ABN Amro Uplift expected from new ST & MT guidance; 500m SBB announced
A slight beat on NII today, but significant uplift to FY24 CSS expected given very positive guidance. OPEX is a bit more negative, both in 4Q23 and guided for FY24, but with improved top line guidance CSS cost/income will still come down this year. Guidance for FY26 is again a positive surprise, with a 2.8pp improvement in cost/income vs CSS. Once again a strong beat on net result, given extremely low level of impairments; despite still having a 260m management overly buffer in place. 500m SBB announced, starting today up to June. We stick to our TP of €17.5 today, but given a healthy dose of upside we upgrade from Accumulate to Buy.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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