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☆ ABN Amro profit jumps on higher rates, may miss 2024 cost targets
▼ + stars: | 2023-08-09 | by ( ) www.cnbc.com time to read: +1 min

An ABN Amro Group NV bank branch in Amsterdam, Netherlands, on Tuesday, Feb. 1, 2022. Dutch bank ABN Amro beat second-quarter net profit expectations with growth of 83% on Wednesday, but said it no longer expects to reach its 4.7 billion euro ($5.16 billion) 2024 cost saving target due to rising inflation and anti-money laundering (AML) measures. Full-year costs for 2023 improved and are now expected around 5.2 billion euros, the group said, from 5.3 billion euros previously. The lender reported a net profit of 870 million euros for the three months to June, beating a company-compiled poll by analysts forecasting a net profit of 570 million euros, up from 475 million euros a year before. Rival ING Groep, the largest Dutch bank, last week also reported a forecast-beating 83% jump in second-quarter net profit, as higher interest rates helped income from lending and fees grow, as well as low loan provisions.

Persons: Robert Swaak Organizations: ABN Amro Group, ABN Amro, ABN, ING Groep, ABN Amro's Locations: Amsterdam, Netherlands

AMSTERDAM, Netherlands — Major banks and fintech companies claim to be piling into generative artificial intelligence as the hype surrounding the buzzy technology shows no signs of fizzling out — but there are lingering fears about potential pitfalls and risks. Chalapathy Neti, head of AI at global bank messaging network Swift, described the progress made with ChatGPT and GPT-4 as "mind-boggling." The Netherlands' ABN Amro is one banking giant that's piloting the use of generative AI in its processes. It's also using it to help its employees gather data on customers to assist with answering queries and avoid repetitive questions. Indeed, the banks appeared unanimous in their hesitation to roll out ChatGPT-like tools to customer-facing scenarios.

Persons: Vreugdenhil, It's, Mariana Gomez de Organizations: ABN Amro, ABN, Mariana Gomez de la Villa, ING Bank Locations: Warsaw, Poland, AMSTERDAM, Netherlands, Amsterdam

☆ Analysis: Investors on alert for policy error after cheering slower rate hikes
▼ + stars: | 2022-12-12 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +6 min

With inflation potentially peaking and recession looming, the risk of overtightening accelerating a downturn is on investors' watchlists for next year. "We're past the point of the big (Fed) policy mistake, we think they kind of made it," Robert Waldner, head of macro research at $1.3 trillion asset manager Invesco, said. Recent Fed research suggests the bank has exceeded the level called for by commonly followed policy rules and should target 3.52%, versus the 3.75%-4% it currently targets. Fed research, taking into account the premium on mortgages and corporate borrowing costs, has found financial conditions in September already reflected the equivalent of a 5.25% policy rate. I am worried the Fed may not be taking into account the lags in their monetary policy," Costerg said.

☆ ABN Amro's Q3 profit jumps as interest income recovers
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: 1 min

AMSTERDAM, Nov 9 (Reuters) - Dutch bank ABN Amro (ABNd.AS) beat analysts' expectations on Wednesday, as it said net profit had more than doubled to 743 million euros ($747.98 million) in the third quarter, helped by rising interest rates and low impairments. Analysts in a company-compiled poll on average had predicted net profit would fall to 323 million euros for the July-September period, down from 343 million a year ago. ($1=0.9933 euros)Reporting by Bart Meijer; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

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