ABN: Q1'26 results - beat on execution of strategy

研报英文原文证据摘录

ABN: Q1'26 results - beat on execution of strategy

EQUITY RESEARCH QUICK TAKE

RBC Europe Limited

Anke Reingen (Co-Head of Global Financials

Research)

Sherry Lin (Associate)

Susana Cruz (Associate)

May 13, 2026

ABN AMRO Bank N.V.

Q1'26 results - beat on execution of strategy

NXT AM: ABN | EUR 29.24 | Outperform | Price Target EUR 36.00

Sentiment: Positive

Our view:

ABN reported a strong set of results helped by the faster execution of its plan to lower costs (and lowering cost guidance for 2026)

and continued RWA management. Commercial NII beat and while ABN did not upgrade its guidance due to geopolitical uncertainty

and market volatility, it pointed to potential upside. While Q1 trends might not be sustainable on all fronts (low COR, strong fees),

the Q1 ROE of 10.7% puts ABN on track for its above 12% target for 2028 which remains discounted in the shares trading on 1x BV.

First impression:

• Q1 net profit beat: ABN reported a net profit of EUR693m compared to consensus (collected by ABN) of EUR569m (pre AT1).

Loan losses were EUR67m vs a consensus charge of EUR71m. Reported pre provision profit of EUR1,009m came in 19.2% above

consensus of EUR847m. Results included EUR63m of restructuring costs (consensus EUR58m), EUR82m positive personnel

expenses due to a pension exit fee and EUR43m negative from hedge accounting in other income. At an adjusted pre provision

level, Q1 results came in 22% ahead with underlying revenues 2% above and underlying costs 6% lower. Commercial NII was 1%

higher than consensus (total NII 2% higher) and fees 5% higher. The ROE in Q1 was 10.7%.

• NII beat: Commercial NII (underlying) came in at EUR1,608m, 1.5% above consensus, while total NII (underlying) 1.9% above

consensus.