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ABN Amro: net income up 29% in Q1

( - ABN Amro has reported net income (group share) of 674 ME for the 1st quarter, up 29% on the same period a year earlier and ahead of consensus.

At the same time, EBIT was up 3% to ?2,197 million, while net interest income (NII) amounted to ?1,589 million in Q1 2024 (?1,620 million in Q1 2023).

ABN Amro also announces that a third share buyback program of ?500 million was finalized in May.

Costs fell by 11% compared with Q1 2023, as regulatory levies were lower', stresses Robert Swaak CEO of ABN AMRO Bank N.V.

'After a difficult 2023, we expect growth to remain positive but weak in 2024', the firm points out.

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