(News Bulletin 247) – ABN Amro posted higher-than-expected net profit for its second quarter on Wednesday, but its credit activities disappointed investors despite the rise in interest rates.
The net profit of the Dutch bank climbed 66% to 870 million euros in the three months to the end of June, against 523 million a year earlier, which largely exceeds the consensus of analysts which aimed for 570 million.
Its net interest income (NII), which measures the remuneration obtained by the establishment from loans granted to its customers, stood at 1.6 billion euros, compared with 1.3 billion euros. euros a year earlier.
But this figure is barely in line with market forecasts, a disappointment that was sanctioned by a decline of 3% of the action in the first trade on the Amsterdam Stock Exchange.
Another disappointment, the group indicated that it no longer expected to reach its cost target of 4.7 billion euros for 2024 due to its recent investments, inflationary pressures and the payment of the fine linked to its failings in the fight against money laundering.
Copyright (c) 2023 News Bulletin 247. All rights reserved.
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
