ABN Amro FIRST LOOK: 1Q25 a mixed bag, but low impairments compensate
Loan volume growth largely compensates for lower than expected NIM. Fee Income is strong, but more than offset by weaker Other Income due to negative revaluations and weaker Treasury result. OPEX is slightly weaker as well, with a higher FTE increase than expected. Impairments remains incredibly low, resulting in a solid net result beat. At this moment we see limited room for increasing our estimates, changing our rating from Buy to Hold following the strong rally since December. A CMD will be held in November, highlighting the results of the ongoing strategic exercise, which could provide some further positive triggers to our investment case.ABN Amro Bank NV is a bank based in the Netherlands. The Bank provides various financial products and services across a variety of channels, including its Mobile Banking app and Internet Banking. The Bank's product portfolio includes insurances, mortgages, savings, investments, loans and payments, among others. The Bank serves retail, private and corporate clients worldwide.
We are a financial services provider for several types of professional clients, each with distinct needs.
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