The Amsterdam-headquartered bank posted net income for the three months through September of €939 million (US$1 billion), according to a statement on Wednesday. That compares with €617 million in the year-ago period. 

ABN Amro’s shares have gained about 46% this year as chief executive officer Marguerite Berard overhauls the lender and the European Central Bank’s tighter monetary policy rates buoys revenue. The Dutch government has pared its financial crisis-era holding in the lender, partly helped by rising valuations.

With the recent acquisition of NIBC Bank NV, Berard has sought to boost the lender’s footprint in the Dutch retail market. She is also focused on keeping a lid on costs by offloading a personal loan business, outsourcing a chunk of the bank’s credit card business and slashing jobs.

The bank’s largest shareholder, the Dutch state, last month announced plans to sell-down its stake to 10.5% through a trading plan. Berard touted the move as “additional proof of the confidence the Dutch government has” in the bank. 

Net interest income — the difference between what the bank earns on loans and pays on deposits rose 15% in the third quarter, partly due to contributions from NIBC, growth in client deposits and financing demand from the bank’s clearing clients. Fees were 7% higher in the period. 

The lender now sees commercial net interest income for the year at above €6.9 billion, up from the €6.8 billion it had previously forecast. 

ABN Amro projects costs to remain at about €5.5 billion in the year. The bank said it has already achieved about half of its 2028 job cut target. 

Berard said the bank started the fourth quarter “with good business momentum” and that it will update its targets next quarter.

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