Dutch lender ABN Amro on Wednesday reported a third-quarter net profit well above market expectations, boosted by higher interest rates and growing loan books.
ABN Amro, one of three dominant banks in the Netherlands, posted a 2% rise in quarterly net profit to 759 million euros ($811 million), compared with 743 million a year earlier.
Its NII stood at 1.53 billion euros in the third quarter, up 20% from a year earlier.
The bank also trimmed its expected costs for 2023 to a range of between 5.1 billion and 5.2 billion euros, versus a prior forecast of 5.2 billion euros.
The banking sector has been one of the main beneficiaries of rising interest rates over the past two years, but central banks seem to be at the end of this cycle of monetary tightening.
Persons:
Robert Swaak
Organizations:
ABN Amro, Analysts
Locations:
Netherlands