ABN AMRO: Strong P&L, when will capital return follow?

研报英文原文证据摘录

ABN AMRO: Strong P&L, when will capital return follow?

Deutsche Bank

Research

Rating Company Date

Hold ABN AMRO 13 May 2026

Company Update

Europe

Netherlands

Reuters Bloomberg Exchange Ticker Price at 13 May 2026 (EUR) 31.27

ABNd.AS ABN NA AEX ABNd

Price Target (EUR) 31.00

Banks

52-week range (EUR) 32.22 - 19.75

Strong P&L, when will capital return

Valuation & Risks follow?

Benjamin Goy

Strong beat, high capital ratios Research Analyst

ABN AMRO delivered strong 1Q26 results, positively surprising almost across the +49-69-910-31946

board. Post results we increase our EPS in particular in 2026 & 2027 significantly

Sharath Kumar

(+8% and +10% respectively) and lift our target price to EUR31. At our updated Research Analyst

forecasts ABN AMRO trades at 9.1x 2027E EPS and 10.5% 2027E total yield. The +44-20-754-79527

P/E valuation is in line with the sector but total yield is very attractive. However, we

believe this is partially attributed to ABN's capital return track record and a Key changes

surprising conservatism, with the next excess capital return update only due in TP 28.00 to 31.00 ↑ 10.7%

February. Hence, we confirm our hold recommendation and continue to prefer ING EPS (Stated) 2.55 to 2.91 ↑ 14.3%

in the Benelux region.

Source: Deutsche Bank

Our three key take-aways from 1Q26 results

Capital return: while ABN AMRO's CET1 ratio was in line with expectations at the

high level of 15.5%, a larger than anticipated RWA benefit from the removal of the

mortgage floor in 4Q26 was a positive surprise and presents upside to the bank's

distribution plan. However, management did not provide an update on its capital

return plan, as anticipated. The next update will only be provided in February 2027

with 4Q26 results only. Despite the upcoming NIBC acquisition and assumed 100%