
the\u00a0substance of the contractual arrangement results in ABN AMRO having a present obligation to deliver either
cash or another financial asset or to satisfy the obligation other than by the exchange of a fixed number of equity
shares.
Issued liabilities qualify as subordinated debt if claims by the holders are subordinated to all other current and
future liabilities of ABN AMRO and its subsidiaries.
The valuation of liabilities measured at fair value includes the effect of changes in the bank\u2019s own credit spreads.
The change in fair value applies to those financial liabilities designated at fair value where own value credit risk
would be considered by market participants. The cumulative amount of changes in fair value attributable
to\u00a0credit risk of issued debt is presented as liability own credit risk reserve in equity. Exchange-traded own debt
measured at fair value through profit or loss is valued at market prices.
Fair value changes are calculated based on a yield curve generated from observed external pricing for funding
and quoted CDS spreads
The following table shows the types of debt certificates issued by ABN AMRO and the amounts outstanding at
31\u00a0December\u00a02025. Movements in these debt instruments involve a continual process of redemption and issuance of
long-term and short\u2011term funding.
Issued debt
(in millions)
31 December 2025
31 December 2024
Bonds and notes issued
62,140
56,416
Certificates of deposit and commercial paper
11,773
17,922
Total at amortised cost
73,913
74,337
Designated at fair value through profit or loss
159
205
Total issued debt
74,072
74,542
- of which matures within one year
17,009
24,999
2025
2024
(in millions)
Carrying amount
Carrying amount
Balance as at 1 January
74,542
66,227
Cash flows
Issuance
49,649
42,885
Redemption
-48,161
-36,980
Non-cash changes
Foreign exchange differences
-1,863
909
Fair value changes own credit risk
1
-2
Fair value changes hedge accounting
-636
902
Other
540
601
Balance as at 31 December
74,072
74,542
The amounts of debt issued and redeemed during the period are shown in the Consolidated statement of cash flows.
Non-cash changes consist mainly of unrealised gains and losses and foreign exchange differences. Further details
of\u00a0the funding programmes are provided in the Funding section of the Risk, funding & capital chapter.
Financial liabilities designated at fair value through profit or loss
(in millions)
31 December 2025
31 December 2024
Cumulative change in fair value of the structured notes attributable to changes in credit risk
2
1
Change during the year in fair value of the structured notes attributable to changes in credit risk
1
-2
Difference between amount contractually required to pay at maturity and the carrying amount
7
6
The change in fair value of the structured notes attributable to changes in credit risk is determined using the credit
spread implicit in the fair value of similar bonds traded in active markets and issued by ABN AMRO.
Subordinated liabilities
The following table shows the subordinated liabilities.
31 December 2025
31 December 2024
(in millions)
ISIN/CUSIP
Maturity date
First possible
call date
Nominal
amount
Carrying
amount
Nominal
amount
Carrying
amount
Tier 1\u00b9
EUR 1,000 million 4.75% per annum
XS1693822634
Perpetual
September 2027
1,000
994
1,000
994
EUR 750 million 6.875% per annum
XS2774944008
Perpetual
September 2031
750
746
750
746
EUR 750 million 5.75% per annum
XS3004202811
Perpetual
September 2033
750
746
EUR 750 million 6.375% per annum
XS2893176862
Perpetual
September 2034
750
746
750
746
EUR 1,000 million 4.375% per annum
XS2131567138
Perpetual
September 2025
1,000
988
Total Tier 1 capital instruments
3,250
3,233
3,500
3,475
Tier 2
USD 1,000 million 4.8% per annum
US0008DAL47 /
XS1392917784
April 2026
852
854
960
935
USD 300 million 5.6% per annum
XS1385037558
April 2031
256
238
288
256
SGD 750 million 5.5% per annum
XS2498035455
October 2032
July 2027
497
512
529
537
EUR 1,000 million 5.125% per annum
XS2558022591
February 2033
November 2027
1,000
1,051
1,000
1,056
USD 1,000 million 3.324% per annum
US00084DAV29 /
XS2415308761
March 2037
December 2031
852
757
960
807
EUR 750 million 5.5% per annum
XS2637967139
September 2033
June 2028
750
764
750
782
EUR 750 million 4.375% per annum
XS2859413341
July 2036
July 2031
750
769
750
785
USD 1,500 million 4.75% per annum
US00080QAF28 /
XS1264600310
July 2025
1,440
1,452
EUR various smaller instruments
2023 - 2025
3
4
Total Tier 2 capital instruments
4,956
4,946
6,681
6,613
- of which eligible for regulatory capital:
Basel IV / III, Tier 1 (fully-loaded)
3,250
3,500
Basel IV / III, Tier 2 (fully-loaded)
4,114
4,646
1. AT1 capital securities. For both AT1 instruments, the CET1 trigger levels are 7.0% for ABN AMRO Bank level, and 5.125% for ABN AMRO Bank solo level. The amount of
available distributable items for ABN AMRO Bank N.V. as at 31 December 2025 totals EUR 23.0 billion (31 December 2024: EUR 21.7 billion).
2025
2024
(in millions)
Carrying amount
Carrying amount
Balance as at 1 January
6,613
5,572
Cash flows
Issuance
21
767
Redemption
-1,342
-21
Non-cash changes
Foreign exchange differences
-393
214
Fair value changes hedge accounting
72
60
Other
-25
20
Balance as at 31 December
4,946
6,613
32\u00a0 Other liabilities
(in millions)
31 December 2025
31 December 2024
Accrued other expenses
889
1,010
Lease liabilities
405
382
Unsettled securities transactions
655
799
Sundry liabilities and other payables
1,968
2,056
Total other liabilities
3,918
4,247
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-449": { "value": "
18\u00a0 Securities financing
Accounting policy for securities financing
Securities financing is measured at amortised cost. Securities financing consists of securities borrowing and
lending and sale and repurchase transactions. Securities borrowing and securities lending transactions are
generally entered into on a collateralised basis, with securities usually advanced or received as collateral.
The\u00a0transfer of the securities themselves is not reflected in the statement of financial position unless the risks
and rewards of ownership are also transferred. If cash is advanced or received, securities borrowing and lending
activities are recorded at the amount of cash advanced (included in loans and advances) or received (due
to\u00a0banks or customers). The market value of the securities borrowed or lent is monitored on a daily basis, and
the\u00a0collateral levels are adjusted in accordance with the underlying transactions. Fees and interest received or
paid are recognised on an effective interest rate basis and recorded as interest income or interest expense.
Sale and repurchase transactions involve purchases (or sales) of investments with agreements to resell (or
repurchase) substantially identical investments at a certain date in the future at a fixed price. Investments
purchased subject to commitments to resell them at future dates are not recognised. The amounts paid are
recognised in loans and advances to either banks or customers and are shown as collateralised by
the\u00a0underlying security.
Investments sold under repurchase agreements continue to be recognised in the statement of financial position.
Proceeds from the sale of the investments are reported as liabilities to either banks or customers. The difference
between the sale and repurchase price is recognised over the period of the transaction and recorded as interest
income or interest expense, using the effective interest rate method. If borrowed securities are sold to third
parties, the proceeds from the sale and a liability for the obligation to return the collateral are recorded at fair
value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-448": { "value": "
18\u00a0 Securities financing
Accounting policy for securities financing
Securities financing is measured at amortised cost. Securities financing consists of securities borrowing and
lending and sale and repurchase transactions. Securities borrowing and securities lending transactions are
generally entered into on a collateralised basis, with securities usually advanced or received as collateral.
The\u00a0transfer of the securities themselves is not reflected in the statement of financial position unless the risks
and rewards of ownership are also transferred. If cash is advanced or received, securities borrowing and lending
activities are recorded at the amount of cash advanced (included in loans and advances) or received (due
to\u00a0banks or customers). The market value of the securities borrowed or lent is monitored on a daily basis, and
the\u00a0collateral levels are adjusted in accordance with the underlying transactions. Fees and interest received or
paid are recognised on an effective interest rate basis and recorded as interest income or interest expense.
Sale and repurchase transactions involve purchases (or sales) of investments with agreements to resell (or
repurchase) substantially identical investments at a certain date in the future at a fixed price. Investments
purchased subject to commitments to resell them at future dates are not recognised. The amounts paid are
recognised in loans and advances to either banks or customers and are shown as collateralised by
the\u00a0underlying security.
Investments sold under repurchase agreements continue to be recognised in the statement of financial position.
Proceeds from the sale of the investments are reported as liabilities to either banks or customers. The difference
between the sale and repurchase price is recognised over the period of the transaction and recorded as interest
income or interest expense, using the effective interest rate method. If borrowed securities are sold to third
parties, the proceeds from the sale and a liability for the obligation to return the collateral are recorded at fair
value.
27\u00a0 Due to banks
Accounting policy for due to banks and due to customers
Amounts due to banks and customers are held at amortised cost. That is, at fair value upon initial recognition,
adjusted for repayment and amortisation of coupon, fees and expenses to represent the effective interest rate
of\u00a0the instrument.
28\u00a0 Due to customers
Accounting policy for due to customers
The accounting policy for amounts due to customers is set out in Note 27 - Due to banks .
29\u00a0 Issued debt and subordinated liabilities
Accounting policy for issued debt and subordinated liabilities
Issued debt securities and subordinated liabilities are recorded at amortised cost using the effective interest rate
method. Hybrid or structured financial liabilities are irrevocably designated upon initial recognition to be
measured at fair value through profit or loss. The latter is applied when the instruments are held to reduce
an\u00a0accounting mismatch, are managed on the basis of their fair value or include terms that qualify as
an\u00a0embedded derivative that cannot be separated.
ABN AMRO applies IAS 32 Financial Instruments: Presentation to determine whether funding is a financial
liability or equity. Issued financial instruments or their components are classified as financial liabilities where
the\u00a0substance of the contractual arrangement results in ABN AMRO having a present obligation to deliver either
cash or another financial asset or to satisfy the obligation other than by the exchange of a fixed number of equity
shares.
Issued liabilities qualify as subordinated debt if claims by the holders are subordinated to all other current and
future liabilities of ABN AMRO and its subsidiaries.
The valuation of liabilities measured at fair value includes the effect of changes in the bank\u2019s own credit spreads.
The change in fair value applies to those financial liabilities designated at fair value where own value credit risk
would be considered by market participants. The cumulative amount of changes in fair value attributable
to\u00a0credit risk of issued debt is presented as liability own credit risk reserve in equity. Exchange-traded own debt
measured at fair value through profit or loss is valued at market prices.
Fair value changes are calculated based on a yield curve generated from observed external pricing for funding
and quoted CDS spreads
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-453": { "value": "
19\u00a0 Fair value of financial instruments carried at fair value
Accounting policy for fair value of financial instruments
The fair value is defined as the price that would be received when selling an asset or paid when transferring
a\u00a0liability in an orderly transaction between market participants at the measurement date.
For financial instruments that are actively traded and for which quoted market prices or market parameters are
readily available, the fair value is determined in a highly objective manner. However, when observable market
prices and parameters do not exist, management judgement is necessary to estimate fair value.
For financial instruments where no active liquid market exists, or quoted prices are unobtainable, recent market
transactions are used or the fair value is estimated using a variety of valuation techniques \u2013 including reference
to similar instruments for which market prices do exist, or to valuation techniques such as discounted cash flow
models or option pricing models (e.g. Black Scholes).
When portfolios of financial assets and liabilities are measured on the basis of the net exposure to the credit risk
of a particular counterparty, any existing arrangements that mitigate the credit risk exposure (e.g. master netting
agreements with the counterparty) are taken into account.
Unobservable inputs are estimated using a combination of management judgement, historical data, market
practice and benchmarking to other relevant observable market data. The difference between the transaction
price and the internal valuation at inception, calculated using a model, is reserved and amortised to profit or loss
at appropriate points over the life of the instrument, typically taking account of the ability to obtain reliable
external data, the passage of time and the use of offsetting transactions. Where inputs to the valuation of a new
transaction cannot be reliably determined, the transaction is initially recognised at its transaction price.
Subsequent changes in fair value as calculated by the valuation model are reported as profit or loss or in equity.
In order to determine a reliable fair value, where appropriate, management applies valuation adjustments
to\u00a0the\u00a0pricing information derived from the above sources. These adjustments reflect management\u2019s assessment
of factors that market participants would consider in setting a price, to the extent that these factors have not
already been included in the information from the above sources. The main valuation adjustments required
to\u00a0arrive at a fair value are as follows:
\u2022 Bid-ask adjustments. If the model calculates a mid-market price, it is adjusted to take into account the relevant
bid-offer spread.
\u2022 Credit and debit valuation adjustments. In addition to credit valuation for loans measured at fair value through
profit or loss, credit valuation adjustments and debit valuation adjustments are incorporated into derivative
valuations to reflect the impact on fair value of counterparty credit risk and how counterparties consider
ABN\u00a0AMRO\u2019s creditworthiness respectively.
\u2022 Liquidity adjustments. ABN AMRO uses different techniques to determine the price or input parameters
of\u00a0the\u00a0pricing model dependent on the liquidity in the market.
\u2022 Funding valuation adjustment. The funding valuation adjustment incorporates the incremental cost of funding
into the valuation of uncollateralised and partially collateralised derivatives.
\u2022 Own credit adjustment. An own credit risk adjustment is applied to financial liabilities where it is believed that
counterparties will consider ABN AMRO\u2019s creditworthiness when pricing such instruments.
\u2022 Model valuation adjustments for any known limitations. Management assesses the appropriateness of any
model used on an ongoing basis. To the extent that the price provided by internal models does not represent
the fair value of the instrument, for instance in highly stressed market conditions, management makes
adjustments to the model valuation to calibrate to other available pricing sources.
We believe our estimates of the fair value are adequate. However, the use of different models or assumptions
could result in changes to our reported results.
Valuation control framework
ABN AMRO has in place designated controls and processes to determine the fair value of financial instruments. A
process has been designed to ensure there are formalised review protocols to independently review and validate fair
values, separately from the business departments entering into the transactions. This includes specific controls to
ensure consistent pricing policies and procedures, incorporating disciplined price verification for both market and
counterparty risk trades.
The business department entering into the transaction is responsible for the initial determination and recording of the
fair value of the transaction. Controls of the profit or loss are recorded on a daily basis by trading and treasury front-
office staff. The independent price-verification process, a key element of the control environment, is segregated from
the recording of the transaction\u2019s valuation. Valuations are first calculated by the department. Such valuations may be
current bid or offer prices in an active market, or may be derived using a model and variable model inputs. These
valuations are reviewed and, if necessary, amended by the independent price-verification process. This process
involves a team that operates independently from the team trading the financial instruments and performs a review of
valuations in light of available pricing evidence. Independent price verification is frequently performed by matching
the business valuations with independent data sources. The reviews are performed at least once a month, both for
trading positions and non-trading positions. The independent price-verification control includes formalised reporting
and escalation to management of any valuation differences in breach of the defined thresholds. When models are
used to value products, these models are subject to a model review process. This process requires different levels of
model documentation, testing and review, depending on the complexity of the model and the size of our exposure to
the model.
Valuation techniques
A number of methodologies are used to determine the fair value of financial instruments for which observable prices
in active markets for identical instruments are not available. Values between and beyond available data points are
obtained by interpolation and/or extrapolation. When valuation techniques are used, the fair value can be significantly
impacted by the choice of the valuation model and the underlying assumptions made for factors such as the amount
and timing of cash flows, discount rates and credit risk.
Interest rate derivatives
This category includes interest rate swaps, cross-currency swaps, options and forward rate agreements. These
products are valued by estimating future cash flows and discounting these cash flows, using appropriate interest rate
curves. The exception is interest option contracts, which are valued using market standard option pricing models. The
inputs for the discounting cash flow models are principally observable benchmark interest rates in active markets such
as interbank rates and quoted interest rates in the swap, bond and futures markets. The inputs for credit spreads \u2013
where available \u2013 are derived from prices of credit default swaps or other credit-based instruments, such as debt
securities. In other cases, credit spreads are obtained from pricing services. The additional inputs for the option pricing
models are price volatilities and correlations, which are obtained from broker quotations or pricing services or derived
from option prices. Because of the observability of the inputs used in the valuation models, the majority of the interest
rate derivative contracts are classified as level 2. If adjustments to interest rate curves, credit spreads, correlations or
volatilities are based on significant unobservable inputs, the contracts are classified as level 3. Exchange traded
options and futures are valued using quoted market prices and are hence classified as level 1.
Foreign exchange contracts
Foreign exchange contracts include foreign exchange forward contracts, foreign exchange options and foreign
exchange swaps. The majority of the foreign exchange contracts at ABN AMRO are traded as over-the-counter
derivatives. These instruments are valued using foreign currency exchange rates. There are observable markets for
spot and forward contracts as well as for futures in the world\u2019s major currencies. The over-the-counter foreign
exchange contracts are therefore classified as level 2.
Government debt securities
Government debt securities consist of government bonds and bills with fixed or floating rate interest payments issued
by sovereign governments. As these instruments are generally traded in active markets and prices can be derived
directly from those markets, they are classified as level 1. Highly liquid bonds are valued using exchange traded prices.
Less liquid bonds are valued using observable market prices, which are sourced from broker quotes, inter-dealer
prices or other reliable pricing services. For a minority of the government debt securities, active market prices are not
available. In these cases ABN AMRO uses discounted cash flow valuation techniques that incorporate observable
market data for similar government instruments. The main inputs are interest rate curves, liquidity spreads and credit
spreads. The instruments for which this method is applied are classified as level 2. If adjustments to any of the main
inputs are made based on significant unobservable inputs, the instrument is classified as level 3.
Corporate debt securities
Corporate debt securities consist primarily of corporate bonds and other debt securities issued by corporate entities.
Most of these instruments are standard fixed or floating rate securities. Corporate debt securities are generally valued
using observable market prices, which are sourced from broker quotes, inter-dealer prices or other reliable pricing
services. These instruments are classified as level 1. If observable market prices are not available, ABN AMRO uses
discounted cash flow valuation techniques, based on inputs derived from comparable instruments and credit default
swap data of the issuer, to estimate credit spreads. These instruments are classified as level 2. If adjustments are made
to any of the main inputs based on significant unobservable inputs, the instrument is classified as level 3.
Equity instruments
Equity instruments that are actively traded on public stock exchanges are valued using readily available quoted prices
and are therefore classified as level 1. Equity investments for which fair value is determined using valuation techniques
based predominantly on observable market inputs are classified as Level 2. Investments in private equity funds are
initially recognised at their transaction price and remeasured to the extent reliable information is available on a case-
by-case basis, and are classified as level 3.
Loans and advances at fair value through profit or loss
Loans and advances at fair value through profit or loss consist primarily of contracts with corporate clients where the
contractual cash flows do not meet the SPPI requirements or are held in a business model with the objective of
generating cash flows from sales. The return on the contracts with embedded derivatives is based on the price of
underlying commodity contracts or loans with a floating interest rate. Discounted cash flow models are used to value
these contracts. The main inputs are interest rate curves, quoted commodity prices, liquidity spreads and credit
spreads. The instruments are classified as level 2. If adjustments to interest rate curves, liquidity spreads and credit
spreads are based on significant unobservable inputs, the instruments are classified as level 3.
Issued debt
Issued debt securities are valued using discounted cash flow models, based on current interest rate curves that
incorporate observable inputs. These instruments are classified as level 2. When there are no, or only limited, publicly
quoted prices available for these instruments and unobservable inputs have a significant effect on the fair value
calculation, these instruments are classified as level 3. ABN AMRO refines and modifies its valuation techniques as
markets and products develop and as prices for individual products becomes more or less readily available. While ABN
AMRO believes its valuation techniques are appropriate and consistent with other market participants, the use of
different methodologies or assumptions could result in different estimates of the fair value at the reporting date.
Fair value hierarchy
ABN AMRO analyses financial instruments held at fair value in the three categories described below.
Level 1 financial instruments are those that are valued using unadjusted prices quoted in active markets for identical
financial instruments.
Level 2 financial instruments are those valued using techniques based primarily on observable market data.
Instruments in this category are valued using prices quoted for similar instruments or identical instruments in markets
that are not considered to be active, or using valuation techniques where all inputs that have a significant effect on the
valuation are directly or indirectly based on observable market data.
Level 3 financial instruments are those valued using a valuation technique where at least one input with a significant
effect on the instrument\u2019s valuation is not based on observable market data. The effect of fair value adjustments on the
instrument\u2019s valuation is included in the assessment.
ABN AMRO recognises transfers between levels of the fair value hierarchy at the end of the reporting period during
which the change occurred.
The following table presents the valuation methods used for determining the fair values of financial instruments
carried at fair value.
31 December 2025
31 December 2024
(in millions)
Quoted
market
prices
in active
markets
Valuation
techniques
- observable
inputs
Valuation
techniques
- significant
unobservable
inputs
Total fair
value
Quoted
market
prices
in active
markets
Valuation
techniques
- observable
inputs
Valuation
techniques
- significant
unobservable
inputs
Total fair
value
Assets
Government debt securities
606
606
1,119
51
1,169
Corporate debt securities
961
477
1,438
743
503
1,246
Equity securities
2
2
Other financial assets held for trading
87
87
Financial assets held for trading
1,568
477
2,044
1,863
640
2,503
Interest rate derivatives
5
3,017
6
3,028
5
3,116
20
3,140
Foreign exchange contracts
897
7
904
1,203
2
1,206
Other derivatives
2
2
1
1
Derivatives
6
3,915
13
3,933
5
4,320
22
4,347
Government debt securities
122
122
Equity instruments
133
40
848
1,020
133
47
797
977
Other
10
158
167
Financial investments at fair value
through profit or loss
265
40
1,006
1,310
133
47
797
977
Government debt securities
35,412
94
329
35,835
35,145
330
35,475
Corporate debt securities
7,518
168
7,686
5,432
5,432
Other debt securities
5,400
5,400
5,288
5,288
Financial assets held at fair value
through other comprehensive
income
48,330
262
329
48,921
45,866
330
46,196
Loans and advances at fair value through
profit or loss
28
486
514
30
600
630
Total financial assets
50,167
4,722
1,833
56,723
47,866
5,037
1,750
54,653
Liabilities
Short positions in government debt
securities
822
822
346
172
518
Corporate debt securities
404
289
693
313
208
522
Equity securities
1
1
Other financial liabilities held for trading
114
114
123
123
Financial liabilities held for trading
1,227
403
1,631
660
503
1,163
Interest rate derivatives
4
1,322
6
1,332
3
1,688
1
1,692
Foreign exchange contracts
612
612
803
803
Other derivatives
23
23
4
4
Derivatives
27
1,934
6
1,967
3
2,495
1
2,499
Issued debt
159
159
205
205
Total financial liabilities
1,255
2,496
6
3,757
663
3,203
1
3,867
Transfers between fair value hierarchies
There were no material transfers between the fair value hierarchies.
Movements in level 3 financial instruments measured at fair value
The following table shows a reconciliation of the opening and closing amounts of level 3 financial assets that are
recorded at fair value.
Assets
Liabilities
(in millions)
Derivatives
Financial
investments at
fair value through
profit or loss
Financial assets
held
at fair value
through
other
comprehensive
income
Loans and
advances at
fair value
through
profit or loss
Derivatives
Balance as at 1 January 2024
26
656
330
676
Purchases
86
Sales
-3
-35
Issuance
42
Redemptions
-14
-157
Gains/(losses) recorded in profit and loss 1
1
-5
Unrealised gains/(losses) 2
-3
89
-1
59
Transfer between levels
-2
1
Other movements
-17
19
Balance as at 31 December 2024
22
797
330
600
1
Acquisitions/divestments of subsidiaries
204
Purchases
89
Sales
Issuance
60
Redemptions
-1
-38
Gains/(losses) recorded in profit and loss\u00b9
2
1
Unrealised gains/(losses)\u00b2
-5
46
-2
-43
Transfer between levels
-4
5
Other movements
-132
-93
Balance as at 31 December 2025
13
1,006
329
486
6
1. Included in other operating income.
2. Unrealised gains/(losses) on derivatives held for trading are included in net trading income, on instruments measured at FVTPL in other operating income and on instruments
measured at FVOCI in other comprehensive income.
Level 3 sensitivity information
Interest-earning securities - government bonds
ABN AMRO has a position in a Polish bond, denominated in euros (see Note 17 - Financial investments, and part of
Other OECD governments), for which the market is relatively illiquid. This bond is valued using a discounted cash flow
model. The main inputs are the interest rate curve, liquidity spread and credit spread. The valuation spread is
determined using an internal model. The sensitivity analysis is performed using a range of reasonable valuation
spreads.
Equity shares - preferred shares
Equities measured at fair value through profit and loss and classified as level 3 mainly comprise private equity
investments. Private equity shares are measured at fair value, applying two calculation techniques:
\u2022 Using comparable pricing in accordance with the European Private Equity and Venture Capitalist Association (EVCA)
guidelines. This valuation technique is based on earnings multiples of comparable listed and unlisted companies.
The fair value calculation of an investment is strongly linked to movements on public equity markets.
\u2022 Net Asset Value (NAV) for fund investments and asset-backed investments. This is determined by using audited and
unaudited company financial statements and any other information available, publicly or otherwise. As a
consequence, the NAV calculation of an investment is strongly linked to movements in the quarterly performance of
the company and can be used as an indicator of fair value.
New investments are initially valued at fair value. Subsequently, the fair value technique - either the EVCA technique or
NAV calculation - is applied for direct investments.
The sensitivity for using comparable pricing is determined by stressing the earnings multiples in a positive and
negative market scenario, whereas sensitivity testing cannot be applied for the NAV calculation based on the quarterly
performance.
Derivatives
ABN AMRO applies a credit valuation adjustment (CVA) that reflects counterparty credit risk in the fair value
measurement of uncollateralised and partially collateralised OTC derivatives. For counterparties that do not have an
observable credit spread, ABN AMRO applies a proxied credit spread extracted from counterparties of comparable
credit quality that do have an observable credit spread. ABN AMRO performs a probability of default assessment for
each counterparty and allocates an appropriate internal credit risk measure known as a Uniform Counterparty Rating
(UCR). This UCR, which is significant to the entire fair value measurement of the derivative contracts included in the
following table of level 3 sensitivity information, is generated internally and is therefore an unobservable input.
Loans and advances \u2013 Equity release mortgages
ABN AMRO offers equity release mortgages which provide a way to liquidate home equity and are designed for senior
homeowners. These loans are valued using a discounted cash flow model for which the assumed prepayment rate is
the most relevant input parameter. The prepayment rate is based on mortality rates and historical prepayment rates
observed for equity release mortgages. The sensitivity range is based on the historical bandwidth observed for
prepayment rates.
Loans and advances - Other
ABN AMRO offers personal loans that feature a waiver on a portion of the outstanding debt upon the decease of the
client. The loans are valued using a discounted cash flow model, in which expected future cashflows are discounted
against actual interest rates, in combination with an adjustment for expected credit losses. The sensitivity range is
based on a bandwidth for expected credit losses.
31 December 2025
Valuation
technique
Unobservable
data
Carrying
value
Possible alternative
assumptions
Unobservable data range
Unobservable
data base
(in millions)
Applying
minimum
Applying
maximum
Applying
minimum
Applying
maximum
Equity shares
Private equity
valuation
EBITDA
multiples
161
-16
16
Equity shares
Private equity
valuation
Net asset
value
845
-84
84
Interest-earning securities -
Government bonds
Discounted
cash flow
Liquidity and
credit spread
329
-10
14
10bps
108bps
67bps
Loans and advances -
Equity release mortgages
Discounted
cash flow
Prepayment
rate
486
-4
6
3.1%
4.1%
3.6%
Loans and advances -
Other
Discounted
cash flow
Credit spread
Derivatives held for trading
- Assets/liabilities (net)
Discounted
cash flow
Probability of
default
7
100.0%
41.5%
31 December 2024
Valuation
technique
Unobservable
data
Carrying
value
Possible alternative
assumptions
Unobservable data range
Unobservable
data base
(in millions)
Applying
minimum
Applying
maximum
Applying
minimum
Applying
maximum
Equity shares
Private equity
valuation
EBITDA
multiples
141
-14
14
Equity shares
Private equity
valuation
Net asset
value
657
-66
66
Interest-earning securities -
Government bonds
Discounted
cash flow
Liquidity and
credit spread
330
-13
19
38bps
157bps
110bps
Loans and advances -
Equity release mortgages
Discounted
cash flow
Prepayment
rate
458
-6
9
2.4%
4.9%
3.6%
Loans and advances -
Other
Discounted
cash flow
Credit spread
142
-4
7
Derivatives held for trading
- Assets/liabilities (net)
Discounted
cash flow
Probability of
default
22
-2
6
100.0%
24.0%
22\u00a0 Fair value of financial instruments not carried at fair value
Accounting policy for fair value of financial instruments not carried at fair value
The categorisation and valuation of financial instruments not carried at fair value is determined in accordance
with the accounting policies set out in Note 19 - Fair value of financial instruments carried at fair value.
Valuation methodologies
The methods and assumptions described below have been applied to estimate the fair value of financial instruments
not carried at fair value. These fair values were calculated for disclosure purposes only. Note that the fair value can be
significantly impacted by the choice of valuation model and underlying assumptions concerning factors such as the
amount and timing of cash flows, discount rates, credit risk and liquidity risk.
Short-term financial instruments
The carrying amounts (net of impairment allowances) of financial instruments maturing within a period of less than
three months or that have no contractual maturity are assumed to be a reasonable approximation of their fair value.
For certain instruments, behavioural maturities are applied.
Short-term financial instruments are classified as level 2 as unobservable inputs (such as inputs to determine credit
risk, prepayment risk and liquidity risk) do not have a significant influence on the determination of the fair value.
Cash and balances at central banks
Cash and balances at central banks are classified as level 1 as these instruments have a short-term nature, prices from
an active market are available and no fair value adjustments are made to the carrying amounts.
Securities financing
Securities financing includes repurchase and reverse repurchase agreements and securities borrowing and lending
transactions. Due to the short-term characteristics of these instruments and the value and liquidity of available
collateral, their carrying amounts (net of impairment allowances) are considered an approximation of the fair value.
Securities financing amounts are classified as level 2.
Loans and advances banks and customers
The fair value of loans and advances \u2013 banks and customers is estimated by a discounted cash flow model based on
contractual cash flows, using actual yields and discounting by risk-free interest rates. Adjustments to reflect changes in
liquidity spreads are applied and prepayment options are included in the estimated fair value. The calculations are
adjusted for credit risk by incorporating the expected credit losses over the estimated lifetime of the loan, based on
parameters including probability of default, loss given default and exposure at default. The loans and advances are
classified as level 3 on the basis that unobservable inputs significantly influence the approximated fair values. The
loans and advances for which unobservable inputs do not significantly influence the approximated fair values are
classified as level 2. Behavioural maturities instead of contractual maturities are used to determine the level
classification of a small part of the portfolio.
Cash collateral paid to counterparties in relation to Credit Support Annexes (CSA) is included in loans and advances \u2013
banks and customers. Due to the short-term characteristics of these instruments, their carrying amounts are
considered an approximation of the fair value. The related amounts are classified as level 2.
Due to banks and customers
The fair value of instruments such as deposits and borrowings included in amounts due to banks and customers is
estimated by a discounted cash flow model based on risk-free interest rates. Adjustments to reflect changes in
liquidity spreads are applied. Amounts due to banks and customers are classified as level 3 on the basis that
unobservable inputs significantly influence the approximated fair values. The financial instruments for which
unobservable inputs do not significantly influence the approximated fair values are classified as level 2. For the
majority of the portfolio, behavioural maturities are used to determine the level classification.
Cash collateral liabilities in relation to Credit Support Annexes (CSA) are included in due to banks and customers.
Due\u00a0to the short-term characteristics of these instruments, their carrying amounts are considered an approximation of
the fair value. The related amounts are classified as level 2.
Issued debt and subordinated liabilities
The fair value of issued debt securities and subordinated liabilities is based on quoted prices. If these are not available,
the fair value is based on a market approach in which independent quotes from market participants are used for the
debt issuance spreads above the average interbank offered rates (over a range of tenors) that the market would
demand when purchasing new senior or subordinated debt from ABN AMRO. Where necessary, these quotes are
interpolated, using a curve shape derived from CDS prices.
31 December 2025
Carrying value
Total fair value
Difference
(in millions)
Quoted market
prices in
active markets
Valuation
techniques
- observable
inputs
Valuation
techniques
- significant
unobservable
inputs
Assets
Cash and balances at central banks
49,486
49,486
49,486
Securities financing
40,173
40,174
40,173
Loans and advances banks
2,170
2,163
12
2,174
4
Loans and advances customers
255,247
28,608
227,367
255,975
728
Total
347,076
49,486
70,944
227,378
347,808
732
Liabilities
Securities financing
15,320
15,320
15,320
Due to banks
4,320
3,666
661
4,328
8
Due to customers
279,126
264,454
14,709
279,163
36
Issued debt
73,913
56,431
17,827
74,258
345
Subordinated liabilities
4,946
1,654
3,461
5,115
169
Total
377,625
58,085
304,728
15,370
378,183
558
31 December 2024
Carrying value
Total fair value
Difference
(in millions)
Quoted market
prices in
active markets
Valuation
techniques
- observable
inputs
Valuation
techniques
- significant
unobservable
inputs
Assets
Cash and balances at central banks
44,464
44,464
44,464
Securities financing
26,989
26,989
26,989
Loans and advances banks
2,049
2,051
2
2,053
4
Loans and advances customers
248,152
28,151
218,379
246,529
-1,622
Total
321,654
44,464
57,190
218,381
320,035
-1,619
Liabilities
Securities financing
10,352
10,352
10,352
Due to banks
2,329
2,038
287
2,325
-5
Due to customers
256,186
241,469
15,305
256,774
587
Issued debt
74,337
50,488
23,618
74,106
-231
Subordinated liabilities
6,613
2,684
4,116
6,800
187
Total
349,818
53,172
281,593
15,592
350,357
539
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-452": { "value": "
19\u00a0 Fair value of financial instruments carried at fair value
Accounting policy for fair value of financial instruments
The fair value is defined as the price that would be received when selling an asset or paid when transferring
a\u00a0liability in an orderly transaction between market participants at the measurement date.
For financial instruments that are actively traded and for which quoted market prices or market parameters are
readily available, the fair value is determined in a highly objective manner. However, when observable market
prices and parameters do not exist, management judgement is necessary to estimate fair value.
For financial instruments where no active liquid market exists, or quoted prices are unobtainable, recent market
transactions are used or the fair value is estimated using a variety of valuation techniques \u2013 including reference
to similar instruments for which market prices do exist, or to valuation techniques such as discounted cash flow
models or option pricing models (e.g. Black Scholes).
When portfolios of financial assets and liabilities are measured on the basis of the net exposure to the credit risk
of a particular counterparty, any existing arrangements that mitigate the credit risk exposure (e.g. master netting
agreements with the counterparty) are taken into account.
Unobservable inputs are estimated using a combination of management judgement, historical data, market
practice and benchmarking to other relevant observable market data. The difference between the transaction
price and the internal valuation at inception, calculated using a model, is reserved and amortised to profit or loss
at appropriate points over the life of the instrument, typically taking account of the ability to obtain reliable
external data, the passage of time and the use of offsetting transactions. Where inputs to the valuation of a new
transaction cannot be reliably determined, the transaction is initially recognised at its transaction price.
Subsequent changes in fair value as calculated by the valuation model are reported as profit or loss or in equity.
In order to determine a reliable fair value, where appropriate, management applies valuation adjustments
to\u00a0the\u00a0pricing information derived from the above sources. These adjustments reflect management\u2019s assessment
of factors that market participants would consider in setting a price, to the extent that these factors have not
already been included in the information from the above sources. The main valuation adjustments required
to\u00a0arrive at a fair value are as follows:
\u2022 Bid-ask adjustments. If the model calculates a mid-market price, it is adjusted to take into account the relevant
bid-offer spread.
\u2022 Credit and debit valuation adjustments. In addition to credit valuation for loans measured at fair value through
profit or loss, credit valuation adjustments and debit valuation adjustments are incorporated into derivative
valuations to reflect the impact on fair value of counterparty credit risk and how counterparties consider
ABN\u00a0AMRO\u2019s creditworthiness respectively.
\u2022 Liquidity adjustments. ABN AMRO uses different techniques to determine the price or input parameters
of\u00a0the\u00a0pricing model dependent on the liquidity in the market.
\u2022 Funding valuation adjustment. The funding valuation adjustment incorporates the incremental cost of funding
into the valuation of uncollateralised and partially collateralised derivatives.
\u2022 Own credit adjustment. An own credit risk adjustment is applied to financial liabilities where it is believed that
counterparties will consider ABN AMRO\u2019s creditworthiness when pricing such instruments.
\u2022 Model valuation adjustments for any known limitations. Management assesses the appropriateness of any
model used on an ongoing basis. To the extent that the price provided by internal models does not represent
the fair value of the instrument, for instance in highly stressed market conditions, management makes
adjustments to the model valuation to calibrate to other available pricing sources.
We believe our estimates of the fair value are adequate. However, the use of different models or assumptions
could result in changes to our reported results.
Valuation control framework
ABN AMRO has in place designated controls and processes to determine the fair value of financial instruments. A
process has been designed to ensure there are formalised review protocols to independently review and validate fair
values, separately from the business departments entering into the transactions. This includes specific controls to
ensure consistent pricing policies and procedures, incorporating disciplined price verification for both market and
counterparty risk trades.
The business department entering into the transaction is responsible for the initial determination and recording of the
fair value of the transaction. Controls of the profit or loss are recorded on a daily basis by trading and treasury front-
office staff. The independent price-verification process, a key element of the control environment, is segregated from
the recording of the transaction\u2019s valuation. Valuations are first calculated by the department. Such valuations may be
current bid or offer prices in an active market, or may be derived using a model and variable model inputs. These
valuations are reviewed and, if necessary, amended by the independent price-verification process. This process
involves a team that operates independently from the team trading the financial instruments and performs a review of
valuations in light of available pricing evidence. Independent price verification is frequently performed by matching
the business valuations with independent data sources. The reviews are performed at least once a month, both for
trading positions and non-trading positions. The independent price-verification control includes formalised reporting
and escalation to management of any valuation differences in breach of the defined thresholds. When models are
used to value products, these models are subject to a model review process. This process requires different levels of
model documentation, testing and review, depending on the complexity of the model and the size of our exposure to
the model.
Valuation techniques
A number of methodologies are used to determine the fair value of financial instruments for which observable prices
in active markets for identical instruments are not available. Values between and beyond available data points are
obtained by interpolation and/or extrapolation. When valuation techniques are used, the fair value can be significantly
impacted by the choice of the valuation model and the underlying assumptions made for factors such as the amount
and timing of cash flows, discount rates and credit risk.
Interest rate derivatives
This category includes interest rate swaps, cross-currency swaps, options and forward rate agreements. These
products are valued by estimating future cash flows and discounting these cash flows, using appropriate interest rate
curves. The exception is interest option contracts, which are valued using market standard option pricing models. The
inputs for the discounting cash flow models are principally observable benchmark interest rates in active markets such
as interbank rates and quoted interest rates in the swap, bond and futures markets. The inputs for credit spreads \u2013
where available \u2013 are derived from prices of credit default swaps or other credit-based instruments, such as debt
securities. In other cases, credit spreads are obtained from pricing services. The additional inputs for the option pricing
models are price volatilities and correlations, which are obtained from broker quotations or pricing services or derived
from option prices. Because of the observability of the inputs used in the valuation models, the majority of the interest
rate derivative contracts are classified as level 2. If adjustments to interest rate curves, credit spreads, correlations or
volatilities are based on significant unobservable inputs, the contracts are classified as level 3. Exchange traded
options and futures are valued using quoted market prices and are hence classified as level 1.
Foreign exchange contracts
Foreign exchange contracts include foreign exchange forward contracts, foreign exchange options and foreign
exchange swaps. The majority of the foreign exchange contracts at ABN AMRO are traded as over-the-counter
derivatives. These instruments are valued using foreign currency exchange rates. There are observable markets for
spot and forward contracts as well as for futures in the world\u2019s major currencies. The over-the-counter foreign
exchange contracts are therefore classified as level 2.
Government debt securities
Government debt securities consist of government bonds and bills with fixed or floating rate interest payments issued
by sovereign governments. As these instruments are generally traded in active markets and prices can be derived
directly from those markets, they are classified as level 1. Highly liquid bonds are valued using exchange traded prices.
Less liquid bonds are valued using observable market prices, which are sourced from broker quotes, inter-dealer
prices or other reliable pricing services. For a minority of the government debt securities, active market prices are not
available. In these cases ABN AMRO uses discounted cash flow valuation techniques that incorporate observable
market data for similar government instruments. The main inputs are interest rate curves, liquidity spreads and credit
spreads. The instruments for which this method is applied are classified as level 2. If adjustments to any of the main
inputs are made based on significant unobservable inputs, the instrument is classified as level 3.
Corporate debt securities
Corporate debt securities consist primarily of corporate bonds and other debt securities issued by corporate entities.
Most of these instruments are standard fixed or floating rate securities. Corporate debt securities are generally valued
using observable market prices, which are sourced from broker quotes, inter-dealer prices or other reliable pricing
services. These instruments are classified as level 1. If observable market prices are not available, ABN AMRO uses
discounted cash flow valuation techniques, based on inputs derived from comparable instruments and credit default
swap data of the issuer, to estimate credit spreads. These instruments are classified as level 2. If adjustments are made
to any of the main inputs based on significant unobservable inputs, the instrument is classified as level 3.
Equity instruments
Equity instruments that are actively traded on public stock exchanges are valued using readily available quoted prices
and are therefore classified as level 1. Equity investments for which fair value is determined using valuation techniques
based predominantly on observable market inputs are classified as Level 2. Investments in private equity funds are
initially recognised at their transaction price and remeasured to the extent reliable information is available on a case-
by-case basis, and are classified as level 3.
Loans and advances at fair value through profit or loss
Loans and advances at fair value through profit or loss consist primarily of contracts with corporate clients where the
contractual cash flows do not meet the SPPI requirements or are held in a business model with the objective of
generating cash flows from sales. The return on the contracts with embedded derivatives is based on the price of
underlying commodity contracts or loans with a floating interest rate. Discounted cash flow models are used to value
these contracts. The main inputs are interest rate curves, quoted commodity prices, liquidity spreads and credit
spreads. The instruments are classified as level 2. If adjustments to interest rate curves, liquidity spreads and credit
spreads are based on significant unobservable inputs, the instruments are classified as level 3.
Issued debt
Issued debt securities are valued using discounted cash flow models, based on current interest rate curves that
incorporate observable inputs. These instruments are classified as level 2. When there are no, or only limited, publicly
quoted prices available for these instruments and unobservable inputs have a significant effect on the fair value
calculation, these instruments are classified as level 3. ABN AMRO refines and modifies its valuation techniques as
markets and products develop and as prices for individual products becomes more or less readily available. While ABN
AMRO believes its valuation techniques are appropriate and consistent with other market participants, the use of
different methodologies or assumptions could result in different estimates of the fair value at the reporting date.
Fair value hierarchy
ABN AMRO analyses financial instruments held at fair value in the three categories described below.
Level 1 financial instruments are those that are valued using unadjusted prices quoted in active markets for identical
financial instruments.
Level 2 financial instruments are those valued using techniques based primarily on observable market data.
Instruments in this category are valued using prices quoted for similar instruments or identical instruments in markets
that are not considered to be active, or using valuation techniques where all inputs that have a significant effect on the
valuation are directly or indirectly based on observable market data.
Level 3 financial instruments are those valued using a valuation technique where at least one input with a significant
effect on the instrument\u2019s valuation is not based on observable market data. The effect of fair value adjustments on the
instrument\u2019s valuation is included in the assessment.
ABN AMRO recognises transfers between levels of the fair value hierarchy at the end of the reporting period during
which the change occurred.
The following table presents the valuation methods used for determining the fair values of financial instruments
carried at fair value.
31 December 2025
31 December 2024
(in millions)
Quoted
market
prices
in active
markets
Valuation
techniques
- observable
inputs
Valuation
techniques
- significant
unobservable
inputs
Total fair
value
Quoted
market
prices
in active
markets
Valuation
techniques
- observable
inputs
Valuation
techniques
- significant
unobservable
inputs
Total fair
value
Assets
Government debt securities
606
606
1,119
51
1,169
Corporate debt securities
961
477
1,438
743
503
1,246
Equity securities
2
2
Other financial assets held for trading
87
87
Financial assets held for trading
1,568
477
2,044
1,863
640
2,503
Interest rate derivatives
5
3,017
6
3,028
5
3,116
20
3,140
Foreign exchange contracts
897
7
904
1,203
2
1,206
Other derivatives
2
2
1
1
Derivatives
6
3,915
13
3,933
5
4,320
22
4,347
Government debt securities
122
122
Equity instruments
133
40
848
1,020
133
47
797
977
Other
10
158
167
Financial investments at fair value
through profit or loss
265
40
1,006
1,310
133
47
797
977
Government debt securities
35,412
94
329
35,835
35,145
330
35,475
Corporate debt securities
7,518
168
7,686
5,432
5,432
Other debt securities
5,400
5,400
5,288
5,288
Financial assets held at fair value
through other comprehensive
income
48,330
262
329
48,921
45,866
330
46,196
Loans and advances at fair value through
profit or loss
28
486
514
30
600
630
Total financial assets
50,167
4,722
1,833
56,723
47,866
5,037
1,750
54,653
Liabilities
Short positions in government debt
securities
822
822
346
172
518
Corporate debt securities
404
289
693
313
208
522
Equity securities
1
1
Other financial liabilities held for trading
114
114
123
123
Financial liabilities held for trading
1,227
403
1,631
660
503
1,163
Interest rate derivatives
4
1,322
6
1,332
3
1,688
1
1,692
Foreign exchange contracts
612
612
803
803
Other derivatives
23
23
4
4
Derivatives
27
1,934
6
1,967
3
2,495
1
2,499
Issued debt
159
159
205
205
Total financial liabilities
1,255
2,496
6
3,757
663
3,203
1
3,867
Transfers between fair value hierarchies
There were no material transfers between the fair value hierarchies.
Movements in level 3 financial instruments measured at fair value
The following table shows a reconciliation of the opening and closing amounts of level 3 financial assets that are
recorded at fair value.
Assets
Liabilities
(in millions)
Derivatives
Financial
investments at
fair value through
profit or loss
Financial assets
held
at fair value
through
other
comprehensive
income
Loans and
advances at
fair value
through
profit or loss
Derivatives
Balance as at 1 January 2024
26
656
330
676
Purchases
86
Sales
-3
-35
Issuance
42
Redemptions
-14
-157
Gains/(losses) recorded in profit and loss 1
1
-5
Unrealised gains/(losses) 2
-3
89
-1
59
Transfer between levels
-2
1
Other movements
-17
19
Balance as at 31 December 2024
22
797
330
600
1
Acquisitions/divestments of subsidiaries
204
Purchases
89
Sales
Issuance
60
Redemptions
-1
-38
Gains/(losses) recorded in profit and loss\u00b9
2
1
Unrealised gains/(losses)\u00b2
-5
46
-2
-43
Transfer between levels
-4
5
Other movements
-132
-93
Balance as at 31 December 2025
13
1,006
329
486
6
1. Included in other operating income.
2. Unrealised gains/(losses) on derivatives held for trading are included in net trading income, on instruments measured at FVTPL in other operating income and on instruments
measured at FVOCI in other comprehensive income.
Level 3 sensitivity information
Interest-earning securities - government bonds
ABN AMRO has a position in a Polish bond, denominated in euros (see Note 17 - Financial investments, and part of
Other OECD governments), for which the market is relatively illiquid. This bond is valued using a discounted cash flow
model. The main inputs are the interest rate curve, liquidity spread and credit spread. The valuation spread is
determined using an internal model. The sensitivity analysis is performed using a range of reasonable valuation
spreads.
Equity shares - preferred shares
Equities measured at fair value through profit and loss and classified as level 3 mainly comprise private equity
investments. Private equity shares are measured at fair value, applying two calculation techniques:
\u2022 Using comparable pricing in accordance with the European Private Equity and Venture Capitalist Association (EVCA)
guidelines. This valuation technique is based on earnings multiples of comparable listed and unlisted companies.
The fair value calculation of an investment is strongly linked to movements on public equity markets.
\u2022 Net Asset Value (NAV) for fund investments and asset-backed investments. This is determined by using audited and
unaudited company financial statements and any other information available, publicly or otherwise. As a
consequence, the NAV calculation of an investment is strongly linked to movements in the quarterly performance of
the company and can be used as an indicator of fair value.
New investments are initially valued at fair value. Subsequently, the fair value technique - either the EVCA technique or
NAV calculation - is applied for direct investments.
The sensitivity for using comparable pricing is determined by stressing the earnings multiples in a positive and
negative market scenario, whereas sensitivity testing cannot be applied for the NAV calculation based on the quarterly
performance.
Derivatives
ABN AMRO applies a credit valuation adjustment (CVA) that reflects counterparty credit risk in the fair value
measurement of uncollateralised and partially collateralised OTC derivatives. For counterparties that do not have an
observable credit spread, ABN AMRO applies a proxied credit spread extracted from counterparties of comparable
credit quality that do have an observable credit spread. ABN AMRO performs a probability of default assessment for
each counterparty and allocates an appropriate internal credit risk measure known as a Uniform Counterparty Rating
(UCR). This UCR, which is significant to the entire fair value measurement of the derivative contracts included in the
following table of level 3 sensitivity information, is generated internally and is therefore an unobservable input.
Loans and advances \u2013 Equity release mortgages
ABN AMRO offers equity release mortgages which provide a way to liquidate home equity and are designed for senior
homeowners. These loans are valued using a discounted cash flow model for which the assumed prepayment rate is
the most relevant input parameter. The prepayment rate is based on mortality rates and historical prepayment rates
observed for equity release mortgages. The sensitivity range is based on the historical bandwidth observed for
prepayment rates.
Loans and advances - Other
ABN AMRO offers personal loans that feature a waiver on a portion of the outstanding debt upon the decease of the
client. The loans are valued using a discounted cash flow model, in which expected future cashflows are discounted
against actual interest rates, in combination with an adjustment for expected credit losses. The sensitivity range is
based on a bandwidth for expected credit losses.
31 December 2025
Valuation
technique
Unobservable
data
Carrying
value
Possible alternative
assumptions
Unobservable data range
Unobservable
data base
(in millions)
Applying
minimum
Applying
maximum
Applying
minimum
Applying
maximum
Equity shares
Private equity
valuation
EBITDA
multiples
161
-16
16
Equity shares
Private equity
valuation
Net asset
value
845
-84
84
Interest-earning securities -
Government bonds
Discounted
cash flow
Liquidity and
credit spread
329
-10
14
10bps
108bps
67bps
Loans and advances -
Equity release mortgages
Discounted
cash flow
Prepayment
rate
486
-4
6
3.1%
4.1%
3.6%
Loans and advances -
Other
Discounted
cash flow
Credit spread
Derivatives held for trading
- Assets/liabilities (net)
Discounted
cash flow
Probability of
default
7
100.0%
41.5%
31 December 2024
Valuation
technique
Unobservable
data
Carrying
value
Possible alternative
assumptions
Unobservable data range
Unobservable
data base
(in millions)
Applying
minimum
Applying
maximum
Applying
minimum
Applying
maximum
Equity shares
Private equity
valuation
EBITDA
multiples
141
-14
14
Equity shares
Private equity
valuation
Net asset
value
657
-66
66
Interest-earning securities -
Government bonds
Discounted
cash flow
Liquidity and
credit spread
330
-13
19
38bps
157bps
110bps
Loans and advances -
Equity release mortgages
Discounted
cash flow
Prepayment
rate
458
-6
9
2.4%
4.9%
3.6%
Loans and advances -
Other
Discounted
cash flow
Credit spread
142
-4
7
Derivatives held for trading
- Assets/liabilities (net)
Discounted
cash flow
Probability of
default
22
-2
6
100.0%
24.0%
22\u00a0 Fair value of financial instruments not carried at fair value
Accounting policy for fair value of financial instruments not carried at fair value
The categorisation and valuation of financial instruments not carried at fair value is determined in accordance
with the accounting policies set out in Note 19 - Fair value of financial instruments carried at fair value.
Valuation methodologies
The methods and assumptions described below have been applied to estimate the fair value of financial instruments
not carried at fair value. These fair values were calculated for disclosure purposes only. Note that the fair value can be
significantly impacted by the choice of valuation model and underlying assumptions concerning factors such as the
amount and timing of cash flows, discount rates, credit risk and liquidity risk.
Short-term financial instruments
The carrying amounts (net of impairment allowances) of financial instruments maturing within a period of less than
three months or that have no contractual maturity are assumed to be a reasonable approximation of their fair value.
For certain instruments, behavioural maturities are applied.
Short-term financial instruments are classified as level 2 as unobservable inputs (such as inputs to determine credit
risk, prepayment risk and liquidity risk) do not have a significant influence on the determination of the fair value.
Cash and balances at central banks
Cash and balances at central banks are classified as level 1 as these instruments have a short-term nature, prices from
an active market are available and no fair value adjustments are made to the carrying amounts.
Securities financing
Securities financing includes repurchase and reverse repurchase agreements and securities borrowing and lending
transactions. Due to the short-term characteristics of these instruments and the value and liquidity of available
collateral, their carrying amounts (net of impairment allowances) are considered an approximation of the fair value.
Securities financing amounts are classified as level 2.
Loans and advances banks and customers
The fair value of loans and advances \u2013 banks and customers is estimated by a discounted cash flow model based on
contractual cash flows, using actual yields and discounting by risk-free interest rates. Adjustments to reflect changes in
liquidity spreads are applied and prepayment options are included in the estimated fair value. The calculations are
adjusted for credit risk by incorporating the expected credit losses over the estimated lifetime of the loan, based on
parameters including probability of default, loss given default and exposure at default. The loans and advances are
classified as level 3 on the basis that unobservable inputs significantly influence the approximated fair values. The
loans and advances for which unobservable inputs do not significantly influence the approximated fair values are
classified as level 2. Behavioural maturities instead of contractual maturities are used to determine the level
classification of a small part of the portfolio.
Cash collateral paid to counterparties in relation to Credit Support Annexes (CSA) is included in loans and advances \u2013
banks and customers. Due to the short-term characteristics of these instruments, their carrying amounts are
considered an approximation of the fair value. The related amounts are classified as level 2.
Due to banks and customers
The fair value of instruments such as deposits and borrowings included in amounts due to banks and customers is
estimated by a discounted cash flow model based on risk-free interest rates. Adjustments to reflect changes in
liquidity spreads are applied. Amounts due to banks and customers are classified as level 3 on the basis that
unobservable inputs significantly influence the approximated fair values. The financial instruments for which
unobservable inputs do not significantly influence the approximated fair values are classified as level 2. For the
majority of the portfolio, behavioural maturities are used to determine the level classification.
Cash collateral liabilities in relation to Credit Support Annexes (CSA) are included in due to banks and customers.
Due\u00a0to the short-term characteristics of these instruments, their carrying amounts are considered an approximation of
the fair value. The related amounts are classified as level 2.
Issued debt and subordinated liabilities
The fair value of issued debt securities and subordinated liabilities is based on quoted prices. If these are not available,
the fair value is based on a market approach in which independent quotes from market participants are used for the
debt issuance spreads above the average interbank offered rates (over a range of tenors) that the market would
demand when purchasing new senior or subordinated debt from ABN AMRO. Where necessary, these quotes are
interpolated, using a curve shape derived from CDS prices.
31 December 2025
Carrying value
Total fair value
Difference
(in millions)
Quoted market
prices in
active markets
Valuation
techniques
- observable
inputs
Valuation
techniques
- significant
unobservable
inputs
Assets
Cash and balances at central banks
49,486
49,486
49,486
Securities financing
40,173
40,174
40,173
Loans and advances banks
2,170
2,163
12
2,174
4
Loans and advances customers
255,247
28,608
227,367
255,975
728
Total
347,076
49,486
70,944
227,378
347,808
732
Liabilities
Securities financing
15,320
15,320
15,320
Due to banks
4,320
3,666
661
4,328
8
Due to customers
279,126
264,454
14,709
279,163
36
Issued debt
73,913
56,431
17,827
74,258
345
Subordinated liabilities
4,946
1,654
3,461
5,115
169
Total
377,625
58,085
304,728
15,370
378,183
558
31 December 2024
Carrying value
Total fair value
Difference
(in millions)
Quoted market
prices in
active markets
Valuation
techniques
- observable
inputs
Valuation
techniques
- significant
unobservable
inputs
Assets
Cash and balances at central banks
44,464
44,464
44,464
Securities financing
26,989
26,989
26,989
Loans and advances banks
2,049
2,051
2
2,053
4
Loans and advances customers
248,152
28,151
218,379
246,529
-1,622
Total
321,654
44,464
57,190
218,381
320,035
-1,619
Liabilities
Securities financing
10,352
10,352
10,352
Due to banks
2,329
2,038
287
2,325
-5
Due to customers
256,186
241,469
15,305
256,774
587
Issued debt
74,337
50,488
23,618
74,106
-231
Subordinated liabilities
6,613
2,684
4,116
6,800
187
Total
349,818
53,172
281,593
15,592
350,357
539
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-451": { "value": "
19\u00a0 Fair value of financial instruments carried at fair value
Accounting policy for fair value of financial instruments
The fair value is defined as the price that would be received when selling an asset or paid when transferring
a\u00a0liability in an orderly transaction between market participants at the measurement date.
For financial instruments that are actively traded and for which quoted market prices or market parameters are
readily available, the fair value is determined in a highly objective manner. However, when observable market
prices and parameters do not exist, management judgement is necessary to estimate fair value.
For financial instruments where no active liquid market exists, or quoted prices are unobtainable, recent market
transactions are used or the fair value is estimated using a variety of valuation techniques \u2013 including reference
to similar instruments for which market prices do exist, or to valuation techniques such as discounted cash flow
models or option pricing models (e.g. Black Scholes).
When portfolios of financial assets and liabilities are measured on the basis of the net exposure to the credit risk
of a particular counterparty, any existing arrangements that mitigate the credit risk exposure (e.g. master netting
agreements with the counterparty) are taken into account.
Unobservable inputs are estimated using a combination of management judgement, historical data, market
practice and benchmarking to other relevant observable market data. The difference between the transaction
price and the internal valuation at inception, calculated using a model, is reserved and amortised to profit or loss
at appropriate points over the life of the instrument, typically taking account of the ability to obtain reliable
external data, the passage of time and the use of offsetting transactions. Where inputs to the valuation of a new
transaction cannot be reliably determined, the transaction is initially recognised at its transaction price.
Subsequent changes in fair value as calculated by the valuation model are reported as profit or loss or in equity.
In order to determine a reliable fair value, where appropriate, management applies valuation adjustments
to\u00a0the\u00a0pricing information derived from the above sources. These adjustments reflect management\u2019s assessment
of factors that market participants would consider in setting a price, to the extent that these factors have not
already been included in the information from the above sources. The main valuation adjustments required
to\u00a0arrive at a fair value are as follows:
\u2022 Bid-ask adjustments. If the model calculates a mid-market price, it is adjusted to take into account the relevant
bid-offer spread.
\u2022 Credit and debit valuation adjustments. In addition to credit valuation for loans measured at fair value through
profit or loss, credit valuation adjustments and debit valuation adjustments are incorporated into derivative
valuations to reflect the impact on fair value of counterparty credit risk and how counterparties consider
ABN\u00a0AMRO\u2019s creditworthiness respectively.
\u2022 Liquidity adjustments. ABN AMRO uses different techniques to determine the price or input parameters
of\u00a0the\u00a0pricing model dependent on the liquidity in the market.
\u2022 Funding valuation adjustment. The funding valuation adjustment incorporates the incremental cost of funding
into the valuation of uncollateralised and partially collateralised derivatives.
\u2022 Own credit adjustment. An own credit risk adjustment is applied to financial liabilities where it is believed that
counterparties will consider ABN AMRO\u2019s creditworthiness when pricing such instruments.
\u2022 Model valuation adjustments for any known limitations. Management assesses the appropriateness of any
model used on an ongoing basis. To the extent that the price provided by internal models does not represent
the fair value of the instrument, for instance in highly stressed market conditions, management makes
adjustments to the model valuation to calibrate to other available pricing sources.
We believe our estimates of the fair value are adequate. However, the use of different models or assumptions
could result in changes to our reported results.
22\u00a0 Fair value of financial instruments not carried at fair value
Accounting policy for fair value of financial instruments not carried at fair value
The categorisation and valuation of financial instruments not carried at fair value is determined in accordance
with the accounting policies set out in Note 19 - Fair value of financial instruments carried at fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-455": { "value": "
20\u00a0 Loans and advances banks
Accounting policy for loans and advances banks and customers
Loans and advances banks, and loans and advances customers, are held in a \u2018hold to collect\u2019 business model.
Loans and advances for which the contractual cash flows are solely payments of principal and interest (SPPI) are
measured at amortised cost, i.e. fair value at initial recognition, adjusted for repayment and amortisation
of\u00a0coupon, fees and expenses to represent the effective interest rate of the asset. Loans and advances that do
not pass the SPPI test are measured at fair value through profit or loss. Please refer to Note 1 Accounting policies
in the Consolidated Annual Financial Statements.
(in millions)
31 December 2025
31 December 2024
Interest-bearing deposits
1,137
1,169
Loans and advances
708
707
Mandatory reserve deposits with central banks
301
166
Other loans and advances banks
28
12
Subtotal
2,174
2,053
Less: loan impairment allowances
4
4
Total loans and advances banks
2,170
2,049
Mandatory reserve deposits are held with local central banks in accordance with statutory requirements. The most
relevant for the bank are the minimum reserve requirements determined by the ECB. The ECB prescribes how
the minimum reserve amount should be calculated during pre-defined reserve periods. During such a period,
the balances are available for use by ABN AMRO. The bank manages and monitors deposits to ensure that it meets
the minimum reserve requirements for the period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-454": { "value": "
20\u00a0 Loans and advances banks
Accounting policy for loans and advances banks and customers
Loans and advances banks, and loans and advances customers, are held in a \u2018hold to collect\u2019 business model.
Loans and advances for which the contractual cash flows are solely payments of principal and interest (SPPI) are
measured at amortised cost, i.e. fair value at initial recognition, adjusted for repayment and amortisation
of\u00a0coupon, fees and expenses to represent the effective interest rate of the asset. Loans and advances that do
not pass the SPPI test are measured at fair value through profit or loss. Please refer to Note 1 Accounting policies
in the Consolidated Annual Financial Statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-467": { "value": "
23\u00a0 Group structure
Accounting policy for associates and joint ventures
Associates are those entities in which ABN AMRO has significant influence on, but no control or joint control
over, the operating and financial policies. Significant influence is generally presumed when ABN AMRO holds
between 20% and 50% of the voting rights. Potential voting rights that are currently exercisable are considered
in assessing whether ABN AMRO has significant influence. Among other factors, representation on the board
of\u00a0directors, participation in the policy-making process and material transactions between the entity and
the\u00a0investee are considered when determining significant influence.
A joint venture is an investment in which two or more parties have contractually agreed to share control over
the\u00a0investment. Joint control exists only when decisions about the relevant activities require the unanimous
consent of the parties sharing control. The activities conducted through joint ventures include cash transfers,
insurance, finance and leasing.
Investments in associates and joint ventures, including strategic investments, are accounted for using the equity
method. Under this method, the investment is initially recorded at cost and subsequently increased (or
decreased) for post-acquisition net income (or loss), other movements affecting the equity of the investee and
any adjustments required for impairment. ABN AMRO\u2019s share of the profit or loss of the investee is recognised
in\u00a0the share of result in equity accounted investments. If ABN AMRO\u2019s share of losses exceeds the carrying
amount of the investment, the carrying amount is reduced to zero, including any other unsecured receivables,
and recognition of further losses is discontinued, except if ABN AMRO has incurred obligations or made
payments on behalf of the investee.
Unrealised gains arising from transactions with associates and jointly controlled entities are eliminated
to\u00a0the\u00a0extent of ABN AMRO\u2019s interest in the entities. Unrealised losses are also eliminated unless the transaction
provides evidence of impairment in the asset transferred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-466": { "value": "
23\u00a0 Group structure
Accounting policy for associates and joint ventures
Associates are those entities in which ABN AMRO has significant influence on, but no control or joint control
over, the operating and financial policies. Significant influence is generally presumed when ABN AMRO holds
between 20% and 50% of the voting rights. Potential voting rights that are currently exercisable are considered
in assessing whether ABN AMRO has significant influence. Among other factors, representation on the board
of\u00a0directors, participation in the policy-making process and material transactions between the entity and
the\u00a0investee are considered when determining significant influence.
A joint venture is an investment in which two or more parties have contractually agreed to share control over
the\u00a0investment. Joint control exists only when decisions about the relevant activities require the unanimous
consent of the parties sharing control. The activities conducted through joint ventures include cash transfers,
insurance, finance and leasing.
Investments in associates and joint ventures, including strategic investments, are accounted for using the equity
method. Under this method, the investment is initially recorded at cost and subsequently increased (or
decreased) for post-acquisition net income (or loss), other movements affecting the equity of the investee and
any adjustments required for impairment. ABN AMRO\u2019s share of the profit or loss of the investee is recognised
in\u00a0the share of result in equity accounted investments. If ABN AMRO\u2019s share of losses exceeds the carrying
amount of the investment, the carrying amount is reduced to zero, including any other unsecured receivables,
and recognition of further losses is discontinued, except if ABN AMRO has incurred obligations or made
payments on behalf of the investee.
Unrealised gains arising from transactions with associates and jointly controlled entities are eliminated
to\u00a0the\u00a0extent of ABN AMRO\u2019s interest in the entities. Unrealised losses are also eliminated unless the transaction
provides evidence of impairment in the asset transferred.
Assets and liabilities of acquisitions and divestments
The following table provides details of the assets and liabilities resulting from the acquisition or disposal of subsidiaries
and equity accounted investments at the date of acquisition or disposal.
31 December 2025
31 December 2024
(in millions)
Acquisitions 1, 2
Divestments\u00b9
Acquisitions\u00b3
Divestments\u00b3
Cash and balances at central banks
6,471
Derivatives
300
Financial investments
3,170
Securities financing
1,281
Loans and advances banks
571
3
Loans and advances customers
1,916
Equity-accounted investments
14
-44
4
-205
Property and equipment
117
Goodwill and other intangible assets
36
26
Other assets
383
2
Derivatives
-222
Due to banks
-297
Due to customers
-12,320
-1
Provisions
-64
Tax liabilities
-20
-6
Other liabilities
-618
-1
Net assets acquired/(divested)
718
-45
29
-205
Bargain purchase gain
9
Result on divestments, gross
1
-22
Net acquisition/(disposal) result
9
1
-22
Cash received from divestments/(used for acquisitions)
Total Proceeds from sale/(purchase consideration)
-709
46
-29
183
Cash and cash equivalents acquired/(divested)
6,673
Non-cash consideration
-44
Net cash received from divestments/(used for acquisitions)
5,964
46
-73
183
1. In 2025 ABN AMRO acquired 100% of the shares in Hauck Aufhauser Lampe AG (HAL).
2. The acquisitions column includes EUR 4 million capital increases in equity accounted investments in other entities.
3. In 2024 ABN AMRO acquired 100% of the shares in BUX B.V. and BUX Technology B.V and sold the Joint Venture Neuflize Vie S.A.
Equity accounted investments
The following table provides an overview of the most significant investments in associates and joint ventures at equity
method.
31 December 2025
31 December 2024
(in millions)
Principal place
of business
Business line
Carrying
amount
Equity
interest
Carrying
amount
Equity
interest
Joint ventures
Other joint ventures
25
25
Associates
Nationale-Nederlanden ABN AMRO Verzekeringen
Holding B.V.
The Netherlands
Personal &
Business Banking
86
49%
79
49%
Other equity associates
121
140
Total equity associates and joint ventures
233
244
Other investments in equity associates and joint ventures at equity method comprise a large number of equity
associates and joint ventures with individual carrying amounts of less than EUR\u00a075\u00a0million.
The following tables provide an overview of the summarised financial information of the most significant investments
in associates and joint ventures at equity method.
31 December 2025
31 December 2024
Associate
Associate
(in millions)
Nationale-Nederlanden
ABN AMRO Verzekeringen
Holding B.V.
Nationale-Nederlanden
ABN AMRO Verzekeringen
Holding B.V.
Assets
Cash and balances at central banks
15
9
Property and equipment
1
2
Other assets
82
94
Total assets
97
105
Liabilities
Other liabilities
21
28
Total liabilities
21
28
Equity
Total equity
76
77
Total liabilities and equity
97
105
Bank's share of equity
86
79
Carrying amount
86
79
Assets related to equity associates are mainly held by Nationale-Nederlanden ABN AMRO Verzekeringen Holding B.V.
The\u00a02025 amounts presented for Nationale-Nederlanden ABN AMRO Verzekeringen Holding are based on the latest
approved annual accounts of Nationale-Nederlanden ABN AMRO Verzekeringen Holding (annual financial
statements\u00a02024). The\u00a02024 amounts presented for Nationale-Nederlanden ABN AMRO Verzekeringen Holding are
based on the latest approved annual accounts of Nationale-Nederlanden ABN AMRO Verzekeringen Holding (annual
financial statements\u00a02023).
2025
2024
Associate
Associate
(in millions)
Nationale-Nederlanden
ABN AMRO Verzekeringen
Holding B.V.
Nationale-Nederlanden
ABN AMRO Verzekeringen
Holding B.V.
Other income
26
13
Operating income
26
13
Other operating expenses
2
Operating expenses
2
Profit/(loss) before taxation
25
11
Income tax expense
Profit/(loss) for the period
25
11
Other comprehensive income
Total comprehensive income
25
11
2025
2024
(in millions)
Associates
Associates
Operating income
633
587
Operating expenses
576
520
Profit/(loss) before taxation
57
67
Income tax expense
1
-1
Profit/(loss) for the period
56
68
The joint ventures and associates had no contingent liabilities or capital commitments other than the minimum capital
requirements under the Solvency Regulation as at 31\u00a0December\u00a02025 and\u00a02024.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-465": { "value": "
23\u00a0 Group structure
Accounting policy for business combinations
ABN AMRO accounts for business combinations using the acquisition method when control is transferred
to\u00a0the\u00a0bank. All items of consideration, including contingent consideration, transferred by ABN AMRO are
measured and recognised at fair value at the acquisition date. Transaction costs incurred by ABN AMRO
in\u00a0connection with the business combination, other than those associated with the issuance of debt and equity
securities, do not form part of the cost of the business combination transaction but are expensed as incurred.
The amount of the purchase consideration in excess of ABN AMRO\u2019s share of the fair value of the identifiable net
assets acquired (including certain contingent liabilities) is recorded as goodwill.
ABN AMRO measures the identifiable assets acquired and the liabilities assumed at the fair value at the acquisition
date. In a step acquisition, where a business combination occurs in stages and control of the business is obtained
in\u00a0stages, the identifiable assets and liabilities of the acquiree are recognised at fair value when control is obtained.
A gain or loss is recognised in profit or loss as the difference between the fair value of the previously held equity
interest in the acquiree and its carrying amount. Changes in interests in subsidiaries that do not result in a change
of control are treated as transactions between equity holders and are reported in equity.
Assets and liabilities of acquisitions and divestments
The following table provides details of the assets and liabilities resulting from the acquisition or disposal of subsidiaries
and equity accounted investments at the date of acquisition or disposal.
31 December 2025
31 December 2024
(in millions)
Acquisitions 1, 2
Divestments\u00b9
Acquisitions\u00b3
Divestments\u00b3
Cash and balances at central banks
6,471
Derivatives
300
Financial investments
3,170
Securities financing
1,281
Loans and advances banks
571
3
Loans and advances customers
1,916
Equity-accounted investments
14
-44
4
-205
Property and equipment
117
Goodwill and other intangible assets
36
26
Other assets
383
2
Derivatives
-222
Due to banks
-297
Due to customers
-12,320
-1
Provisions
-64
Tax liabilities
-20
-6
Other liabilities
-618
-1
Net assets acquired/(divested)
718
-45
29
-205
Bargain purchase gain
9
Result on divestments, gross
1
-22
Net acquisition/(disposal) result
9
1
-22
Cash received from divestments/(used for acquisitions)
Total Proceeds from sale/(purchase consideration)
-709
46
-29
183
Cash and cash equivalents acquired/(divested)
6,673
Non-cash consideration
-44
Net cash received from divestments/(used for acquisitions)
5,964
46
-73
183
1. In 2025 ABN AMRO acquired 100% of the shares in Hauck Aufhauser Lampe AG (HAL).
2. The acquisitions column includes EUR 4 million capital increases in equity accounted investments in other entities.
3. In 2024 ABN AMRO acquired 100% of the shares in BUX B.V. and BUX Technology B.V and sold the Joint Venture Neuflize Vie S.A.
Acquisitions and Divestments
Acquisitions in 2025
On 1 July 2025, ABN AMRO obtained control through the purchase of 100% of the shares in Hauck Aufhauser Lampe
AG (HAL) in a single transaction. HAL, together with Bethmann Bank, will be a major player in the German wealth
management market and the acquisition strengthens ABN AMRO\u2019s corporate and institutional banking activities in
Germany. The total consideration paid in cash was EUR\u00a0705\u00a0million. Acquisition-related costs of EUR\u00a08\u00a0million were
expensed in 2025 and recognised in \u2018Other Operating expenses\u2019. No part of these costs has been included in the
consideration transferred. With this acquisition, ABN AMRO increased its assets under management by
EUR\u00a026.4\u00a0billion.
A Purchase Price Allocation process was performed, resulting in fair values as included in the table above. This has
resulted in a bargain purchase gain. Before recognising this gain, ABN AMRO has reassessed whether all assets
acquired and liabilities assumed had been identified and whether their measurement and the consideration
transferred had been appropriately determined. The bargain purchase gain of EUR\u00a09\u00a0million (non-taxable, net of
deferred tax liability) is recorded in Other operating income. The gain is mainly the result of a customer relationship
intangible asset of EUR\u00a018\u00a0million that was not recognised by the seller. This intangible will be amortised over a 5\u00a0year
period.
In 2026, it is planned that HAL will merge with Bethmann Bank, which is expected to result in synergies for the
combined entity. At acquisition date, HAL had loans and advances customers with a fair value of EUR\u00a01,916\u00a0million,
gross contractual amounts of EUR\u00a01,987\u00a0million and estimated cash flows not expected to be collected of
EUR\u00a047\u00a0million. For loans and advances banks, the fair value was EUR\u00a0571\u00a0million, which equals the contractual
amounts. As part of the loans and advances customers, ABN AMRO acquired a portfolio of purchased or credit-
impaired loans for an amount of EUR\u00a081\u00a0million.
From 1\u00a0July\u00a02025, HAL contributed to the consolidated financial statements. During this period, an amount of
EUR\u00a065\u00a0million was recognised as interest income, EUR\u00a0108\u00a0million as net fee and commission income, and the profit
for this period was EUR\u00a022\u00a0million.
If the acquisition had occurred on 1 January 2025, ABN AMRO\u2019s consolidated net interest income would have been
EUR\u00a06,396\u00a0million, net fee and commission income would have been EUR\u00a02,238\u00a0million and profit for the year would
have been EUR\u00a02,281\u00a0million.
Divestments in 2025
The change in divestments in 2025 was impacted by the sale of equity-accounted investments.
Acquisitions in 2024
On 1 July 2024, ABN AMRO acquired 100% of the shares in BUX B.V. and BUX Technology B.V. The acquisition of BUX
brings advanced financial technology and a user-friendly and intuitive platform that will enhance ABN AMRO\u2019s digital
offerings. The purchase consideration of EUR\u00a068\u00a0million was paid in cash. The goodwill that ABN AMRO recognises on
this transaction amounts to EUR\u00a044\u00a0million and is attributable to future new business and client relationships, as well
as future improvements in operating efficiency and technology. In addition to goodwill, ABN AMRO recognises
EUR\u00a09\u00a0million in net acquired assets, EUR\u00a021\u00a0million in intangible assets and EUR\u00a06\u00a0million in deferred tax liabilities.
Divestments in 2024
The change in divestments in 2024 was impacted by the sale of the joint venture Neuflize Vie S.A.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-464": { "value": "
23\u00a0 Group structure
Accounting policy for business combinations
ABN AMRO accounts for business combinations using the acquisition method when control is transferred
to\u00a0the\u00a0bank. All items of consideration, including contingent consideration, transferred by ABN AMRO are
measured and recognised at fair value at the acquisition date. Transaction costs incurred by ABN AMRO
in\u00a0connection with the business combination, other than those associated with the issuance of debt and equity
securities, do not form part of the cost of the business combination transaction but are expensed as incurred.
The amount of the purchase consideration in excess of ABN AMRO\u2019s share of the fair value of the identifiable net
assets acquired (including certain contingent liabilities) is recorded as goodwill.
ABN AMRO measures the identifiable assets acquired and the liabilities assumed at the fair value at the acquisition
date. In a step acquisition, where a business combination occurs in stages and control of the business is obtained
in\u00a0stages, the identifiable assets and liabilities of the acquiree are recognised at fair value when control is obtained.
A gain or loss is recognised in profit or loss as the difference between the fair value of the previously held equity
interest in the acquiree and its carrying amount. Changes in interests in subsidiaries that do not result in a change
of control are treated as transactions between equity holders and are reported in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-463": { "value": "
23\u00a0 Group structure
Accounting policy for associates and joint ventures
A joint venture is an investment in which two or more parties have contractually agreed to share control over
the\u00a0investment. Joint control exists only when decisions about the relevant activities require the unanimous
consent of the parties sharing control. The activities conducted through joint ventures include cash transfers,
insurance, finance and leasing.
Investments in associates and joint ventures, including strategic investments, are accounted for using the equity
method. Under this method, the investment is initially recorded at cost and subsequently increased (or
decreased) for post-acquisition net income (or loss), other movements affecting the equity of the investee and
any adjustments required for impairment. ABN AMRO\u2019s share of the profit or loss of the investee is recognised
in\u00a0the share of result in equity accounted investments. If ABN AMRO\u2019s share of losses exceeds the carrying
amount of the investment, the carrying amount is reduced to zero, including any other unsecured receivables,
and recognition of further losses is discontinued, except if ABN AMRO has incurred obligations or made
payments on behalf of the investee.
Unrealised gains arising from transactions with associates and jointly controlled entities are eliminated
to\u00a0the\u00a0extent of ABN AMRO\u2019s interest in the entities. Unrealised losses are also eliminated unless the transaction
provides evidence of impairment in the asset transferred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-462": { "value": "
23\u00a0 Group structure
Accounting policy for associates and joint ventures
Associates are those entities in which ABN AMRO has significant influence on, but no control or joint control
over, the operating and financial policies. Significant influence is generally presumed when ABN AMRO holds
between 20% and 50% of the voting rights. Potential voting rights that are currently exercisable are considered
in assessing whether ABN AMRO has significant influence. Among other factors, representation on the board
of\u00a0directors, participation in the policy-making process and material transactions between the entity and
the\u00a0investee are considered when determining significant influence.
Investments in associates and joint ventures, including strategic investments, are accounted for using the equity
method. Under this method, the investment is initially recorded at cost and subsequently increased (or
decreased) for post-acquisition net income (or loss), other movements affecting the equity of the investee and
any adjustments required for impairment. ABN AMRO\u2019s share of the profit or loss of the investee is recognised
in\u00a0the share of result in equity accounted investments. If ABN AMRO\u2019s share of losses exceeds the carrying
amount of the investment, the carrying amount is reduced to zero, including any other unsecured receivables,
and recognition of further losses is discontinued, except if ABN AMRO has incurred obligations or made
payments on behalf of the investee.
Unrealised gains arising from transactions with associates and jointly controlled entities are eliminated
to\u00a0the\u00a0extent of ABN AMRO\u2019s interest in the entities. Unrealised losses are also eliminated unless the transaction
provides evidence of impairment in the asset transferred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-461": { "value": "
23\u00a0 Group structure
Accounting policy for associates and joint ventures
Associates are those entities in which ABN AMRO has significant influence on, but no control or joint control
over, the operating and financial policies. Significant influence is generally presumed when ABN AMRO holds
between 20% and 50% of the voting rights. Potential voting rights that are currently exercisable are considered
in assessing whether ABN AMRO has significant influence. Among other factors, representation on the board
of\u00a0directors, participation in the policy-making process and material transactions between the entity and
the\u00a0investee are considered when determining significant influence.
Investments in associates and joint ventures, including strategic investments, are accounted for using the equity
method. Under this method, the investment is initially recorded at cost and subsequently increased (or
decreased) for post-acquisition net income (or loss), other movements affecting the equity of the investee and
any adjustments required for impairment. ABN AMRO\u2019s share of the profit or loss of the investee is recognised
in\u00a0the share of result in equity accounted investments. If ABN AMRO\u2019s share of losses exceeds the carrying
amount of the investment, the carrying amount is reduced to zero, including any other unsecured receivables,
and recognition of further losses is discontinued, except if ABN AMRO has incurred obligations or made
payments on behalf of the investee.
Unrealised gains arising from transactions with associates and jointly controlled entities are eliminated
to\u00a0the\u00a0extent of ABN AMRO\u2019s interest in the entities. Unrealised losses are also eliminated unless the transaction
provides evidence of impairment in the asset transferred.
Equity accounted investments
The following table provides an overview of the most significant investments in associates and joint ventures at equity
method.
31 December 2025
31 December 2024
(in millions)
Principal place
of business
Business line
Carrying
amount
Equity
interest
Carrying
amount
Equity
interest
Joint ventures
Other joint ventures
25
25
Associates
Nationale-Nederlanden ABN AMRO Verzekeringen
Holding B.V.
The Netherlands
Personal &
Business Banking
86
49%
79
49%
Other equity associates
121
140
Total equity associates and joint ventures
233
244
Other investments in equity associates and joint ventures at equity method comprise a large number of equity
associates and joint ventures with individual carrying amounts of less than EUR\u00a075\u00a0million.
The following tables provide an overview of the summarised financial information of the most significant investments
in associates and joint ventures at equity method.
31 December 2025
31 December 2024
Associate
Associate
(in millions)
Nationale-Nederlanden
ABN AMRO Verzekeringen
Holding B.V.
Nationale-Nederlanden
ABN AMRO Verzekeringen
Holding B.V.
Assets
Cash and balances at central banks
15
9
Property and equipment
1
2
Other assets
82
94
Total assets
97
105
Liabilities
Other liabilities
21
28
Total liabilities
21
28
Equity
Total equity
76
77
Total liabilities and equity
97
105
Bank's share of equity
86
79
Carrying amount
86
79
Assets related to equity associates are mainly held by Nationale-Nederlanden ABN AMRO Verzekeringen Holding B.V.
The\u00a02025 amounts presented for Nationale-Nederlanden ABN AMRO Verzekeringen Holding are based on the latest
approved annual accounts of Nationale-Nederlanden ABN AMRO Verzekeringen Holding (annual financial
statements\u00a02024). The\u00a02024 amounts presented for Nationale-Nederlanden ABN AMRO Verzekeringen Holding are
based on the latest approved annual accounts of Nationale-Nederlanden ABN AMRO Verzekeringen Holding (annual
financial statements\u00a02023).
2025
2024
Associate
Associate
(in millions)
Nationale-Nederlanden
ABN AMRO Verzekeringen
Holding B.V.
Nationale-Nederlanden
ABN AMRO Verzekeringen
Holding B.V.
Other income
26
13
Operating income
26
13
Other operating expenses
2
Operating expenses
2
Profit/(loss) before taxation
25
11
Income tax expense
Profit/(loss) for the period
25
11
Other comprehensive income
Total comprehensive income
25
11
2025
2024
(in millions)
Associates
Associates
Operating income
633
587
Operating expenses
576
520
Profit/(loss) before taxation
57
67
Income tax expense
1
-1
Profit/(loss) for the period
56
68
The joint ventures and associates had no contingent liabilities or capital commitments other than the minimum capital
requirements under the Solvency Regulation as at 31\u00a0December\u00a02025 and\u00a02024.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-460": { "value": "
23\u00a0 Group structure
Accounting policy for associates and joint ventures
A joint venture is an investment in which two or more parties have contractually agreed to share control over
the\u00a0investment. Joint control exists only when decisions about the relevant activities require the unanimous
consent of the parties sharing control. The activities conducted through joint ventures include cash transfers,
insurance, finance and leasing.
Investments in associates and joint ventures, including strategic investments, are accounted for using the equity
method. Under this method, the investment is initially recorded at cost and subsequently increased (or
decreased) for post-acquisition net income (or loss), other movements affecting the equity of the investee and
any adjustments required for impairment. ABN AMRO\u2019s share of the profit or loss of the investee is recognised
in\u00a0the share of result in equity accounted investments. If ABN AMRO\u2019s share of losses exceeds the carrying
amount of the investment, the carrying amount is reduced to zero, including any other unsecured receivables,
and recognition of further losses is discontinued, except if ABN AMRO has incurred obligations or made
payments on behalf of the investee.
Unrealised gains arising from transactions with associates and jointly controlled entities are eliminated
to\u00a0the\u00a0extent of ABN AMRO\u2019s interest in the entities. Unrealised losses are also eliminated unless the transaction
provides evidence of impairment in the asset transferred.
Assets and liabilities of acquisitions and divestments
The following table provides details of the assets and liabilities resulting from the acquisition or disposal of subsidiaries
and equity accounted investments at the date of acquisition or disposal.
31 December 2025
31 December 2024
(in millions)
Acquisitions 1, 2
Divestments\u00b9
Acquisitions\u00b3
Divestments\u00b3
Cash and balances at central banks
6,471
Derivatives
300
Financial investments
3,170
Securities financing
1,281
Loans and advances banks
571
3
Loans and advances customers
1,916
Equity-accounted investments
14
-44
4
-205
Property and equipment
117
Goodwill and other intangible assets
36
26
Other assets
383
2
Derivatives
-222
Due to banks
-297
Due to customers
-12,320
-1
Provisions
-64
Tax liabilities
-20
-6
Other liabilities
-618
-1
Net assets acquired/(divested)
718
-45
29
-205
Bargain purchase gain
9
Result on divestments, gross
1
-22
Net acquisition/(disposal) result
9
1
-22
Cash received from divestments/(used for acquisitions)
Total Proceeds from sale/(purchase consideration)
-709
46
-29
183
Cash and cash equivalents acquired/(divested)
6,673
Non-cash consideration
-44
Net cash received from divestments/(used for acquisitions)
5,964
46
-73
183
1. In 2025 ABN AMRO acquired 100% of the shares in Hauck Aufhauser Lampe AG (HAL).
2. The acquisitions column includes EUR 4 million capital increases in equity accounted investments in other entities.
3. In 2024 ABN AMRO acquired 100% of the shares in BUX B.V. and BUX Technology B.V and sold the Joint Venture Neuflize Vie S.A.
Equity accounted investments
The following table provides an overview of the most significant investments in associates and joint ventures at equity
method.
31 December 2025
31 December 2024
(in millions)
Principal place
of business
Business line
Carrying
amount
Equity
interest
Carrying
amount
Equity
interest
Joint ventures
Other joint ventures
25
25
Associates
Nationale-Nederlanden ABN AMRO Verzekeringen
Holding B.V.
The Netherlands
Personal &
Business Banking
86
49%
79
49%
Other equity associates
121
140
Total equity associates and joint ventures
233
244
Other investments in equity associates and joint ventures at equity method comprise a large number of equity
associates and joint ventures with individual carrying amounts of less than EUR\u00a075\u00a0million.
The following tables provide an overview of the summarised financial information of the most significant investments
in associates and joint ventures at equity method.
31 December 2025
31 December 2024
Associate
Associate
(in millions)
Nationale-Nederlanden
ABN AMRO Verzekeringen
Holding B.V.
Nationale-Nederlanden
ABN AMRO Verzekeringen
Holding B.V.
Assets
Cash and balances at central banks
15
9
Property and equipment
1
2
Other assets
82
94
Total assets
97
105
Liabilities
Other liabilities
21
28
Total liabilities
21
28
Equity
Total equity
76
77
Total liabilities and equity
97
105
Bank's share of equity
86
79
Carrying amount
86
79
2025
2024
Associate
Associate
(in millions)
Nationale-Nederlanden
ABN AMRO Verzekeringen
Holding B.V.
Nationale-Nederlanden
ABN AMRO Verzekeringen
Holding B.V.
Other income
26
13
Operating income
26
13
Other operating expenses
2
Operating expenses
2
Profit/(loss) before taxation
25
11
Income tax expense
Profit/(loss) for the period
25
11
Other comprehensive income
Total comprehensive income
25
11
2025
2024
(in millions)
Associates
Associates
Operating income
633
587
Operating expenses
576
520
Profit/(loss) before taxation
57
67
Income tax expense
1
-1
Profit/(loss) for the period
56
68
The joint ventures and associates had no contingent liabilities or capital commitments other than the minimum capital
requirements under the Solvency Regulation as at 31\u00a0December\u00a02025 and\u00a02024.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-459": { "value": "
23\u00a0 Group structure
Accounting policy for subsidiaries
ABN AMRO\u2019s subsidiaries are those entities which it directly or indirectly controls. Control over an entity is
evidenced by ABN AMRO\u2019s ability to exercise its power in order to affect the variable returns that it is exposed
to\u00a0through its involvement in the entity. The existence and effect of potential voting rights that are currently
exercisable are taken into account when assessing whether control exists.
The assessment of control takes into account all facts and circumstances. The bank reassesses whether
it\u00a0controls an investee if facts and circumstances indicate that there are changes to one or more of the three
elements of control (power, exposure to variability in returns, and a link between the two).
ABN AMRO sponsors entities, including certain special purpose entities which may or may not be directly owned,
for the purpose of asset securitisation transactions and other specific and well-defined objectives. Particularly
in\u00a0the case of securitisations, these entities may acquire assets from ABN AMRO's subsidiaries. Some of these
entities hold assets that are not available to meet claims of ABN AMRO's creditors or subsidiaries. These entities
are consolidated in ABN AMRO\u2019s financial statements when the substance of the relationship between
ABN\u00a0AMRO and the entity indicates that control is held by ABN AMRO.
ABN AMRO is mainly involved in securitisations of own originated assets, such as various consumer and
commercial financial assets. This process generally necessitates a sale of these assets to a special purpose entity
(SPE), which in turn issues securities to investors. ABN AMRO\u2019s interests in securitised assets may be retained
in\u00a0the form of senior or subordinated tranches, issued guarantees, interest-only strips or other residual interests,
together referred to as retained interests. In many cases, these retained interests convey control, as a result
of\u00a0which the SPE is consolidated and the securitised assets continue to be recognised in the consolidated
statement of financial position.
The financial statements of subsidiaries and special purpose entities are included in the Consolidated Annual
Financial Statements from the date on which control commences until the date on which control ceases.
Assets and liabilities of acquisitions and divestments
The following table provides details of the assets and liabilities resulting from the acquisition or disposal of subsidiaries
and equity accounted investments at the date of acquisition or disposal.
31 December 2025
31 December 2024
(in millions)
Acquisitions 1, 2
Divestments\u00b9
Acquisitions\u00b3
Divestments\u00b3
Cash and balances at central banks
6,471
Derivatives
300
Financial investments
3,170
Securities financing
1,281
Loans and advances banks
571
3
Loans and advances customers
1,916
Equity-accounted investments
14
-44
4
-205
Property and equipment
117
Goodwill and other intangible assets
36
26
Other assets
383
2
Derivatives
-222
Due to banks
-297
Due to customers
-12,320
-1
Provisions
-64
Tax liabilities
-20
-6
Other liabilities
-618
-1
Net assets acquired/(divested)
718
-45
29
-205
Bargain purchase gain
9
Result on divestments, gross
1
-22
Net acquisition/(disposal) result
9
1
-22
Cash received from divestments/(used for acquisitions)
Total Proceeds from sale/(purchase consideration)
-709
46
-29
183
Cash and cash equivalents acquired/(divested)
6,673
Non-cash consideration
-44
Net cash received from divestments/(used for acquisitions)
5,964
46
-73
183
1. In 2025 ABN AMRO acquired 100% of the shares in Hauck Aufhauser Lampe AG (HAL).
2. The acquisitions column includes EUR 4 million capital increases in equity accounted investments in other entities.
3. In 2024 ABN AMRO acquired 100% of the shares in BUX B.V. and BUX Technology B.V and sold the Joint Venture Neuflize Vie S.A.
Acquisitions and Divestments
Acquisitions in 2025
On 1 July 2025, ABN AMRO obtained control through the purchase of 100% of the shares in Hauck Aufhauser Lampe
AG (HAL) in a single transaction. HAL, together with Bethmann Bank, will be a major player in the German wealth
management market and the acquisition strengthens ABN AMRO\u2019s corporate and institutional banking activities in
Germany. The total consideration paid in cash was EUR\u00a0705\u00a0million. Acquisition-related costs of EUR\u00a08\u00a0million were
expensed in 2025 and recognised in \u2018Other Operating expenses\u2019. No part of these costs has been included in the
consideration transferred. With this acquisition, ABN AMRO increased its assets under management by
EUR\u00a026.4\u00a0billion.
A Purchase Price Allocation process was performed, resulting in fair values as included in the table above. This has
resulted in a bargain purchase gain. Before recognising this gain, ABN AMRO has reassessed whether all assets
acquired and liabilities assumed had been identified and whether their measurement and the consideration
transferred had been appropriately determined. The bargain purchase gain of EUR\u00a09\u00a0million (non-taxable, net of
deferred tax liability) is recorded in Other operating income. The gain is mainly the result of a customer relationship
intangible asset of EUR\u00a018\u00a0million that was not recognised by the seller. This intangible will be amortised over a 5\u00a0year
period.
In 2026, it is planned that HAL will merge with Bethmann Bank, which is expected to result in synergies for the
combined entity. At acquisition date, HAL had loans and advances customers with a fair value of EUR\u00a01,916\u00a0million,
gross contractual amounts of EUR\u00a01,987\u00a0million and estimated cash flows not expected to be collected of
EUR\u00a047\u00a0million. For loans and advances banks, the fair value was EUR\u00a0571\u00a0million, which equals the contractual
amounts. As part of the loans and advances customers, ABN AMRO acquired a portfolio of purchased or credit-
impaired loans for an amount of EUR\u00a081\u00a0million.
From 1\u00a0July\u00a02025, HAL contributed to the consolidated financial statements. During this period, an amount of
EUR\u00a065\u00a0million was recognised as interest income, EUR\u00a0108\u00a0million as net fee and commission income, and the profit
for this period was EUR\u00a022\u00a0million.
If the acquisition had occurred on 1 January 2025, ABN AMRO\u2019s consolidated net interest income would have been
EUR\u00a06,396\u00a0million, net fee and commission income would have been EUR\u00a02,238\u00a0million and profit for the year would
have been EUR\u00a02,281\u00a0million.
Divestments in 2025
The change in divestments in 2025 was impacted by the sale of equity-accounted investments.
Acquisitions in 2024
On 1 July 2024, ABN AMRO acquired 100% of the shares in BUX B.V. and BUX Technology B.V. The acquisition of BUX
brings advanced financial technology and a user-friendly and intuitive platform that will enhance ABN AMRO\u2019s digital
offerings. The purchase consideration of EUR\u00a068\u00a0million was paid in cash. The goodwill that ABN AMRO recognises on
this transaction amounts to EUR\u00a044\u00a0million and is attributable to future new business and client relationships, as well
as future improvements in operating efficiency and technology. In addition to goodwill, ABN AMRO recognises
EUR\u00a09\u00a0million in net acquired assets, EUR\u00a021\u00a0million in intangible assets and EUR\u00a06\u00a0million in deferred tax liabilities.
Divestments in 2024
The change in divestments in 2024 was impacted by the sale of the joint venture Neuflize Vie S.A.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-458": { "value": "
23\u00a0 Group structure
Accounting policy for subsidiaries
ABN AMRO\u2019s subsidiaries are those entities which it directly or indirectly controls. Control over an entity is
evidenced by ABN AMRO\u2019s ability to exercise its power in order to affect the variable returns that it is exposed
to\u00a0through its involvement in the entity. The existence and effect of potential voting rights that are currently
exercisable are taken into account when assessing whether control exists.
The assessment of control takes into account all facts and circumstances. The bank reassesses whether
it\u00a0controls an investee if facts and circumstances indicate that there are changes to one or more of the three
elements of control (power, exposure to variability in returns, and a link between the two).
ABN AMRO sponsors entities, including certain special purpose entities which may or may not be directly owned,
for the purpose of asset securitisation transactions and other specific and well-defined objectives. Particularly
in\u00a0the case of securitisations, these entities may acquire assets from ABN AMRO's subsidiaries. Some of these
entities hold assets that are not available to meet claims of ABN AMRO's creditors or subsidiaries. These entities
are consolidated in ABN AMRO\u2019s financial statements when the substance of the relationship between
ABN\u00a0AMRO and the entity indicates that control is held by ABN AMRO.
ABN AMRO is mainly involved in securitisations of own originated assets, such as various consumer and
commercial financial assets. This process generally necessitates a sale of these assets to a special purpose entity
(SPE), which in turn issues securities to investors. ABN AMRO\u2019s interests in securitised assets may be retained
in\u00a0the form of senior or subordinated tranches, issued guarantees, interest-only strips or other residual interests,
together referred to as retained interests. In many cases, these retained interests convey control, as a result
of\u00a0which the SPE is consolidated and the securitised assets continue to be recognised in the consolidated
statement of financial position.
The financial statements of subsidiaries and special purpose entities are included in the Consolidated Annual
Financial Statements from the date on which control commences until the date on which control ceases.
Accounting policy for associates and joint ventures
Associates are those entities in which ABN AMRO has significant influence on, but no control or joint control
over, the operating and financial policies. Significant influence is generally presumed when ABN AMRO holds
between 20% and 50% of the voting rights. Potential voting rights that are currently exercisable are considered
in assessing whether ABN AMRO has significant influence. Among other factors, representation on the board
of\u00a0directors, participation in the policy-making process and material transactions between the entity and
the\u00a0investee are considered when determining significant influence.
A joint venture is an investment in which two or more parties have contractually agreed to share control over
the\u00a0investment. Joint control exists only when decisions about the relevant activities require the unanimous
consent of the parties sharing control. The activities conducted through joint ventures include cash transfers,
insurance, finance and leasing.
Investments in associates and joint ventures, including strategic investments, are accounted for using the equity
method. Under this method, the investment is initially recorded at cost and subsequently increased (or
decreased) for post-acquisition net income (or loss), other movements affecting the equity of the investee and
any adjustments required for impairment. ABN AMRO\u2019s share of the profit or loss of the investee is recognised
in\u00a0the share of result in equity accounted investments. If ABN AMRO\u2019s share of losses exceeds the carrying
amount of the investment, the carrying amount is reduced to zero, including any other unsecured receivables,
and recognition of further losses is discontinued, except if ABN AMRO has incurred obligations or made
payments on behalf of the investee.
Unrealised gains arising from transactions with associates and jointly controlled entities are eliminated
to\u00a0the\u00a0extent of ABN AMRO\u2019s interest in the entities. Unrealised losses are also eliminated unless the transaction
provides evidence of impairment in the asset transferred.
Assets and liabilities of acquisitions and divestments
The following table provides details of the assets and liabilities resulting from the acquisition or disposal of subsidiaries
and equity accounted investments at the date of acquisition or disposal.
31 December 2025
31 December 2024
(in millions)
Acquisitions 1, 2
Divestments\u00b9
Acquisitions\u00b3
Divestments\u00b3
Cash and balances at central banks
6,471
Derivatives
300
Financial investments
3,170
Securities financing
1,281
Loans and advances banks
571
3
Loans and advances customers
1,916
Equity-accounted investments
14
-44
4
-205
Property and equipment
117
Goodwill and other intangible assets
36
26
Other assets
383
2
Derivatives
-222
Due to banks
-297
Due to customers
-12,320
-1
Provisions
-64
Tax liabilities
-20
-6
Other liabilities
-618
-1
Net assets acquired/(divested)
718
-45
29
-205
Bargain purchase gain
9
Result on divestments, gross
1
-22
Net acquisition/(disposal) result
9
1
-22
Cash received from divestments/(used for acquisitions)
Total Proceeds from sale/(purchase consideration)
-709
46
-29
183
Cash and cash equivalents acquired/(divested)
6,673
Non-cash consideration
-44
Net cash received from divestments/(used for acquisitions)
5,964
46
-73
183
1. In 2025 ABN AMRO acquired 100% of the shares in Hauck Aufhauser Lampe AG (HAL).
2. The acquisitions column includes EUR 4 million capital increases in equity accounted investments in other entities.
3. In 2024 ABN AMRO acquired 100% of the shares in BUX B.V. and BUX Technology B.V and sold the Joint Venture Neuflize Vie S.A.
Acquisitions and Divestments
Acquisitions in 2025
On 1 July 2025, ABN AMRO obtained control through the purchase of 100% of the shares in Hauck Aufhauser Lampe
AG (HAL) in a single transaction. HAL, together with Bethmann Bank, will be a major player in the German wealth
management market and the acquisition strengthens ABN AMRO\u2019s corporate and institutional banking activities in
Germany. The total consideration paid in cash was EUR\u00a0705\u00a0million. Acquisition-related costs of EUR\u00a08\u00a0million were
expensed in 2025 and recognised in \u2018Other Operating expenses\u2019. No part of these costs has been included in the
consideration transferred. With this acquisition, ABN AMRO increased its assets under management by
EUR\u00a026.4\u00a0billion.
A Purchase Price Allocation process was performed, resulting in fair values as included in the table above. This has
resulted in a bargain purchase gain. Before recognising this gain, ABN AMRO has reassessed whether all assets
acquired and liabilities assumed had been identified and whether their measurement and the consideration
transferred had been appropriately determined. The bargain purchase gain of EUR\u00a09\u00a0million (non-taxable, net of
deferred tax liability) is recorded in Other operating income. The gain is mainly the result of a customer relationship
intangible asset of EUR\u00a018\u00a0million that was not recognised by the seller. This intangible will be amortised over a 5\u00a0year
period.
In 2026, it is planned that HAL will merge with Bethmann Bank, which is expected to result in synergies for the
combined entity. At acquisition date, HAL had loans and advances customers with a fair value of EUR\u00a01,916\u00a0million,
gross contractual amounts of EUR\u00a01,987\u00a0million and estimated cash flows not expected to be collected of
EUR\u00a047\u00a0million. For loans and advances banks, the fair value was EUR\u00a0571\u00a0million, which equals the contractual
amounts. As part of the loans and advances customers, ABN AMRO acquired a portfolio of purchased or credit-
impaired loans for an amount of EUR\u00a081\u00a0million.
From 1\u00a0July\u00a02025, HAL contributed to the consolidated financial statements. During this period, an amount of
EUR\u00a065\u00a0million was recognised as interest income, EUR\u00a0108\u00a0million as net fee and commission income, and the profit
for this period was EUR\u00a022\u00a0million.
If the acquisition had occurred on 1 January 2025, ABN AMRO\u2019s consolidated net interest income would have been
EUR\u00a06,396\u00a0million, net fee and commission income would have been EUR\u00a02,238\u00a0million and profit for the year would
have been EUR\u00a02,281\u00a0million.
Divestments in 2025
The change in divestments in 2025 was impacted by the sale of equity-accounted investments.
Acquisitions in 2024
On 1 July 2024, ABN AMRO acquired 100% of the shares in BUX B.V. and BUX Technology B.V. The acquisition of BUX
brings advanced financial technology and a user-friendly and intuitive platform that will enhance ABN AMRO\u2019s digital
offerings. The purchase consideration of EUR\u00a068\u00a0million was paid in cash. The goodwill that ABN AMRO recognises on
this transaction amounts to EUR\u00a044\u00a0million and is attributable to future new business and client relationships, as well
as future improvements in operating efficiency and technology. In addition to goodwill, ABN AMRO recognises
EUR\u00a09\u00a0million in net acquired assets, EUR\u00a021\u00a0million in intangible assets and EUR\u00a06\u00a0million in deferred tax liabilities.
Divestments in 2024
The change in divestments in 2024 was impacted by the sale of the joint venture Neuflize Vie S.A.
Equity accounted investments
The following table provides an overview of the most significant investments in associates and joint ventures at equity
method.
31 December 2025
31 December 2024
(in millions)
Principal place
of business
Business line
Carrying
amount
Equity
interest
Carrying
amount
Equity
interest
Joint ventures
Other joint ventures
25
25
Associates
Nationale-Nederlanden ABN AMRO Verzekeringen
Holding B.V.
The Netherlands
Personal &
Business Banking
86
49%
79
49%
Other equity associates
121
140
Total equity associates and joint ventures
233
244
Other investments in equity associates and joint ventures at equity method comprise a large number of equity
associates and joint ventures with individual carrying amounts of less than EUR\u00a075\u00a0million.
The following tables provide an overview of the summarised financial information of the most significant investments
in associates and joint ventures at equity method.
31 December 2025
31 December 2024
Associate
Associate
(in millions)
Nationale-Nederlanden
ABN AMRO Verzekeringen
Holding B.V.
Nationale-Nederlanden
ABN AMRO Verzekeringen
Holding B.V.
Assets
Cash and balances at central banks
15
9
Property and equipment
1
2
Other assets
82
94
Total assets
97
105
Liabilities
Other liabilities
21
28
Total liabilities
21
28
Equity
Total equity
76
77
Total liabilities and equity
97
105
Bank's share of equity
86
79
Carrying amount
86
79
Assets related to equity associates are mainly held by Nationale-Nederlanden ABN AMRO Verzekeringen Holding B.V.
The\u00a02025 amounts presented for Nationale-Nederlanden ABN AMRO Verzekeringen Holding are based on the latest
approved annual accounts of Nationale-Nederlanden ABN AMRO Verzekeringen Holding (annual financial
statements\u00a02024). The\u00a02024 amounts presented for Nationale-Nederlanden ABN AMRO Verzekeringen Holding are
based on the latest approved annual accounts of Nationale-Nederlanden ABN AMRO Verzekeringen Holding (annual
financial statements\u00a02023).
2025
2024
Associate
Associate
(in millions)
Nationale-Nederlanden
ABN AMRO Verzekeringen
Holding B.V.
Nationale-Nederlanden
ABN AMRO Verzekeringen
Holding B.V.
Other income
26
13
Operating income
26
13
Other operating expenses
2
Operating expenses
2
Profit/(loss) before taxation
25
11
Income tax expense
Profit/(loss) for the period
25
11
Other comprehensive income
Total comprehensive income
25
11
2025
2024
(in millions)
Associates
Associates
Operating income
633
587
Operating expenses
576
520
Profit/(loss) before taxation
57
67
Income tax expense
1
-1
Profit/(loss) for the period
56
68
The joint ventures and associates had no contingent liabilities or capital commitments other than the minimum capital
requirements under the Solvency Regulation as at 31\u00a0December\u00a02025 and\u00a02024.
Unconsolidated structured entities
Unconsolidated structured entities are entities over which ABN AMRO has no control or significant influence.
ABN AMRO is involved with structured entities through securitisation of financial assets and investments in structured
entities. Structured entities generally finance the purchase of assets by issuing debt and equity securities that are
collateralised by the assets held by the structured entities. The debt and equity securities issued by the structured
entities may include tranches with varying levels of subordination. The maximum exposure to losses from these
interests is equal to the total carrying amount.
Sponsoring of unconsolidated structured entities
An entity is considered a sponsor of an unconsolidated structured entity if it had a key role in establishing that entity in
order to enable the transaction that is the purpose of the entity to occur. No sponsoring occurred during 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-457": { "value": "
23\u00a0 Group structure
Accounting policy for business combinations
ABN AMRO accounts for business combinations using the acquisition method when control is transferred
to\u00a0the\u00a0bank. All items of consideration, including contingent consideration, transferred by ABN AMRO are
measured and recognised at fair value at the acquisition date. Transaction costs incurred by ABN AMRO
in\u00a0connection with the business combination, other than those associated with the issuance of debt and equity
securities, do not form part of the cost of the business combination transaction but are expensed as incurred.
The amount of the purchase consideration in excess of ABN AMRO\u2019s share of the fair value of the identifiable net
assets acquired (including certain contingent liabilities) is recorded as goodwill.
ABN AMRO measures the identifiable assets acquired and the liabilities assumed at the fair value at the acquisition
date. In a step acquisition, where a business combination occurs in stages and control of the business is obtained
in\u00a0stages, the identifiable assets and liabilities of the acquiree are recognised at fair value when control is obtained.
A gain or loss is recognised in profit or loss as the difference between the fair value of the previously held equity
interest in the acquiree and its carrying amount. Changes in interests in subsidiaries that do not result in a change
of control are treated as transactions between equity holders and are reported in equity.
24\u00a0 Property and equipment, leases, goodwill and other intangible assets
Accounting policy for impairment of non-financial assets
At each reporting date, ABN AMRO reviews the carrying amounts of its non-financial assets (i.e. ROU assets,
equipment, goodwill and other intangible assets) to determine whether there is any indication of impairment. If
any such indication exists, the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for
impairment.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash
inflows from continuing use that is largely independent of the cash inflows of other assets or cash-generating
units. Goodwill arising from a business combination is allocated to cash-generating units or groups
of\u00a0cash\u2011generating units that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less
costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using
a\u00a0pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset or cash-generating unit.
An impairment loss is recognised if the carrying amount of an asset or cash-generating unit exceeds its
recoverable amount. In general, ABN AMRO\u2019s corporate assets do not generate separate cash inflows and are
used by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on
a\u00a0reasonable and consistent basis and tested for impairment as part of the testing of the cash-generating unit
to\u00a0which the corporate assets are allocated.
Impairment losses are recognised in the income statement as a component of depreciation and amortisation
expense. They are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating
unit, and then to reduce the carrying amounts of the other assets in the cash-generating unit on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only
to\u00a0the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Goodwill
Goodwill is capitalised and stated at cost, being the excess of the consideration paid over the fair value
of\u00a0ABN\u00a0AMRO\u2019s share of the acquired entity\u2019s net identifiable assets at the acquisition date, less any accumulated
impairment losses. For the purpose of calculating goodwill, the fair values of acquired assets, liabilities and
contingent liabilities are determined by reference to market values or by discounting expected future cash flows
to present value. Goodwill is not amortised, but is reviewed annually for impairment, or more frequently if there
are indications that impairment may have occurred. In the test, the carrying amount of goodwill is compared
with the higher of the fair value less costs to sell and the value in use, being the present value of the cash flows
discounted at a pre-tax discount rate that reflects the risk of the cash-generating unit to which the goodwill
relates. Impairment losses are recognised in the income statement as depreciation and amortisation expense
and are irreversible.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-456": { "value": "
23\u00a0 Group structure
Accounting policy for subsidiaries
ABN AMRO\u2019s subsidiaries are those entities which it directly or indirectly controls. Control over an entity is
evidenced by ABN AMRO\u2019s ability to exercise its power in order to affect the variable returns that it is exposed
to\u00a0through its involvement in the entity. The existence and effect of potential voting rights that are currently
exercisable are taken into account when assessing whether control exists.
The assessment of control takes into account all facts and circumstances. The bank reassesses whether
it\u00a0controls an investee if facts and circumstances indicate that there are changes to one or more of the three
elements of control (power, exposure to variability in returns, and a link between the two).
ABN AMRO sponsors entities, including certain special purpose entities which may or may not be directly owned,
for the purpose of asset securitisation transactions and other specific and well-defined objectives. Particularly
in\u00a0the case of securitisations, these entities may acquire assets from ABN AMRO's subsidiaries. Some of these
entities hold assets that are not available to meet claims of ABN AMRO's creditors or subsidiaries. These entities
are consolidated in ABN AMRO\u2019s financial statements when the substance of the relationship between
ABN\u00a0AMRO and the entity indicates that control is held by ABN AMRO.
ABN AMRO is mainly involved in securitisations of own originated assets, such as various consumer and
commercial financial assets. This process generally necessitates a sale of these assets to a special purpose entity
(SPE), which in turn issues securities to investors. ABN AMRO\u2019s interests in securitised assets may be retained
in\u00a0the form of senior or subordinated tranches, issued guarantees, interest-only strips or other residual interests,
together referred to as retained interests. In many cases, these retained interests convey control, as a result
of\u00a0which the SPE is consolidated and the securitised assets continue to be recognised in the consolidated
statement of financial position.
The financial statements of subsidiaries and special purpose entities are included in the Consolidated Annual
Financial Statements from the date on which control commences until the date on which control ceases.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-470": { "value": "
24\u00a0 Property and equipment, leases, goodwill and other intangible assets
Accounting policy for property and equipment
Property and equipment are stated at cost less accumulated depreciation and any accumulated impairment
amount. At each balance sheet date, an assessment is performed to determine whether there is any indication
of\u00a0impairment. Subsequent costs are capitalised if these result in an enhancement to the asset. Depreciation is
charged to the income statement on a straight-line basis over the estimated useful lives of items of property and
equipment, and of major components that are accounted for separately. ABN AMRO generally applies
the\u00a0following useful lives to calculate depreciation:
\u2022 Land: not depreciated
\u2022 Buildings: 30 years
\u2022 Leasehold improvements: 5 years
\u2022 Equipment: 5 years
\u2022 Installations (durable): 10 years
\u2022 Computer installations: 2 to 5 years
Depreciation rates and residual values are reviewed at least periodically to take into account any change
in\u00a0circumstances. Capitalised leasehold improvements are depreciated in a manner that takes into account
the\u00a0term and renewal conditions of the related lease.
Assets for which the bank acts as a lessor in an operational lease contract are included in property and
equipment. The asset is depreciated on a straight-line basis, over its useful life, to its estimated residual value.
Accounting policy for impairment of non-financial assets
At each reporting date, ABN AMRO reviews the carrying amounts of its non-financial assets (i.e. ROU assets,
equipment, goodwill and other intangible assets) to determine whether there is any indication of impairment. If
any such indication exists, the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for
impairment.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash
inflows from continuing use that is largely independent of the cash inflows of other assets or cash-generating
units. Goodwill arising from a business combination is allocated to cash-generating units or groups
of\u00a0cash\u2011generating units that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less
costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using
a\u00a0pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset or cash-generating unit.
An impairment loss is recognised if the carrying amount of an asset or cash-generating unit exceeds its
recoverable amount. In general, ABN AMRO\u2019s corporate assets do not generate separate cash inflows and are
used by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on
a\u00a0reasonable and consistent basis and tested for impairment as part of the testing of the cash-generating unit
to\u00a0which the corporate assets are allocated.
Impairment losses are recognised in the income statement as a component of depreciation and amortisation
expense. They are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating
unit, and then to reduce the carrying amounts of the other assets in the cash-generating unit on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only
to\u00a0the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortisation, if no impairment loss had been recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-468": { "value": "
24\u00a0 Property and equipment, leases, goodwill and other intangible assets
Accounting policy for property and equipment
Property and equipment are stated at cost less accumulated depreciation and any accumulated impairment
amount. At each balance sheet date, an assessment is performed to determine whether there is any indication
of\u00a0impairment. Subsequent costs are capitalised if these result in an enhancement to the asset. Depreciation is
charged to the income statement on a straight-line basis over the estimated useful lives of items of property and
equipment, and of major components that are accounted for separately. ABN AMRO generally applies
the\u00a0following useful lives to calculate depreciation:
\u2022 Land: not depreciated
\u2022 Buildings: 30 years
\u2022 Leasehold improvements: 5 years
\u2022 Equipment: 5 years
\u2022 Installations (durable): 10 years
\u2022 Computer installations: 2 to 5 years
Depreciation rates and residual values are reviewed at least periodically to take into account any change
in\u00a0circumstances. Capitalised leasehold improvements are depreciated in a manner that takes into account
the\u00a0term and renewal conditions of the related lease.
Assets for which the bank acts as a lessor in an operational lease contract are included in property and
equipment. The asset is depreciated on a straight-line basis, over its useful life, to its estimated residual value.
Accounting policy for impairment of non-financial assets
At each reporting date, ABN AMRO reviews the carrying amounts of its non-financial assets (i.e. ROU assets,
equipment, goodwill and other intangible assets) to determine whether there is any indication of impairment. If
any such indication exists, the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for
impairment.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash
inflows from continuing use that is largely independent of the cash inflows of other assets or cash-generating
units. Goodwill arising from a business combination is allocated to cash-generating units or groups
of\u00a0cash\u2011generating units that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less
costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using
a\u00a0pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset or cash-generating unit.
An impairment loss is recognised if the carrying amount of an asset or cash-generating unit exceeds its
recoverable amount. In general, ABN AMRO\u2019s corporate assets do not generate separate cash inflows and are
used by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on
a\u00a0reasonable and consistent basis and tested for impairment as part of the testing of the cash-generating unit
to\u00a0which the corporate assets are allocated.
Impairment losses are recognised in the income statement as a component of depreciation and amortisation
expense. They are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating
unit, and then to reduce the carrying amounts of the other assets in the cash-generating unit on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only
to\u00a0the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortisation, if no impairment loss had been recognised.
(in millions)
31 December 2025
31 December 2024
Land and buildings held for own use
581
379
Leasehold improvements
38
44
Plant & equipment under operating lease
232
306
Equipment
74
70
Right of use assets
288
260
Other
8
8
Total property and equipment
1,221
1,068
The right of use assets consist primarily of real estate.
2025
(in millions)
Land and
buildings
held for
own use
Leasehold
improve-
ments
Plant &
equipment
under ope-
rating lease
Equip-
ment
Right
of use
assets
Other
property
and
equipment
Total
property
and
equipment
Good-
will
Other
intangible
assets
Total
goodwill
and other
intangible
assets
Acquisition costs as at 1 January
941
209
570
607
565
11
2,902
150
623
773
Acquisitions/divestments of subsidiaries
24
13
80
117
36
36
Additions
195
9
64
25
37
331
5
5
Reversal of cost due to disposals
-5
-13
-222
-142
-15
-398
-28
-28
Foreign exchange differences
-1
-3
-4
-4
-12
-1
-1
Internally generated software
94
94
Other
6
-2
-17
-13
-6
-6
Acquisition costs as at 31
December
1,160
201
408
499
646
11
2,926
150
722
871
Accumulated depreciation/
amortisation as at 1 January
-557
-165
-263
-537
-297
-1
-1,819
-404
-404
Acquisitions/divestments of subsidiaries
Depreciation/amortisation
-15
-14
-33
-86
-149
-25
-25
Depreciation of assets subject to
operating lease
-70
-70
Reversal of depreciation/amortisation
due to disposals
2
13
155
142
11
323
22
22
Foreign exchange differences
1
2
3
2
9
1
1
Other
-6
2
17
12
Accumulated depreciation/
amortisation as at 31 December
-576
-164
-176
-425
-353
-1
-1,694
-406
-406
Accumulated impairments as at
1 January
-5
-1
-7
-2
-14
-105
-10
-116
Increase of impairments charged to the
income statement
-1
-6
-6
Reversal of impairments due to
disposals
2
1
1
4
6
6
Other
6
6
Accumulated impairments as at
31 December
-3
-6
-2
-11
-105
-4
-110
Total as at 31 December
581
38
232
74
288
8
1,221
44
311
356
The fair value of land and buildings held for own use is estimated at EUR\u00a0232\u00a0million as at 31\u00a0December\u00a02025
(2024:\u00a0EUR\u00a0198\u00a0million). Of this fair value 100% is based on external valuations performed in 2020\u00a0to\u00a02025. There are
some properties that have a lower fair value than the recorded carrying value. No impairment is recorded because
these properties are considered corporate assets. The value in use for the cash generating units within
ABN AMRO Group is sufficient to cover the total value of all these assets.
The building at Foppingadreef in Amsterdam was transferred from ABN AMRO Bank N.V. to a subsidiary at a carrying
value of EUR\u00a0376\u00a0million. The building at Foppingadreef in Amsterdam is being reconstructed to serve as an example
with regard to sustainability and circularity. In 2023, ABN AMRO signed a construction contract with BAM for a total
value of EUR\u00a0431\u00a0million, subject to price indexation based on the BDB Index. In the second half of 2025, additional
design aspects were added to the original contract. In combination with the price indexation, the total contract value
amounts to EUR\u00a0527\u00a0million. As of 31\u00a0December\u00a02025, EUR\u00a0351\u00a0million has been paid towards the construction
contract (2024:\u00a0EUR\u00a0298\u00a0million), and a total of EUR\u00a0424\u00a0million has been capitalised as an asset under construction
(2024:\u00a0EUR\u00a0238\u00a0million). The project is scheduled for completion in 2027.
2024
(in millions)
Land and
buildings
held for
own use
Leasehold
improve-
ments
Plant &
equipment
under ope-
rating lease
Equip-
ment
Right
of use
assets
Other
property
and
equipment
Total
property
and
equipment
Good-
will
Other
intangible
assets
Total
goodwill
and other
intangible
assets
Acquisition costs as at 1 January
777
208
649
626
584
11
2,853
115
517
632
Acquisitions/divestments of subsidiaries
33
33
Additions
174
13
97
28
53
365
44
4
48
Reversal of cost due to disposals
-12
-13
-182
-48
-58
-313
-10
-22
-31
Foreign exchange differences
1
6
1
3
10
1
1
Internally generated software
93
93
Other
2
-1
-17
-15
-4
-3
Acquisition costs as at 31
December
941
209
570
607
565
11
2,902
150
623
773
Accumulated depreciation/
amortisation as at 1 January
-547
-160
-308
-546
-256
-1,817
-408
-408
Acquisitions/divestments of subsidiaries
-7
-7
Depreciation/amortisation
-16
-14
-36
-81
-147
-13
-13
Depreciation of assets subject to
operating lease
-86
-86
Reversal of depreciation/amortisation
due to disposals
10
9
135
45
21
219
22
22
Foreign exchange differences
-1
-3
-1
-1
-6
-1
-1
Other
-4
1
1
20
18
3
3
Accumulated depreciation/
amortisation as at 31 December
-557
-165
-263
-537
-297
-1
-1,819
-404
-404
Accumulated impairments as at
1 January
-5
-4
-3
-2
-43
-2
-59
-115
-10
-125
Impairments on assets subject to
operating lease
2
2
Reversal of impairments due to
disposals
2
4
2
37
45
10
10
Foreign exchange differences
-1
-1
Other
-2
-2
Accumulated impairments as at
31 December
-5
-1
-7
-2
-14
-105
-10
-116
Total as at 31 December
379
44
306
70
260
8
1,068
44
209
253
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-480": { "value": "
24\u00a0 Property and equipment, leases, goodwill and other intangible assets
Accounting policy for property and equipment
Property and equipment are stated at cost less accumulated depreciation and any accumulated impairment
amount. At each balance sheet date, an assessment is performed to determine whether there is any indication
of\u00a0impairment. Subsequent costs are capitalised if these result in an enhancement to the asset. Depreciation is
charged to the income statement on a straight-line basis over the estimated useful lives of items of property and
equipment, and of major components that are accounted for separately. ABN AMRO generally applies
the\u00a0following useful lives to calculate depreciation:
\u2022 Land: not depreciated
\u2022 Buildings: 30 years
\u2022 Leasehold improvements: 5 years
\u2022 Equipment: 5 years
\u2022 Installations (durable): 10 years
\u2022 Computer installations: 2 to 5 years
Depreciation rates and residual values are reviewed at least periodically to take into account any change
in\u00a0circumstances. Capitalised leasehold improvements are depreciated in a manner that takes into account
the\u00a0term and renewal conditions of the related lease.
Accounting policy for impairment of non-financial assets
At each reporting date, ABN AMRO reviews the carrying amounts of its non-financial assets (i.e. ROU assets,
equipment, goodwill and other intangible assets) to determine whether there is any indication of impairment. If
any such indication exists, the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for
impairment.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash
inflows from continuing use that is largely independent of the cash inflows of other assets or cash-generating
units. Goodwill arising from a business combination is allocated to cash-generating units or groups
of\u00a0cash\u2011generating units that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less
costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using
a\u00a0pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset or cash-generating unit.
An impairment loss is recognised if the carrying amount of an asset or cash-generating unit exceeds its
recoverable amount. In general, ABN AMRO\u2019s corporate assets do not generate separate cash inflows and are
used by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on
a\u00a0reasonable and consistent basis and tested for impairment as part of the testing of the cash-generating unit
to\u00a0which the corporate assets are allocated.
Impairment losses are recognised in the income statement as a component of depreciation and amortisation
expense. They are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating
unit, and then to reduce the carrying amounts of the other assets in the cash-generating unit on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only
to\u00a0the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortisation, if no impairment loss had been recognised.
2025
(in millions)
Land and
buildings
held for
own use
Leasehold
improve-
ments
Plant &
equipment
under ope-
rating lease
Equip-
ment
Right
of use
assets
Other
property
and
equipment
Total
property
and
equipment
Good-
will
Other
intangible
assets
Total
goodwill
and other
intangible
assets
Acquisition costs as at 1 January
941
209
570
607
565
11
2,902
150
623
773
Acquisitions/divestments of subsidiaries
24
13
80
117
36
36
Additions
195
9
64
25
37
331
5
5
Reversal of cost due to disposals
-5
-13
-222
-142
-15
-398
-28
-28
Foreign exchange differences
-1
-3
-4
-4
-12
-1
-1
Internally generated software
94
94
Other
6
-2
-17
-13
-6
-6
Acquisition costs as at 31
December
1,160
201
408
499
646
11
2,926
150
722
871
Accumulated depreciation/
amortisation as at 1 January
-557
-165
-263
-537
-297
-1
-1,819
-404
-404
Acquisitions/divestments of subsidiaries
Depreciation/amortisation
-15
-14
-33
-86
-149
-25
-25
Depreciation of assets subject to
operating lease
-70
-70
Reversal of depreciation/amortisation
due to disposals
2
13
155
142
11
323
22
22
Foreign exchange differences
1
2
3
2
9
1
1
Other
-6
2
17
12
Accumulated depreciation/
amortisation as at 31 December
-576
-164
-176
-425
-353
-1
-1,694
-406
-406
Accumulated impairments as at
1 January
-5
-1
-7
-2
-14
-105
-10
-116
Increase of impairments charged to the
income statement
-1
-6
-6
Reversal of impairments due to
disposals
2
1
1
4
6
6
Other
6
6
Accumulated impairments as at
31 December
-3
-6
-2
-11
-105
-4
-110
Total as at 31 December
581
38
232
74
288
8
1,221
44
311
356
The fair value of land and buildings held for own use is estimated at EUR\u00a0232\u00a0million as at 31\u00a0December\u00a02025
(2024:\u00a0EUR\u00a0198\u00a0million). Of this fair value 100% is based on external valuations performed in 2020\u00a0to\u00a02025. There are
some properties that have a lower fair value than the recorded carrying value. No impairment is recorded because
these properties are considered corporate assets. The value in use for the cash generating units within
ABN AMRO Group is sufficient to cover the total value of all these assets.
The building at Foppingadreef in Amsterdam was transferred from ABN AMRO Bank N.V. to a subsidiary at a carrying
value of EUR\u00a0376\u00a0million. The building at Foppingadreef in Amsterdam is being reconstructed to serve as an example
with regard to sustainability and circularity. In 2023, ABN AMRO signed a construction contract with BAM for a total
value of EUR\u00a0431\u00a0million, subject to price indexation based on the BDB Index. In the second half of 2025, additional
design aspects were added to the original contract. In combination with the price indexation, the total contract value
amounts to EUR\u00a0527\u00a0million. As of 31\u00a0December\u00a02025, EUR\u00a0351\u00a0million has been paid towards the construction
contract (2024:\u00a0EUR\u00a0298\u00a0million), and a total of EUR\u00a0424\u00a0million has been capitalised as an asset under construction
(2024:\u00a0EUR\u00a0238\u00a0million). The project is scheduled for completion in 2027.
2024
(in millions)
Land and
buildings
held for
own use
Leasehold
improve-
ments
Plant &
equipment
under ope-
rating lease
Equip-
ment
Right
of use
assets
Other
property
and
equipment
Total
property
and
equipment
Good-
will
Other
intangible
assets
Total
goodwill
and other
intangible
assets
Acquisition costs as at 1 January
777
208
649
626
584
11
2,853
115
517
632
Acquisitions/divestments of subsidiaries
33
33
Additions
174
13
97
28
53
365
44
4
48
Reversal of cost due to disposals
-12
-13
-182
-48
-58
-313
-10
-22
-31
Foreign exchange differences
1
6
1
3
10
1
1
Internally generated software
93
93
Other
2
-1
-17
-15
-4
-3
Acquisition costs as at 31
December
941
209
570
607
565
11
2,902
150
623
773
Accumulated depreciation/
amortisation as at 1 January
-547
-160
-308
-546
-256
-1,817
-408
-408
Acquisitions/divestments of subsidiaries
-7
-7
Depreciation/amortisation
-16
-14
-36
-81
-147
-13
-13
Depreciation of assets subject to
operating lease
-86
-86
Reversal of depreciation/amortisation
due to disposals
10
9
135
45
21
219
22
22
Foreign exchange differences
-1
-3
-1
-1
-6
-1
-1
Other
-4
1
1
20
18
3
3
Accumulated depreciation/
amortisation as at 31 December
-557
-165
-263
-537
-297
-1
-1,819
-404
-404
Accumulated impairments as at
1 January
-5
-4
-3
-2
-43
-2
-59
-115
-10
-125
Impairments on assets subject to
operating lease
2
2
Reversal of impairments due to
disposals
2
4
2
37
45
10
10
Foreign exchange differences
-1
-1
Other
-2
-2
Accumulated impairments as at
31 December
-5
-1
-7
-2
-14
-105
-10
-116
Total as at 31 December
379
44
306
70
260
8
1,068
44
209
253
Valuation of goodwill
31 December 2025
31 December 2024
(in millions)
Segment
Method used
for
recoverable
amount
Discount
rate
Long-
term
growth
rate
Impairment
charges
Goodwill
Goodwill
Entity
Bux
Wealth
Manage
ment
Value in use
13.8%
2.0%
44
44
Total goodwill and impairment charges
44
44
ABN AMRO performed its annual impairment test in the last quarter of 2025. The factors considered by ABN AMRO
when reviewing for indicators of impairment include the relationship between its market capitalisation and its book
value. The outcome of the impairment test performed is that no impairment needs to be recognised.
(in millions)
2025
2024
Depreciation on tangible assets
Land and buildings held for own use
15
16
Leasehold improvements
14
14
Equipment
33
36
Right of use assets
86
81
Amortisation on intangible assets
Purchased software
6
5
Internally developed software
15
6
Other intangible assets
4
2
Impairment losses on intangible assets
Internally developed software
1
Other intangible assets
5
Total depreciation, amortisation and impairment losses
180
160
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-479": { "value": "
24\u00a0 Property and equipment, leases, goodwill and other intangible assets
Accounting policy for impairment of non-financial assets
At each reporting date, ABN AMRO reviews the carrying amounts of its non-financial assets (i.e. ROU assets,
equipment, goodwill and other intangible assets) to determine whether there is any indication of impairment. If
any such indication exists, the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for
impairment.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash
inflows from continuing use that is largely independent of the cash inflows of other assets or cash-generating
units. Goodwill arising from a business combination is allocated to cash-generating units or groups
of\u00a0cash\u2011generating units that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less
costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using
a\u00a0pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset or cash-generating unit.
An impairment loss is recognised if the carrying amount of an asset or cash-generating unit exceeds its
recoverable amount. In general, ABN AMRO\u2019s corporate assets do not generate separate cash inflows and are
used by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on
a\u00a0reasonable and consistent basis and tested for impairment as part of the testing of the cash-generating unit
to\u00a0which the corporate assets are allocated.
Impairment losses are recognised in the income statement as a component of depreciation and amortisation
expense. They are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating
unit, and then to reduce the carrying amounts of the other assets in the cash-generating unit on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only
to\u00a0the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Accounting policy for intangible assets
Software and other intangible assets
The accounting policy for software and other intangible assets is determined by IAS 38 Intangible assets.
Software is amortised over a period of three years, unless it is classified as core application software, which is
amortised over its estimated useful life, set at a maximum of seven years. For own-developed software, only
the\u00a0development phase is capitalised.
Other intangible assets include separately identifiable items arising from acquisitions of subsidiaries, such as
client relationships, and certain purchased trademarks and similar items. In general, the estimated useful life
does not exceed ten years. Amortisation rates and residual values are reviewed at least annually to take into
account any change in circumstances.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-478": { "value": "
24\u00a0 Property and equipment, leases, goodwill and other intangible assets
Accounting policy for property and equipment
Property and equipment are stated at cost less accumulated depreciation and any accumulated impairment
amount. At each balance sheet date, an assessment is performed to determine whether there is any indication
of\u00a0impairment. Subsequent costs are capitalised if these result in an enhancement to the asset. Depreciation is
charged to the income statement on a straight-line basis over the estimated useful lives of items of property and
equipment, and of major components that are accounted for separately. ABN AMRO generally applies
the\u00a0following useful lives to calculate depreciation:
\u2022 Land: not depreciated
\u2022 Buildings: 30 years
\u2022 Leasehold improvements: 5 years
\u2022 Equipment: 5 years
\u2022 Installations (durable): 10 years
\u2022 Computer installations: 2 to 5 years
Depreciation rates and residual values are reviewed at least periodically to take into account any change
in\u00a0circumstances. Capitalised leasehold improvements are depreciated in a manner that takes into account
the\u00a0term and renewal conditions of the related lease.
Lessee accounting
The ROU asset is depreciated over the period of the lease, using the straight-line method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-477": { "value": "
24\u00a0 Property and equipment, leases, goodwill and other intangible assets
Accounting policy for impairment of non-financial assets
At each reporting date, ABN AMRO reviews the carrying amounts of its non-financial assets (i.e. ROU assets,
equipment, goodwill and other intangible assets) to determine whether there is any indication of impairment. If
any such indication exists, the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for
impairment.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash
inflows from continuing use that is largely independent of the cash inflows of other assets or cash-generating
units. Goodwill arising from a business combination is allocated to cash-generating units or groups
of\u00a0cash\u2011generating units that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less
costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using
a\u00a0pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset or cash-generating unit.
An impairment loss is recognised if the carrying amount of an asset or cash-generating unit exceeds its
recoverable amount. In general, ABN AMRO\u2019s corporate assets do not generate separate cash inflows and are
used by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on
a\u00a0reasonable and consistent basis and tested for impairment as part of the testing of the cash-generating unit
to\u00a0which the corporate assets are allocated.
Impairment losses are recognised in the income statement as a component of depreciation and amortisation
expense. They are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating
unit, and then to reduce the carrying amounts of the other assets in the cash-generating unit on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only
to\u00a0the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Accounting policy for leases
Lessor accounting
Where ABN AMRO acts as lessor, a distinction is made between operating and finance leases. Leases where
the\u00a0bank transfers all risks and rewards incidental to ownership of the asset to the lessee are classified as finance
leases. Leases that do not transfer these risks and rewards are classified as operating leases. Finance leases are
recognised as a receivable in loans and advances at an amount equal to the net investment in the lease, less
credit loss allowances. Assets subject to operating leases are recognised at cost in property and equipment.
Operating income from finance leases is recognised in a pattern reflecting a constant periodic rate of return on
the net investment in the lease.
Lessee accounting
All leases, except for low-value leases and leases with a duration of less than one year, are recognised on
the\u00a0balance sheet as a right of use (ROU) asset and lease liability. As a lessee, ABN AMRO enters into various
lease contracts, mainly for office buildings and cars that the bank leases for its own use. When accounting for
contracts as a lessee, ABN AMRO separates non-lease components from lease components. Payments such as
variable lease payments that do not depend on an index or a rate and non-lease components are not included
in\u00a0the lease liability. The ROU asset is initially measured at cost, which reflects the initial lease liability, adjusted
for upfront lease payments, received incentives and initial direct costs. The initial lease liability is equal
to\u00a0the\u00a0sum of the fixed lease payments, discounted by the incremental borrowing rate. Given that ABN AMRO
cannot readily determine the interest rate implicit in the lease, it uses the incremental borrowing rate to measure
lease liabilities.
The ROU asset is depreciated over the period of the lease, using the straight-line method.
Adjustments to the ROU asset and corresponding lease liability result from remeasurement and/or modification.
Remeasurement occurs when there is a change in the lease term or discount rate, a change in lease payments
due to a change in an index or rate, or when ABN AMRO changes its assessment regarding purchase, extension
or termination options. A lease modification is a change in the scope of the lease, or the consideration of a part
of a lease that was not in the original terms and conditions of the lease. A lease modification results in either
a\u00a0separate additional lease or a change in the accounting for the existing lease. In the case of a lease
modification not resulting in an additional lease, the lease liability is remeasured by adjusting the carrying
amount of the ROU asset and, to reflect the partial or full termination of the lease, recognising any gain or loss
in\u00a0the statement of profit and loss.
Expenses related to short-term leases with a term of less than 12 months and leases of low value are recognised
in the income statement. ROU assets are included in property and equipment, while the lease liabilities are
included in other liabilities. Depreciation of the ROU assets is included in depreciation, while amortisation
of\u00a0tangible and intangible assets is included in the income statement, and interest expense on lease liabilities is
included in other interest and similar expense.
Sale and leaseback transactions
In a sale and leaseback transaction, the seller/lessee transfers an underlying asset to the buyer/lessor and leases
that asset back from the buyer/lessor.
Seller/lessee accounting
If the bank is involved in a sale and leaseback transaction as a seller/lessee, the accounting policy described
below is from the perspective of a seller/lessee. To determine how to account for a sale and leaseback
transaction, the bank first considers whether the initial transfer of the underlying asset from the seller/lessee
to\u00a0the buyer/lessor is a sale in accordance with IFRS 15.
If a sale and leaseback transaction constitutes a sale in accordance with IFRS 15, the underlying asset is
derecognised and the lessee accounting model is applied to the leaseback. The ROU asset arising from
the\u00a0leaseback is measured based on the proportion of the previous carrying amount of the asset that relates
to\u00a0the rights of use retained by the seller/lessee. Accordingly, any gain or loss that relates to the rights
transferred to the buyer/lessor is recognised.
The proportion of the rights of use retained is the ratio between the present value of lease payments at market
rates (excluding any future index changes) and the fair value of the consideration for the sale proceeds.
The\u00a0residual proportion is the proportion of the rights transferred.
The fair value of the consideration for the sale proceeds is equal to the fair value of the underlying asset
in\u00a0the\u00a0sale-and-leaseback transaction. If this does not equal the fair value of the underlying asset, or if
the\u00a0payments for the lease are not at market rates, the bank makes adjustments to recognise the sale proceeds
at the fair value.
Any below-market terms are recognised as a prepayment of lease payments and any above-market terms are
recognised as additional financing provided by the buyer/lessor to the seller/lessee.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-476": { "value": "
24\u00a0 Property and equipment, leases, goodwill and other intangible assets
Accounting policy for impairment of non-financial assets
At each reporting date, ABN AMRO reviews the carrying amounts of its non-financial assets (i.e. ROU assets,
equipment, goodwill and other intangible assets) to determine whether there is any indication of impairment. If
any such indication exists, the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for
impairment.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash
inflows from continuing use that is largely independent of the cash inflows of other assets or cash-generating
units. Goodwill arising from a business combination is allocated to cash-generating units or groups
of\u00a0cash\u2011generating units that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less
costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using
a\u00a0pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset or cash-generating unit.
An impairment loss is recognised if the carrying amount of an asset or cash-generating unit exceeds its
recoverable amount. In general, ABN AMRO\u2019s corporate assets do not generate separate cash inflows and are
used by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on
a\u00a0reasonable and consistent basis and tested for impairment as part of the testing of the cash-generating unit
to\u00a0which the corporate assets are allocated.
Impairment losses are recognised in the income statement as a component of depreciation and amortisation
expense. They are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating
unit, and then to reduce the carrying amounts of the other assets in the cash-generating unit on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only
to\u00a0the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Accounting policy for intangible assets
Goodwill
Goodwill is capitalised and stated at cost, being the excess of the consideration paid over the fair value
of\u00a0ABN\u00a0AMRO\u2019s share of the acquired entity\u2019s net identifiable assets at the acquisition date, less any accumulated
impairment losses. For the purpose of calculating goodwill, the fair values of acquired assets, liabilities and
contingent liabilities are determined by reference to market values or by discounting expected future cash flows
to present value. Goodwill is not amortised, but is reviewed annually for impairment, or more frequently if there
are indications that impairment may have occurred. In the test, the carrying amount of goodwill is compared
with the higher of the fair value less costs to sell and the value in use, being the present value of the cash flows
discounted at a pre-tax discount rate that reflects the risk of the cash-generating unit to which the goodwill
relates. Impairment losses are recognised in the income statement as depreciation and amortisation expense
and are irreversible.
Software and other intangible assets
The accounting policy for software and other intangible assets is determined by IAS 38 Intangible assets.
Software is amortised over a period of three years, unless it is classified as core application software, which is
amortised over its estimated useful life, set at a maximum of seven years. For own-developed software, only
the\u00a0development phase is capitalised.
Other intangible assets include separately identifiable items arising from acquisitions of subsidiaries, such as
client relationships, and certain purchased trademarks and similar items. In general, the estimated useful life
does not exceed ten years. Amortisation rates and residual values are reviewed at least annually to take into
account any change in circumstances.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-475": { "value": "
24\u00a0 Property and equipment, leases, goodwill and other intangible assets
Accounting policy for impairment of non-financial assets
At each reporting date, ABN AMRO reviews the carrying amounts of its non-financial assets (i.e. ROU assets,
equipment, goodwill and other intangible assets) to determine whether there is any indication of impairment. If
any such indication exists, the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for
impairment.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash
inflows from continuing use that is largely independent of the cash inflows of other assets or cash-generating
units. Goodwill arising from a business combination is allocated to cash-generating units or groups
of\u00a0cash\u2011generating units that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less
costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using
a\u00a0pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset or cash-generating unit.
An impairment loss is recognised if the carrying amount of an asset or cash-generating unit exceeds its
recoverable amount. In general, ABN AMRO\u2019s corporate assets do not generate separate cash inflows and are
used by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on
a\u00a0reasonable and consistent basis and tested for impairment as part of the testing of the cash-generating unit
to\u00a0which the corporate assets are allocated.
Impairment losses are recognised in the income statement as a component of depreciation and amortisation
expense. They are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating
unit, and then to reduce the carrying amounts of the other assets in the cash-generating unit on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only
to\u00a0the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Accounting policy for intangible assets
Goodwill
Goodwill is capitalised and stated at cost, being the excess of the consideration paid over the fair value
of\u00a0ABN\u00a0AMRO\u2019s share of the acquired entity\u2019s net identifiable assets at the acquisition date, less any accumulated
impairment losses. For the purpose of calculating goodwill, the fair values of acquired assets, liabilities and
contingent liabilities are determined by reference to market values or by discounting expected future cash flows
to present value. Goodwill is not amortised, but is reviewed annually for impairment, or more frequently if there
are indications that impairment may have occurred. In the test, the carrying amount of goodwill is compared
with the higher of the fair value less costs to sell and the value in use, being the present value of the cash flows
discounted at a pre-tax discount rate that reflects the risk of the cash-generating unit to which the goodwill
relates. Impairment losses are recognised in the income statement as depreciation and amortisation expense
and are irreversible.
Software and other intangible assets
The accounting policy for software and other intangible assets is determined by IAS 38 Intangible assets.
Software is amortised over a period of three years, unless it is classified as core application software, which is
amortised over its estimated useful life, set at a maximum of seven years. For own-developed software, only
the\u00a0development phase is capitalised.
Other intangible assets include separately identifiable items arising from acquisitions of subsidiaries, such as
client relationships, and certain purchased trademarks and similar items. In general, the estimated useful life
does not exceed ten years. Amortisation rates and residual values are reviewed at least annually to take into
account any change in circumstances.
(in millions)
31 December 2025
31 December 2024
Goodwill
44
44
Purchased software
21
5
Internally developed software
267
188
Other
24
15
Total goodwill and other intangible assets
356
253
2025
(in millions)
Land and
buildings
held for
own use
Leasehold
improve-
ments
Plant &
equipment
under ope-
rating lease
Equip-
ment
Right
of use
assets
Other
property
and
equipment
Total
property
and
equipment
Good-
will
Other
intangible
assets
Total
goodwill
and other
intangible
assets
Acquisition costs as at 1 January
941
209
570
607
565
11
2,902
150
623
773
Acquisitions/divestments of subsidiaries
24
13
80
117
36
36
Additions
195
9
64
25
37
331
5
5
Reversal of cost due to disposals
-5
-13
-222
-142
-15
-398
-28
-28
Foreign exchange differences
-1
-3
-4
-4
-12
-1
-1
Internally generated software
94
94
Other
6
-2
-17
-13
-6
-6
Acquisition costs as at 31
December
1,160
201
408
499
646
11
2,926
150
722
871
Accumulated depreciation/
amortisation as at 1 January
-557
-165
-263
-537
-297
-1
-1,819
-404
-404
Acquisitions/divestments of subsidiaries
Depreciation/amortisation
-15
-14
-33
-86
-149
-25
-25
Depreciation of assets subject to
operating lease
-70
-70
Reversal of depreciation/amortisation
due to disposals
2
13
155
142
11
323
22
22
Foreign exchange differences
1
2
3
2
9
1
1
Other
-6
2
17
12
Accumulated depreciation/
amortisation as at 31 December
-576
-164
-176
-425
-353
-1
-1,694
-406
-406
Accumulated impairments as at
1 January
-5
-1
-7
-2
-14
-105
-10
-116
Increase of impairments charged to the
income statement
-1
-6
-6
Reversal of impairments due to
disposals
2
1
1
4
6
6
Other
6
6
Accumulated impairments as at
31 December
-3
-6
-2
-11
-105
-4
-110
Total as at 31 December
581
38
232
74
288
8
1,221
44
311
356
2024
(in millions)
Land and
buildings
held for
own use
Leasehold
improve-
ments
Plant &
equipment
under ope-
rating lease
Equip-
ment
Right
of use
assets
Other
property
and
equipment
Total
property
and
equipment
Good-
will
Other
intangible
assets
Total
goodwill
and other
intangible
assets
Acquisition costs as at 1 January
777
208
649
626
584
11
2,853
115
517
632
Acquisitions/divestments of subsidiaries
33
33
Additions
174
13
97
28
53
365
44
4
48
Reversal of cost due to disposals
-12
-13
-182
-48
-58
-313
-10
-22
-31
Foreign exchange differences
1
6
1
3
10
1
1
Internally generated software
93
93
Other
2
-1
-17
-15
-4
-3
Acquisition costs as at 31
December
941
209
570
607
565
11
2,902
150
623
773
Accumulated depreciation/
amortisation as at 1 January
-547
-160
-308
-546
-256
-1,817
-408
-408
Acquisitions/divestments of subsidiaries
-7
-7
Depreciation/amortisation
-16
-14
-36
-81
-147
-13
-13
Depreciation of assets subject to
operating lease
-86
-86
Reversal of depreciation/amortisation
due to disposals
10
9
135
45
21
219
22
22
Foreign exchange differences
-1
-3
-1
-1
-6
-1
-1
Other
-4
1
1
20
18
3
3
Accumulated depreciation/
amortisation as at 31 December
-557
-165
-263
-537
-297
-1
-1,819
-404
-404
Accumulated impairments as at
1 January
-5
-4
-3
-2
-43
-2
-59
-115
-10
-125
Impairments on assets subject to
operating lease
2
2
Reversal of impairments due to
disposals
2
4
2
37
45
10
10
Foreign exchange differences
-1
-1
Other
-2
-2
Accumulated impairments as at
31 December
-5
-1
-7
-2
-14
-105
-10
-116
Total as at 31 December
379
44
306
70
260
8
1,068
44
209
253
Valuation of goodwill
31 December 2025
31 December 2024
(in millions)
Segment
Method used
for
recoverable
amount
Discount
rate
Long-
term
growth
rate
Impairment
charges
Goodwill
Goodwill
Entity
Bux
Wealth
Manage
ment
Value in use
13.8%
2.0%
44
44
Total goodwill and impairment charges
44
44
ABN AMRO performed its annual impairment test in the last quarter of 2025. The factors considered by ABN AMRO
when reviewing for indicators of impairment include the relationship between its market capitalisation and its book
value. The outcome of the impairment test performed is that no impairment needs to be recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-474": { "value": "
24\u00a0 Property and equipment, leases, goodwill and other intangible assets
Accounting policy for impairment of non-financial assets
At each reporting date, ABN AMRO reviews the carrying amounts of its non-financial assets (i.e. ROU assets,
equipment, goodwill and other intangible assets) to determine whether there is any indication of impairment. If
any such indication exists, the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for
impairment.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash
inflows from continuing use that is largely independent of the cash inflows of other assets or cash-generating
units. Goodwill arising from a business combination is allocated to cash-generating units or groups
of\u00a0cash\u2011generating units that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less
costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using
a\u00a0pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset or cash-generating unit.
An impairment loss is recognised if the carrying amount of an asset or cash-generating unit exceeds its
recoverable amount. In general, ABN AMRO\u2019s corporate assets do not generate separate cash inflows and are
used by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on
a\u00a0reasonable and consistent basis and tested for impairment as part of the testing of the cash-generating unit
to\u00a0which the corporate assets are allocated.
Impairment losses are recognised in the income statement as a component of depreciation and amortisation
expense. They are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating
unit, and then to reduce the carrying amounts of the other assets in the cash-generating unit on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only
to\u00a0the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortisation, if no impairment loss had been recognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-473": { "value": "
24\u00a0 Property and equipment, leases, goodwill and other intangible assets
Accounting policy for impairment of non-financial assets
At each reporting date, ABN AMRO reviews the carrying amounts of its non-financial assets (i.e. ROU assets,
equipment, goodwill and other intangible assets) to determine whether there is any indication of impairment. If
any such indication exists, the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for
impairment.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash
inflows from continuing use that is largely independent of the cash inflows of other assets or cash-generating
units. Goodwill arising from a business combination is allocated to cash-generating units or groups
of\u00a0cash\u2011generating units that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less
costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using
a\u00a0pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset or cash-generating unit.
An impairment loss is recognised if the carrying amount of an asset or cash-generating unit exceeds its
recoverable amount. In general, ABN AMRO\u2019s corporate assets do not generate separate cash inflows and are
used by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on
a\u00a0reasonable and consistent basis and tested for impairment as part of the testing of the cash-generating unit
to\u00a0which the corporate assets are allocated.
Impairment losses are recognised in the income statement as a component of depreciation and amortisation
expense. They are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating
unit, and then to reduce the carrying amounts of the other assets in the cash-generating unit on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only
to\u00a0the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Accounting policy for intangible assets
Goodwill
Goodwill is capitalised and stated at cost, being the excess of the consideration paid over the fair value
of\u00a0ABN\u00a0AMRO\u2019s share of the acquired entity\u2019s net identifiable assets at the acquisition date, less any accumulated
impairment losses. For the purpose of calculating goodwill, the fair values of acquired assets, liabilities and
contingent liabilities are determined by reference to market values or by discounting expected future cash flows
to present value. Goodwill is not amortised, but is reviewed annually for impairment, or more frequently if there
are indications that impairment may have occurred. In the test, the carrying amount of goodwill is compared
with the higher of the fair value less costs to sell and the value in use, being the present value of the cash flows
discounted at a pre-tax discount rate that reflects the risk of the cash-generating unit to which the goodwill
relates. Impairment losses are recognised in the income statement as depreciation and amortisation expense
and are irreversible.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-472": { "value": "
24\u00a0 Property and equipment, leases, goodwill and other intangible assets
Accounting policy for property and equipment
Property and equipment are stated at cost less accumulated depreciation and any accumulated impairment
amount. At each balance sheet date, an assessment is performed to determine whether there is any indication
of\u00a0impairment. Subsequent costs are capitalised if these result in an enhancement to the asset. Depreciation is
charged to the income statement on a straight-line basis over the estimated useful lives of items of property and
equipment, and of major components that are accounted for separately. ABN AMRO generally applies
the\u00a0following useful lives to calculate depreciation:
\u2022 Land: not depreciated
\u2022 Buildings: 30 years
\u2022 Leasehold improvements: 5 years
\u2022 Equipment: 5 years
\u2022 Installations (durable): 10 years
\u2022 Computer installations: 2 to 5 years
Depreciation rates and residual values are reviewed at least periodically to take into account any change
in\u00a0circumstances. Capitalised leasehold improvements are depreciated in a manner that takes into account
the\u00a0term and renewal conditions of the related lease.
Lessee accounting
The ROU asset is depreciated over the period of the lease, using the straight-line method.
Accounting policy for intangible assets
Software and other intangible assets
The accounting policy for software and other intangible assets is determined by IAS 38 Intangible assets.
Software is amortised over a period of three years, unless it is classified as core application software, which is
amortised over its estimated useful life, set at a maximum of seven years. For own-developed software, only
the\u00a0development phase is capitalised.
Other intangible assets include separately identifiable items arising from acquisitions of subsidiaries, such as
client relationships, and certain purchased trademarks and similar items. In general, the estimated useful life
does not exceed ten years. Amortisation rates and residual values are reviewed at least annually to take into
account any change in circumstances.
2025
(in millions)
Land and
buildings
held for
own use
Leasehold
improve-
ments
Plant &
equipment
under ope-
rating lease
Equip-
ment
Right
of use
assets
Other
property
and
equipment
Total
property
and
equipment
Good-
will
Other
intangible
assets
Total
goodwill
and other
intangible
assets
Acquisition costs as at 1 January
941
209
570
607
565
11
2,902
150
623
773
Acquisitions/divestments of subsidiaries
24
13
80
117
36
36
Additions
195
9
64
25
37
331
5
5
Reversal of cost due to disposals
-5
-13
-222
-142
-15
-398
-28
-28
Foreign exchange differences
-1
-3
-4
-4
-12
-1
-1
Internally generated software
94
94
Other
6
-2
-17
-13
-6
-6
Acquisition costs as at 31
December
1,160
201
408
499
646
11
2,926
150
722
871
Accumulated depreciation/
amortisation as at 1 January
-557
-165
-263
-537
-297
-1
-1,819
-404
-404
Acquisitions/divestments of subsidiaries
Depreciation/amortisation
-15
-14
-33
-86
-149
-25
-25
Depreciation of assets subject to
operating lease
-70
-70
Reversal of depreciation/amortisation
due to disposals
2
13
155
142
11
323
22
22
Foreign exchange differences
1
2
3
2
9
1
1
Other
-6
2
17
12
Accumulated depreciation/
amortisation as at 31 December
-576
-164
-176
-425
-353
-1
-1,694
-406
-406
Accumulated impairments as at
1 January
-5
-1
-7
-2
-14
-105
-10
-116
Increase of impairments charged to the
income statement
-1
-6
-6
Reversal of impairments due to
disposals
2
1
1
4
6
6
Other
6
6
Accumulated impairments as at
31 December
-3
-6
-2
-11
-105
-4
-110
Total as at 31 December
581
38
232
74
288
8
1,221
44
311
356
2024
(in millions)
Land and
buildings
held for
own use
Leasehold
improve-
ments
Plant &
equipment
under ope-
rating lease
Equip-
ment
Right
of use
assets
Other
property
and
equipment
Total
property
and
equipment
Good-
will
Other
intangible
assets
Total
goodwill
and other
intangible
assets
Acquisition costs as at 1 January
777
208
649
626
584
11
2,853
115
517
632
Acquisitions/divestments of subsidiaries
33
33
Additions
174
13
97
28
53
365
44
4
48
Reversal of cost due to disposals
-12
-13
-182
-48
-58
-313
-10
-22
-31
Foreign exchange differences
1
6
1
3
10
1
1
Internally generated software
93
93
Other
2
-1
-17
-15
-4
-3
Acquisition costs as at 31
December
941
209
570
607
565
11
2,902
150
623
773
Accumulated depreciation/
amortisation as at 1 January
-547
-160
-308
-546
-256
-1,817
-408
-408
Acquisitions/divestments of subsidiaries
-7
-7
Depreciation/amortisation
-16
-14
-36
-81
-147
-13
-13
Depreciation of assets subject to
operating lease
-86
-86
Reversal of depreciation/amortisation
due to disposals
10
9
135
45
21
219
22
22
Foreign exchange differences
-1
-3
-1
-1
-6
-1
-1
Other
-4
1
1
20
18
3
3
Accumulated depreciation/
amortisation as at 31 December
-557
-165
-263
-537
-297
-1
-1,819
-404
-404
Accumulated impairments as at
1 January
-5
-4
-3
-2
-43
-2
-59
-115
-10
-125
Impairments on assets subject to
operating lease
2
2
Reversal of impairments due to
disposals
2
4
2
37
45
10
10
Foreign exchange differences
-1
-1
Other
-2
-2
Accumulated impairments as at
31 December
-5
-1
-7
-2
-14
-105
-10
-116
Total as at 31 December
379
44
306
70
260
8
1,068
44
209
253
(in millions)
2025
2024
Depreciation on tangible assets
Land and buildings held for own use
15
16
Leasehold improvements
14
14
Equipment
33
36
Right of use assets
86
81
Amortisation on intangible assets
Purchased software
6
5
Internally developed software
15
6
Other intangible assets
4
2
Impairment losses on intangible assets
Internally developed software
1
Other intangible assets
5
Total depreciation, amortisation and impairment losses
180
160
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-471": { "value": "
24\u00a0 Property and equipment, leases, goodwill and other intangible assets
Accounting policy for impairment of non-financial assets
At each reporting date, ABN AMRO reviews the carrying amounts of its non-financial assets (i.e. ROU assets,
equipment, goodwill and other intangible assets) to determine whether there is any indication of impairment. If
any such indication exists, the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for
impairment.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash
inflows from continuing use that is largely independent of the cash inflows of other assets or cash-generating
units. Goodwill arising from a business combination is allocated to cash-generating units or groups
of\u00a0cash\u2011generating units that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less
costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using
a\u00a0pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset or cash-generating unit.
An impairment loss is recognised if the carrying amount of an asset or cash-generating unit exceeds its
recoverable amount. In general, ABN AMRO\u2019s corporate assets do not generate separate cash inflows and are
used by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on
a\u00a0reasonable and consistent basis and tested for impairment as part of the testing of the cash-generating unit
to\u00a0which the corporate assets are allocated.
Impairment losses are recognised in the income statement as a component of depreciation and amortisation
expense. They are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating
unit, and then to reduce the carrying amounts of the other assets in the cash-generating unit on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only
to\u00a0the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Accounting policy for intangible assets
Software and other intangible assets
The accounting policy for software and other intangible assets is determined by IAS 38 Intangible assets.
Software is amortised over a period of three years, unless it is classified as core application software, which is
amortised over its estimated useful life, set at a maximum of seven years. For own-developed software, only
the\u00a0development phase is capitalised.
Other intangible assets include separately identifiable items arising from acquisitions of subsidiaries, such as
client relationships, and certain purchased trademarks and similar items. In general, the estimated useful life
does not exceed ten years. Amortisation rates and residual values are reviewed at least annually to take into
account any change in circumstances.
(in millions)
31 December 2025
31 December 2024
Goodwill
44
44
Purchased software
21
5
Internally developed software
267
188
Other
24
15
Total goodwill and other intangible assets
356
253
2025
(in millions)
Land and
buildings
held for
own use
Leasehold
improve-
ments
Plant &
equipment
under ope-
rating lease
Equip-
ment
Right
of use
assets
Other
property
and
equipment
Total
property
and
equipment
Good-
will
Other
intangible
assets
Total
goodwill
and other
intangible
assets
Acquisition costs as at 1 January
941
209
570
607
565
11
2,902
150
623
773
Acquisitions/divestments of subsidiaries
24
13
80
117
36
36
Additions
195
9
64
25
37
331
5
5
Reversal of cost due to disposals
-5
-13
-222
-142
-15
-398
-28
-28
Foreign exchange differences
-1
-3
-4
-4
-12
-1
-1
Internally generated software
94
94
Other
6
-2
-17
-13
-6
-6
Acquisition costs as at 31
December
1,160
201
408
499
646
11
2,926
150
722
871
Accumulated depreciation/
amortisation as at 1 January
-557
-165
-263
-537
-297
-1
-1,819
-404
-404
Acquisitions/divestments of subsidiaries
Depreciation/amortisation
-15
-14
-33
-86
-149
-25
-25
Depreciation of assets subject to
operating lease
-70
-70
Reversal of depreciation/amortisation
due to disposals
2
13
155
142
11
323
22
22
Foreign exchange differences
1
2
3
2
9
1
1
Other
-6
2
17
12
Accumulated depreciation/
amortisation as at 31 December
-576
-164
-176
-425
-353
-1
-1,694
-406
-406
Accumulated impairments as at
1 January
-5
-1
-7
-2
-14
-105
-10
-116
Increase of impairments charged to the
income statement
-1
-6
-6
Reversal of impairments due to
disposals
2
1
1
4
6
6
Other
6
6
Accumulated impairments as at
31 December
-3
-6
-2
-11
-105
-4
-110
Total as at 31 December
581
38
232
74
288
8
1,221
44
311
356
2024
(in millions)
Land and
buildings
held for
own use
Leasehold
improve-
ments
Plant &
equipment
under ope-
rating lease
Equip-
ment
Right
of use
assets
Other
property
and
equipment
Total
property
and
equipment
Good-
will
Other
intangible
assets
Total
goodwill
and other
intangible
assets
Acquisition costs as at 1 January
777
208
649
626
584
11
2,853
115
517
632
Acquisitions/divestments of subsidiaries
33
33
Additions
174
13
97
28
53
365
44
4
48
Reversal of cost due to disposals
-12
-13
-182
-48
-58
-313
-10
-22
-31
Foreign exchange differences
1
6
1
3
10
1
1
Internally generated software
93
93
Other
2
-1
-17
-15
-4
-3
Acquisition costs as at 31
December
941
209
570
607
565
11
2,902
150
623
773
Accumulated depreciation/
amortisation as at 1 January
-547
-160
-308
-546
-256
-1,817
-408
-408
Acquisitions/divestments of subsidiaries
-7
-7
Depreciation/amortisation
-16
-14
-36
-81
-147
-13
-13
Depreciation of assets subject to
operating lease
-86
-86
Reversal of depreciation/amortisation
due to disposals
10
9
135
45
21
219
22
22
Foreign exchange differences
-1
-3
-1
-1
-6
-1
-1
Other
-4
1
1
20
18
3
3
Accumulated depreciation/
amortisation as at 31 December
-557
-165
-263
-537
-297
-1
-1,819
-404
-404
Accumulated impairments as at
1 January
-5
-4
-3
-2
-43
-2
-59
-115
-10
-125
Impairments on assets subject to
operating lease
2
2
Reversal of impairments due to
disposals
2
4
2
37
45
10
10
Foreign exchange differences
-1
-1
Other
-2
-2
Accumulated impairments as at
31 December
-5
-1
-7
-2
-14
-105
-10
-116
Total as at 31 December
379
44
306
70
260
8
1,068
44
209
253
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-469": { "value": "
24\u00a0 Property and equipment, leases, goodwill and other intangible assets
Accounting policy for impairment of non-financial assets
At each reporting date, ABN AMRO reviews the carrying amounts of its non-financial assets (i.e. ROU assets,
equipment, goodwill and other intangible assets) to determine whether there is any indication of impairment. If
any such indication exists, the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for
impairment.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash
inflows from continuing use that is largely independent of the cash inflows of other assets or cash-generating
units. Goodwill arising from a business combination is allocated to cash-generating units or groups
of\u00a0cash\u2011generating units that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less
costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using
a\u00a0pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset or cash-generating unit.
An impairment loss is recognised if the carrying amount of an asset or cash-generating unit exceeds its
recoverable amount. In general, ABN AMRO\u2019s corporate assets do not generate separate cash inflows and are
used by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on
a\u00a0reasonable and consistent basis and tested for impairment as part of the testing of the cash-generating unit
to\u00a0which the corporate assets are allocated.
Impairment losses are recognised in the income statement as a component of depreciation and amortisation
expense. They are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating
unit, and then to reduce the carrying amounts of the other assets in the cash-generating unit on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only
to\u00a0the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Accounting policy for intangible assets
Goodwill
Goodwill is capitalised and stated at cost, being the excess of the consideration paid over the fair value
of\u00a0ABN\u00a0AMRO\u2019s share of the acquired entity\u2019s net identifiable assets at the acquisition date, less any accumulated
impairment losses. For the purpose of calculating goodwill, the fair values of acquired assets, liabilities and
contingent liabilities are determined by reference to market values or by discounting expected future cash flows
to present value. Goodwill is not amortised, but is reviewed annually for impairment, or more frequently if there
are indications that impairment may have occurred. In the test, the carrying amount of goodwill is compared
with the higher of the fair value less costs to sell and the value in use, being the present value of the cash flows
discounted at a pre-tax discount rate that reflects the risk of the cash-generating unit to which the goodwill
relates. Impairment losses are recognised in the income statement as depreciation and amortisation expense
and are irreversible.
(in millions)
31 December 2025
31 December 2024
Goodwill
44
44
Purchased software
21
5
Internally developed software
267
188
Other
24
15
Total goodwill and other intangible assets
356
253
2025
(in millions)
Land and
buildings
held for
own use
Leasehold
improve-
ments
Plant &
equipment
under ope-
rating lease
Equip-
ment
Right
of use
assets
Other
property
and
equipment
Total
property
and
equipment
Good-
will
Other
intangible
assets
Total
goodwill
and other
intangible
assets
Acquisition costs as at 1 January
941
209
570
607
565
11
2,902
150
623
773
Acquisitions/divestments of subsidiaries
24
13
80
117
36
36
Additions
195
9
64
25
37
331
5
5
Reversal of cost due to disposals
-5
-13
-222
-142
-15
-398
-28
-28
Foreign exchange differences
-1
-3
-4
-4
-12
-1
-1
Internally generated software
94
94
Other
6
-2
-17
-13
-6
-6
Acquisition costs as at 31
December
1,160
201
408
499
646
11
2,926
150
722
871
Accumulated depreciation/
amortisation as at 1 January
-557
-165
-263
-537
-297
-1
-1,819
-404
-404
Acquisitions/divestments of subsidiaries
Depreciation/amortisation
-15
-14
-33
-86
-149
-25
-25
Depreciation of assets subject to
operating lease
-70
-70
Reversal of depreciation/amortisation
due to disposals
2
13
155
142
11
323
22
22
Foreign exchange differences
1
2
3
2
9
1
1
Other
-6
2
17
12
Accumulated depreciation/
amortisation as at 31 December
-576
-164
-176
-425
-353
-1
-1,694
-406
-406
Accumulated impairments as at
1 January
-5
-1
-7
-2
-14
-105
-10
-116
Increase of impairments charged to the
income statement
-1
-6
-6
Reversal of impairments due to
disposals
2
1
1
4
6
6
Other
6
6
Accumulated impairments as at
31 December
-3
-6
-2
-11
-105
-4
-110
Total as at 31 December
581
38
232
74
288
8
1,221
44
311
356
2024
(in millions)
Land and
buildings
held for
own use
Leasehold
improve-
ments
Plant &
equipment
under ope-
rating lease
Equip-
ment
Right
of use
assets
Other
property
and
equipment
Total
property
and
equipment
Good-
will
Other
intangible
assets
Total
goodwill
and other
intangible
assets
Acquisition costs as at 1 January
777
208
649
626
584
11
2,853
115
517
632
Acquisitions/divestments of subsidiaries
33
33
Additions
174
13
97
28
53
365
44
4
48
Reversal of cost due to disposals
-12
-13
-182
-48
-58
-313
-10
-22
-31
Foreign exchange differences
1
6
1
3
10
1
1
Internally generated software
93
93
Other
2
-1
-17
-15
-4
-3
Acquisition costs as at 31
December
941
209
570
607
565
11
2,902
150
623
773
Accumulated depreciation/
amortisation as at 1 January
-547
-160
-308
-546
-256
-1,817
-408
-408
Acquisitions/divestments of subsidiaries
-7
-7
Depreciation/amortisation
-16
-14
-36
-81
-147
-13
-13
Depreciation of assets subject to
operating lease
-86
-86
Reversal of depreciation/amortisation
due to disposals
10
9
135
45
21
219
22
22
Foreign exchange differences
-1
-3
-1
-1
-6
-1
-1
Other
-4
1
1
20
18
3
3
Accumulated depreciation/
amortisation as at 31 December
-557
-165
-263
-537
-297
-1
-1,819
-404
-404
Accumulated impairments as at
1 January
-5
-4
-3
-2
-43
-2
-59
-115
-10
-125
Impairments on assets subject to
operating lease
2
2
Reversal of impairments due to
disposals
2
4
2
37
45
10
10
Foreign exchange differences
-1
-1
Other
-2
-2
Accumulated impairments as at
31 December
-5
-1
-7
-2
-14
-105
-10
-116
Total as at 31 December
379
44
306
70
260
8
1,068
44
209
253
Valuation of goodwill
31 December 2025
31 December 2024
(in millions)
Segment
Method used
for
recoverable
amount
Discount
rate
Long-
term
growth
rate
Impairment
charges
Goodwill
Goodwill
Entity
Bux
Wealth
Manage
ment
Value in use
13.8%
2.0%
44
44
Total goodwill and impairment charges
44
44
ABN AMRO performed its annual impairment test in the last quarter of 2025. The factors considered by ABN AMRO
when reviewing for indicators of impairment include the relationship between its market capitalisation and its book
value. The outcome of the impairment test performed is that no impairment needs to be recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-482": { "value": "
25\u00a0 Non-current assets and disposal groups held for sale
Accounting policy for non-current assets and disposal groups held for sale
Non-current assets and/or businesses are classified as held for sale if their carrying amount is to be recovered
principally by selling them within 12 months, rather than through ongoing use. Assets held for sale (other than
financial instruments) are not depreciated and are measured at the lower of their carrying amount and fair value,
less costs to sell. Assets and liabilities of a business held for sale are presented separately in the consolidated
statement of financial position.
(in millions)
31 December 2025
31 December 2024
Assets
Residential mortgages
1,153
Consumer loans
1,312
Corporate loans
1,329
Property and equipment
1
Assets of businesses held for sale
2,466
1,330
Liabilities
Tax liabilities
5
Other liabilities
15
Liabilities of businesses held for sale
20
The 2025 held-for-sale asset position of EUR\u00a02.5\u00a0billion comprises EUR\u00a01.3\u00a0billion of consumer loans relating to ALFAM
Holding N.V. and a mortgage portfolio of EUR\u00a01.2\u00a0billion relating to ABN AMRO Hypotheken Group B.V. The\u00a02025
held\u2011for\u2011sale liability position of EUR\u00a020\u00a0million relates to Alfam. In\u00a02024, the held-for-sale position included
EUR\u00a01.3\u00a0billion of corporate loans, for which the transaction was closed in the first quarter of 2025. The corporate
loans were part of the Corporate Banking segment.
In the fourth quarter of 2025, ABN AMRO announced that its subsidiary Alfam will be sold to Rabobank. ABN AMRO
continues to offer consumer loans through a third-party agreement with Rabobank. The expected closing is in the third
quarter of 2026, subject to regulatory approval. ABN AMRO anticipates a loss on sale of approximately
EUR\u00a0118\u00a0million. Consistent with the measurement requirements of IFRS 5 Non-Current Assets Held for Sale and
Discontinued Operations, which excludes financial instruments from the measurement requirements of this standard,
the loss will be recognised at closing. Alfam is part of the Personal & Business Banking segment.
Additionally, in the fourth quarter of 2025, a mortgage portfolio of EUR\u00a01.2\u00a0billion was recorded as held for sale.
This\u00a0portfolio is listed for sale as an incidental disposal from the mortgage portfolio in line with our risk
management\u00a0strategy. ABN AMRO expects the portfolio to be sold during 2026. Mortgages are part of the
Personal\u00a0&\u00a0Business Banking segment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "value": "
25\u00a0 Non-current assets and disposal groups held for sale
Accounting policy for non-current assets and disposal groups held for sale
Non-current assets and/or businesses are classified as held for sale if their carrying amount is to be recovered
principally by selling them within 12 months, rather than through ongoing use. Assets held for sale (other than
financial instruments) are not depreciated and are measured at the lower of their carrying amount and fair value,
less costs to sell. Assets and liabilities of a business held for sale are presented separately in the consolidated
statement of financial position.
(in millions)
31 December 2025
31 December 2024
Assets
Residential mortgages
1,153
Consumer loans
1,312
Corporate loans
1,329
Property and equipment
1
Assets of businesses held for sale
2,466
1,330
Liabilities
Tax liabilities
5
Other liabilities
15
Liabilities of businesses held for sale
20
The 2025 held-for-sale asset position of EUR\u00a02.5\u00a0billion comprises EUR\u00a01.3\u00a0billion of consumer loans relating to ALFAM
Holding N.V. and a mortgage portfolio of EUR\u00a01.2\u00a0billion relating to ABN AMRO Hypotheken Group B.V. The\u00a02025
held\u2011for\u2011sale liability position of EUR\u00a020\u00a0million relates to Alfam. In\u00a02024, the held-for-sale position included
EUR\u00a01.3\u00a0billion of corporate loans, for which the transaction was closed in the first quarter of 2025. The corporate
loans were part of the Corporate Banking segment.
In the fourth quarter of 2025, ABN AMRO announced that its subsidiary Alfam will be sold to Rabobank. ABN AMRO
continues to offer consumer loans through a third-party agreement with Rabobank. The expected closing is in the third
quarter of 2026, subject to regulatory approval. ABN AMRO anticipates a loss on sale of approximately
EUR\u00a0118\u00a0million. Consistent with the measurement requirements of IFRS 5 Non-Current Assets Held for Sale and
Discontinued Operations, which excludes financial instruments from the measurement requirements of this standard,
the loss will be recognised at closing. Alfam is part of the Personal & Business Banking segment.
Additionally, in the fourth quarter of 2025, a mortgage portfolio of EUR\u00a01.2\u00a0billion was recorded as held for sale.
This\u00a0portfolio is listed for sale as an incidental disposal from the mortgage portfolio in line with our risk
management\u00a0strategy. ABN AMRO expects the portfolio to be sold during 2026. Mortgages are part of the
Personal\u00a0&\u00a0Business Banking segment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-484": { "value": "
25\u00a0 Non-current assets and disposal groups held for sale
Accounting policy for non-current assets and disposal groups held for sale
Non-current assets and/or businesses are classified as held for sale if their carrying amount is to be recovered
principally by selling them within 12 months, rather than through ongoing use. Assets held for sale (other than
financial instruments) are not depreciated and are measured at the lower of their carrying amount and fair value,
less costs to sell. Assets and liabilities of a business held for sale are presented separately in the consolidated
statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "value": "
25\u00a0 Non-current assets and disposal groups held for sale
Accounting policy for non-current assets and disposal groups held for sale
Non-current assets and/or businesses are classified as held for sale if their carrying amount is to be recovered
principally by selling them within 12 months, rather than through ongoing use. Assets held for sale (other than
financial instruments) are not depreciated and are measured at the lower of their carrying amount and fair value,
less costs to sell. Assets and liabilities of a business held for sale are presented separately in the consolidated
statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-486": { "value": "
26\u00a0 Other assets
(in millions)
31 December 2025
31 December 2024
Accrued other income
536
503
Prepaid expenses
15
21
Unsettled securities transactions
1,262
1,893
Trade and other receivables
2,615
2,759
Other
564
342
Total other assets
4,993
5,518
Unsettled securities transactions are related to reversed repurchase and securities borrowing transactions that have
been delivered but not settled. Other includes Carbon Emission rights that qualify as inventory under IFRS. ABN AMRO
acquires these carbon emission rights with the intention of selling these rights in the future.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-485": { "value": "
26\u00a0 Other assets
(in millions)
31 December 2025
31 December 2024
Accrued other income
536
503
Prepaid expenses
15
21
Unsettled securities transactions
1,262
1,893
Trade and other receivables
2,615
2,759
Other
564
342
Total other assets
4,993
5,518
Unsettled securities transactions are related to reversed repurchase and securities borrowing transactions that have
been delivered but not settled. Other includes Carbon Emission rights that qualify as inventory under IFRS. ABN AMRO
acquires these carbon emission rights with the intention of selling these rights in the future.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-487": { "value": "
27\u00a0 Due to banks
Accounting policy for due to banks and due to customers
Amounts due to banks and customers are held at amortised cost. That is, at fair value upon initial recognition,
adjusted for repayment and amortisation of coupon, fees and expenses to represent the effective interest rate
of\u00a0the instrument.
(in millions)
31 December 2025
31 December 2024
Current accounts
1,369
1,522
Demand deposits
2
1
Time deposits
2,387
320
Cash collateral on securities lent
562
485
Total deposits
4,319
2,329
Other
1
Total due to banks
4,320
2,329
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-488": { "value": "
27\u00a0 Due to banks
Accounting policy for due to banks and due to customers
Amounts due to banks and customers are held at amortised cost. That is, at fair value upon initial recognition,
adjusted for repayment and amortisation of coupon, fees and expenses to represent the effective interest rate
of\u00a0the instrument.
28\u00a0 Due to customers
Accounting policy for due to customers
The accounting policy for amounts due to customers is set out in Note 27 - Due to banks .
(in millions)
31 December 2025
31 December 2024
Current accounts
100,140
92,746
Demand deposits
132,299
108,008
Time deposits
45,601
53,533
Other
1,086
1,899
Total due to customers
279,126
256,186
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-490": { "value": "
29\u00a0 Issued debt and subordinated liabilities
Accounting policy for issued debt and subordinated liabilities
Issued debt securities and subordinated liabilities are recorded at amortised cost using the effective interest rate
method. Hybrid or structured financial liabilities are irrevocably designated upon initial recognition to be
measured at fair value through profit or loss. The latter is applied when the instruments are held to reduce
an\u00a0accounting mismatch, are managed on the basis of their fair value or include terms that qualify as
an\u00a0embedded derivative that cannot be separated.
ABN AMRO applies IAS 32 Financial Instruments: Presentation to determine whether funding is a financial
liability or equity. Issued financial instruments or their components are classified as financial liabilities where
the\u00a0substance of the contractual arrangement results in ABN AMRO having a present obligation to deliver either
cash or another financial asset or to satisfy the obligation other than by the exchange of a fixed number of equity
shares.
Issued liabilities qualify as subordinated debt if claims by the holders are subordinated to all other current and
future liabilities of ABN AMRO and its subsidiaries.
The valuation of liabilities measured at fair value includes the effect of changes in the bank\u2019s own credit spreads.
The change in fair value applies to those financial liabilities designated at fair value where own value credit risk
would be considered by market participants. The cumulative amount of changes in fair value attributable
to\u00a0credit risk of issued debt is presented as liability own credit risk reserve in equity. Exchange-traded own debt
measured at fair value through profit or loss is valued at market prices.
Fair value changes are calculated based on a yield curve generated from observed external pricing for funding
and quoted CDS spreads
The following table shows the types of debt certificates issued by ABN AMRO and the amounts outstanding at
31\u00a0December\u00a02025. Movements in these debt instruments involve a continual process of redemption and issuance of
long-term and short\u2011term funding.
Issued debt
(in millions)
31 December 2025
31 December 2024
Bonds and notes issued
62,140
56,416
Certificates of deposit and commercial paper
11,773
17,922
Total at amortised cost
73,913
74,337
Designated at fair value through profit or loss
159
205
Total issued debt
74,072
74,542
- of which matures within one year
17,009
24,999
2025
2024
(in millions)
Carrying amount
Carrying amount
Balance as at 1 January
74,542
66,227
Cash flows
Issuance
49,649
42,885
Redemption
-48,161
-36,980
Non-cash changes
Foreign exchange differences
-1,863
909
Fair value changes own credit risk
1
-2
Fair value changes hedge accounting
-636
902
Other
540
601
Balance as at 31 December
74,072
74,542
The amounts of debt issued and redeemed during the period are shown in the Consolidated statement of cash flows.
Non-cash changes consist mainly of unrealised gains and losses and foreign exchange differences. Further details
of\u00a0the funding programmes are provided in the Funding section of the Risk, funding & capital chapter.
Financial liabilities designated at fair value through profit or loss
(in millions)
31 December 2025
31 December 2024
Cumulative change in fair value of the structured notes attributable to changes in credit risk
2
1
Change during the year in fair value of the structured notes attributable to changes in credit risk
1
-2
Difference between amount contractually required to pay at maturity and the carrying amount
7
6
The change in fair value of the structured notes attributable to changes in credit risk is determined using the credit
spread implicit in the fair value of similar bonds traded in active markets and issued by ABN AMRO.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-489": { "value": "
29\u00a0 Issued debt and subordinated liabilities
Accounting policy for issued debt and subordinated liabilities
Issued debt securities and subordinated liabilities are recorded at amortised cost using the effective interest rate
method. Hybrid or structured financial liabilities are irrevocably designated upon initial recognition to be
measured at fair value through profit or loss. The latter is applied when the instruments are held to reduce
an\u00a0accounting mismatch, are managed on the basis of their fair value or include terms that qualify as
an\u00a0embedded derivative that cannot be separated.
ABN AMRO applies IAS 32 Financial Instruments: Presentation to determine whether funding is a financial
liability or equity. Issued financial instruments or their components are classified as financial liabilities where
the\u00a0substance of the contractual arrangement results in ABN AMRO having a present obligation to deliver either
cash or another financial asset or to satisfy the obligation other than by the exchange of a fixed number of equity
shares.
Issued liabilities qualify as subordinated debt if claims by the holders are subordinated to all other current and
future liabilities of ABN AMRO and its subsidiaries.
The valuation of liabilities measured at fair value includes the effect of changes in the bank\u2019s own credit spreads.
The change in fair value applies to those financial liabilities designated at fair value where own value credit risk
would be considered by market participants. The cumulative amount of changes in fair value attributable
to\u00a0credit risk of issued debt is presented as liability own credit risk reserve in equity. Exchange-traded own debt
measured at fair value through profit or loss is valued at market prices.
Fair value changes are calculated based on a yield curve generated from observed external pricing for funding
and quoted CDS spreads
Subordinated liabilities
The following table shows the subordinated liabilities.
31 December 2025
31 December 2024
(in millions)
ISIN/CUSIP
Maturity date
First possible
call date
Nominal
amount
Carrying
amount
Nominal
amount
Carrying
amount
Tier 1\u00b9
EUR 1,000 million 4.75% per annum
XS1693822634
Perpetual
September 2027
1,000
994
1,000
994
EUR 750 million 6.875% per annum
XS2774944008
Perpetual
September 2031
750
746
750
746
EUR 750 million 5.75% per annum
XS3004202811
Perpetual
September 2033
750
746
EUR 750 million 6.375% per annum
XS2893176862
Perpetual
September 2034
750
746
750
746
EUR 1,000 million 4.375% per annum
XS2131567138
Perpetual
September 2025
1,000
988
Total Tier 1 capital instruments
3,250
3,233
3,500
3,475
Tier 2
USD 1,000 million 4.8% per annum
US0008DAL47 /
XS1392917784
April 2026
852
854
960
935
USD 300 million 5.6% per annum
XS1385037558
April 2031
256
238
288
256
SGD 750 million 5.5% per annum
XS2498035455
October 2032
July 2027
497
512
529
537
EUR 1,000 million 5.125% per annum
XS2558022591
February 2033
November 2027
1,000
1,051
1,000
1,056
USD 1,000 million 3.324% per annum
US00084DAV29 /
XS2415308761
March 2037
December 2031
852
757
960
807
EUR 750 million 5.5% per annum
XS2637967139
September 2033
June 2028
750
764
750
782
EUR 750 million 4.375% per annum
XS2859413341
July 2036
July 2031
750
769
750
785
USD 1,500 million 4.75% per annum
US00080QAF28 /
XS1264600310
July 2025
1,440
1,452
EUR various smaller instruments
2023 - 2025
3
4
Total Tier 2 capital instruments
4,956
4,946
6,681
6,613
- of which eligible for regulatory capital:
Basel IV / III, Tier 1 (fully-loaded)
3,250
3,500
Basel IV / III, Tier 2 (fully-loaded)
4,114
4,646
1. AT1 capital securities. For both AT1 instruments, the CET1 trigger levels are 7.0% for ABN AMRO Bank level, and 5.125% for ABN AMRO Bank solo level. The amount of
available distributable items for ABN AMRO Bank N.V. as at 31 December 2025 totals EUR 23.0 billion (31 December 2024: EUR 21.7 billion).
2025
2024
(in millions)
Carrying amount
Carrying amount
Balance as at 1 January
6,613
5,572
Cash flows
Issuance
21
767
Redemption
-1,342
-21
Non-cash changes
Foreign exchange differences
-393
214
Fair value changes hedge accounting
72
60
Other
-25
20
Balance as at 31 December
4,946
6,613
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-493": { "value": "
30\u00a0 Provisions
Accounting policy for provisions
A provision is recognised in the balance sheet when ABN AMRO has a legal or constructive obligation as a result
of a past event, and it is more likely than not that an outflow of economic benefits will be required to settle
the\u00a0obligation, and a reliable estimate of the amount of the obligation can be made. If the effect of time value is
material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects
current market rates and, where appropriate, the risks specific to the liability. In cases where ABN AMRO expects
disclosure of legal proceedings on a case-by-case basis to seriously prejudice its position, it only discloses
the\u00a0general nature of the dispute.
A provision for restructuring is recognised when an obligation exists. An obligation exists when ABN AMRO has
approved a detailed plan and has raised a valid expectation among those affected by the plan by starting
to\u00a0implement the plan or by announcing its main features. Future operating costs are not provided for. Provisions
for insurance risks are determined by actuarial methods, which include the use of statistics, interest rate data
and settlement cost expectations.
Provisions are established for certain guarantee contracts for which ABN AMRO is liable to pay upon default
of\u00a0payment. Expected credit loss allowances of loan commitments and financial guarantees are recognised as
provisions under IFRS 9.
(in millions)
31 December 2025
31 December 2024
Legal provisions
169
150
Credit commitments provisions
63
97
Restructuring provision
104
45
Provision for pension commitments
65
76
Other staff provision
191
181
Insurance fund liabilities
6
7
Other provisions
68
58
Total provisions
666
612
Restructuring
Restructuring provisions cover the costs of the restructuring plans for which implementation has been formally
announced.
Legal provisions
Variable interest rates for consumer loans
On 3\u00a0March\u00a02021, the Kifid Appeals Committee confirmed a ruling of the Kifid Disputes Committee about the
recalculation of the variable interest charged to a specific client on a revolving credit. In short, Kifid ruled that
ABN\u00a0AMRO should have followed the market rate while establishing the variable interest rate for certain revolving
consumer credits.
In light of the Kifid ruling, ABN AMRO reached agreement with the Dutch Consumers' Association (Consumentenbond
Claimservice) on 5 September 2021 regarding a compensation scheme for affected clients. In Q3 of 2022, following
an August 2022 ruling of the Kifid Appeals Committee, ABN AMRO adjusted the compensation scheme to include
interest on interest. ABN AMRO has provisioned around EUR 505 million for the interest to be compensated and the
costs incurred in carrying out the scheme. The execution of the compensation scheme has been completed in 2025
and the handling of any other matters relating to consumer credits with a variable interest rate has been handed over
to the business as usual. Therefore, as at the end of Q4 2025, in total EUR 483 million of the provision has been used
and the remaining provision of EUR 22 million has been released.
It is unclear what the exact scope and application of the Kifid ruling is and whether the ruling will have a certain
knock-on effect on other (credit) products with variable interest rates, beyond the range of products covered by the
compensation scheme, such as credit products for micro and small enterprises. ABN AMRO cannot give a reliable
estimate of the (potentially substantial) financial risk of these contingent liabilities which have not been provided for.
Other provisions
Irrevocable payment commitment
The annual Single Resolution Fund (SRF) contribution is a levy introduced by the European Union in 2016. The Single
Resolution Board (SRB) allows institutions to use irrevocable payment commitments (IPCs) to pay part of their
contribution. ABN AMRO uses this option and has deducted the full amount of the IPCs from own funds for regulatory
purposes. In February 2024, the SRB confirmed that the SRF reached its target level. As such, no annual contribution
was collected in 2025. The cumulative amount of IPCs entered into is EUR 207 million, which is the maximum loss
when the SRB executes its call. Considering the time value of money and the attainment of the SRF target level, the
estimated value of the liability is deemed negligible. The IPCs are secured by collateral to ensure full and punctual
payment of the contribution when called by the SRB. As at 31 December 2025, ABN AMRO has transferred a
cumulative amount of EUR 207 million in collateral. The collateral is reported as an asset under \u2018other loans and
advances customers\u2019.
(in millions)
Legal
provisions
Credit
commitments
Restructuring
provision
Provision
for pension
commitments
Other
staff
provision
Insurance
fund
liabilities
Other
Total
Provisions as at 1 January 2024
273
120
57
76
134
7
75
742
Increase of provisions
124
97
52
36
3
312
Reversal of unused provisions
-55
-75
-9
-6
-9
-153
Utilised during the year
-178
-48
-13
-239
Transfer between stages
2
2
Foreign exchange differences
8
8
Other
-14
-55
-8
11
5
2
-58
Provisions as at 31 December 2024
150
97
45
76
181
7
58
612
Acquisition and divestment of subsidiaries
11
1
49
3
64
Increase of provisions
59
10
104
43
20
236
Reversal of unused provisions
-23
-25
-4
-5
-6
-62
Utilised during the year
-18
-41
-40
-9
-108
Transfer between stages
1
1
Foreign exchange differences
-2
-3
Other
-9
-19
-60
6
5
1
-76
Provisions as at 31 December 2025
169
63
104
65
191
6
68
666
35\u00a0 Commitments and contingent liabilities
Contingent liabilities
Contingent liabilities are possible obligations whose existence will be confirmed only by uncertain future events,
and present obligations where the transfer of economic resources is uncertain or cannot be reliably measured.
Contingent liabilities are not recognised in the balance sheet, but disclosed if the likelihood of an outflow
of\u00a0economic resources is not more likely than not, or if the likelihood of an outflow of economic resources is
more likely than not, but cannot be reliably estimated.
Contingent liabilities
ABN AMRO is involved in a number of legal proceedings in the ordinary course of business in various jurisdictions.
In\u00a0presenting the Consolidated Annual Financial Statements, management estimates the outcome of legal, regulatory
and arbitration matters, and takes provisions to the income statement when losses with respect to such matters are
more likely than not. Provisions are not recognised for matters for which an expected cash outflow cannot be
reasonably estimated or that are not more likely than not to lead to a cash outflow. Some of these matters may be
regarded as a contingency.
Proceedings against regulator on regulatory levies
ABN AMRO is in discussion with the Single Resolution Board (SRB) about the calculation method applied for annual
Single Resolution Fund (SRF) contributions paid in the past. At this time, the outcome of these discussions are still
uncertain. The annual SRF contribution is a levy introduced by the European Union in 2016. The SRB calculates the SRF
contribution based on the information annually provided by the credit institutions within the European Banking Union
in scope of SRF. The SRB is of the opinion that ABN AMRO has reported variables to calculate the annual SRF
contribution incorrectly over the 2016-2022 period. ABN AMRO disagrees with the SRB\u2019s point of view and, as
from\u00a02016, has repeatedly and extensively communicated its position with regard to the adjusted amount to the SRB.
The different points of view held by the SRB and ABN AMRO are due to a differing interpretation of the regulation with
regard to the annual SRF contribution.
ABN AMRO received on 11 May 2023 the final decision from the SRB regarding the ex-ante contributions to the SRF.
In\u00a0its final decision, SRB reiterates its arguments and doesn\u2019t agree with ABN AMRO\u2019s position. The SRB recalculated
the contribution of ABN AMRO Hypotheken Groep B.V. (AAHG) over the years 2016 - 2022. Therefore the total amount
of the invoice for the year 2023 is EUR\u00a0177\u00a0million. This amount consists of both the contribution for the year 2023
(approximately EUR\u00a057\u00a0million) and the amount AAHG has to pay extra in contribution for the years 2016 \u2013 2022
(approximately EUR\u00a0120\u00a0million, included as an \u2018other asset\u2019). Upon DNB\u2019s and SRB\u2019s explicit request and in order to
comply with the Dutch legislation, which requires the SRF contribution 2023 to be paid within six weeks after the
notification of the final decision (under penalty of fines), AAHG paid on 22\u00a0June\u00a02023, under protest, the SRF
contribution 2023 to the SRB.
AAHG and ABN AMRO challenged the SRB\u2019s final decision by filing a petition with the court of Justice of the European
Union on 14\u00a0July\u00a02023. On 19\u00a0November\u00a02025 the hearing took place at the European Court of Justice in
Luxembourg. Parties now have to await the court\u2019s judgment.
The outcome of this challenge is uncertain, because the SRF regulation is relatively new and there is little to no case
law on the subject. ABN AMRO nevertheless considers it more likely than not that such challenge will be successful.
The current status is that the court will now decide if and when a hearing will take place.
Equity trading in Germany
German authorities are conducting investigations into the involvement of individuals from various banks and other
parties in equity trading extending over dividend record dates in Germany, including several forms of tainted dividend
arbitrage (i.e. tainted dividend stripping, including cum/ex and cum/cum) for the purpose of obtaining German tax
credits or refunds in relation to withholding tax levied on dividend payments, including, in particular, transaction
structures that resulted in more than one market participant claiming such credit or refund with respect to the same
dividend payment. ABN AMRO\u2019s legal predecessor, Fortis Bank (Nederland) N.V., ABN AMRO and several former
subsidiaries were directly or indirectly involved in these transactions in the past in various capacities. Criminal
investigation proceedings relating to the activities of these entities and individuals involved at the time were instigated.
These proceedings also resulted in search warrants being issued against ABN AMRO. ABN AMRO is cooperating with
these investigations, but has no knowledge of the results of any such investigations other than through public sources.
ABN AMRO also frequently receives information requests from German authorities in relation to criminal and other
investigations of individuals from other banks and other parties relating to equity trading extending over dividend
record dates in Germany. ABN AMRO cooperates and provides the requested information to the extent possible.
Although a number of subsidiaries associated with these transactions have been sold by means of a management
buy-out, legal risks remain for ABN AMRO, in particular relating to administrative offences and criminal and civil law.
All material tax issues with respect to ABN AMRO\u2019s tax reclaims relating to cum/ex transactions have been settled with
the German tax authorities.
With respect to cum/cum transactions, the German Federal Ministry of Finance released two circular rulings dated
9\u00a0July\u00a02021 (published 15\u00a0July\u00a02021); these contain a change in interpretation of tax legislation compared to previous
circular rulings. While these circular rulings, in ABN AMRO\u2019s view, contradict case law of the German Federal Tax Court
after the circulars were published, the German Federal Ministry of Finance has not withdrawn or amended the rulings,
and the German local tax authorities are therefore expected to recollect dividend withholding tax credited to
taxpayers where such credits related to cum/cum strategies. ABN AMRO has received dividend withholding tax
refunds that relate to transactions that could be considered to be cum/cum transactions under the new circular
rulings. In anticipation of a decision by the German tax authorities, ABN AMRO has, as a precaution, repaid the relevant
dividend withholding tax amounts, while retaining its rights to contest any such future decision. Some counterparties
of ABN AMRO have initiated civil law claims against ABN AMRO with respect to cum/cum securities lending
transactions (one pending before a German court, two cases ruled in favor of ABN AMRO), arguing that ABN AMRO
failed to deliver beneficial ownership of the loaned securities to these counterparties and that this resulted in a denial
of tax credit entitlement by the relevant German tax authorities. Although ABN AMRO considers it not probable that
any such claims will be successful, the possibility that they will succeed cannot be ruled out.
It cannot be excluded that ABN AMRO or subsidiaries will face financial consequences as a result of their involvement
in tainted dividend arbitrage transactions, in particular corporate administrative fines, forfeiture orders and civil law
claims. It is currently unclear, however, as to how and when the German prosecution authorities\u2019 investigations will
impact ABN AMRO and its subsidiaries and if, and to what extent, corporate administrative fines or forfeiture orders
will be imposed. It is also uncertain whether tax authorities or third parties will successfully claim amounts from ABN
AMRO in secondary tax liability or civil law cases. Only for known individual claims a provision has been recognised as
far as it was deemed more likely than not, that an outflow of economic benefit will be required to settle the obligation
(see also Note 30 - Provisions). Because of the sensitivity of the underlying information, individual claims are not
disclosed in detail. The financial impact of potential other claims cannot be reliably estimated, and no provision has
been recorded in this respect.
Matters related to duty of care and the EU directive on unfair terms in commercial contracts
There are a number of threatened or pending claims and proceedings against ABN AMRO for alleged breaches of its
duty of care and/or the EU Directive on Unfair Terms in Commercial Contracts. Where applicable, provisions for these
matters have been made.
There can be no assurance that additional proceedings will not be instigated or that amounts demanded in claims
brought to date will not rise. Current claims and proceedings are pending and their outcome, as well as the outcome
of any potential proceedings, is uncertain, as is the timing of reaching any finality on these legal claims and
proceedings. Because of the sensitivity of the underlying information, individual claims are not disclosed in detail.
Although the consequences could be substantial for ABN AMRO and potentially affect its reputation, results of
operations, financial condition and prospects, it is not possible to reliably estimate or quantify ABN AMRO\u2019s exposure
at this time. These uncertainties are likely to continue for some time.
Luxembourg subsidiaries
In February\u00a02018, ABN AMRO sold its Luxembourg subsidiary to BGL BNP Paribas (BGL). BGL is now being sued by a
Luxembourg investment fund (the Fund) which alleges that the Luxembourg subsidiary, in its capacity as custodian of
a sub-fund of the Fund, should have prevented an investment of USD\u00a010\u00a0million from being made. The Fund is
claiming restitution of this amount from BGL in proceedings before the District Court of Luxembourg. BGL notified ABN
AMRO of this claim in January\u00a02020 and, in June\u00a02020, summoned it to appear in these proceedings in an intervention
procedure. In July\u00a02020, the Fund and its Hong Kong subsidiary issued an additional claim against BGL. This claim
amounts to USD\u00a020\u00a0million and also seems to relate to investments relating to the sub-fund of the Fund. Since
August\u00a02020, this additional claim has also been part of the intervention procedure between BGL and ABN AMRO.
These proceedings are pending.
In addition, on 2\u00a0April\u00a02021, BGL, as the legal successor of the Luxembourg subsidiary of ABN AMRO, was sued by a
Luxembourg investment fund (SIF A) and the liquidator of SIF A. In brief, it is alleged that a sub-fund of SIF A invested
in allegedly fictitious loan instruments for a period of time. The Luxembourg subsidiary acted as the custodian bank for
SIF A for a while within this time period. SIF A alleges that it did not perform its duties properly and therefore considers
that BGL, as the legal successor of the Luxembourg subsidiary, should be held liable, together with three other
defendants, for approx. EUR\u00a04\u00a0million in damages. BGL notified ABN AMRO of this claim in May\u00a02021. In brief, BGL is
claiming that any sentence that could be pronounced against it in the proceedings against the fund and its liquidator
should be borne by ABN AMRO. ABN AMRO rejects the alleged claim from BGL.
Finally, on 31\u00a0May\u00a02021, BGL, as the legal successor of the Luxembourg subsidiary of ABN AMRO, was sued by an
alternative investment fund (AIF SIF). AIF SIF was originally a client of the subsidiary. AIF SIF accuses BGL, in its capacity
as the former depositary bank of AIF SIF, of having caused AIF SIF\u2019s removal from the list of specialised investment
funds by the Luxembourg financial regulator (CSSF). The fund claimed damages from BGL in the amount of
EUR\u00a0126\u00a0million. BGL notified ABN AMRO of this claim in July\u00a02021. In May\u00a02025, BGL informed ABN AMRO that the
trustee of AIF SIF shifted the position adopted initially by the fund. The trustee now argues that the Luxembourg
subsidiary and BGL, committed several breaches of their legal obligations as depositary banks of the fund which
allegedly led to loss of assets of damages for the fund amounting to approximately EUR\u00a0145\u00a0million. In brief, BGL is
claiming that any sentence that could be pronounced against it in the proceedings against the trustee of the fund
should be borne by ABN AMRO. ABN AMRO rejects the alleged claim from BGL.
On 30\u00a0June\u00a02023 BGL served a writ of summons against ABN AMRO in which BGL holds ABN AMRO primarily liable
for fraudulent concealment and misrepresentation and seeks compensation for its damages. ABN AMRO rejects the
alleged claim by BGL. The writ has not (yet) been served before the court in order to give parties a chance to discuss a
potential settlement.
Collective action regarding business credits with variable interest rate
ABN AMRO received a claim from the claim foundation Stichting Massaschade & Consument, alleging that ABN AMRO
charged too much interest on certain revolving business credits with a variable interest rate, which had been sold to
small and micro enterprises. The claim foundation argues that earlier Kifid rulings on revolving consumer credits with a
variable interest rate, in which Kifid ruled that the contractual interest rate must follow the movements of the average
market rate, should also apply to these business credits.
On 14\u00a0May\u00a02024, ABN AMRO received a writ of summons to commence a collective action. ABN AMRO refutes the
allegations of the claim foundation, inter alia, because, according to ABN AMRO, the Kifid rulings on revolving
consumer credits with a variable interest rate cannot be applied to business credits and, thus far, the Kifid-approach
has not been adopted by the Dutch civil courts. A provision has not been recognised for this matter. The writ of
summons does not specify exactly to which products the claim applies or a substantiation of the amount of damages
claimed. As a result, it is currently not possible to make a reliable estimate of the financial effects of this claim.
ABN AMRO put up a defence in court. It is expected that the collective action will take several years to complete. On
9\u00a0July\u00a02025 the court has ruled that the foundation is inadmissible in its claims because the claims are not suitable for
collective treatment. The foundation lodged an appeal.
Investor claims regarding AML disclosures
ABN AMRO received claims from two groups of institutional investors for alleged losses as a result of developments in
ABN AMRO\u2019s share price following disclosures made in the period from 2015 to 2022 in relation to (non-)compliance
by ABN AMRO with anti-money laundering laws and regulations, the related investigation of the Dutch Public
Prosecutor\u2019s Office which resulted in a settlement, and associated risks. The groups of investors hold liable ABN AMRO
and certain former and current executive and supervisory board members for alleged damages of in total
approximately EUR 400 million. ABN AMRO disputes these allegations and has not recognised a provision for this
matter. No proceedings on the merits have been initiated yet by both groups of investors. One group of investors has
filed a request for the disclosure of certain documents and preliminary witness hearings of certain former board
members and employees of ABN AMRO. The district court recently denied this requests in full. An appeal against this
ruling is pending, provided that the request for preliminary witness hearing has been dropped.
DNB imposes fine on ABN AMRO for violation prohibition
On 10 June 2025, the Dutch Central Bank (DNB) imposed an administrative fine of EUR 15 million on ABN AMRO for
violating the bonus prohibition over the period from 2016 to 2024. Despite ABN AMRO\u2019s good-faith interpretation and
application of the law, the bank admits its understanding was erroneous. ABN AMRO has decided to accept the
penalty without further challenging it and paid the related amount. There are still some other discussions with the
regulator on violation of remuneration restrictions.
Cross-liability
On 6 February 2010, the former ABN AMRO Bank N.V. demerged into two entities: NatWest Markets N.V. (formerly
known as RBS N.V.) and ABN AMRO Bank N.V. On the division of an entity by demerger, Dutch law establishes a cross-
liability between surviving entities for the benefit of the creditors at the time of the demerger. ABN AMRO\u2019s cross-
liability amounts to EUR\u00a0197\u00a0million (31\u00a0December\u00a02024: EUR\u00a0198\u00a0million).
Madoff related proceedings
ABN AMRO, certain of its subsidiaries and some of their client funds had exposure to funds that suffered losses (in
some cases, significant losses) as a result of the Madoff fraud. The provision of custodial and other financial services
resulted in several legal claims, including by the Bernard L. Madoff Investment Securities LLC (BLMIS) trustee in
bankruptcy (Irving Picard) and the liquidators of certain funds, who are pursuing legal action in an attempt to recover
payments made as a result of the fraud and/or to compensate their alleged losses. ABN AMRO and certain ABN AMRO
subsidiaries are defendants in these proceedings. There are three main claims remaining in relation to which
proceedings against ABN AMRO and its subsidiaries are pending before the US courts:
(i) claims of in total approximately USD\u00a0105\u00a0million against ABN AMRO Isle of Man (Nominees) Ltd Initiated by the
trustee of BLMIS;
(ii) claims of in total approximately USD\u00a0265\u00a0million against ABN AMRO Retained Custodial Services (Ireland) Ltd and
ABN AMRO Custodial Services (Ireland) Ltd initiated by the trustee of BLMIS; and
(iii) claims of in total approximately USD\u00a0235\u00a0million against ABN AMRO Isle of Man (Nominees) Ltd, ABN AMRO Global
Custody Services N.V., ABN AMRO Bank N.V. and ABN AMRO Cayman Bank Ltd initiated by the liquidators of
certain funds which invested in BLMIS.
Even though these proceedings have been ongoing for several years, the claims brought by the trustee of BLIMS are
still in their early stages and are expected to take several years to complete. The claims brought by the funds\u2019
liquidators have been dismissed on appeal, but the funds\u2019 liquidators may still request the US Supreme Court to review
the case. Certain of these claims initially were (significantly) higher, but have been reduced as a result of
developments in the proceedings. Hence, it is not possible to estimate the total amount of ABN AMRO\u2019s potential
liability, if any.
Claim relating to Reverse Factoring Program
ABN AMRO Asset Based Finance (ABF) is involved in litigation with a French client. The client alleges a claim for
(re)payment of various sums in connection with a reverse factoring arrangement between ABF, the client and certain of
the client's subsidiaries. The claim is based on the assertion that ABF has not fulfilled certain of its contractual
obligations under the reverse factoring program in\u00a02022. The legal proceedings were initiated by the client in\u00a02024.
In\u00a0September\u00a02025, the client submitted documents to the court for the purpose of (inter alia) substantiating its
claims. It is expected that parties will submit additional documents to the court during\u00a02026.
AML remediation programme
ABN AMRO continues to enhance its internal AML processes and systems to increase both effectiveness and
sustainable compliance with regulatory requirements. ABN AMRO\u2019s focus is on the effectiveness of our monitoring
processes and the quality of client due diligence. ABN AMRO maintains a dialogue with the Dutch central bank DNB,
keeping it regularly informed. DNB continues to monitor progress and provides observations, such as previously
identified shortcomings in ABN AMRO\u2019s EDR process. DNB has indicated that these shortcomings may lead to
enforcement measures. A potential financial impact cannot be reliably estimated, and no provision has been recorded.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-492": { "value": "
30\u00a0 Provisions
Accounting policy for provisions
A provision is recognised in the balance sheet when ABN AMRO has a legal or constructive obligation as a result
of a past event, and it is more likely than not that an outflow of economic benefits will be required to settle
the\u00a0obligation, and a reliable estimate of the amount of the obligation can be made. If the effect of time value is
material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects
current market rates and, where appropriate, the risks specific to the liability. In cases where ABN AMRO expects
disclosure of legal proceedings on a case-by-case basis to seriously prejudice its position, it only discloses
the\u00a0general nature of the dispute.
A provision for restructuring is recognised when an obligation exists. An obligation exists when ABN AMRO has
approved a detailed plan and has raised a valid expectation among those affected by the plan by starting
to\u00a0implement the plan or by announcing its main features. Future operating costs are not provided for. Provisions
for insurance risks are determined by actuarial methods, which include the use of statistics, interest rate data
and settlement cost expectations.
Provisions are established for certain guarantee contracts for which ABN AMRO is liable to pay upon default
of\u00a0payment. Expected credit loss allowances of loan commitments and financial guarantees are recognised as
provisions under IFRS 9.
(in millions)
31 December 2025
31 December 2024
Legal provisions
169
150
Credit commitments provisions
63
97
Restructuring provision
104
45
Provision for pension commitments
65
76
Other staff provision
191
181
Insurance fund liabilities
6
7
Other provisions
68
58
Total provisions
666
612
Restructuring
Restructuring provisions cover the costs of the restructuring plans for which implementation has been formally
announced.
Legal provisions
Variable interest rates for consumer loans
On 3\u00a0March\u00a02021, the Kifid Appeals Committee confirmed a ruling of the Kifid Disputes Committee about the
recalculation of the variable interest charged to a specific client on a revolving credit. In short, Kifid ruled that
ABN\u00a0AMRO should have followed the market rate while establishing the variable interest rate for certain revolving
consumer credits.
In light of the Kifid ruling, ABN AMRO reached agreement with the Dutch Consumers' Association (Consumentenbond
Claimservice) on 5 September 2021 regarding a compensation scheme for affected clients. In Q3 of 2022, following
an August 2022 ruling of the Kifid Appeals Committee, ABN AMRO adjusted the compensation scheme to include
interest on interest. ABN AMRO has provisioned around EUR 505 million for the interest to be compensated and the
costs incurred in carrying out the scheme. The execution of the compensation scheme has been completed in 2025
and the handling of any other matters relating to consumer credits with a variable interest rate has been handed over
to the business as usual. Therefore, as at the end of Q4 2025, in total EUR 483 million of the provision has been used
and the remaining provision of EUR 22 million has been released.
It is unclear what the exact scope and application of the Kifid ruling is and whether the ruling will have a certain
knock-on effect on other (credit) products with variable interest rates, beyond the range of products covered by the
compensation scheme, such as credit products for micro and small enterprises. ABN AMRO cannot give a reliable
estimate of the (potentially substantial) financial risk of these contingent liabilities which have not been provided for.
Other provisions
Irrevocable payment commitment
The annual Single Resolution Fund (SRF) contribution is a levy introduced by the European Union in 2016. The Single
Resolution Board (SRB) allows institutions to use irrevocable payment commitments (IPCs) to pay part of their
contribution. ABN AMRO uses this option and has deducted the full amount of the IPCs from own funds for regulatory
purposes. In February 2024, the SRB confirmed that the SRF reached its target level. As such, no annual contribution
was collected in 2025. The cumulative amount of IPCs entered into is EUR 207 million, which is the maximum loss
when the SRB executes its call. Considering the time value of money and the attainment of the SRF target level, the
estimated value of the liability is deemed negligible. The IPCs are secured by collateral to ensure full and punctual
payment of the contribution when called by the SRB. As at 31 December 2025, ABN AMRO has transferred a
cumulative amount of EUR 207 million in collateral. The collateral is reported as an asset under \u2018other loans and
advances customers\u2019.
(in millions)
Legal
provisions
Credit
commitments
Restructuring
provision
Provision
for pension
commitments
Other
staff
provision
Insurance
fund
liabilities
Other
Total
Provisions as at 1 January 2024
273
120
57
76
134
7
75
742
Increase of provisions
124
97
52
36
3
312
Reversal of unused provisions
-55
-75
-9
-6
-9
-153
Utilised during the year
-178
-48
-13
-239
Transfer between stages
2
2
Foreign exchange differences
8
8
Other
-14
-55
-8
11
5
2
-58
Provisions as at 31 December 2024
150
97
45
76
181
7
58
612
Acquisition and divestment of subsidiaries
11
1
49
3
64
Increase of provisions
59
10
104
43
20
236
Reversal of unused provisions
-23
-25
-4
-5
-6
-62
Utilised during the year
-18
-41
-40
-9
-108
Transfer between stages
1
1
Foreign exchange differences
-2
-3
Other
-9
-19
-60
6
5
1
-76
Provisions as at 31 December 2025
169
63
104
65
191
6
68
666
31\u00a0 Pension and other employee benefits
Accounting policy for pension and other employee benefits
ABN AMRO sponsors a number of pension schemes in the Netherlands and abroad. These schemes are mainly
defined contribution plans. The majority of the beneficiaries of the plans are located in the Netherlands.
Defined benefit plans
For defined benefit plans, the net obligation of each plan is the difference between the present value
of\u00a0the\u00a0defined benefit obligations and the fair value of the plan\u2019s assets.
The actuarial assumptions used for calculating the present value of the defined benefit obligations include
discount rates based on high-quality corporate bonds, the inflation rate, future salary increases, employee
contributions, mortality assumptions and rates of employee turnover. The assumptions are based on available
market data and management expectations at the end of the reporting period.
Plan assets are measured at fair value at balance sheet date and are netted against the defined benefit
obligations. Pension costs recognised in the income statement for defined benefit plans consist of:
\u2022 service costs
\u2022 net interest costs determined by multiplying the net defined benefit liability (asset) by the discount rate, both
as at the start of the annual reporting period, taking into account any changes in the net defined benefit
liability (asset) during the period as a result of contributions and benefit payments
\u2022 curtailments or plan amendments
Differences between pension costs and pension contributions payable are accounted for as provisions or
prepayments.
Remeasurement
Remeasurements of the net defined benefit liability (asset) are actuarial gains and losses resulting from changes
in actuarial assumptions and experience adjustments (i.e. unexpectedly high or low rates of employee turnover).
They are recognised in other comprehensive income and are not recycled to profit or loss in later periods.
The\u00a0actual return on the pension plan\u2019s assets is determined after deduction of the costs of managing the assets
and any tax payable by the pension plan itself.
Other employee benefits
Some group companies provide post-retirement benefits to their retirees, such as long-term service benefits and
discounts on banking products. Entitlement to these benefits is usually conditional on the employee remaining
in\u00a0service up to retirement age and the completion of a minimum service period.
The expected costs of these benefits are accrued over the period of employment, using the same accounting
methodology as that used for defined benefit pension plans. These obligations are calculated annually.
Pension and other employee benefit plans in all countries comply with applicable local regulations concerning
investments and minimum funding levels.
Pension and other employee benefits
Amounts recognised in the income statement for pensions and other employee benefits
2025
2024
(in millions)
Defined post
employment
benefit
Other
employee
benefits
Total
Defined post
employment
benefit
Other
employee
benefits
Total
Current service cost
6
3
9
5
2
8
Interest cost
7
2
8
7
2
9
Interest income
-5
-5
-5
-5
Other
5
5
3
7
10
Total defined benefit expenses in actuarial report
8
9
17
10
11
21
Other expenses
-2
1
-2
-3
-3
Total defined benefit expenses
6
9
15
7
11
18
Defined contribution plans
328
328
366
366
Total pension expenses and other post retirement
employee benefits
333
9
343
373
11
384
Reconciliation to the statement of financial position and other comprehensive income
2025
2024
(in millions)
Defined post
employment
benefit
Other
employee
benefits
Total
Defined post
employment
benefit
Other
employee
benefits
Total
Present value of defined benefit obligations - funded with plan assets
209
2
211
193
3
196
Less: Fair value of plan assets
178
178
155
155
31
2
33
38
3
41
Present value of defined benefit obligations - unfunded
28
147
176
35
140
176
Net liabilities/(assets) balance sheet as at 31 December
60
149
209
73
143
216
- of which assets
5
5
3
3
- of which liabilities
65
149
214
76
143
219
Experience adjustments
6
6
-1
Remeasurements arising from changes in demographic
assumptions DBO
1
1
Remeasurements arising from changes in financial
assumptions DBO
3
4
-8
-9
Remeasurements arising from changes in financial
assumptions plan assets
-4
-4
1
1
Remeasurements in other comprehensive income
5
1
5
-7
-7
Change in defined benefit obligation (DBO)
2025
2024
(in millions)
Defined post
employment
benefit
Other
employee
benefits
Total
Defined post
employment
benefit
Other
employee
benefits
Total
Defined benefit obligation as at 1 January
228
143
371
228
134
362
Acquisition of subsidiaries
76
76
Current service cost
6
3
9
5
2
8
Interest cost
7
2
8
7
2
9
Past service cost
1
1
Curtailment
-51
-51
Benefits paid
-5
-5
-7
-7
Benefits paid in from employer
-15
-4
-19
-13
-3
-16
Remeasurements arising from changes in demographic assumptions
-1
-1
Experience adjustments\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
-6
-6
1
Remeasurements arising from changes in financial assumptions
-3
-4
8
9
Other
6
6
-2
9
7
Defined benefit obligation as at 31 December
237
149
386
228
143
371
As from 1\u00a0July\u00a02025 ABN AMRO included the defined benefit plans of HAL. HAL has several defined benefit plans that
are funded or insured. Only employees of HAL are covered by this plan. In September 2025, HAL sold the defined
pension obligation related to inactive employees to an external party. This resulted in a decrease of the DBO of
EUR\u00a051\u00a0million and a decrease of plan assets of EUR\u00a06\u00a0million.
The net defined benefit liabilities/(assets) balance as at 31\u00a0December\u00a02025 consisted of several defined benefit plans
outside of the Netherlands, pensioners with a profit share, and the indexation of benefits insured with an insurance
company.
Change in fair value of plan assets
2025
2024
(in millions)
Defined post
employment
benefit
Other
employee
benefits
Total
Defined post
employment
benefit
Other
employee
benefits
Total
Fair value of plan assets as at 1 January
155
155
158
158
Acquisition of subsidiaries
32
32
Interest income
5
5
5
5
Return on plan assets excluding interest
-4
-4
1
1
Employer's contributions
6
6
5
5
Benefits paid
-5
-5
-7
-7
Curtailment
-6
-6
Other
-5
-5
-8
-8
Fair value of plan assets as at 31 December
178
178
155
155
Principal actuarial assumptions
2025
2024
Discount rate
3.8%
3.2%
Indexation rate
2.1%
2.6%
Future salary increases\u00b9
2.2%
2.2%
1. Salary increases in the Netherlands are not taken into consideration, because Dutch pension plan is defined contribution plan.
The above assumptions are weighted by defined benefit obligations. The discount rate consists of a risk-free rate and a
credit spread on AA-rated corporate bonds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-491": { "value": "
30\u00a0 Provisions
Accounting policy for provisions
A provision is recognised in the balance sheet when ABN AMRO has a legal or constructive obligation as a result
of a past event, and it is more likely than not that an outflow of economic benefits will be required to settle
the\u00a0obligation, and a reliable estimate of the amount of the obligation can be made. If the effect of time value is
material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects
current market rates and, where appropriate, the risks specific to the liability. In cases where ABN AMRO expects
disclosure of legal proceedings on a case-by-case basis to seriously prejudice its position, it only discloses
the\u00a0general nature of the dispute.
A provision for restructuring is recognised when an obligation exists. An obligation exists when ABN AMRO has
approved a detailed plan and has raised a valid expectation among those affected by the plan by starting
to\u00a0implement the plan or by announcing its main features. Future operating costs are not provided for. Provisions
for insurance risks are determined by actuarial methods, which include the use of statistics, interest rate data
and settlement cost expectations.
Provisions are established for certain guarantee contracts for which ABN AMRO is liable to pay upon default
of\u00a0payment. Expected credit loss allowances of loan commitments and financial guarantees are recognised as
provisions under IFRS 9.
31\u00a0 Pension and other employee benefits
Accounting policy for pension and other employee benefits
ABN AMRO sponsors a number of pension schemes in the Netherlands and abroad. These schemes are mainly
defined contribution plans. The majority of the beneficiaries of the plans are located in the Netherlands.
Defined benefit plans
For defined benefit plans, the net obligation of each plan is the difference between the present value
of\u00a0the\u00a0defined benefit obligations and the fair value of the plan\u2019s assets.
The actuarial assumptions used for calculating the present value of the defined benefit obligations include
discount rates based on high-quality corporate bonds, the inflation rate, future salary increases, employee
contributions, mortality assumptions and rates of employee turnover. The assumptions are based on available
market data and management expectations at the end of the reporting period.
Plan assets are measured at fair value at balance sheet date and are netted against the defined benefit
obligations. Pension costs recognised in the income statement for defined benefit plans consist of:
\u2022 service costs
\u2022 net interest costs determined by multiplying the net defined benefit liability (asset) by the discount rate, both
as at the start of the annual reporting period, taking into account any changes in the net defined benefit
liability (asset) during the period as a result of contributions and benefit payments
\u2022 curtailments or plan amendments
Differences between pension costs and pension contributions payable are accounted for as provisions or
prepayments.
Remeasurement
Remeasurements of the net defined benefit liability (asset) are actuarial gains and losses resulting from changes
in actuarial assumptions and experience adjustments (i.e. unexpectedly high or low rates of employee turnover).
They are recognised in other comprehensive income and are not recycled to profit or loss in later periods.
The\u00a0actual return on the pension plan\u2019s assets is determined after deduction of the costs of managing the assets
and any tax payable by the pension plan itself.
Other employee benefits
Some group companies provide post-retirement benefits to their retirees, such as long-term service benefits and
discounts on banking products. Entitlement to these benefits is usually conditional on the employee remaining
in\u00a0service up to retirement age and the completion of a minimum service period.
The expected costs of these benefits are accrued over the period of employment, using the same accounting
methodology as that used for defined benefit pension plans. These obligations are calculated annually.
Pension and other employee benefit plans in all countries comply with applicable local regulations concerning
investments and minimum funding levels.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-495": { "value": "
32\u00a0 Other liabilities
(in millions)
31 December 2025
31 December 2024
Accrued other expenses
889
1,010
Lease liabilities
405
382
Unsettled securities transactions
655
799
Sundry liabilities and other payables
1,968
2,056
Total other liabilities
3,918
4,247
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-494": { "value": "
32\u00a0 Other liabilities
(in millions)
31 December 2025
31 December 2024
Accrued other expenses
889
1,010
Lease liabilities
405
382
Unsettled securities transactions
655
799
Sundry liabilities and other payables
1,968
2,056
Total other liabilities
3,918
4,247
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-496": { "value": "
33\u00a0 Equity
Share capital and other components of equity
Ordinary shares
As at 31 December 2025, all shares in the capital of ABN AMRO Bank N.V. were held by two foundations: NLFI
and STAK AAB.
Compound financial instruments
Components of compound financial instruments (liability and equity parts) are classified in their respective areas
of the statement of financial position.
Currency translation reserve
The currency translation reserve represents cumulative gains and losses on the translation of our net investment
in foreign operations, net of the effect of hedging.
Fair value reserve
Under IFRS 9, the fair value reserve includes the gains and losses, net of tax, resulting from a change in the fair
value of debt instruments measured at FVOCI. When the instruments are sold or otherwise disposed of,
the\u00a0related cumulative gain or loss recognised in equity is recycled to the income statement.
Cash flow hedging reserve
The cash flow hedging reserve comprises the effective portion of the cumulative net change in the fair value
of\u00a0cash flow hedging instruments, net of taxes, that are recycled to the income statement if the hedged
transactions have an impact on profit or loss.
Liability own credit risk reserve
Under IFRS 9, the changes in fair value attributable to changes in the own credit risk of financial liabilities
designated at FVTPL are presented in other comprehensive income. The cumulative amount of changes in fair
value attributable to credit risk of such liabilities is presented as liability own credit risk reserve in equity.
Other reserves
Other reserves mainly comprise retained earnings and profit for the period.
Dividends
Dividends on ordinary shares classified as equity are recognised as a distribution of equity in the period in which
they are approved by shareholders.
Capital securities
Undated, deeply subordinated, resettable, callable capital securities are classified as additional tier 1 (AT1)
capital, under total equity. ABN AMRO Bank has the European Central Bank\u2019s permission to carry out limited
repurchases from investors and to sell back in the market.
(in millions)
31 December 2025
31 December 2024
Share capital
823
833
Share premium
11,745
11,849
Accumulated other comprehensive income
80
-409
Other reserves (incl. retained earnings/profit for the period)
11,159
10,358
AT1 capital securities
3,233
3,475
Equity attributable to owners of the parent company
27,040
26,105
Equity attributable to non-controlling interests
3
3
Total equity
27,043
26,108
As at 31 December 2025 , the authorised share capital of ABN AMRO Bank N.V. amounted to 2,400,000,000 \u00a0shares.
The\u00a0authorised share capital consisted of 2,200,000,000 ordinary A-shares with a nominal value of EUR \u00a01.00\u00a0each
and\u00a0200,000,000 ordinary B-shares with a nominal value of EUR 1.00 each. Every share is entitled to one vote at
the\u00a0General Meeting. During the financial year, there were no changes in the authorised share capital. The total
number of issued shares as at 31\u00a0December\u00a02025 was 823,201,264. In 2025, a final dividend for the year 2024 of
EUR\u00a00.75\u00a0per share, amounting to EUR\u00a0625\u00a0million, and an interim dividend for 2025 of EUR\u00a00.54\u00a0per share,
amounting to EUR\u00a0449\u00a0million, were paid. For the year 2025, a final dividend of EUR\u00a00.70\u00a0per share has been
proposed.
During the second half of 2025, ABN AMRO Bank N.V. purchased treasury shares under the buyback programme
for\u00a0EUR\u00a0250\u00a0million, at an average price of EUR\u00a025,39\u00a0per share. These treasury shares were cancelled during Q4,
resulting in a reduction in the issued share capital of\u00a09,847,302\u00a0shares, with a nominal value of EUR\u00a01.00\u00a0each. The
amount of the purchase value between EUR\u00a01.00 (the nominal value of the purchased shares) and EUR\u00a011.55 (the
value of the purchased shares for tax purposes) has been deducted from the share premium reserve. The amount of
the purchase value in excess of EUR\u00a011.55\u00a0has been deducted from other reserves.
Securities classified as Additional Tier 1 (AT1) capital are perpetual, junior, resettable securities that are callable and
are considered part of equity. AT1 Capital Security (XS3004202811) with a notional amount of EUR\u00a0750\u00a0million was
issued on 26\u00a0February\u00a02025 at the fixed rate of 5.750% per annum. The amount raised was EUR\u00a0746\u00a0million after
deduction of discount. AT1 Capital Instrument (XS2131567138) with a notional of EUR\u00a01.0\u00a0billion was called on
22\u00a0September\u00a02025. In addition, the payment of interest on the AT1 Capital securities had an impact on equity of
EUR\u00a0217\u00a0million.
The following table shows the equity of the ABN AMRO Bank N.V. and the outstanding and issued share capital.
31 December 2025
31 December 2024
Class A ordinary
shares
Class B ordinary
shares
Class A ordinary
shares
Class B ordinary
shares
Number of shares
Authorised share capital
2,200,000,000
200,000,000
2,200,000,000
200,000,000
Unissued share capital
1,376,798,736
200,000,000
1,366,951,434
200,000,000
Issued share capital
823,201,264
833,048,566
Amount of shares (in EUR)
Authorised share capital
2,200,000,000
200,000,000
2,200,000,000
200,000,000
Unissued share capital
1,376,798,736
200,000,000
1,366,951,434
200,000,000
Issued share capital
823,201,264
833,048,566
Par value
1.00
1.00
1.00
1.00
Accumulated other comprehensive income is specified in the following table.
(in millions)
Remeasurements
on post-
retirement
benefit plans
Currency
translation
reserve
Fair value
reserve
Cash flow
hedge
reserve
Accumulated
share of OCI of
associates and
joint ventures
Liability own
credit risk
reserve
Total
Balance as at 1 January 2024
37
-104
-250
3
-2
-315
Net gains/(losses) arising during the period
-7
61
-521
129
-3
2
-340
Less: Net realised gains/(losses) included in
income statement
-194
-194
Net gains/(losses) in equity
-7
61
-521
323
-3
2
-145
Related income tax
-1
-134
83
-51
Balance as at 31 December 2024
-5
99
-492
-10
-409
Net gains/(losses) arising during the period
5
-185
610
92
-1
520
Less: Net realised gains/(losses) included in
income statement
-204
-204
Net gains/(losses) in equity
5
-185
610
295
-1
724
Related income tax
1
158
76
235
Balance as at 31 December 2025
-1
-87
-40
209
-1
80
Accumulated other comprehensive income increased by EUR 489 million, mainly driven by the increase in the fair
value reserve. This was attributable to the higher valuation of financial investments. The increase of the cash flow
hedge reserve was a result of changes in market value of active swaps and amortisations of discontinued swaps.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-500": { "value": "
33\u00a0 Equity
Share capital and other components of equity
Currency translation reserve
The currency translation reserve represents cumulative gains and losses on the translation of our net investment
in foreign operations, net of the effect of hedging.
Fair value reserve
Under IFRS 9, the fair value reserve includes the gains and losses, net of tax, resulting from a change in the fair
value of debt instruments measured at FVOCI. When the instruments are sold or otherwise disposed of,
the\u00a0related cumulative gain or loss recognised in equity is recycled to the income statement.
Cash flow hedging reserve
The cash flow hedging reserve comprises the effective portion of the cumulative net change in the fair value
of\u00a0cash flow hedging instruments, net of taxes, that are recycled to the income statement if the hedged
transactions have an impact on profit or loss.
Liability own credit risk reserve
Under IFRS 9, the changes in fair value attributable to changes in the own credit risk of financial liabilities
designated at FVTPL are presented in other comprehensive income. The cumulative amount of changes in fair
value attributable to credit risk of such liabilities is presented as liability own credit risk reserve in equity.
Other reserves
Other reserves mainly comprise retained earnings and profit for the period.
(in millions)
31 December 2025
31 December 2024
Share capital
823
833
Share premium
11,745
11,849
Accumulated other comprehensive income
80
-409
Other reserves (incl. retained earnings/profit for the period)
11,159
10,358
AT1 capital securities
3,233
3,475
Equity attributable to owners of the parent company
27,040
26,105
Equity attributable to non-controlling interests
3
3
Total equity
27,043
26,108
Accumulated other comprehensive income is specified in the following table.
(in millions)
Remeasurements
on post-
retirement
benefit plans
Currency
translation
reserve
Fair value
reserve
Cash flow
hedge
reserve
Accumulated
share of OCI of
associates and
joint ventures
Liability own
credit risk
reserve
Total
Balance as at 1 January 2024
37
-104
-250
3
-2
-315
Net gains/(losses) arising during the period
-7
61
-521
129
-3
2
-340
Less: Net realised gains/(losses) included in
income statement
-194
-194
Net gains/(losses) in equity
-7
61
-521
323
-3
2
-145
Related income tax
-1
-134
83
-51
Balance as at 31 December 2024
-5
99
-492
-10
-409
Net gains/(losses) arising during the period
5
-185
610
92
-1
520
Less: Net realised gains/(losses) included in
income statement
-204
-204
Net gains/(losses) in equity
5
-185
610
295
-1
724
Related income tax
1
158
76
235
Balance as at 31 December 2025
-1
-87
-40
209
-1
80
Accumulated other comprehensive income increased by EUR 489 million, mainly driven by the increase in the fair
value reserve. This was attributable to the higher valuation of financial investments. The increase of the cash flow
hedge reserve was a result of changes in market value of active swaps and amortisations of discontinued swaps.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-499": { "value": "
33\u00a0 Equity
Share capital and other components of equity
Ordinary shares
As at 31 December 2025, all shares in the capital of ABN AMRO Bank N.V. were held by two foundations: NLFI
and STAK AAB.
Capital securities
Undated, deeply subordinated, resettable, callable capital securities are classified as additional tier 1 (AT1)
capital, under total equity. ABN AMRO Bank has the European Central Bank\u2019s permission to carry out limited
repurchases from investors and to sell back in the market.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-498": { "value": "
33\u00a0 Equity
(in millions)
31 December 2025
31 December 2024
Share capital
823
833
Share premium
11,745
11,849
Accumulated other comprehensive income
80
-409
Other reserves (incl. retained earnings/profit for the period)
11,159
10,358
AT1 capital securities
3,233
3,475
Equity attributable to owners of the parent company
27,040
26,105
Equity attributable to non-controlling interests
3
3
Total equity
27,043
26,108
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-497": { "value": "
33\u00a0 Equity
Share capital and other components of equity
Ordinary shares
As at 31 December 2025, all shares in the capital of ABN AMRO Bank N.V. were held by two foundations: NLFI
and STAK AAB.
Capital securities
Undated, deeply subordinated, resettable, callable capital securities are classified as additional tier 1 (AT1)
capital, under total equity. ABN AMRO Bank has the European Central Bank\u2019s permission to carry out limited
repurchases from investors and to sell back in the market.
(in millions)
31 December 2025
31 December 2024
Share capital
823
833
Share premium
11,745
11,849
Accumulated other comprehensive income
80
-409
Other reserves (incl. retained earnings/profit for the period)
11,159
10,358
AT1 capital securities
3,233
3,475
Equity attributable to owners of the parent company
27,040
26,105
Equity attributable to non-controlling interests
3
3
Total equity
27,043
26,108
As at 31 December 2025 , the authorised share capital of ABN AMRO Bank N.V. amounted to 2,400,000,000 \u00a0shares.
The\u00a0authorised share capital consisted of 2,200,000,000 ordinary A-shares with a nominal value of EUR \u00a01.00\u00a0each
and\u00a0200,000,000 ordinary B-shares with a nominal value of EUR 1.00 each. Every share is entitled to one vote at
the\u00a0General Meeting. During the financial year, there were no changes in the authorised share capital. The total
number of issued shares as at 31\u00a0December\u00a02025 was 823,201,264. In 2025, a final dividend for the year 2024 of
EUR\u00a00.75\u00a0per share, amounting to EUR\u00a0625\u00a0million, and an interim dividend for 2025 of EUR\u00a00.54\u00a0per share,
amounting to EUR\u00a0449\u00a0million, were paid. For the year 2025, a final dividend of EUR\u00a00.70\u00a0per share has been
proposed.
During the second half of 2025, ABN AMRO Bank N.V. purchased treasury shares under the buyback programme
for\u00a0EUR\u00a0250\u00a0million, at an average price of EUR\u00a025,39\u00a0per share. These treasury shares were cancelled during Q4,
resulting in a reduction in the issued share capital of\u00a09,847,302\u00a0shares, with a nominal value of EUR\u00a01.00\u00a0each. The
amount of the purchase value between EUR\u00a01.00 (the nominal value of the purchased shares) and EUR\u00a011.55 (the
value of the purchased shares for tax purposes) has been deducted from the share premium reserve. The amount of
the purchase value in excess of EUR\u00a011.55\u00a0has been deducted from other reserves.
Securities classified as Additional Tier 1 (AT1) capital are perpetual, junior, resettable securities that are callable and
are considered part of equity. AT1 Capital Security (XS3004202811) with a notional amount of EUR\u00a0750\u00a0million was
issued on 26\u00a0February\u00a02025 at the fixed rate of 5.750% per annum. The amount raised was EUR\u00a0746\u00a0million after
deduction of discount. AT1 Capital Instrument (XS2131567138) with a notional of EUR\u00a01.0\u00a0billion was called on
22\u00a0September\u00a02025. In addition, the payment of interest on the AT1 Capital securities had an impact on equity of
EUR\u00a0217\u00a0million.
The following table shows the equity of the ABN AMRO Bank N.V. and the outstanding and issued share capital.
31 December 2025
31 December 2024
Class A ordinary
shares
Class B ordinary
shares
Class A ordinary
shares
Class B ordinary
shares
Number of shares
Authorised share capital
2,200,000,000
200,000,000
2,200,000,000
200,000,000
Unissued share capital
1,376,798,736
200,000,000
1,366,951,434
200,000,000
Issued share capital
823,201,264
833,048,566
Amount of shares (in EUR)
Authorised share capital
2,200,000,000
200,000,000
2,200,000,000
200,000,000
Unissued share capital
1,376,798,736
200,000,000
1,366,951,434
200,000,000
Issued share capital
823,201,264
833,048,566
Par value
1.00
1.00
1.00
1.00
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-501": { "value": "
Dividends
Dividends on ordinary shares classified as equity are recognised as a distribution of equity in the period in which
they are approved by shareholders.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-502": { "value": "
34\u00a0 Transferred, pledged, encumbered and restricted assets
Accounting policy for transferred, pledged and encumbered assets
Transferred financial assets are arrangements/transactions for which ABN AMRO has:
\u2022 transferred the contractual rights to receive the cash flows of the financial asset to a third party, or
\u2022 retained the contractual rights to receive the cash flows of that financial asset, but has assumed a contractual
obligation to pay the cash flows to a third party
Depending on the circumstances, these transfers may either result in financial assets that are not derecognised
in their entirety or in assets that are derecognised in their entirety. More detailed information on our recognition
and derecognition policy is provided in the paragraph on material accounting policies under Note 1 - Accounting
policies.
Pledged assets are assets given as security (collateral) to guarantee the payment of a debt or fulfilment of
an\u00a0obligation by ABN AMRO to a third party. Encumbered assets are assets that have been pledged or are
subject to any form of arrangement to secure, collateralise or credit enhance any transaction from which free
withdrawal is not allowed. The key difference between encumbered and pledged assets is that the latter is
based on the legal terms such as title transfer while the former is based on economic principles.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-507": { "value": "
35\u00a0 Commitments and contingent liabilities
Accounting policy for off-balance sheet items
Commitments
Loan commitments that allow for draw-down of a loan within the timeframe generally established by regulation
or convention in the marketplace are not recognised as derivative financial instruments. Acceptances comprise
undertakings by ABN AMRO to pay bills of exchange drawn on clients. ABN AMRO expects most acceptances
to\u00a0be settled simultaneously with the reimbursement from clients. Acceptances are not recognised
in\u00a0the\u00a0balance sheet and are disclosed as commitments.
Financial guarantee contracts
A financial guarantee contract requires the issuer to make specified payments to reimburse the holder for a loss
it incurs if a specified debtor fails to make payment when due under the original or modified terms of a debt
instrument. Initial recognition of financial guarantee contracts is at their fair value. Subsequent measurement is
at the higher of the amount of the expected credit loss and the amount initially recognised, less \u2013 when
appropriate \u2013 the cumulative amount of income recognised in the income statement.
Contingent liabilities
Contingent liabilities are possible obligations whose existence will be confirmed only by uncertain future events,
and present obligations where the transfer of economic resources is uncertain or cannot be reliably measured.
Contingent liabilities are not recognised in the balance sheet, but disclosed if the likelihood of an outflow
of\u00a0economic resources is not more likely than not, or if the likelihood of an outflow of economic resources is
more likely than not, but cannot be reliably estimated.
Committed credit facilities
Commitments to provide credit consist of approved but undrawn loans, revolving and underwriting facilities. New loan
offers have a commitment period that does not extend beyond the normal underwriting and settlement period.
Guarantees and other commitments
ABN AMRO provides financial guarantees and letters of credit to guarantee the performance of its clients to third
parties. These transactions have fixed limits and generally extend for periods of up to 5 years. Expirations are not
concentrated in any particular period. ABN AMRO also provides guarantees by acting as a settlement agent
in\u00a0securities borrowing and lending transactions.
Many of the contingent liabilities and commitments are expected to expire without being paid out in whole or in part.
This means that the amounts stated do not represent expected future cash flows. Additionally, guarantees and letters
of credit are supported by varying levels of collateral. Furthermore, statements of liability within the meaning of article
403, Book 2 of the Dutch Civil Code have been issued for a number of ABN AMRO\u2019s affiliated companies (see also
the\u00a0chapter Other information).
The committed credit facilities, guarantees and other commitments are summarised in the following table.
The\u00a0amounts stated in the table for commitments assume that amounts are fully paid out. The amounts shown
in\u00a0the\u00a0table for guarantees and letters of credit represent the maximum amount ABN AMRO is exposed to if
the\u00a0contract parties completely fail to perform as contracted.
31\u00a0 December 2025
(in millions)
Less than
one year
Between one
and three years
Between three
and five years
After
five years
Total
Committed credit facilities
29,714
7,842
13,832
3,852
55,240
Guarantees and other commitments
Guarantees granted
187
248
223
45
703
Irrevocable letters of credit
2,632
689
370
104
3,796
Recourse risks arising from discounted bills
1,085
815
198
12
2,110
Total guarantees and other commitments
3,904
1,752
791
161
6,609
Total
33,618
9,594
14,623
4,014
61,849
31 December 2024
(in millions)
Less than
one year
Between one
and three years
Between three
and five years
After
five years
Total
Committed credit facilities
27,869
8,408
12,411
3,928
52,617
Guarantees and other commitments
Guarantees granted
225
267
84
203
779
Irrevocable letters of credit
2,507
1,004
183
226
3,920
Recourse risks arising from discounted bills
1,421
290
209
19
1,939
Total guarantees and other commitments
4,154
1,561
476
448
6,638
Total
32,023
9,969
12,887
4,376
59,255
Contingent liabilities
ABN AMRO is involved in a number of legal proceedings in the ordinary course of business in various jurisdictions.
In\u00a0presenting the Consolidated Annual Financial Statements, management estimates the outcome of legal, regulatory
and arbitration matters, and takes provisions to the income statement when losses with respect to such matters are
more likely than not. Provisions are not recognised for matters for which an expected cash outflow cannot be
reasonably estimated or that are not more likely than not to lead to a cash outflow. Some of these matters may be
regarded as a contingency.
Proceedings against regulator on regulatory levies
ABN AMRO is in discussion with the Single Resolution Board (SRB) about the calculation method applied for annual
Single Resolution Fund (SRF) contributions paid in the past. At this time, the outcome of these discussions are still
uncertain. The annual SRF contribution is a levy introduced by the European Union in 2016. The SRB calculates the SRF
contribution based on the information annually provided by the credit institutions within the European Banking Union
in scope of SRF. The SRB is of the opinion that ABN AMRO has reported variables to calculate the annual SRF
contribution incorrectly over the 2016-2022 period. ABN AMRO disagrees with the SRB\u2019s point of view and, as
from\u00a02016, has repeatedly and extensively communicated its position with regard to the adjusted amount to the SRB.
The different points of view held by the SRB and ABN AMRO are due to a differing interpretation of the regulation with
regard to the annual SRF contribution.
ABN AMRO received on 11 May 2023 the final decision from the SRB regarding the ex-ante contributions to the SRF.
In\u00a0its final decision, SRB reiterates its arguments and doesn\u2019t agree with ABN AMRO\u2019s position. The SRB recalculated
the contribution of ABN AMRO Hypotheken Groep B.V. (AAHG) over the years 2016 - 2022. Therefore the total amount
of the invoice for the year 2023 is EUR\u00a0177\u00a0million. This amount consists of both the contribution for the year 2023
(approximately EUR\u00a057\u00a0million) and the amount AAHG has to pay extra in contribution for the years 2016 \u2013 2022
(approximately EUR\u00a0120\u00a0million, included as an \u2018other asset\u2019). Upon DNB\u2019s and SRB\u2019s explicit request and in order to
comply with the Dutch legislation, which requires the SRF contribution 2023 to be paid within six weeks after the
notification of the final decision (under penalty of fines), AAHG paid on 22\u00a0June\u00a02023, under protest, the SRF
contribution 2023 to the SRB.
AAHG and ABN AMRO challenged the SRB\u2019s final decision by filing a petition with the court of Justice of the European
Union on 14\u00a0July\u00a02023. On 19\u00a0November\u00a02025 the hearing took place at the European Court of Justice in
Luxembourg. Parties now have to await the court\u2019s judgment.
The outcome of this challenge is uncertain, because the SRF regulation is relatively new and there is little to no case
law on the subject. ABN AMRO nevertheless considers it more likely than not that such challenge will be successful.
The current status is that the court will now decide if and when a hearing will take place.
Equity trading in Germany
German authorities are conducting investigations into the involvement of individuals from various banks and other
parties in equity trading extending over dividend record dates in Germany, including several forms of tainted dividend
arbitrage (i.e. tainted dividend stripping, including cum/ex and cum/cum) for the purpose of obtaining German tax
credits or refunds in relation to withholding tax levied on dividend payments, including, in particular, transaction
structures that resulted in more than one market participant claiming such credit or refund with respect to the same
dividend payment. ABN AMRO\u2019s legal predecessor, Fortis Bank (Nederland) N.V., ABN AMRO and several former
subsidiaries were directly or indirectly involved in these transactions in the past in various capacities. Criminal
investigation proceedings relating to the activities of these entities and individuals involved at the time were instigated.
These proceedings also resulted in search warrants being issued against ABN AMRO. ABN AMRO is cooperating with
these investigations, but has no knowledge of the results of any such investigations other than through public sources.
ABN AMRO also frequently receives information requests from German authorities in relation to criminal and other
investigations of individuals from other banks and other parties relating to equity trading extending over dividend
record dates in Germany. ABN AMRO cooperates and provides the requested information to the extent possible.
Although a number of subsidiaries associated with these transactions have been sold by means of a management
buy-out, legal risks remain for ABN AMRO, in particular relating to administrative offences and criminal and civil law.
All material tax issues with respect to ABN AMRO\u2019s tax reclaims relating to cum/ex transactions have been settled with
the German tax authorities.
With respect to cum/cum transactions, the German Federal Ministry of Finance released two circular rulings dated
9\u00a0July\u00a02021 (published 15\u00a0July\u00a02021); these contain a change in interpretation of tax legislation compared to previous
circular rulings. While these circular rulings, in ABN AMRO\u2019s view, contradict case law of the German Federal Tax Court
after the circulars were published, the German Federal Ministry of Finance has not withdrawn or amended the rulings,
and the German local tax authorities are therefore expected to recollect dividend withholding tax credited to
taxpayers where such credits related to cum/cum strategies. ABN AMRO has received dividend withholding tax
refunds that relate to transactions that could be considered to be cum/cum transactions under the new circular
rulings. In anticipation of a decision by the German tax authorities, ABN AMRO has, as a precaution, repaid the relevant
dividend withholding tax amounts, while retaining its rights to contest any such future decision. Some counterparties
of ABN AMRO have initiated civil law claims against ABN AMRO with respect to cum/cum securities lending
transactions (one pending before a German court, two cases ruled in favor of ABN AMRO), arguing that ABN AMRO
failed to deliver beneficial ownership of the loaned securities to these counterparties and that this resulted in a denial
of tax credit entitlement by the relevant German tax authorities. Although ABN AMRO considers it not probable that
any such claims will be successful, the possibility that they will succeed cannot be ruled out.
It cannot be excluded that ABN AMRO or subsidiaries will face financial consequences as a result of their involvement
in tainted dividend arbitrage transactions, in particular corporate administrative fines, forfeiture orders and civil law
claims. It is currently unclear, however, as to how and when the German prosecution authorities\u2019 investigations will
impact ABN AMRO and its subsidiaries and if, and to what extent, corporate administrative fines or forfeiture orders
will be imposed. It is also uncertain whether tax authorities or third parties will successfully claim amounts from ABN
AMRO in secondary tax liability or civil law cases. Only for known individual claims a provision has been recognised as
far as it was deemed more likely than not, that an outflow of economic benefit will be required to settle the obligation
(see also Note 30 - Provisions). Because of the sensitivity of the underlying information, individual claims are not
disclosed in detail. The financial impact of potential other claims cannot be reliably estimated, and no provision has
been recorded in this respect.
Matters related to duty of care and the EU directive on unfair terms in commercial contracts
There are a number of threatened or pending claims and proceedings against ABN AMRO for alleged breaches of its
duty of care and/or the EU Directive on Unfair Terms in Commercial Contracts. Where applicable, provisions for these
matters have been made.
There can be no assurance that additional proceedings will not be instigated or that amounts demanded in claims
brought to date will not rise. Current claims and proceedings are pending and their outcome, as well as the outcome
of any potential proceedings, is uncertain, as is the timing of reaching any finality on these legal claims and
proceedings. Because of the sensitivity of the underlying information, individual claims are not disclosed in detail.
Although the consequences could be substantial for ABN AMRO and potentially affect its reputation, results of
operations, financial condition and prospects, it is not possible to reliably estimate or quantify ABN AMRO\u2019s exposure
at this time. These uncertainties are likely to continue for some time.
Luxembourg subsidiaries
In February\u00a02018, ABN AMRO sold its Luxembourg subsidiary to BGL BNP Paribas (BGL). BGL is now being sued by a
Luxembourg investment fund (the Fund) which alleges that the Luxembourg subsidiary, in its capacity as custodian of
a sub-fund of the Fund, should have prevented an investment of USD\u00a010\u00a0million from being made. The Fund is
claiming restitution of this amount from BGL in proceedings before the District Court of Luxembourg. BGL notified ABN
AMRO of this claim in January\u00a02020 and, in June\u00a02020, summoned it to appear in these proceedings in an intervention
procedure. In July\u00a02020, the Fund and its Hong Kong subsidiary issued an additional claim against BGL. This claim
amounts to USD\u00a020\u00a0million and also seems to relate to investments relating to the sub-fund of the Fund. Since
August\u00a02020, this additional claim has also been part of the intervention procedure between BGL and ABN AMRO.
These proceedings are pending.
In addition, on 2\u00a0April\u00a02021, BGL, as the legal successor of the Luxembourg subsidiary of ABN AMRO, was sued by a
Luxembourg investment fund (SIF A) and the liquidator of SIF A. In brief, it is alleged that a sub-fund of SIF A invested
in allegedly fictitious loan instruments for a period of time. The Luxembourg subsidiary acted as the custodian bank for
SIF A for a while within this time period. SIF A alleges that it did not perform its duties properly and therefore considers
that BGL, as the legal successor of the Luxembourg subsidiary, should be held liable, together with three other
defendants, for approx. EUR\u00a04\u00a0million in damages. BGL notified ABN AMRO of this claim in May\u00a02021. In brief, BGL is
claiming that any sentence that could be pronounced against it in the proceedings against the fund and its liquidator
should be borne by ABN AMRO. ABN AMRO rejects the alleged claim from BGL.
Finally, on 31\u00a0May\u00a02021, BGL, as the legal successor of the Luxembourg subsidiary of ABN AMRO, was sued by an
alternative investment fund (AIF SIF). AIF SIF was originally a client of the subsidiary. AIF SIF accuses BGL, in its capacity
as the former depositary bank of AIF SIF, of having caused AIF SIF\u2019s removal from the list of specialised investment
funds by the Luxembourg financial regulator (CSSF). The fund claimed damages from BGL in the amount of
EUR\u00a0126\u00a0million. BGL notified ABN AMRO of this claim in July\u00a02021. In May\u00a02025, BGL informed ABN AMRO that the
trustee of AIF SIF shifted the position adopted initially by the fund. The trustee now argues that the Luxembourg
subsidiary and BGL, committed several breaches of their legal obligations as depositary banks of the fund which
allegedly led to loss of assets of damages for the fund amounting to approximately EUR\u00a0145\u00a0million. In brief, BGL is
claiming that any sentence that could be pronounced against it in the proceedings against the trustee of the fund
should be borne by ABN AMRO. ABN AMRO rejects the alleged claim from BGL.
On 30\u00a0June\u00a02023 BGL served a writ of summons against ABN AMRO in which BGL holds ABN AMRO primarily liable
for fraudulent concealment and misrepresentation and seeks compensation for its damages. ABN AMRO rejects the
alleged claim by BGL. The writ has not (yet) been served before the court in order to give parties a chance to discuss a
potential settlement.
Collective action regarding business credits with variable interest rate
ABN AMRO received a claim from the claim foundation Stichting Massaschade & Consument, alleging that ABN AMRO
charged too much interest on certain revolving business credits with a variable interest rate, which had been sold to
small and micro enterprises. The claim foundation argues that earlier Kifid rulings on revolving consumer credits with a
variable interest rate, in which Kifid ruled that the contractual interest rate must follow the movements of the average
market rate, should also apply to these business credits.
On 14\u00a0May\u00a02024, ABN AMRO received a writ of summons to commence a collective action. ABN AMRO refutes the
allegations of the claim foundation, inter alia, because, according to ABN AMRO, the Kifid rulings on revolving
consumer credits with a variable interest rate cannot be applied to business credits and, thus far, the Kifid-approach
has not been adopted by the Dutch civil courts. A provision has not been recognised for this matter. The writ of
summons does not specify exactly to which products the claim applies or a substantiation of the amount of damages
claimed. As a result, it is currently not possible to make a reliable estimate of the financial effects of this claim.
ABN AMRO put up a defence in court. It is expected that the collective action will take several years to complete. On
9\u00a0July\u00a02025 the court has ruled that the foundation is inadmissible in its claims because the claims are not suitable for
collective treatment. The foundation lodged an appeal.
Investor claims regarding AML disclosures
ABN AMRO received claims from two groups of institutional investors for alleged losses as a result of developments in
ABN AMRO\u2019s share price following disclosures made in the period from 2015 to 2022 in relation to (non-)compliance
by ABN AMRO with anti-money laundering laws and regulations, the related investigation of the Dutch Public
Prosecutor\u2019s Office which resulted in a settlement, and associated risks. The groups of investors hold liable ABN AMRO
and certain former and current executive and supervisory board members for alleged damages of in total
approximately EUR 400 million. ABN AMRO disputes these allegations and has not recognised a provision for this
matter. No proceedings on the merits have been initiated yet by both groups of investors. One group of investors has
filed a request for the disclosure of certain documents and preliminary witness hearings of certain former board
members and employees of ABN AMRO. The district court recently denied this requests in full. An appeal against this
ruling is pending, provided that the request for preliminary witness hearing has been dropped.
DNB imposes fine on ABN AMRO for violation prohibition
On 10 June 2025, the Dutch Central Bank (DNB) imposed an administrative fine of EUR 15 million on ABN AMRO for
violating the bonus prohibition over the period from 2016 to 2024. Despite ABN AMRO\u2019s good-faith interpretation and
application of the law, the bank admits its understanding was erroneous. ABN AMRO has decided to accept the
penalty without further challenging it and paid the related amount. There are still some other discussions with the
regulator on violation of remuneration restrictions.
Cross-liability
On 6 February 2010, the former ABN AMRO Bank N.V. demerged into two entities: NatWest Markets N.V. (formerly
known as RBS N.V.) and ABN AMRO Bank N.V. On the division of an entity by demerger, Dutch law establishes a cross-
liability between surviving entities for the benefit of the creditors at the time of the demerger. ABN AMRO\u2019s cross-
liability amounts to EUR\u00a0197\u00a0million (31\u00a0December\u00a02024: EUR\u00a0198\u00a0million).
Madoff related proceedings
ABN AMRO, certain of its subsidiaries and some of their client funds had exposure to funds that suffered losses (in
some cases, significant losses) as a result of the Madoff fraud. The provision of custodial and other financial services
resulted in several legal claims, including by the Bernard L. Madoff Investment Securities LLC (BLMIS) trustee in
bankruptcy (Irving Picard) and the liquidators of certain funds, who are pursuing legal action in an attempt to recover
payments made as a result of the fraud and/or to compensate their alleged losses. ABN AMRO and certain ABN AMRO
subsidiaries are defendants in these proceedings. There are three main claims remaining in relation to which
proceedings against ABN AMRO and its subsidiaries are pending before the US courts:
(i) claims of in total approximately USD\u00a0105\u00a0million against ABN AMRO Isle of Man (Nominees) Ltd Initiated by the
trustee of BLMIS;
(ii) claims of in total approximately USD\u00a0265\u00a0million against ABN AMRO Retained Custodial Services (Ireland) Ltd and
ABN AMRO Custodial Services (Ireland) Ltd initiated by the trustee of BLMIS; and
(iii) claims of in total approximately USD\u00a0235\u00a0million against ABN AMRO Isle of Man (Nominees) Ltd, ABN AMRO Global
Custody Services N.V., ABN AMRO Bank N.V. and ABN AMRO Cayman Bank Ltd initiated by the liquidators of
certain funds which invested in BLMIS.
Even though these proceedings have been ongoing for several years, the claims brought by the trustee of BLIMS are
still in their early stages and are expected to take several years to complete. The claims brought by the funds\u2019
liquidators have been dismissed on appeal, but the funds\u2019 liquidators may still request the US Supreme Court to review
the case. Certain of these claims initially were (significantly) higher, but have been reduced as a result of
developments in the proceedings. Hence, it is not possible to estimate the total amount of ABN AMRO\u2019s potential
liability, if any.
Claim relating to Reverse Factoring Program
ABN AMRO Asset Based Finance (ABF) is involved in litigation with a French client. The client alleges a claim for
(re)payment of various sums in connection with a reverse factoring arrangement between ABF, the client and certain of
the client's subsidiaries. The claim is based on the assertion that ABF has not fulfilled certain of its contractual
obligations under the reverse factoring program in\u00a02022. The legal proceedings were initiated by the client in\u00a02024.
In\u00a0September\u00a02025, the client submitted documents to the court for the purpose of (inter alia) substantiating its
claims. It is expected that parties will submit additional documents to the court during\u00a02026.
AML remediation programme
ABN AMRO continues to enhance its internal AML processes and systems to increase both effectiveness and
sustainable compliance with regulatory requirements. ABN AMRO\u2019s focus is on the effectiveness of our monitoring
processes and the quality of client due diligence. ABN AMRO maintains a dialogue with the Dutch central bank DNB,
keeping it regularly informed. DNB continues to monitor progress and provides observations, such as previously
identified shortcomings in ABN AMRO\u2019s EDR process. DNB has indicated that these shortcomings may lead to
enforcement measures. A potential financial impact cannot be reliably estimated, and no provision has been recorded.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-506": { "value": "
35\u00a0 Commitments and contingent liabilities
Accounting policy for off-balance sheet items
Contingent liabilities
Contingent liabilities are possible obligations whose existence will be confirmed only by uncertain future events,
and present obligations where the transfer of economic resources is uncertain or cannot be reliably measured.
Contingent liabilities are not recognised in the balance sheet, but disclosed if the likelihood of an outflow
of\u00a0economic resources is not more likely than not, or if the likelihood of an outflow of economic resources is
more likely than not, but cannot be reliably estimated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-505": { "value": "
35\u00a0 Commitments and contingent liabilities
Accounting policy for off-balance sheet items
Commitments
Loan commitments that allow for draw-down of a loan within the timeframe generally established by regulation
or convention in the marketplace are not recognised as derivative financial instruments. Acceptances comprise
undertakings by ABN AMRO to pay bills of exchange drawn on clients. ABN AMRO expects most acceptances
to\u00a0be settled simultaneously with the reimbursement from clients. Acceptances are not recognised
in\u00a0the\u00a0balance sheet and are disclosed as commitments.
Financial guarantee contracts
A financial guarantee contract requires the issuer to make specified payments to reimburse the holder for a loss
it incurs if a specified debtor fails to make payment when due under the original or modified terms of a debt
instrument. Initial recognition of financial guarantee contracts is at their fair value. Subsequent measurement is
at the higher of the amount of the expected credit loss and the amount initially recognised, less \u2013 when
appropriate \u2013 the cumulative amount of income recognised in the income statement.
Committed credit facilities
Commitments to provide credit consist of approved but undrawn loans, revolving and underwriting facilities. New loan
offers have a commitment period that does not extend beyond the normal underwriting and settlement period.
Guarantees and other commitments
ABN AMRO provides financial guarantees and letters of credit to guarantee the performance of its clients to third
parties. These transactions have fixed limits and generally extend for periods of up to 5 years. Expirations are not
concentrated in any particular period. ABN AMRO also provides guarantees by acting as a settlement agent
in\u00a0securities borrowing and lending transactions.
Many of the contingent liabilities and commitments are expected to expire without being paid out in whole or in part.
This means that the amounts stated do not represent expected future cash flows. Additionally, guarantees and letters
of credit are supported by varying levels of collateral. Furthermore, statements of liability within the meaning of article
403, Book 2 of the Dutch Civil Code have been issued for a number of ABN AMRO\u2019s affiliated companies (see also
the\u00a0chapter Other information).
The committed credit facilities, guarantees and other commitments are summarised in the following table.
The\u00a0amounts stated in the table for commitments assume that amounts are fully paid out. The amounts shown
in\u00a0the\u00a0table for guarantees and letters of credit represent the maximum amount ABN AMRO is exposed to if
the\u00a0contract parties completely fail to perform as contracted.
31\u00a0 December 2025
(in millions)
Less than
one year
Between one
and three years
Between three
and five years
After
five years
Total
Committed credit facilities
29,714
7,842
13,832
3,852
55,240
Guarantees and other commitments
Guarantees granted
187
248
223
45
703
Irrevocable letters of credit
2,632
689
370
104
3,796
Recourse risks arising from discounted bills
1,085
815
198
12
2,110
Total guarantees and other commitments
3,904
1,752
791
161
6,609
Total
33,618
9,594
14,623
4,014
61,849
31 December 2024
(in millions)
Less than
one year
Between one
and three years
Between three
and five years
After
five years
Total
Committed credit facilities
27,869
8,408
12,411
3,928
52,617
Guarantees and other commitments
Guarantees granted
225
267
84
203
779
Irrevocable letters of credit
2,507
1,004
183
226
3,920
Recourse risks arising from discounted bills
1,421
290
209
19
1,939
Total guarantees and other commitments
4,154
1,561
476
448
6,638
Total
32,023
9,969
12,887
4,376
59,255
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-504": { "value": "
35\u00a0 Commitments and contingent liabilities
Accounting policy for off-balance sheet items
Contingent liabilities
Contingent liabilities are possible obligations whose existence will be confirmed only by uncertain future events,
and present obligations where the transfer of economic resources is uncertain or cannot be reliably measured.
Contingent liabilities are not recognised in the balance sheet, but disclosed if the likelihood of an outflow
of\u00a0economic resources is not more likely than not, or if the likelihood of an outflow of economic resources is
more likely than not, but cannot be reliably estimated.
Contingent liabilities
ABN AMRO is involved in a number of legal proceedings in the ordinary course of business in various jurisdictions.
In\u00a0presenting the Consolidated Annual Financial Statements, management estimates the outcome of legal, regulatory
and arbitration matters, and takes provisions to the income statement when losses with respect to such matters are
more likely than not. Provisions are not recognised for matters for which an expected cash outflow cannot be
reasonably estimated or that are not more likely than not to lead to a cash outflow. Some of these matters may be
regarded as a contingency.
Proceedings against regulator on regulatory levies
ABN AMRO is in discussion with the Single Resolution Board (SRB) about the calculation method applied for annual
Single Resolution Fund (SRF) contributions paid in the past. At this time, the outcome of these discussions are still
uncertain. The annual SRF contribution is a levy introduced by the European Union in 2016. The SRB calculates the SRF
contribution based on the information annually provided by the credit institutions within the European Banking Union
in scope of SRF. The SRB is of the opinion that ABN AMRO has reported variables to calculate the annual SRF
contribution incorrectly over the 2016-2022 period. ABN AMRO disagrees with the SRB\u2019s point of view and, as
from\u00a02016, has repeatedly and extensively communicated its position with regard to the adjusted amount to the SRB.
The different points of view held by the SRB and ABN AMRO are due to a differing interpretation of the regulation with
regard to the annual SRF contribution.
ABN AMRO received on 11 May 2023 the final decision from the SRB regarding the ex-ante contributions to the SRF.
In\u00a0its final decision, SRB reiterates its arguments and doesn\u2019t agree with ABN AMRO\u2019s position. The SRB recalculated
the contribution of ABN AMRO Hypotheken Groep B.V. (AAHG) over the years 2016 - 2022. Therefore the total amount
of the invoice for the year 2023 is EUR\u00a0177\u00a0million. This amount consists of both the contribution for the year 2023
(approximately EUR\u00a057\u00a0million) and the amount AAHG has to pay extra in contribution for the years 2016 \u2013 2022
(approximately EUR\u00a0120\u00a0million, included as an \u2018other asset\u2019). Upon DNB\u2019s and SRB\u2019s explicit request and in order to
comply with the Dutch legislation, which requires the SRF contribution 2023 to be paid within six weeks after the
notification of the final decision (under penalty of fines), AAHG paid on 22\u00a0June\u00a02023, under protest, the SRF
contribution 2023 to the SRB.
AAHG and ABN AMRO challenged the SRB\u2019s final decision by filing a petition with the court of Justice of the European
Union on 14\u00a0July\u00a02023. On 19\u00a0November\u00a02025 the hearing took place at the European Court of Justice in
Luxembourg. Parties now have to await the court\u2019s judgment.
The outcome of this challenge is uncertain, because the SRF regulation is relatively new and there is little to no case
law on the subject. ABN AMRO nevertheless considers it more likely than not that such challenge will be successful.
The current status is that the court will now decide if and when a hearing will take place.
Equity trading in Germany
German authorities are conducting investigations into the involvement of individuals from various banks and other
parties in equity trading extending over dividend record dates in Germany, including several forms of tainted dividend
arbitrage (i.e. tainted dividend stripping, including cum/ex and cum/cum) for the purpose of obtaining German tax
credits or refunds in relation to withholding tax levied on dividend payments, including, in particular, transaction
structures that resulted in more than one market participant claiming such credit or refund with respect to the same
dividend payment. ABN AMRO\u2019s legal predecessor, Fortis Bank (Nederland) N.V., ABN AMRO and several former
subsidiaries were directly or indirectly involved in these transactions in the past in various capacities. Criminal
investigation proceedings relating to the activities of these entities and individuals involved at the time were instigated.
These proceedings also resulted in search warrants being issued against ABN AMRO. ABN AMRO is cooperating with
these investigations, but has no knowledge of the results of any such investigations other than through public sources.
ABN AMRO also frequently receives information requests from German authorities in relation to criminal and other
investigations of individuals from other banks and other parties relating to equity trading extending over dividend
record dates in Germany. ABN AMRO cooperates and provides the requested information to the extent possible.
Although a number of subsidiaries associated with these transactions have been sold by means of a management
buy-out, legal risks remain for ABN AMRO, in particular relating to administrative offences and criminal and civil law.
All material tax issues with respect to ABN AMRO\u2019s tax reclaims relating to cum/ex transactions have been settled with
the German tax authorities.
With respect to cum/cum transactions, the German Federal Ministry of Finance released two circular rulings dated
9\u00a0July\u00a02021 (published 15\u00a0July\u00a02021); these contain a change in interpretation of tax legislation compared to previous
circular rulings. While these circular rulings, in ABN AMRO\u2019s view, contradict case law of the German Federal Tax Court
after the circulars were published, the German Federal Ministry of Finance has not withdrawn or amended the rulings,
and the German local tax authorities are therefore expected to recollect dividend withholding tax credited to
taxpayers where such credits related to cum/cum strategies. ABN AMRO has received dividend withholding tax
refunds that relate to transactions that could be considered to be cum/cum transactions under the new circular
rulings. In anticipation of a decision by the German tax authorities, ABN AMRO has, as a precaution, repaid the relevant
dividend withholding tax amounts, while retaining its rights to contest any such future decision. Some counterparties
of ABN AMRO have initiated civil law claims against ABN AMRO with respect to cum/cum securities lending
transactions (one pending before a German court, two cases ruled in favor of ABN AMRO), arguing that ABN AMRO
failed to deliver beneficial ownership of the loaned securities to these counterparties and that this resulted in a denial
of tax credit entitlement by the relevant German tax authorities. Although ABN AMRO considers it not probable that
any such claims will be successful, the possibility that they will succeed cannot be ruled out.
It cannot be excluded that ABN AMRO or subsidiaries will face financial consequences as a result of their involvement
in tainted dividend arbitrage transactions, in particular corporate administrative fines, forfeiture orders and civil law
claims. It is currently unclear, however, as to how and when the German prosecution authorities\u2019 investigations will
impact ABN AMRO and its subsidiaries and if, and to what extent, corporate administrative fines or forfeiture orders
will be imposed. It is also uncertain whether tax authorities or third parties will successfully claim amounts from ABN
AMRO in secondary tax liability or civil law cases. Only for known individual claims a provision has been recognised as
far as it was deemed more likely than not, that an outflow of economic benefit will be required to settle the obligation
(see also Note 30 - Provisions). Because of the sensitivity of the underlying information, individual claims are not
disclosed in detail. The financial impact of potential other claims cannot be reliably estimated, and no provision has
been recorded in this respect.
Matters related to duty of care and the EU directive on unfair terms in commercial contracts
There are a number of threatened or pending claims and proceedings against ABN AMRO for alleged breaches of its
duty of care and/or the EU Directive on Unfair Terms in Commercial Contracts. Where applicable, provisions for these
matters have been made.
There can be no assurance that additional proceedings will not be instigated or that amounts demanded in claims
brought to date will not rise. Current claims and proceedings are pending and their outcome, as well as the outcome
of any potential proceedings, is uncertain, as is the timing of reaching any finality on these legal claims and
proceedings. Because of the sensitivity of the underlying information, individual claims are not disclosed in detail.
Although the consequences could be substantial for ABN AMRO and potentially affect its reputation, results of
operations, financial condition and prospects, it is not possible to reliably estimate or quantify ABN AMRO\u2019s exposure
at this time. These uncertainties are likely to continue for some time.
Luxembourg subsidiaries
In February\u00a02018, ABN AMRO sold its Luxembourg subsidiary to BGL BNP Paribas (BGL). BGL is now being sued by a
Luxembourg investment fund (the Fund) which alleges that the Luxembourg subsidiary, in its capacity as custodian of
a sub-fund of the Fund, should have prevented an investment of USD\u00a010\u00a0million from being made. The Fund is
claiming restitution of this amount from BGL in proceedings before the District Court of Luxembourg. BGL notified ABN
AMRO of this claim in January\u00a02020 and, in June\u00a02020, summoned it to appear in these proceedings in an intervention
procedure. In July\u00a02020, the Fund and its Hong Kong subsidiary issued an additional claim against BGL. This claim
amounts to USD\u00a020\u00a0million and also seems to relate to investments relating to the sub-fund of the Fund. Since
August\u00a02020, this additional claim has also been part of the intervention procedure between BGL and ABN AMRO.
These proceedings are pending.
In addition, on 2\u00a0April\u00a02021, BGL, as the legal successor of the Luxembourg subsidiary of ABN AMRO, was sued by a
Luxembourg investment fund (SIF A) and the liquidator of SIF A. In brief, it is alleged that a sub-fund of SIF A invested
in allegedly fictitious loan instruments for a period of time. The Luxembourg subsidiary acted as the custodian bank for
SIF A for a while within this time period. SIF A alleges that it did not perform its duties properly and therefore considers
that BGL, as the legal successor of the Luxembourg subsidiary, should be held liable, together with three other
defendants, for approx. EUR\u00a04\u00a0million in damages. BGL notified ABN AMRO of this claim in May\u00a02021. In brief, BGL is
claiming that any sentence that could be pronounced against it in the proceedings against the fund and its liquidator
should be borne by ABN AMRO. ABN AMRO rejects the alleged claim from BGL.
Finally, on 31\u00a0May\u00a02021, BGL, as the legal successor of the Luxembourg subsidiary of ABN AMRO, was sued by an
alternative investment fund (AIF SIF). AIF SIF was originally a client of the subsidiary. AIF SIF accuses BGL, in its capacity
as the former depositary bank of AIF SIF, of having caused AIF SIF\u2019s removal from the list of specialised investment
funds by the Luxembourg financial regulator (CSSF). The fund claimed damages from BGL in the amount of
EUR\u00a0126\u00a0million. BGL notified ABN AMRO of this claim in July\u00a02021. In May\u00a02025, BGL informed ABN AMRO that the
trustee of AIF SIF shifted the position adopted initially by the fund. The trustee now argues that the Luxembourg
subsidiary and BGL, committed several breaches of their legal obligations as depositary banks of the fund which
allegedly led to loss of assets of damages for the fund amounting to approximately EUR\u00a0145\u00a0million. In brief, BGL is
claiming that any sentence that could be pronounced against it in the proceedings against the trustee of the fund
should be borne by ABN AMRO. ABN AMRO rejects the alleged claim from BGL.
On 30\u00a0June\u00a02023 BGL served a writ of summons against ABN AMRO in which BGL holds ABN AMRO primarily liable
for fraudulent concealment and misrepresentation and seeks compensation for its damages. ABN AMRO rejects the
alleged claim by BGL. The writ has not (yet) been served before the court in order to give parties a chance to discuss a
potential settlement.
Collective action regarding business credits with variable interest rate
ABN AMRO received a claim from the claim foundation Stichting Massaschade & Consument, alleging that ABN AMRO
charged too much interest on certain revolving business credits with a variable interest rate, which had been sold to
small and micro enterprises. The claim foundation argues that earlier Kifid rulings on revolving consumer credits with a
variable interest rate, in which Kifid ruled that the contractual interest rate must follow the movements of the average
market rate, should also apply to these business credits.
On 14\u00a0May\u00a02024, ABN AMRO received a writ of summons to commence a collective action. ABN AMRO refutes the
allegations of the claim foundation, inter alia, because, according to ABN AMRO, the Kifid rulings on revolving
consumer credits with a variable interest rate cannot be applied to business credits and, thus far, the Kifid-approach
has not been adopted by the Dutch civil courts. A provision has not been recognised for this matter. The writ of
summons does not specify exactly to which products the claim applies or a substantiation of the amount of damages
claimed. As a result, it is currently not possible to make a reliable estimate of the financial effects of this claim.
ABN AMRO put up a defence in court. It is expected that the collective action will take several years to complete. On
9\u00a0July\u00a02025 the court has ruled that the foundation is inadmissible in its claims because the claims are not suitable for
collective treatment. The foundation lodged an appeal.
Investor claims regarding AML disclosures
ABN AMRO received claims from two groups of institutional investors for alleged losses as a result of developments in
ABN AMRO\u2019s share price following disclosures made in the period from 2015 to 2022 in relation to (non-)compliance
by ABN AMRO with anti-money laundering laws and regulations, the related investigation of the Dutch Public
Prosecutor\u2019s Office which resulted in a settlement, and associated risks. The groups of investors hold liable ABN AMRO
and certain former and current executive and supervisory board members for alleged damages of in total
approximately EUR 400 million. ABN AMRO disputes these allegations and has not recognised a provision for this
matter. No proceedings on the merits have been initiated yet by both groups of investors. One group of investors has
filed a request for the disclosure of certain documents and preliminary witness hearings of certain former board
members and employees of ABN AMRO. The district court recently denied this requests in full. An appeal against this
ruling is pending, provided that the request for preliminary witness hearing has been dropped.
DNB imposes fine on ABN AMRO for violation prohibition
On 10 June 2025, the Dutch Central Bank (DNB) imposed an administrative fine of EUR 15 million on ABN AMRO for
violating the bonus prohibition over the period from 2016 to 2024. Despite ABN AMRO\u2019s good-faith interpretation and
application of the law, the bank admits its understanding was erroneous. ABN AMRO has decided to accept the
penalty without further challenging it and paid the related amount. There are still some other discussions with the
regulator on violation of remuneration restrictions.
Cross-liability
On 6 February 2010, the former ABN AMRO Bank N.V. demerged into two entities: NatWest Markets N.V. (formerly
known as RBS N.V.) and ABN AMRO Bank N.V. On the division of an entity by demerger, Dutch law establishes a cross-
liability between surviving entities for the benefit of the creditors at the time of the demerger. ABN AMRO\u2019s cross-
liability amounts to EUR\u00a0197\u00a0million (31\u00a0December\u00a02024: EUR\u00a0198\u00a0million).
Madoff related proceedings
ABN AMRO, certain of its subsidiaries and some of their client funds had exposure to funds that suffered losses (in
some cases, significant losses) as a result of the Madoff fraud. The provision of custodial and other financial services
resulted in several legal claims, including by the Bernard L. Madoff Investment Securities LLC (BLMIS) trustee in
bankruptcy (Irving Picard) and the liquidators of certain funds, who are pursuing legal action in an attempt to recover
payments made as a result of the fraud and/or to compensate their alleged losses. ABN AMRO and certain ABN AMRO
subsidiaries are defendants in these proceedings. There are three main claims remaining in relation to which
proceedings against ABN AMRO and its subsidiaries are pending before the US courts:
(i) claims of in total approximately USD\u00a0105\u00a0million against ABN AMRO Isle of Man (Nominees) Ltd Initiated by the
trustee of BLMIS;
(ii) claims of in total approximately USD\u00a0265\u00a0million against ABN AMRO Retained Custodial Services (Ireland) Ltd and
ABN AMRO Custodial Services (Ireland) Ltd initiated by the trustee of BLMIS; and
(iii) claims of in total approximately USD\u00a0235\u00a0million against ABN AMRO Isle of Man (Nominees) Ltd, ABN AMRO Global
Custody Services N.V., ABN AMRO Bank N.V. and ABN AMRO Cayman Bank Ltd initiated by the liquidators of
certain funds which invested in BLMIS.
Even though these proceedings have been ongoing for several years, the claims brought by the trustee of BLIMS are
still in their early stages and are expected to take several years to complete. The claims brought by the funds\u2019
liquidators have been dismissed on appeal, but the funds\u2019 liquidators may still request the US Supreme Court to review
the case. Certain of these claims initially were (significantly) higher, but have been reduced as a result of
developments in the proceedings. Hence, it is not possible to estimate the total amount of ABN AMRO\u2019s potential
liability, if any.
Claim relating to Reverse Factoring Program
ABN AMRO Asset Based Finance (ABF) is involved in litigation with a French client. The client alleges a claim for
(re)payment of various sums in connection with a reverse factoring arrangement between ABF, the client and certain of
the client's subsidiaries. The claim is based on the assertion that ABF has not fulfilled certain of its contractual
obligations under the reverse factoring program in\u00a02022. The legal proceedings were initiated by the client in\u00a02024.
In\u00a0September\u00a02025, the client submitted documents to the court for the purpose of (inter alia) substantiating its
claims. It is expected that parties will submit additional documents to the court during\u00a02026.
AML remediation programme
ABN AMRO continues to enhance its internal AML processes and systems to increase both effectiveness and
sustainable compliance with regulatory requirements. ABN AMRO\u2019s focus is on the effectiveness of our monitoring
processes and the quality of client due diligence. ABN AMRO maintains a dialogue with the Dutch central bank DNB,
keeping it regularly informed. DNB continues to monitor progress and provides observations, such as previously
identified shortcomings in ABN AMRO\u2019s EDR process. DNB has indicated that these shortcomings may lead to
enforcement measures. A potential financial impact cannot be reliably estimated, and no provision has been recorded.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-503": { "value": "
35\u00a0 Commitments and contingent liabilities
Accounting policy for off-balance sheet items
Financial guarantee contracts
A financial guarantee contract requires the issuer to make specified payments to reimburse the holder for a loss
it incurs if a specified debtor fails to make payment when due under the original or modified terms of a debt
instrument. Initial recognition of financial guarantee contracts is at their fair value. Subsequent measurement is
at the higher of the amount of the expected credit loss and the amount initially recognised, less \u2013 when
appropriate \u2013 the cumulative amount of income recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-509": { "value": "
36\u00a0 Remuneration of Executive Board and Supervisory Board
Remuneration of the Executive Board
2025
Base
salary
Variable
remuneration\u00b3
Other
short-term
benefits 4
Total
short term
benefits
Severance
payments
Total pension-related
contributions 5
Total
(in thousands)
Post-employment
pension (a)
Short-term
allowances (b)
M.M.A.S. B\u00e9rard, chair\u00b9
599
96
695
20
120
835
R.A.J. Swaak, chair\u00b2
722
130
852
218
24
144
1,239
D.S. Dorner, vice-chair
736
10
746
29
142
917
C. Bittner
736
48
784
29
142
955
S. Fioravanti\u00b9
736
107
843
29
142
1,014
C.L. van der Hooft - Cheong
736
36
772
29
142
944
A. van Nimwegen
736
69
805
29
142
977
F.G. Vaandrager
736
45
781
29
142
952
A.M. Vreugdenhil
736
24
760
29
142
931
Total
6,473
565
7,038
218
247
1,258
8,764
2024
R.A.J. Swaak, chair\u00b2
829
829
38
208
1,075
D.S. Dorner, vice-chair
704
44
748
38
170
956
C. Bittner
704
48
752
38
170
960
T.J.A.M. Cuppen\u00b2
411
238
649
22
99
770
S. Fioravanti\u00b9
176
26
202
10
42
254
C.L. van der Hooft - Cheong
704
38
742
38
170
950
A. van Nimwegen
704
65
769
38
170
977
C. Oosterloo 1, 2
307
9
316
17
74
407
F.G. Vaandrager
704
58
762
38
170
970
A.M. Vreugdenhil
704
24
728
38
170
936
Total
5,947
550
6,497
315
1,443
8,255
1. The following members were appointed as Executive Board members in 2025 and 2024: M.M.A.S. B\u00e9rard (23 April 2025), C. Oosterloo (ad interim from 24 April 2024 until 1
October 2024) and S. Fioravanti (1 October 2024).
2. The following members stepped down as Executive Board members of ABN AMRO: R.A.J. Swaak (stepped down on 23 April 2025 and left with effect from 1 November
2025), T.J.A.M. Cuppen (stepped down on 24 April 2024 and left with effect from 1 August 2024) and C. Oosterloo (ad interim period ended with effect from 1 October
2024). For T.J.A.M. Cuppen, all remuneration components for the period until her services agreement ended on 1 August 2024 are included above.
3. Owing to the Bonus Prohibition Act, the Executive Board members are not entitled to receive variable compensation. This prohibition has applied since the 2011
performance.
4. Other short-term benefits consist of flight tickets, a housing allowance, compensation for lease car expenses, mortgage interest rate benefit and international schooling costs
for Executive Board members' children when applicable. If applicable, the amount of the payment for remaining leave entitlement at the end of the services agreement is
also included in Other short-term benefits.
5. The Executive Board members participate in ABN AMRO Bank's pension plans for employees in the Netherlands. This participation is not mandatory for M.M.A.S. B\u00e9rard and S.
Fioravanti considering their specific international tax resident status. Total pension-related contributions refer to (a) the employer contribution to the pension fund for the
CDC pension scheme for pensionable income up to EUR 137,800 (2024: EUR 137,800) and (b) the arrangement in accordance with the ABN AMRO Collective Labour
Agreement ('ABN AMRO CAO'). In 2025 the employer contribution decreased from 30% to 23.75%.
Loans from ABN AMRO to Executive Board members
2025
2024
(in thousands)
Outstanding as
at 31 December
(Addition)/
redemptions
Interest
rate
Outstanding as
at 31 December
(Addition)/
redemptions
Interest
rate
D.S. Dorner
742
171
3.1%
913
-471
3.5%
C.L. van der Hooft - Cheong
904
27
1.2%
931
497
1.2%
C. Oosterloo\u00b9
150
2.1%
F.G. Vaandrager
369
128
3.8%
497
-497
4.2%
1. The following member was appointed in 2024: C. Oosterloo (ad interim from 24 April 2024 until 1 October 2024).
Remuneration of the Supervisory Board
(in thousands)
2025
2024
T. de Swaan, chair
135
125
M.P. Lap, vice-chair
113
107
A.C. Dorland, vice-chair\u00b2
81
111
L.J. Griffith
113
108
D.U. Hartert\u00b9
34
S.A.C. Russell
116
106
M.L. Tannemaat
112
108
F. de Vries
116
106
W.J.M. Devriendt\u00b2
9
Total
820
780
1. In 2025 and 2024 the following member was appointed as a member of the Supervisory Board: D.U. Hartert (11 September 2025).
2. In 2025 and 2024 the following members stepped down as a member of the Supervisory Board: W.J.M. Devriendt (5 February 2024) and A.C. Dorland (11 September 2025).
Loans from ABN AMRO to Supervisory Board members
2025
2024
(in thousands)
Outstanding as at
31 December
(Addition)/
Redemptions
Interest
rate
Outstanding as at
31 December
(Addition)/
Redemptions
Interest
rate
T. de Swaan
1,881
-307
1.2%
1,574
6
1.0%
S.A.C. Russell
600
370
3.8%
970
-600
3.1%
M.L. Tannemaat
682
16
1.6%
698
9
1.6%
F. de Vries
1,306
-501
2.9%
805
14
2.6%
38\u00a0 Related parties
Parties related to ABN AMRO Bank include NLFI and the Dutch State, which have significant influence, associates,
pension funds, joint ventures, the Executive Board, the Supervisory Board, close family members of any person
referred to above, entities controlled or significantly influenced by any person referred to above and any other related
entities. ABN AMRO has applied the partial exemption for government-related entities as described in IAS 24
paragraphs 25-27.
As part of its business operations, ABN AMRO frequently enters into transactions with related parties. Transactions
conducted with the Dutch State are limited to normal banking transactions, taxation and other administrative
relationships with the exception of items specifically disclosed in this note. Normal banking transactions relate to loans
and deposits and are entered into under the same commercial and market terms that apply to non-related parties.
Loans and advances to the Executive Board members and Supervisory Board and close family members, where
applicable, consist mainly of residential mortgages, which may be granted under standard personnel conditions. For
further information, please refer to Note 36 - Remuneration of Executive Board and Supervisory Board
in\u00a0the\u00a0Consolidated Annual Financial Statements 2025.
Key management personnel compensation
2025
Base
salary
Variable
remuneration\u00b9
Other
short-term
benefits\u00b2
Total
short-term
benefits
Severance
payments
Total pension-related
contributions\u00b3
Total
(in thousands)
Post-employment
pension (a)
Short-term
allowances (b)
Members ExBo
6,473
565
7,038
218
247
1,258
8,764
2024
Members ExBo
5,947
550
6,497
315
1,443
8,255
1. Owing to the Bonus Prohibition Act, the Executive Board members are not entitled to receive variable compensation. This prohibition has applied since the 2011
performance.
2. Other short-term benefits consist of flight tickets, a housing allowance, compensation for lease car expenses, mortgage interest rate benefit and international schooling costs
for Executive Board members' children when applicable. If applicable, the amount of the payment for remaining leave entitlement at the end of the employment contract are
also included in Other short-term benefits.
3. The Executive Board members participate in ABN AMRO Bank's pension plans for employees in the Netherlands. This participation is not mandatory for M.M.A.S. B\u00e9rard and S.
Fioravanti considering their specific international tax resident status. Total pension-related contributions refer to (a) the employer contribution to the pension fund for the
CDC pension scheme for pensionable income up to EUR 137,800 (2024: EUR 137,800) and (b) the arrangement in accordance with the ABN AMRO Collective Labour
Agreement ('ABN AMRO CAO'). In 2025 the employer contribution decreased from 30% to 23.75%.
Key management loans and advances
2025
2024
(in thousands)
Outstanding
31 December
(Addition)/
Redemptions
Average
Interest rate
Outstanding
31 December
(Addition)/
Redemptions
Average
Interest rate
Executive Board
2,015
326
2.4%
2,491
-471
2.6%
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-508": { "value": "
36\u00a0 Remuneration of Executive Board and Supervisory Board
Remuneration of the Executive Board
2025
Base
salary
Variable
remuneration\u00b3
Other
short-term
benefits 4
Total
short term
benefits
Severance
payments
Total pension-related
contributions 5
Total
(in thousands)
Post-employment
pension (a)
Short-term
allowances (b)
M.M.A.S. B\u00e9rard, chair\u00b9
599
96
695
20
120
835
R.A.J. Swaak, chair\u00b2
722
130
852
218
24
144
1,239
D.S. Dorner, vice-chair
736
10
746
29
142
917
C. Bittner
736
48
784
29
142
955
S. Fioravanti\u00b9
736
107
843
29
142
1,014
C.L. van der Hooft - Cheong
736
36
772
29
142
944
A. van Nimwegen
736
69
805
29
142
977
F.G. Vaandrager
736
45
781
29
142
952
A.M. Vreugdenhil
736
24
760
29
142
931
Total
6,473
565
7,038
218
247
1,258
8,764
2024
R.A.J. Swaak, chair\u00b2
829
829
38
208
1,075
D.S. Dorner, vice-chair
704
44
748
38
170
956
C. Bittner
704
48
752
38
170
960
T.J.A.M. Cuppen\u00b2
411
238
649
22
99
770
S. Fioravanti\u00b9
176
26
202
10
42
254
C.L. van der Hooft - Cheong
704
38
742
38
170
950
A. van Nimwegen
704
65
769
38
170
977
C. Oosterloo 1, 2
307
9
316
17
74
407
F.G. Vaandrager
704
58
762
38
170
970
A.M. Vreugdenhil
704
24
728
38
170
936
Total
5,947
550
6,497
315
1,443
8,255
1. The following members were appointed as Executive Board members in 2025 and 2024: M.M.A.S. B\u00e9rard (23 April 2025), C. Oosterloo (ad interim from 24 April 2024 until 1
October 2024) and S. Fioravanti (1 October 2024).
2. The following members stepped down as Executive Board members of ABN AMRO: R.A.J. Swaak (stepped down on 23 April 2025 and left with effect from 1 November
2025), T.J.A.M. Cuppen (stepped down on 24 April 2024 and left with effect from 1 August 2024) and C. Oosterloo (ad interim period ended with effect from 1 October
2024). For T.J.A.M. Cuppen, all remuneration components for the period until her services agreement ended on 1 August 2024 are included above.
3. Owing to the Bonus Prohibition Act, the Executive Board members are not entitled to receive variable compensation. This prohibition has applied since the 2011
performance.
4. Other short-term benefits consist of flight tickets, a housing allowance, compensation for lease car expenses, mortgage interest rate benefit and international schooling costs
for Executive Board members' children when applicable. If applicable, the amount of the payment for remaining leave entitlement at the end of the services agreement is
also included in Other short-term benefits.
5. The Executive Board members participate in ABN AMRO Bank's pension plans for employees in the Netherlands. This participation is not mandatory for M.M.A.S. B\u00e9rard and S.
Fioravanti considering their specific international tax resident status. Total pension-related contributions refer to (a) the employer contribution to the pension fund for the
CDC pension scheme for pensionable income up to EUR 137,800 (2024: EUR 137,800) and (b) the arrangement in accordance with the ABN AMRO Collective Labour
Agreement ('ABN AMRO CAO'). In 2025 the employer contribution decreased from 30% to 23.75%.
Loans from ABN AMRO to Executive Board members
2025
2024
(in thousands)
Outstanding as
at 31 December
(Addition)/
redemptions
Interest
rate
Outstanding as
at 31 December
(Addition)/
redemptions
Interest
rate
D.S. Dorner
742
171
3.1%
913
-471
3.5%
C.L. van der Hooft - Cheong
904
27
1.2%
931
497
1.2%
C. Oosterloo\u00b9
150
2.1%
F.G. Vaandrager
369
128
3.8%
497
-497
4.2%
1. The following member was appointed in 2024: C. Oosterloo (ad interim from 24 April 2024 until 1 October 2024).
Remuneration of the Supervisory Board
(in thousands)
2025
2024
T. de Swaan, chair
135
125
M.P. Lap, vice-chair
113
107
A.C. Dorland, vice-chair\u00b2
81
111
L.J. Griffith
113
108
D.U. Hartert\u00b9
34
S.A.C. Russell
116
106
M.L. Tannemaat
112
108
F. de Vries
116
106
W.J.M. Devriendt\u00b2
9
Total
820
780
1. In 2025 and 2024 the following member was appointed as a member of the Supervisory Board: D.U. Hartert (11 September 2025).
2. In 2025 and 2024 the following members stepped down as a member of the Supervisory Board: W.J.M. Devriendt (5 February 2024) and A.C. Dorland (11 September 2025).
Loans from ABN AMRO to Supervisory Board members
2025
2024
(in thousands)
Outstanding as at
31 December
(Addition)/
Redemptions
Interest
rate
Outstanding as at
31 December
(Addition)/
Redemptions
Interest
rate
T. de Swaan
1,881
-307
1.2%
1,574
6
1.0%
S.A.C. Russell
600
370
3.8%
970
-600
3.1%
M.L. Tannemaat
682
16
1.6%
698
9
1.6%
F. de Vries
1,306
-501
2.9%
805
14
2.6%
38\u00a0 Related parties
Parties related to ABN AMRO Bank include NLFI and the Dutch State, which have significant influence, associates,
pension funds, joint ventures, the Executive Board, the Supervisory Board, close family members of any person
referred to above, entities controlled or significantly influenced by any person referred to above and any other related
entities. ABN AMRO has applied the partial exemption for government-related entities as described in IAS 24
paragraphs 25-27.
As part of its business operations, ABN AMRO frequently enters into transactions with related parties. Transactions
conducted with the Dutch State are limited to normal banking transactions, taxation and other administrative
relationships with the exception of items specifically disclosed in this note. Normal banking transactions relate to loans
and deposits and are entered into under the same commercial and market terms that apply to non-related parties.
Loans and advances to the Executive Board members and Supervisory Board and close family members, where
applicable, consist mainly of residential mortgages, which may be granted under standard personnel conditions. For
further information, please refer to Note 36 - Remuneration of Executive Board and Supervisory Board
in\u00a0the\u00a0Consolidated Annual Financial Statements 2025.
Balances with joint ventures, associates and other
31 December 2025
(in millions)
Joint ventures
Associates
Other
Total
Assets
28
28
Liabilities
77
77
Guarantees given
20
20
Irrevocable facilities
3
3
2025
Income received
2
2
Expenses paid
93
344
437
31 December 2024
(in millions)
Joint ventures
Associates
Other
Total
Assets
34
34
Liabilities
70
70
Guarantees given
20
20
Irrevocable facilities
4
4
2024
Income received
2
2
Expenses paid
96
387
483
Expenses paid in the column Other reflects pension contributions paid to the ABN AMRO pension fund. Under the new
pension scheme agreement, effective 1\u00a0January\u00a02025, the premium percentage to be paid to the pension fund
declined from 37% to 30%.
Balances with the Dutch State
(in millions)
31 December 2025
31 December 2024
Assets
Financial assets held for trading
140
616
Derivatives
1
Financial investments
3,399
3,261
Loans and advances customers
10
Liabilities
Financial liabilities held for trading
584
181
Derivatives
1
Due to customers
467
471
2025
2024
Income statement
Interest income
76
64
Interest expense
20
20
Net trading income
18
38
Net fee and commission income
3
2
On 1\u00a0April\u00a02010, ABN AMRO signed an indemnity agreement with the Dutch State (currently represented by NLFI) for a
shortfall in capital above a certain amount related to specific assets and liabilities of RFS Holdings B.V. In\u00a02019, Royal
Bank of Scotland (RBS) acquired all shares in RFS Holding. However, NLFI has given certain warranties related to its
previously owned shares in RFS Holdings and the indemnity agreement continues to exist. RFS Holdings is sufficiently
capitalised. Consequently, ABN AMRO has assessed the risk for any shortfall as remote.
Transactions conducted with the Dutch State are limited to normal banking transactions, taxation and other
administrative relationships. Normal banking transactions relate to loans and deposits, financial assets held for trading
and financial investments, and are entered under the same commercial and market terms that apply to non-related
parties.
Transactions and balances related to taxation, levies and fines in the Netherlands, are excluded from the table above.
The EUR\u00a00.5\u00a0billion decrease in financial assets held for trading mainly related to lower amounts of Dutch government
bonds as a result of the primary dealership in the Netherlands and client facilitation. Most of these contracts are
hedged with short positions in government bonds.
The EUR\u00a00.1\u00a0billion increase in financial investments was mainly due to higher Dutch government bonds held. This is
part of the liquidity buffer and is held for liquidity contingency purposes.
The EUR\u00a00.4\u00a0billion increase in financial liabilities held for trading mainly related to higher amounts of Dutch
government bonds as a result of the primary dealership in the Netherlands and client facilitation. Most of these
contracts are hedged with short positions in government bonds.
Key management personnel compensation
2025
Base
salary
Variable
remuneration\u00b9
Other
short-term
benefits\u00b2
Total
short-term
benefits
Severance
payments
Total pension-related
contributions\u00b3
Total
(in thousands)
Post-employment
pension (a)
Short-term
allowances (b)
Members ExBo
6,473
565
7,038
218
247
1,258
8,764
2024
Members ExBo
5,947
550
6,497
315
1,443
8,255
1. Owing to the Bonus Prohibition Act, the Executive Board members are not entitled to receive variable compensation. This prohibition has applied since the 2011
performance.
2. Other short-term benefits consist of flight tickets, a housing allowance, compensation for lease car expenses, mortgage interest rate benefit and international schooling costs
for Executive Board members' children when applicable. If applicable, the amount of the payment for remaining leave entitlement at the end of the employment contract are
also included in Other short-term benefits.
3. The Executive Board members participate in ABN AMRO Bank's pension plans for employees in the Netherlands. This participation is not mandatory for M.M.A.S. B\u00e9rard and S.
Fioravanti considering their specific international tax resident status. Total pension-related contributions refer to (a) the employer contribution to the pension fund for the
CDC pension scheme for pensionable income up to EUR 137,800 (2024: EUR 137,800) and (b) the arrangement in accordance with the ABN AMRO Collective Labour
Agreement ('ABN AMRO CAO'). In 2025 the employer contribution decreased from 30% to 23.75%.
Key management loans and advances
2025
2024
(in thousands)
Outstanding
31 December
(Addition)/
Redemptions
Average
Interest rate
Outstanding
31 December
(Addition)/
Redemptions
Average
Interest rate
Executive Board
2,015
326
2.4%
2,491
-471
2.6%
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:BFXS5XCH7N0Y05NIXW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-510": { "value": "
37\u00a0 Share-based payment
Accounting policy for share-based payment
Identified staff as defined by CRD V are entitled to receive variable compensation, consisting of a cash element
and a share-based element settled in cash. The cash element in the variable compensation plan is recognised
in\u00a0accordance with IAS 19 and the other element qualifies as a cash-settled share-based payment in accordance
with IFRS 2.
Variable compensation is granted for a certain performance year, at 50% in cash and 50% in share-based
compensation settled in cash. The vesting conditions include bad leaver conditions and consist of a deferral
period and a retention period until the share-based compensation is settled in cash.
Up to and including the performance year 2019, 30% of the share-based compensation settled in cash
(depositary receipt) vests two years after the performance year. The remaining 20% vests in three equal tranches
in the third, fourth and fifth year following the performance year. At the end of the vesting period, participants
receive the cash value of the five-day average of an ABN AMRO listed depositary receipt (DR).
Share-based compensation settled in cash granted for 2019 and the years before includes the option
of\u00a0requesting DRs rather than cash. This choice can be made during the quarter in which settlement takes place
and is subject to Supervisory Board approval. This equity component in the plan is valued at nil until the request
is approved. Participants receive the same amount of fair value, regardless of whether they choose cash or DRs.
If participants choose DRs, the value of the DRs is transferred in its entirety from the liability to an equity
account. The actual delivery to the participant is expected to take place in the same quarter as the choice is
made.
ABN AMRO will not issue additional shares for compensation granted for years 2019 and before, but will buy
shares in the market when needed. As the purchase of shares is expected to take place in the quarter during
which the DRs are delivered, there is no impact on (diluted) earnings per share.
As from performance year 2020, the DRs were replaced by performance certificates (PCs) as share-based
compensation settled in cash. The share-based compensation settled in cash vests for 30% in the first year.
The\u00a0remaining 20% vests in four equal tranches in the second, third, fourth and fifth year following
the\u00a0performance year. At the end of the vesting period, participants receive the cash value of the five-day
average of ABN AMRO\u2019s share price. Share-based compensation settled in cash granted from performance year
2020 onwards does not include the option of requesting DRs.
A liability is recognised for the fair value of cash-settled transactions. The fair value is measured initially and at
each reporting date up to and including the settlement date, with changes in fair value recognised in employee
benefits expenses. The fair value is determined using an internally developed model based on the share price
and market expectations of future dividends.
The carrying amount of the liability relating to share-based compensation settled in cash at 31\u00a0December\u00a02025 was
EUR\u00a012\u00a0million (2024:\u00a0EUR\u00a010\u00a0million). The expense recognised for the DRs and PCs awards during 2025 was
EUR\u00a08\u00a0million, including retention bonus (2024:\u00a0EUR\u00a04\u00a0million).
The following table shows the total number of DRs and PCs awarded, forfeited and paid out.
(in thousands of DRs and PCs)
2025
2024
Outstanding as at 1 January
627
649
Granted during the year
264
314
Forfeited during the year
11
14
Paid out during the year cash
321
316
Paid out during the year DRs and PCs
3
6
Total paid out/forfeited
-335
-336
Outstanding as at 31 December
556
627
The following table shows the total number of DRs and PCs granted, segmented by the respective vesting period after
which the award is paid out.
31 December 2025
(in thousands of DRs and PCs)
Up to
one year
Between one
and two years
Between two
and three years
Between three
and four years
Between four
and five years
Total
Number of granted DRs by vesting period
268
123
84
55
26
556
31 December 2024
Number of granted DRs by vesting period
324
115
99
59
30
627
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37\u00a0 Share-based payment
Accounting policy for share-based payment
Identified staff as defined by CRD V are entitled to receive variable compensation, consisting of a cash element
and a share-based element settled in cash. The cash element in the variable compensation plan is recognised
in\u00a0accordance with IAS 19 and the other element qualifies as a cash-settled share-based payment in accordance
with IFRS 2.
Variable compensation is granted for a certain performance year, at 50% in cash and 50% in share-based
compensation settled in cash. The vesting conditions include bad leaver conditions and consist of a deferral
period and a retention period until the share-based compensation is settled in cash.
Up to and including the performance year 2019, 30% of the share-based compensation settled in cash
(depositary receipt) vests two years after the performance year. The remaining 20% vests in three equal tranches
in the third, fourth and fifth year following the performance year. At the end of the vesting period, participants
receive the cash value of the five-day average of an ABN AMRO listed depositary receipt (DR).
Share-based compensation settled in cash granted for 2019 and the years before includes the option
of\u00a0requesting DRs rather than cash. This choice can be made during the quarter in which settlement takes place
and is subject to Supervisory Board approval. This equity component in the plan is valued at nil until the request
is approved. Participants receive the same amount of fair value, regardless of whether they choose cash or DRs.
If participants choose DRs, the value of the DRs is transferred in its entirety from the liability to an equity
account. The actual delivery to the participant is expected to take place in the same quarter as the choice is
made.
ABN AMRO will not issue additional shares for compensation granted for years 2019 and before, but will buy
shares in the market when needed. As the purchase of shares is expected to take place in the quarter during
which the DRs are delivered, there is no impact on (diluted) earnings per share.
As from performance year 2020, the DRs were replaced by performance certificates (PCs) as share-based
compensation settled in cash. The share-based compensation settled in cash vests for 30% in the first year.
The\u00a0remaining 20% vests in four equal tranches in the second, third, fourth and fifth year following
the\u00a0performance year. At the end of the vesting period, participants receive the cash value of the five-day
average of ABN AMRO\u2019s share price. Share-based compensation settled in cash granted from performance year
2020 onwards does not include the option of requesting DRs.
A liability is recognised for the fair value of cash-settled transactions. The fair value is measured initially and at
each reporting date up to and including the settlement date, with changes in fair value recognised in employee
benefits expenses. The fair value is determined using an internally developed model based on the share price
and market expectations of future dividends.
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39\u00a0 Capital management
Capital management strategy
The primary objective of the bank\u2019s capital management strategy is to ensure that capital adequacy requirements are
met at all times and that sufficient capital is available to support the bank\u2019s strategy. Changes in the capital
requirements legislation, including new frameworks such as Basel IV, are decided by the European Parliament. The
European Central Bank is responsible for monitoring compliance with the capital requirements. ABN AMRO has
complied with all applicable capital adequacy requirements. Capital is a necessary resource for doing business and
defines the bank\u2019s commercial possibilities. The balance between available and required capital is managed centrally
to optimise the use of available capital. The basis of the capital management strategy is the bank\u2019s risk appetite and its
business plans. Other important factors in managing the capital position are expectations and requirements of external
stakeholders (such as regulators, investors, shareholders, equity analysts, rating agencies and clients), the bank\u2019s
position in the market, market developments, contingent capital needs and the feasibility of capital management
actions. Although ABN AMRO manages its capital centrally, the group companies are sufficiently capitalised to comply
with all local regulatory solvency requirements and to meet any local business needs. Apart from prevailing statutory
and regulatory legislation, there are no specific material impediments for prompt transfer of the bank\u2019s regulatory
capital. The objectives, policies and processes for managing capital have not changed from the previous years.
Regulatory capital structure
31 December 2025
31 December 2024
(in millions)
CRR III
CRR II
Total equity (EU IFRS)
27,043
26,108
Cash flow hedge reserve
-209
10
Dividend reserve
-826
-625
AT1 capital securities (EU IFRS)
-3,233
-3,475
Share buyback reserve
-250
Regulatory and other adjustments
-1,626
-1,662
Common Equity Tier 1
20,899
20,357
AT1 capital securities (EU IFRS)
3,233
3,475
Regulatory and other adjustments
-5
-1
Tier 1 capital
24,127
23,831
Subordinated liabilities (EU IFRS)
4,946
6,613
Regulatory and other adjustments
-831
-1,967
Tier 2 capital
4,114
4,646
Total regulatory capital
28,241
28,477
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40\u00a0 Post balance sheet events
ABN AMRO appoints Michiel Lap as Chair; nominates Jean\u2011Pierre Mustier to Supervisory Board
In January 2026, ABN AMRO Bank announced that Michiel Lap will succeed Tom de Swaan as Chair of the
Supervisory Board effective from the close of the Annual General Meeting on 22 April 2026. Furthermore, Jean-Pierre
Mustier has been nominated as a member of the Supervisory Board for a four-year term. The nomination is subject to
the approval of the European Central Bank.
ABN AMRO announces additional distribution EUR 500 million
In February 2026, ABN AMRO announced a plan to distribute an additional EUR 500 million, consisting of EUR 250
million in cash dividends and EUR 250 million through a share buyback programme, for which an application for
regulatory approval has been submitted.
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