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    ABN   NL0011540547

ABN AMRO BANK N.V.

(ABN)
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Real-time Euronext Amsterdam  -  05/19 11:35:20 am EDT
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ABN Amro considers share buyback after surprise Q3 profit jump

11/10/2021 | 02:09am EDT
FILE PHOTO: ABN AMRO logo is seen at the headquarters in Amsterdam

AMSTERDAM (Reuters) - ABN Amro said on Wednesday it was looking to buy back its shares, as the Dutch bank reported an unexpected 14% increase in third-quarter net profit helped by economic recovery and the easing of COVID-19 lockdowns.

"Developments in the third quarter were encouraging," Chief Executive Officer Robert Swaak said.

"Demand for lending showed signs of recovery and both our mortgage book and corporate loan book grew."

Credit demand was helped by the lifting of many coronavirus restrictions in the Netherlands, as bars, restaurants and stores were gradually allowed to reopen in recent months.

Interest income dropped 18% in the three months to Sept. 30, as low rates continued to bite the interest margin, but the drop was less dramatic than analysts had feared.

This pushed up ABN's net profit to 343 million euros ($396 million), while analysts in a company-compiled poll had predicted it to fall on average to 147 million euros, from 301 million a year ago.

The largely state-owned lender resumed dividend payments last month and said it was now in a "constructive dialogue" with the Dutch central bank about the possibility to start buying back shares after the first quarter of next year.

ABN, one of the three dominant banks in the Netherlands, was re-privatised six years ago after its bailout in the 2008 financial crisis, but the Dutch state still owns 56% of the shares and hasn't sold any since September 2017.

($1=0.8655 euros)

(Reporting by Bart Meijer; Editing by Muralikumar Anantharaman and Rashmi Aich)

By Bart H. Meijer


© Reuters 2021
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Analyst Recommendations on ABN AMRO BANK N.V.
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Financials
Sales 2022 7 258 M 7 684 M 7 684 M
Net income 2022 1 084 M 1 148 M 1 148 M
Net Debt 2022 - - -
P/E ratio 2022 9,08x
Yield 2022 5,48%
Capitalization 9 575 M 10 138 M 10 138 M
Capi. / Sales 2022 1,32x
Capi. / Sales 2023 1,32x
Nbr of Employees 19 957
Free-Float 46,9%
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Technical analysis trends ABN AMRO BANK N.V.
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TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 19
Last Close Price 10,50 €
Average target price 13,65 €
Spread / Average Target 30,0%
EPS Revisions
Managers and Directors
Robert Swaak Chairman-Executive Board & Chief Executive Officer
Lars Kramer Chief Financial Officer
Tom de Swaan Chief Financial Officer & Chief Risk Officer
Arjen Dorland Vice Chairman-Supervisory Board
Michiel P. Lap Member-Supervisory Board
Sector and Competitors