This report analyzes the Dutch banking sector following 1Q26 results, highlighting stable performance and upgrading the credit outlook for ABN Amro Bank. UBS recommends select senior and Tier 2 bonds from ING and ABN Amro as offering fair to appealing value.
Key Takeaways
- 1.The Dutch banking system remains stable and mature, with 1Q26 results showing resilient income and solid asset quality.
- 2.Issuer credit outlooks updated: ABN Amro Bank improved to 'Improving', NIBC Bank maintained as 'Improving', and ING Group affirmed as 'Stable'.
Table of Contents
- Dutch banks: Good store of value
- Related CIO credit research
- ING Groep / ING Bank
- ABN Amro Bank / NIBC Bank
- ABN and NIBC covered bonds fairly valued
- UBS CIO risk views
- Credit risk flags
- Very low credit risk
- Medium credit risk
- High credit risk
- Issuer credit outlook
- UBS CIO valuation views
- Relative value bond recommendations
- Attractive
- Fair
- Expensive
- Sell recommendations
- Issuer valuation views
- Required disclosures
- Analyst certification
- Company/Country Disclosures (4 June 2026)
- Producers, disseminators and their competent authorities
- Frequency of updates
- Statement of Risk
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Authors
Lidia CasiniClaudia Sigl
Securities
INGA.ASABNd.AS
Themes
Bank Solvency and Capital AdequacyCost Efficiency via AI
Regions
EuropeNetherlands