- Wednesday, October 16, 2024
ABN AMRO Bank has announced its financial results for the third quarter, surpassing expectations with a net profit of 759 million euros ($812.2 million). This figure exceeded the consensus estimate of EUR583 million and also outperformed the bank's net profit of EUR743 million in the same period last year.
The bank's operating income for the quarter totaled EUR2.21 billion, slightly higher than the consensus estimate of EUR2.18 billion. However, net interest income fell to EUR1.53 billion, missing expectations of EUR1.63 billion due to factors such as deposit migration, limited asset margin pressure, and decreased trading activities.
Operating expenses amounted to EUR1.23 billion, which was lower compared to the consensus estimate of EUR1.29 billion and 2% lower than the previous year. However, expenses increased from the previous quarter due to regulatory levies.
ABN AMRO Bank has revised its cost guidance for 2023 and now expects costs to range between EUR5.1 billion and EUR5.2 billion. This revision reflects the bank's commitment to cost discipline while accounting for upcoming expenses related to data capabilities, digitalization of processes, and sustainable finance regulations in the following year.
Overall, ABN AMRO Bank's robust financial performance for the third quarter, along with the adjustment in cost guidance, demonstrates its ability to adapt to changing market conditions and maintain a strong position in the industry.
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