We anticipate a continued cautious stock market over 2H24 as expectations for steep and fast interest rate cuts by central banks have proven premature as inflation remains relatively sticky, especially in the US. Also corporate profit growth in Europe slows and the French elections have cast a negative spell. The strong US consumer also has run out of cheap financing and stimulus. The upcoming elections in the US could divide the biggest economy into extreme stances and political uproar. The li...
Despite some large dividend payments (CP Invest, Bekaert, EVS, Solvay, TINC, Van de Velde, Ackermans & Van Haaren...) in our Dynamic Top Pick list in May 2024, our selection gained 1.6% on average, underperforming our benchmark indices (Bel20, AEX, EuroStoxx50) by -0.8% on average. Since the start of the 2024 selection (published on 14 December 2023), the Dynamic Top Pick list is up 15.2%, outperforming these indices by 3.7% on average. In this June 2024 update of our Dynamic Top Pick List, we ...
The negative capital surprise of 1Q results and the larger acquisition of HAL AM in Germany means the bulk of ABN's excess capital is gone: we were much lower than consensus on Share Buybacks, expectations have come down but there is more to come. The acquisition of Wealth manager HAL, however, is where we have argued in the past ABN should focus more on, is good value, and counterbalances the miss on buying Degroof Petercam, a better strategic asset, but with a hefty price tag and challenging s...
ABN AMRO grows in German private banking, we prefer KBC over ABN AMRO in bail-in senior debt. MREL buffers are reaching a mature stage. Moody's lifts BPER Banca's preferred and non-preferred senior to IG. CFF in the market today with a 6yr covered bond
ABN AMRO grows in German private banking, we prefer KBC over ABN AMRO in bail-in senior debt. MREL buffers are reaching a mature stage. Moody's lifts BPER Banca's preferred and non-preferred senior to IG. CFF in the market today with a 6yr covered bond
ABN AMRO kondigt overname aan van Hauck Aufhäuser Lampe, en versterkt daarmee top-drie positie in wealth management in Duitsland ABN AMRO kondigt overname aan van Hauck Aufhäuser Lampe, en versterkt daarmee top-drie positie in wealth management in Duitsland Vandaag kondigt ABN AMRO aan dat zij een overeenkomst heeft gesloten met Fosun International voor de overname van Hauck Aufhäuser Lampe (“HAL”), een toonaangevende Duitse private bank. Met de overname van HAL wordt Bethmann Bank – de private banking tak van ABN AMRO in Duitsland – een van de grootste bancaire dienstverleners v...
ABN AMRO announces the acquisition of Hauck Aufhäuser Lampe, strengthening top 3 position in wealth management in Germany ABN AMRO announces the acquisition of Hauck Aufhäuser Lampe, strengthening top 3 position in wealth management in Germany Today, ABN AMRO announces it has reached an agreement with Fosun International to acquire Hauck Aufhäuser Lampe (“HAL”), a leading German private bank. With the acquisition of HAL, Bethmann Bank – ABN AMRO’s private banking arm in Germany – will become one of the largest providers of banking services for wealthy private clients, family businesses an...
Correction: ABN AMRO Bank posts net profit of EUR 674 million in Q1 2024 [Replacement of outdated attachement Q-report with minor non-material changes] ABN AMRO Bank posts net profit of EUR 674 million in Q1 2024 Q1 - Key messages of the quarter Very strong result with a net profit of EUR 674 million, driven by net interest income, fee income and low cost of riskBusiness momentum remained good; our mortgage loan book grew by EUR 0.8 billion and our corporate loan book by EUR 0.3 billion. We were market leader in mortgages in Q1Continued strong net interest income as we continued to benef...
Correction: ABN AMRO rapporteert nettowinst van EUR 674 miljoen in Q1 2024 [Vervanging van oude versie bijlage Q rapport met minimale aanpassingen] ABN AMRO rapporteert nettowinst van EUR 674 miljoen in Q1 2024 Q1 - Key messages over het kwartaal Zeer sterk resultaat met een nettowinst van EUR 674 miljoen, gedreven door de netto rentebaten, inkomsten uit provisies, en lage risicokostenBusiness momentum bleef goed; onze hypotheekportefeuille groeide met EUR 0,8 miljard en onze zakelijke kredieten met EUR 0,3 miljard. We waren in Q1 de marktleider in hypothekenAanhoudend sterke netto ren...
Aalberts: Preview - steady in difficult markets. ABN AMRO: 1Q24 overshadowed by weaker capital, even if a strong set. AEGON: 1Q24 Preview (trading update). Alfen: Preview - clarity on one-off Pacto costs crucial. B&S Group: Bolt-on acquisition in Personal Care. Belgian telcos: BIPT notes that fibre cooperation negotiations not ready by 15 May. EVS: 1Q24 preview. Euronext: Another record, with Beats by Boujnah. Montea: €12m acquisition in the Port of Ghent. Staffing: Dutch Perio...
ABN AMRO Bank posts net profit of EUR 674 million in Q1 2024 ABN AMRO Bank posts net profit of EUR 674 million in Q1 2024 Q1 - Key messages of the quarter Very strong result with a net profit of EUR 674 million, driven by net interest income, fee income and low cost of riskBusiness momentum remained good; our mortgage loan book grew by EUR 0.8 billion and our corporate loan book by EUR 0.3 billion. We were market leader in mortgages in Q1Continued strong net interest income as we continued to benefit from the current interest rate environmentFee income higher, driven by good performan...
ABN AMRO rapporteert nettowinst van EUR 674 miljoen in Q1 2024 ABN AMRO rapporteert nettowinst van EUR 674 miljoen in Q1 2024 Q1 - Key messages over het kwartaal Zeer sterk resultaat met een nettowinst van EUR 674 miljoen, gedreven door de netto rentebaten, inkomsten uit provisies, en lage risicokostenBusiness momentum bleef goed; onze hypotheekportefeuille groeide met EUR 0,8 miljard en onze zakelijke kredieten met EUR 0,3 miljard. We waren in Q1 de marktleider in hypothekenAanhoudend sterke netto rentebaten, omdat we bleven profiteren van de huidige renteomgeving I...
ABN AMRO: 1Q24 Preview. ABN AMRO: Press reports on sale of French Life Neuflize JV with AXA. Agfa-Geveart: A miss on every line. ASR: Dutch residential rental income risk insignificant. B&S Group: Solid start to the year, costs under control. DEME Group: 1Q solidifies FY24 revenue outlook. GBL: Accelerating its share buybacks. Just Eat Takeaway.com: M&A appetite. OCI: Improving 1Q24 performance at RemainCo assets, strategic update due on 2Q24
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