ABN Amro lifts full-year net interest income outlook

ABN Amro lifts full-year net interest income outlook/Reuters

Reuters | August 7, 2024 | 11:34 AM IST | Breaking News | Follow on Google News

ABN Amro lifts full-year net interest income outlook

ABN Amro lifts full-year net interest income outlook

Aug 7 (Reuters) – Dutch lender ABN Amro (ABNd.AS), opens new tab forecast its full-year net interest income (NII) to come in at 6.4 billion euros ($6.98 billion), above its previous outlook, after the Dutch lender trounced second-quarter estimates on Wednesday.

ABN Amro’s previous forecast of 6.3 billion euros was in line with 2023 levels.

The lender beat estimates for second-quarter NII, benefiting from a “higher-for-longer” environment for interest rates, trailing some of the euro zone’s biggest banks.

“Our results continue to benefit from the good performance of the Dutch economy,” CEO Robert Swaak said in a statement, pointing at a housing market rebound amid an increase in new mortgage clients.

The bank’s NII, a key measure of earnings on loans minus deposit costs, fell 1% in the second quarter to 1.61 billion euros year-on-year, but beat analysts’ forecast of 1.58 billion euros in a company-compiled poll.

($1 = 0.9168 euros)

Reuters