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FINANCIALS: ABN Amro; Low Expectations, Good Results, Guidance Up. Positive.

FINANCIALS

ABN Amro (ABNANV: Baa1/BBB/A) results headlines appear positive with a 16% pre-tax beat from (mainly) better loan losses but also revenues and costs better than expected. FY24 NII guidance is raised. Spreads have underperformed since last results (and over recent volatility events) such that expectations appeared relatively low. We see this as a positive spread opportunity.

  • “*ABN AMRO 2Q Impairment Release EUR4M” – DJ” [cons: 70m charge]
  • “*ABN AMRO 2Q OPER INCOME EU2.17B, EST. EU2.15B
  • *ABN AMRO 2Q PROFIT EU642M, EST. EU581.1M
  • *ABN AMRO 2Q CET1 RATIO 13.8%, EST. 13.9%
  • *ABN AMRO 2024 FY GUIDANCE FOR NII RAISED TO ABOVE €6.4B” - BBG [cons: 6.3bn]

Conf call is 0800 (London time) at: https://channel.royalcast.com/abnamroinvestors/#!/abnamroinvestors/20240807_1

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