ABN AMRO Bank N.V.

ABN AMRO reported Q2 net profit of EUR 781 million, up almost 30% year over year, and ROE of 12.1%. Commercial net interest income rose 5% quarter on quarter, fee income increased 2% quarter on quarter to a record level, other income was EUR 106 million, and operating income increased 6% quarter on quarter. Credit quality remained solid with cost of risk at 4 basis points, Stage 3 ratio at 2.1%, Stage 3 coverage around 14%, and impairments of EUR 24 million. Pro forma CET1 was 15.9% and reported CET1 was 15.3%. Management raised full-year 2026 commercial NII guidance to around EUR 6.8 billion including NIBC, and set full-year 2026 cost guidance at around EUR 5.5 billion including NIBC, excluding restructuring costs and incidentals. The interim dividend was set at EUR 0.68 per share based on 40% of year-to-date net profit.

Marguerite Bérard-Andrieu framed the quarter as evidence of disciplined execution across profitable growth, cost reduction, and capital optimization. She highlighted completion of the NIBC acquisition, strong Wealth Management momentum, better Clearing results, and progress on strategic capital-light growth. Her tone was confident but cautious: the bank is pleased with the progress, but she repeatedly said it is still early in a three-year plan and does not want to speculate on further capital returns or changes to 2028 targets yet.

Ferdinand Vaandrager focused on the drivers behind the numbers: a 5 bps improvement in liability margin, EUR 4 billion higher average liability volumes, and strong Clearing-related other commercial NII. He said asset margins fell 2 bps because new mortgage production is increasingly capital-light and NHG-backed, while the liability margin tailwind should continue as higher-yielding swaps roll in. On costs, he clarified that the EUR 5.5 billion guidance excludes restructuring costs and incidentals, but includes NIBC and regulatory levies, and noted that around EUR 300 million of the EUR 900 million 2028 savings target has already been realized. He also said pro forma CET1 rose to 15.9% and that significant RWA developments are expected in H2, including NIBC adding about EUR 6.6 billion next quarter and the DNB mortgage floor ending in Q4.

Analysts pressed management on whether the strong CET1 ratio could justify an interim excess capital distribution, but management said the annual capital assessment will be done in Q4 and they do not want to speculate ahead of that. On growth, questions focused on whether corporate lending volumes and deposit growth are sustainable and whether the bank might be willing to accept lower market share; management said the priority is profitable growth, disciplined client selection, and maintaining market-share gains without chasing volume at any cost. Several analysts also probed the unusually strong liability margin and other commercial NII; management said the uplift reflects disciplined deposit pricing, the replicating portfolio tailwind, and elevated Clearing activity, while cautioning that competition, migration, and rate volatility can still affect the trajectory. Costs were another key topic, with management clarifying that the EUR 5.5 billion target excludes restructuring costs and incidentals, and that some costs and synergies related to ICS/Worldline and NIBC will be phased over time.