ABN Amro: stock up after successful start to the year
(CercleFinance.com) - On Wednesday ABN Amro said that it had made a very good start to the year by posting net profit above expectations in Q1, in particular thanks to cost reductions, announcements that sent the share price soaring.
The Dutch bank's net profit jumped 77% to E523m in the first three months of the year, compared with E295m a year earlier, well above the consensus of E370m.
The group said it benefited from high net interest income of E1.62bn in the quarter, compared with E1.51bn expected by the market, in addition to low risk provisions.
ABN also highlighted the sound control of its underlying costs, which fell by 2.5% sequentially.
The bank's results were warmly welcomed on Wednesday morning in Amsterdam, where its shares rose by nearly 3%, the biggest winner in an AEX index that was pretty flat.
The stock was also one of the best performers in the STOXX Europe 600 index.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The Dutch bank's net profit jumped 77% to E523m in the first three months of the year, compared with E295m a year earlier, well above the consensus of E370m.
The group said it benefited from high net interest income of E1.62bn in the quarter, compared with E1.51bn expected by the market, in addition to low risk provisions.
ABN also highlighted the sound control of its underlying costs, which fell by 2.5% sequentially.
The bank's results were warmly welcomed on Wednesday morning in Amsterdam, where its shares rose by nearly 3%, the biggest winner in an AEX index that was pretty flat.
The stock was also one of the best performers in the STOXX Europe 600 index.
Copyright (c) 2023 CercleFinance.com. All rights reserved.