MNI China Daily Summary: Thursday, March 13

MNI BRIEF: China Has Been In Communication With U.S. On Trade

MNI BRIEF: China To Enhance Customs Clearance

MNI BRIEF: China Consumer Satisfaction Up

MNI: PBOC Net Drains CNY68.6 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1728 Thurs; -0.64% Y/Y

US EIA:NAT GAS STORAGE -62 BCF TO 1,698 BCF MAR 07 WK

MNI: US FEB FINAL DEMAND PPI +0.0%, EX FOOD, ENERGY -0.1%

MNI: US JOBLESS CLAIMS -2K TO 220K IN MAR 08 WK

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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FINANCIALS: ABN Amro - Q4 Results

FINANCIALS
Credit BulletsCEEMEANetherlandsEurozoneBullet

Higher expenses - on one-offs - outweigh better income. Credit Neutral.

• Bank continues to make progress on NIM, even as interest income declines. NII of €1,668 is 1.8% higher than Q3 and 10.9% better than Q4 23.
• Fee income also had a particularly good quarter at €611m, c30% higher than Q3 and Q4 23.
• Expenses are also increasing, up €152m/10.4% vs Q4 23 to €1,462. Of this 23m was restructuring charges and €95m were legal provisions. Other costs are more contained.
• Provisions & worries about asset quality remain negligible.
• Operating income is -4.4% lower on higher expenses at €626m
• CET1 climbs 0.3% to 14.4% on retained earnings and lower RWA. Model simplification in Q1 2025 is expected to lead to a modest RWA bump, which will come alongside a capital position review in Q2.

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Higher expenses - on one-offs - outweigh better income. Credit Neutral.

• Bank continues to make progress on NIM, even as interest income declines. NII of €1,668 is 1.8% higher than Q3 and 10.9% better than Q4 23.
• Fee income also had a particularly good quarter at €611m, c30% higher than Q3 and Q4 23.
• Expenses are also increasing, up €152m/10.4% vs Q4 23 to €1,462. Of this 23m was restructuring charges and €95m were legal provisions. Other costs are more contained.
• Provisions & worries about asset quality remain negligible.
• Operating income is -4.4% lower on higher expenses at €626m
• CET1 climbs 0.3% to 14.4% on retained earnings and lower RWA. Model simplification in Q1 2025 is expected to lead to a modest RWA bump, which will come alongside a capital position review in Q2.