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    ABN   NL0011540547

ABN AMRO BANK N.V.

(ABN)
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ABN AMRO Bank N : Money-laundering fine and low interest income weigh on ABN Amro

05/12/2021 | 01:34am EDT

* Q1 net interest income down 11%, missing expectations

* Net loss of 54 mln euros in line with outlook

* Loss driven by 480 mln euros money laundering fine

* Shares fall 7.5%

AMSTERDAM, May 12 (Reuters) - ABN Amro shares fell more than 7% in early trading on Wednesday, after the Dutch lender reported a worse-than-expected slide in its interest income over the first three months of 2021 and booked a 480 million euro ($582.34 million) fine for money laundering.

Net interest income dropped 11% from a year before to 1.36 billion euros as low rates depressed the deposit margin, while the corporate loan book shrank following last year's decision to end trade and commodity financing.

Interest income fell 9% over the whole of 2020.

"Net interest income trends remain challenging," Citigroup analysts wrote in a note.

ABN Amro shares traded down 7.5% at 10.16 euros at 0850 GMT. They were still up 70% from a year ago, however, following a strong recovery in the last three months.

ABN reported a net loss of 54 million euros over the first quarter, as a money-laundering fine outweighed the positive impact of economic recovery in the Netherlands.

ABN Amro last month agreed to pay 480 million euros to Dutch prosecutors to settle a criminal investigation into its lax oversight of money laundering through its accounts.

The investigation also increased ABN's expenses, as it took on extra staff to strengthen its anti-money laundering controls.

The largely state-owned bank last year almost doubled the number of staff dedicated to spotting suspicious transactions to nearly 4,000, increasing employment at the bank for the first time after years of cuts.

Despite the fall in interest income and rising costs, operational performance was in line with previous quarters, Chief Executive Robert Swaak said.

He said the Dutch economy was weathering the COVID-19 crisis relatively well and he expected "a strong economic rebound later this year as lockdown restrictions ease".

The lender improved its market share of new mortgages as the Dutch housing market booms, while economic recovery meant it could release 77 million euros from its provisions for bad loans.

The first-quarter net loss was roughly in line with analysts' average expectations in a company-compiled poll. The lender had reported a loss of 395 million euros a year ago at the height of the pandemic. ($1 = 0.8237 euros) (Reporting by Bart Meijer; Editing by Sherry Jacob-Phillips, Simon Cameron-Moore and Barbara Lewis)


ę Reuters 2021
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Financials
Sales 2021 7 374 M 8 756 M 8 756 M
Net income 2021 421 M 500 M 500 M
Net Debt 2021 - - -
P/E ratio 2021 19,5x
Yield 2021 6,09%
Capitalization 9 755 M 11 565 M 11 583 M
Capi. / Sales 2021 1,32x
Capi. / Sales 2022 1,33x
Nbr of Employees 19 417
Free-Float 46,9%
Chart ABN AMRO BANK N.V.
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ABN AMRO Bank N.V. Technical Analysis Chart | MarketScreener
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Technical analysis trends ABN AMRO BANK N.V.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 21
Average target price 11,37 €
Last Close Price 10,38 €
Spread / Highest target 44,5%
Spread / Average Target 9,58%
Spread / Lowest Target -23,9%
EPS Revisions
Managers and Directors
NameTitle
Robert Swaak Chairman-Executive Board & Chief Executive Officer
Lars Kramer Chief Financial Officer
Tom de Swaan Chairman-Supervisory Board
Christian Bornfeld Chief Innovation & Technology Officer
Jurgen Stegmann Member-Supervisory Board
Sector and Competitors