ABN AMRO Group NV

ABN AMRO Group NV is a Netherlands-based financial institution engaged in the provision of banking products and services. The Company's activities are organized into four segments: Retail Banking, offering a range of banking and insurance products and services through branch and online network, contact centers and subsidiaries, serving retail and preferred banking clients, as well as small and medium enterprises (SMEs); Private Banking, providing global wealth management solutions, as well as custom financial products and services; Corporate Banking, delivering products to commercial customers, real estate investors, financial institutions, and entities involved in Diamond & Jewellery and Energy, Commodities & Transportation (ECT) areas, among others, as well as providing products and services related to capital markets, including clearing; and Group Functions, comprising corporate menegement operations. The Company operates in Europe, North America, South America, Australia and Asia.
  • TickerABN
  • ISINNL0011540547
  • ExchangeEuronext Amsterdam
  • SectorBanks
  • CountryNetherlands

Analysts

ING
Suvi Platerink Kosonen

ABN AMRO/Green Fatigue?/STABLE

ABN AMRO suffered from revenue headwinds and the bank's cost measures were not enough to offset this pressure. Net Income declined by 20% YoY in 1Q19. The bank's credit costs somewhat improved over the quarter. ABN AMRO has a solid capital position. That said, RWA dynamics are likely to keep pressure on its capital and MREL ratios this year. ABN AMRO has indicated that it plans to issue non-preferred senior this year. Meeting this year's MREL target would imply an issuance need of c.€800m. ABN AMRO has already issued four green bonds. We see value in the green ABNANV0.875 4/25 that has underpe...

Derya Guzel

Morningstar | ABN Amro Reports 1Q 2019 Results: FVE Maintained

ABN Amro reported first-quarter results of EUR 478 million, down 20% from the same period a year prior, as lower operating expenses as well as lower impairment charges could not offset weaker income generation. Net interest income declined 6% year over year on the back of continued deposit margin compression and a mix of volume and margin developments in the corporate, residential mortgage, and customer loan operations, which in sum were a negative this quarter. The group’s net interest margin fell 7 basis points to 160 basis points. Net fee and commission income was down 4% vis-à-vis last yea...

Derya Guzel

ABN Amro Reports 1Q 2019 Results: FVE Maintained

ABN Amro reported first-quarter results of EUR 478 million, down 20% from the same period a year prior, as lower operating expenses as well as lower impairment charges could not offset weaker income generation. Net interest income declined 6% year over year on the back of continued deposit margin compression and a mix of volume and margin developments in the corporate, residential mortgage, and customer loan operations, which in sum were a negative this quarter. The group’s net interest margin f...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/16/2019

...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/05/2019

...

Philippe Lamaud

ABN AMRO : Operational and financial performance continues to be sound ; recommendations maintained

Since we initiated coverage on ABN AMRO ahead of its IPO (November 2015), ABN AMRO has continued to gradually strengthen its fundamentals through the execution of a relevant strategy, supported by a favourable macroeconomic environment in the Netherlands. In the absence of major external shock, growth in the domestic economy is expected to continue and support the bank’s performance in the coming years. - ABN AMRO is one of best capitalised entities among large European banks in risk weighted measures (CET1 fully-loaded by 17% at end-2016). According to our calculations, this ratio would enabl...

Philippe Lamaud

ABN AMRO : Des performances financières et opérationnelles toujours solides ; recommandations maintenues

Depuis notre initiation de couverture à la veille de son introduction en bourse (novembre 2015), ABN AMRO a poursuivi le renforcement de ses solides fondamentaux grâce à l’exécution d’une stratégie pertinente dans un contexte macro-économique favorable aux Pays-Bas (où la banque génère 80% de ses revenus). En l’absence de choc externe majeur, la croissance de l’économie domestique devrait se poursuive et soutenir les performances de la banque dans les années à venir. - ABN AMRO est l’une des grandes banques européennes les mieux capitalisées en risques pondérés (ratio CET1 fully-loaded de 17...

Philippe Lamaud

ABN AMRO : Operational and financial performance continues to be sound ; recommendations maintained

Since we initiated coverage on ABN AMRO ahead of its IPO (November 2015), ABN AMRO has continued to gradually strengthen its fundamentals through the execution of a relevant strategy, supported by a favourable macroeconomic environment in the Netherlands. In the absence of major external shock, growth in the domestic economy is expected to continue and support the bank’s performance in the coming years. - ABN AMRO is one of best capitalised entities among large European banks in risk weighted measures (CET1 fully-loaded by 17% at end-2016). According to our calculations, this ratio would enabl...

Philippe Lamaud

ABN AMRO : Des performances financières et opérationnelles toujours solides ; recommandations maintenues

Depuis notre initiation de couverture à la veille de son introduction en bourse (novembre 2015), ABN AMRO a poursuivi le renforcement de ses solides fondamentaux grâce à l’exécution d’une stratégie pertinente dans un contexte macro-économique favorable aux Pays-Bas (où la banque génère 80% de ses revenus). En l’absence de choc externe majeur, la croissance de l’économie domestique devrait se poursuive et soutenir les performances de la banque dans les années à venir. - ABN AMRO est l’une des grandes banques européennes les mieux capitalisées en risques pondérés (ratio CET1 fully-loaded de 17...

Derya Guzel

Morningstar | ABN Amro Reports 1Q 2019 Results: FVE Maintained

ABN Amro reported first-quarter results of EUR 478 million, down 20% from the same period a year prior, as lower operating expenses as well as lower impairment charges could not offset weaker income generation. Net interest income declined 6% year over year on the back of continued deposit margin compression and a mix of volume and margin developments in the corporate, residential mortgage, and customer loan operations, which in sum were a negative this quarter. The group’s net interest margin fell 7 basis points to 160 basis points. Net fee and commission income was down 4% vis-à-vis last yea...

Derya Guzel

ABN Amro Reports 1Q 2019 Results: FVE Maintained

ABN Amro reported first-quarter results of EUR 478 million, down 20% from the same period a year prior, as lower operating expenses as well as lower impairment charges could not offset weaker income generation. Net interest income declined 6% year over year on the back of continued deposit margin compression and a mix of volume and margin developments in the corporate, residential mortgage, and customer loan operations, which in sum were a negative this quarter. The group’s net interest margin f...

Jean Sassus ...
  • Steven Gould

ABN AMRO : Unconvincing as regards operations, no surprises regarding the capital …

>Q1 2019 < expectations & operational guidance under pressure - ABN Amro released its Q1 2019 figures yesterday, reporting a net profit of € 452m (-5% vs consensus) and a profit before tax of € 652m (-2% vs consensus). The performance is particularly disappointing since it is marked by a lower-than-expected cost of risk (which cannot be extrapolated vs a gradual rise towards the cycle average) while increasingly ‘transformative’ pressure on revenues (-3% vs consensus,...

Jean Sassus ...
  • Steven Gould

ABN AMRO : Peu convaincant sur l’opérationnel, peu surprenant sur le capital…

>T1 2019 < attentes & guidance opérationnelle sous pression - ABN AMRO a publié hier ses chiffres du T1 2019, avec un RN à 452 M€ (-5% vs cons) et un RAI à 652 M€ (-2% vs cons). La performance est d’autant plus décevante qu’elle est marquée par un coût du risque plus faible qu’anticipé (peu extrapolable vs remontée graduelle vers la moyenne de cycle) alors que la pression sur les revenus de plus en plus structurante (-3% vs cons, -14% yoy) pèse sur le levier opération...

ING
Research Department

Benelux Morning Notes

ABN AMRO: Good message on capital, results deserve a closer look. Ageas: SII a touch light, Asia offset the somewhat weak results in Belgium. Fugro: Seabed, return of profitability on the horizon? Proximus: Cuts business mobile plans' pricing. Staffing sector: Dutch period 4 figs: vol -6%, rev -3% (was -5%, rev -2%); trend softens

1 director maiden bought

A director at Abn Amro Group Nv maiden bought 4,835 shares at 20.720EUR and the significance rating of the trade was 73/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The nam...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/16/2019

...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/05/2019

...

Alfred Glaser ...
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Manuel Martin
  • Michael Foundoukidis
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Effler
  • Valentin Pernet
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/08/2019

An objective examination of the growth drivers of indices (macroeconomic growth expectations, EPS momentum, monetary conditions and the cost of capital) leads us to believe that the momentum observed since the start of the year cannot be maintained in the short term. In short, the market (Stoxx 600) is ahead of its transition times and should enter a fluctuation band that we estimate at between 355 and 384 points. Consequently, the most rational attitude consists in a total or partial...

Alfred Glaser ...
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Manuel Martin
  • Michael Foundoukidis
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Effler
  • Valentin Pernet
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/03/2019

Un examen objectif des moteurs de progression des indices (anticipations de croissance macroéconomique, dynamique des BPA, évolution des conditions monétaires et coût du capital) nous amène à penser que la dynamique observée depuis le début de l’année ne peut se maintenir à court terme. Bref, le marché (Stoxx 600) est en avance sur ses temps de passage et devrait entrer dans une bande de fluctuation que nous estimons comprise entre 355 et 384 points. En conséquence, l’attitude la plus...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Sassus
  • Louis Boujard
  • Martial Descoutures
  • Olivier Lebrun
  • Philippe Ourpatian
  • Pierre Corby
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/14/2019

...

ABN AMRO GP.DUTCH NV with less fundamental stars is reduced to Neutral

ABN AMRO GP.DUTCH NV (NL), a company active in the Money Center Banks industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date May 3, 2019, the closing price was EUR 20.53 and its expected value was estimated at EUR 2...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

ING
Suvi Platerink Kosonen

ABN AMRO/Green Fatigue?/STABLE

ABN AMRO suffered from revenue headwinds and the bank's cost measures were not enough to offset this pressure. Net Income declined by 20% YoY in 1Q19. The bank's credit costs somewhat improved over the quarter. ABN AMRO has a solid capital position. That said, RWA dynamics are likely to keep pressure on its capital and MREL ratios this year. ABN AMRO has indicated that it plans to issue non-preferred senior this year. Meeting this year's MREL target would imply an issuance need of c.€800m. ABN AMRO has already issued four green bonds. We see value in the green ABNANV0.875 4/25 that has underpe...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/ABN AMRO, UniCredit, Credit Agricole, RBI, KPN, Snam and the Euro primary market

ABN AMRO (ABNANV) reported lower earnings for 1Q19 as the decline in costs was not enough to offset the slide in revenues. The bank's capital metrics suffered from higher RWA driven by TRIM and model reviews. Slightly credit negative.

Philippe Lamaud

ABN AMRO : A stairway to haven; recommendations raised to ‘Buy’ on a strong credit operating in a solid economy

In uncertain times and volatile markets, we do not dare to promise investment heaven, but would suggest investors climbing a stairway to haven. A bank such as ABN AMRO with strong fundamentals, limited event risk and operating in a solid ‘core’ European economy with healthy prospects is an appealing investment call in our view in the current environment. Arguably, this comes with a price, and ABN AMRO’s debt instruments are not particularly cheap. While some flight to quality has...

Philippe Lamaud

ABN AMRO : A stairway to haven; recommendations raised to ‘Buy’ on a strong credit operating in a solid economy

In uncertain times and volatile markets, we do not dare to promise investment heaven, but would suggest investors climbing a stairway to haven. A bank such as ABN AMRO with strong fundamentals, limited event risk and operating in a solid ‘core’ European economy with healthy prospects is an appealing investment call in our view in the current environment. Arguably, this comes with a price, and ABN AMRO’s debt instruments are not particularly cheap. While some flight to quality has...

Expert Corporate Governance Service (ECGS)

ABN AMRO - 24 April 2019

In general, ABN AMRO is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 8, approval is sought to merge ABN AMRO Group with ABN AMRO Bank N.V. ECGS endorses the strategic rationale for the proposed merger and other than the estimated cost-savings, the merger will likely not have any impact on the operations of the Company. The (proposed) merger will furthermore not affect the rights of shareholders, holders of depository receipts, creditors and/or other stakeholders. ECGS has no (special) concerns over this proposal...

ABN Amro – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

proxy report 12/07/2018

On 5 February 2018 Ms Olga Zoutendijk announced her decision not to run for a second term as member of the Supervisory Board effective 1 July 2018 and to transfer her duties as Chairman of the Supervisory Board with immediate effect. The Supervisory Board proposes to appoint Mr Tom de Swaan as member and Chairman of the Supervisory Board for a term of four years.

Expert Corporate Governance Service (ECGS)

Etude l' AG du 08/08/2017

At this EGM, two new executive board members are proposed. We have no concerns with regard to both nominations.ABN AMRO Bank is a wholly-owned subsidiary of ABN AMRO Group. Currently, all shares in the capital of ABN AMRO Group are held by two foundations: NLFI and STAK AAG (Stichting Administratiekantoor beheer financiële instellingen and Stichting Administratiekantoor Continuiteit ABN AMRO respectively). The Dutch State holds an interest in ABN AMRO Group through NLFI. As per the sale of part of the NLFI shares in the Company in June 2017, NLFI holds approximately 63% and STAK AAG holds appr...

Matthieu DRIOL

Short term view - ABN AMRO GROUP NV-CVA : The trend is bearish.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €20.95. The bearish trend would be challenged above €24.81.

Matthieu DRIOL

Analyse court terme - ABN AMRO GROUP NV-CVA : La tendance est baissière.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 20,95 €. La tendance baissière serait remise en cause au-dessus de 24,81 €.

Matthieu DRIOL

Analyse court terme - ABN AMRO GROUP NV-CVA : La tendance est baissière.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 20,95 €, puis 20,40 €. Le franchissement de 24,81 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - ABN AMRO GROUP NV-CVA : The trend is bearish.

The trend is bearish. The movement goes on. The next target is at €20.95, then €20.40. Passing €24.81 would question the continuation of the fall.

Matthieu DRIOL

Analyse moyen terme - ABN AMRO GROUP NV-CVA : Les cours baissent.

La tendance est incertaine. Les cours baissent, et il y a une possibilité d'accélération baissière. Une nouvelle tendance baissière tente de démarrer.

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