ABN Amro
Note: This is a daily stock update and the information stands true as of 13/05/26, 09:00 CET
Total income was overall in line with a strong double-digit growth in fee income and a good NII growth, thanks to HAL acquisition as well as organic and lending growth. The beat actually came from operating expenses which came in 11% below expectations, leading to an upgrade in opex guidance for the year from €5.6bn to €5.5bn, confirming the progress made on the bank’s strategic plan as the bank already implemented 40% of its staff cuts planned for up to 2028.
In all pre-tax profit came in 22% better than expected.
Asset quality remained solid, with Dutch mortgages and lending remaining extremely resilient.
The bank remains attractively priced relative to the projected 2028 above-12% RoE guidance and should remain resilient in the face of a macro slowdown, given its Northern Europe retail and private banking profile.
Expert Opinion:
ABN is an attractive defensive play in the European banking sector. It is predominantly exposed to Dutch mortgages, which makes it one of the least risky plays in the sector. In a sector that looks increasingly risky due to its very strong performance over the last couple of years and amid a deterioration of economic fundamentals, ABN Amro could be a safe haven in the sector.
For daily updates, subscribe to our newsletter and for detailed information, reach out to us at sales@alphavalue.eu
ABN is an attractive defensive play in the European banking sector. It is predominantly exposed to Dutch mortgages, which makes it one of the least risky plays in the sector. In a sector that looks increasingly risky due to its very strong performance over the last couple of years and amid a deterioration of economic fundamentals, ABN Amro could be a safe haven in the sector.
For daily updates, subscribe to our newsletter and for detailed information, reach out to us at sales@alphavalue.eu
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