ABN Amro delivered a 24% Net Income beat in Q1'26, leading management to lower 2026 cost guidance to €5.5bn. Goldman Sachs maintains a Buy rating with a €35.50 price target based on operational efficiency and significant excess capital.
Key Takeaways
- 1.ABN Amro reported a significant Q1 earnings beat, with Net Income 24% ahead of consensus, primarily driven by lower-than-expected operating expenses.
- 2.Management lowered its 2026 cost guidance to €5.5bn from €5.6bn, suggesting a ~3% upside pressure to consensus earnings estimates.
- 3.Capital remains strong with a CET1 ratio of 15.5%, representing approximately €2.4bn in excess capital above the 13.75% target.
Table of Contents
- Revenues
- Costs
- LLPs
- Profitability
- Capital
- Outlook
- 2028 CMD Targets
- Valuation and Risks
- Disclosure Appendix
- GS Factor Profile
- M&A Rank
- Quantum
- Disclosures
- Regulatory disclosures
- Ratings, coverage universe and related definitions
- Global product; distributing entities
- General disclosures
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Authors
Chris HallamSofie Peterzens
Securities
ABNd.AS
Themes
Cost EfficiencyExcess Capital ManagementM&A Integration
Regions
EuropeNetherlands