reports
- ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
ABN AMRO: NFLI reaching c.30% level in its ABN stake reduction. ABN AMRO: Relaunch of Belgium private banking using MeesPierson brand. Elia: FY25 profit outlook unchanged, minor reduction in capex. Greenyard: Disappointing 2H24/25, guidance lowered. NN Group, ASR: Parliament votes against amendment to Dutch Pension Reform
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Guy Sips
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- ING Helpdesk
- Thomas Couvreur
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 h...
ABN AMRO Bank posts net profit of EUR 619 million in Q1 2025
ABN AMRO Bank posts net profit of EUR 619 million in Q1 2025 ABN AMRO Bank posts net profit of EUR 619 million in Q1 2025 14 May 2025 Key messages Solid results: Net profit of EUR 619 million, with a return on equity of around 10%Good business momentum: Mortgage portfolio grew by EUR 1.7 billion and corporate loans by EUR 0.9 billionResilient net interest income despite impact from lower short-term interest ratesContinued fee growth: Increase of 8% compared to Q1 2024, with contributions from all client unitsCost discipline: Underlying costs declined 5% compared to Q4 2024; guidance fo...
ABN AMRO Bank rapporteert netto winst van EUR 619 miljoen in Q1 2025
ABN AMRO Bank rapporteert netto winst van EUR 619 miljoen in Q1 2025 ABN AMRO Bank rapporteert netto winst van EUR 619 miljoen in Q1 2025 14 mei 2025 Key messages Solide resultaten: nettowinst van EUR 619 miljoen, met een rendement op eigen vermogen van circa 10%Zakelijk momentum goed: hypotheekportefeuille groeide met EUR 1,7 miljard en zakelijke leningen met EUR 0,9 miljardNetto rentebaten veerkrachtig ondanks invloed van lagere korte rentetarievenAanhoudende groei van provisies: 8% hoger dan in Q1 2024; alle client units hebben bijgedragenKostendiscipline: Onderliggende kosten 5% la...
- ING Helpdesk
- Jason Kalamboussis
ABN AMRO/Last hurdle/HOLD
We expect a strong set of results for 1Q25. Impairments should land lower this year than the through-the-cycle 15-20bp, but then with a lowering of the management overlay in 4Q and the current negative revisions of GDP growth expectations we may see a more normalised quarter in 1Q25 (we expect 12bp). Add-ons to RWAs of €3-5bn, while well flagged, will be a focal point to see where it lands since this could start determining the quantum of a potential Share Buyback with 2Q25 results. We expect a ...
- ING Helpdesk
Benelux Morning Notes
Aalberts: Preview - priced like it is 2009 all over again. ABN AMRO: Pre-close 1Q – focus on capital & new CEO. Ahold Delhaize: Preview 1Q25. Arcadis: Gatwick work. Basic-Fit: 1Q25 trading update; strong membership ingrowth; CB repayment refinancing. CM.com: 1Q25 trading update. Fastned: 1Q25 trading update; disappointing charging volumes. NSI: A steady quarter, increasing vacancy on the horizon. Sligro: Soft 1Q25 sales, no outlook provided. Wereldhave: Guidance at the higher e...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
US Tariffs Navigating the impact on Benelux equities
Trumps reciprocal tariffs caused a massive blow to equity markets, following a pressured period of escalating trade wars. Retaliatory measures can further heavily damage market confidence, as seen Friday when China announced their 34% tarrif of US goods. International trade policies have never moved this erratic and untransparant, with uncertainty and volatility being the baseline for now. In this report we highlight the key stocks in our coverage relevant to this discussion.
EURN EURONAV NV
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
SOLB SOLVAY SA
UCB UCB S.A.
COFB COFINIMMO SA
DIE D'IETEREN SA
AGFB AGFA-GEVAERT NV
IBAB ION BEAM APPLICATIONS SA
AALB AALBERTS N.V.
ONTEX ONTEX GROUP N.V.
MELE MELEXIS NV
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
EXO EXOR N.V.
ASML ASML HOLDING NV
ARGX ARGEN-X SE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ADYEN ADYEN NV
AUTL AUTOLUS THERAPEUTICS ADS
BAR BARCO NV
DEME DEME GROUP NV
FLOW FLOW TRADERS LTD
SYENS SYENSQO
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update March 2025: Removing ABN, Ackermans – Add...
We made 5 changes in this March update of our KBC Securities Dynamic Top Pick List (DTPL): On 26 February we already removed ABN Amro from our DTPL, after a strong 24.4% return since the announcement of our 2025 Dynamic Top Pick List on 13 December 2024, far outpacing our financial sector coverage. Although we remain positive on the longer term, we believe most of the short-term revaluation is behind us. Today, we remove Ackermans & van Haaren as the stock just hit an all-time high and crossed...
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
ACKB ACKERMANS & VAN HAAREN NV
ROYAL VOPAK NV
MELE MELEXIS NV
WDP WAREHOUSES DE PAUW SCA
FUR FUGRO NV
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Guy Sips
- Kristof Samoy
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Thomas Couvreur
ABN Amro Dynamic Top Pick List update: Removing ABN Amro after strong ...
We are removing ABN Amro from our Dynamic Top Pick List, after a strong 24.4% return since the announcement of our 2025 DTPL on December 13th, far outpacing our financial sector coverage. Although we remain positive in the longer term, we believe most of the short-term revaluation is behind us.
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Jason Kalamboussis
ABN AMRO/Self-help, building consistency/HOLD
With a change of guards coming up and a new CEO in April (Marguerite Bérard), we find ABN to be making significant progress on two fronts: (1) Capital: while there are some further RWA add-ons coming in 1Q25, ABN is taking action to get capital reliefs like the recent infrastructure loans deal. (2) Earnings are starting to consistently come above estimates, and meeting targets. These are encouraging signs. What remains to address is a wider strategic direction which we think should focus on Weal...
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