ABN Amro posts Q2 net profit beat driven by high net interest income
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DUTCH bank ABN Amro on Wednesday (Aug 9) beat second-quarter net profit expectations with a growth of 83 per cent to 870 million euros (S$1.28 billion), driven by high net interest income and impairment releases.
“Costs were lower due to lower regulatory levies, while investments have been delayed in a tight labour market”, CEO Robert Swaak said in a press release, adding that full-year costs for 2023 are expected to be around 5.2 billion euros.
Analysts in a company-compiled poll had predicted a net profit of 570 million euros for the three months to June, up from 475 million euros a year before.
The company’s CET1 ratio, a measure of capital strength for European banks, fell to 14.9 per cent from 15.5 per cent a year ago. REUTERS
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