Dutch bank ABN Amro beats Q3 profit estimates

Must read

‘Oppenheimer’ steamrolls toward Oscars with Screen Actors Guild Award wins

Oppenheimer film billboard in Times Square, NYC on July 29th, 2023.Adam Jeffery | CNBCHistorical epic "Oppenheimer" picked up more prizes on Saturday at Hollywood's...

Smartphone giants like Samsung are going to talk up ‘AI phones’ this year — here’s what that means

Samsung Electronics Co. Galaxy S24 smartphones during a media preview event in Seoul, South Korea, on Monday, Jan. 15, 2024. Samsung, the world's most...

House China committee demands Elon Musk open SpaceX Starshield internet to U.S. troops in Taiwan

Elon Musk, CEO of Tesla and X, speaks at the Atreju political convention organized by Fratelli d'Italia (Brothers of Italy), in Rome, Dec. 15,...

U.S. and British strikes on Houthi sites in Yemen answer militants’ surge in Red Sea attacks on ships

The U.S. and Britain struck 18 Houthi targets in Yemen on Saturday, answering a recent surge in attacks by the Iran-backed militia group on...

Dutch lender ABN Amro on Wednesday reported a third-quarter net profit well above market expectations, boosted by higher interest rates and growing loan books.

ABN Amro, one of three dominant banks in the Netherlands, posted a 2% rise in quarterly net profit to 759 million euros ($811 million), compared with 743 million a year earlier. Analysts had forecast a profit of 583 million in a company-compiled poll.

“Demand for credit remains good and both our mortgage and corporate loan books increased,” Chief Executive Officer Robert Swaak said in a statement.

However, the lender’s net interest income (NII), a key measure of earnings on loans minus deposit costs, was 5% lower than in the second quarter and 6% below analysts’ expectations, as its deposit margins declined due to rising interest rates on savings accounts, it said.

Its NII stood at 1.53 billion euros in the third quarter, up 20% from a year earlier.

The bank also trimmed its expected costs for 2023 to a range of between 5.1 billion and 5.2 billion euros, versus a prior forecast of 5.2 billion euros.

The banking sector has been one of the main beneficiaries of rising interest rates over the past two years, but central banks seem to be at the end of this cycle of monetary tightening.

More articles

Latest article

‘Oppenheimer’ steamrolls toward Oscars with Screen Actors Guild Award wins

Oppenheimer film billboard in Times Square, NYC on July 29th, 2023.Adam Jeffery | CNBCHistorical epic "Oppenheimer" picked up more prizes on Saturday at Hollywood's...

Smartphone giants like Samsung are going to talk up ‘AI phones’ this year — here’s what that means

Samsung Electronics Co. Galaxy S24 smartphones during a media preview event in Seoul, South Korea, on Monday, Jan. 15, 2024. Samsung, the world's most...

House China committee demands Elon Musk open SpaceX Starshield internet to U.S. troops in Taiwan

Elon Musk, CEO of Tesla and X, speaks at the Atreju political convention organized by Fratelli d'Italia (Brothers of Italy), in Rome, Dec. 15,...

U.S. and British strikes on Houthi sites in Yemen answer militants’ surge in Red Sea attacks on ships

The U.S. and Britain struck 18 Houthi targets in Yemen on Saturday, answering a recent surge in attacks by the Iran-backed militia group on...

Broadcom reportedly nears $3.8 billion sale of remote access unit to KKR

A sign on the campus offices of chipmaker Broadcom is shown in Irvine, California.Mike Blake | ReutersChipmaker Broadcom is nearing a $3.8 billion deal...