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Robert Swaak - 2
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ABN Amro - 2 Analysts - 1 ABN Amro Group - 1 ABN - 1 ING Groep - 1 ABN Amro's - 1

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☆ Dutch bank ABN Amro beats Q3 profit estimates
  + stars: | 2023-11-08 | by ( ) www.cnbc.com   time to read: +1 min
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
☆ 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
☆ ABN Amro announces 500 mln euro share buyback as Q4 profit beats forecasts
  + stars: | 2023-02-08 | by ( ) www.reuters.com   time to read: +1 min
Net profit of the largely state-owned bank dropped to 354 million euros in the last three months of 2022, down from 552 million euros the year before - but much better than the 105 million euros analysts on average had predicted in a company-compiled poll. Impairments were 74% lower than a year before at 32 million euros as economic growth in Europe held stronger than expected despite surging inflation. Since its bailout by the Dutch state in 2008, ABN has refocused its operations and orientation on the Dutch market, cutting thousands of jobs in the process. One of three dominant banks in the Netherlands, it was re-privatized in 2015, but the Dutch state still owns 56% of the shares and has sold none since September 2017. The state will participate in the share buyback, which has been approved by the European Central Bank and will maintain its relative stake, ABN said.
☆ Energy is 'less relevant' to inflation now, says ABN AMRO CEO
  + stars: | 2023-01-18 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEnergy is 'less relevant' to inflation now, says ABN AMRO CEORobert Swaak, CEO of Dutch bank ABN AMRO, gives his outlook for inflation, interest rates and the market for the year ahead during the World Economic Forum 2023.
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