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.

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