Dutch bank ABN Amro has raised its guidance for commercial net interest income to €6.8 billion ($7.8 billion), up from €6.4 billion previously, after beating market expectations across the board.
Commercial Net Income
Commercial net income for the quarter came in at €1.70 billion, compared with analyst’s median forecast of €1.64 billion, according to a company-compiled consensus.
CEO Marguerite Bérard stated, ‘The Dutch economy remained resilient, supported by healthy household spending and more positive consumer confidence… with uncertainty remaining high and the full inflationary impact of the energy shock yet to play out, we expect another rate hike in September.’
Costs Outlook
The lender’s cost-to-income ratio beat forecasts, standing at 53.7% at the end of June, down from 61.5% a year earlier and better than ABN’s 2028 target of below 55%.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
