ABN AMRO: 1Q26: Exceeding expectations

研报英文原文证据摘录

ABN AMRO: 1Q26: Exceeding expectations

Equity Research

European Banks

13 May 2026

ABN AMRO

1Q26: Exceeding expectations

First LookA lot to like. 1Q26 Commercial NII beat by 1% and adj. costs

by 5%. ABN has improved its FY26 cost guidance and higher

NII could be achieved should the forward curve materialise. ABN.AS/ABN NA OVERWEIGHT

European Banks POSITIVE

The size of the replicating portfolio increased QoQ and the Price Target EUR 34.10

Dutch mortgage floor removal could release €7bn of RWAs. Price (12-May-26) EUR 29.24

Potential Upside/Downside +16.6%

Source: Bloomberg, Barclays Research

1Q26 adjusted PBT at €942m (excluding incidental items of €19m), is 11% ahead of consensus

expectations of €834m (excluding incidental items of €58m).

Revenues at €2287m is br consensus expectations of €2,278m. Namita Samtani, CFA

+44 (0)20 3134 2583

Commercial NII at €1608m is 1% ahead of consensus of €1,585m and +2% QoQ. namita.samtani@barclays.com

Barclays, UK

Asset NII was flat QoQ whilst liability NII grew QoQ.

Flora Bocahut

Adjusted residual NII at €28m is better than consensus of €21m. +33 (0)1 4458 3131

flora.bocahut@barclays.com

The group has reiterated that it expects FY26 commercial NII of c.€6.4bn excluding NIBC (c. BBI, Paris

€0.15bn for 1H26) vs consensus of €6.58bn which includes NIBC. However, they state higher Raghav Agrawal

forward rates provide a tailwind to NII of c.€100m. The group increased their replicating +91 (0)22 6175 4711

portfolio size from €165bn in 4Q25 to €175bn 1Q26 and non-interest bearing deposits represent raghav.agrawal@barclays.com

c.30% of the replicating portfolio. Barclays, UK

Client loans were +1.4% QoQ driven by mortgages and corporates.

Client deposits were flat QoQ excluding €15bn temporary custody inflow whilst time and