ABN AMRO: net profit of €940M in the third quarter, revenue up 22% with stable costs
ABN AMRO published its quarterly results on 11 November 2026, driven by a favourable positive jaws effect. In the third quarter, its revenue rose 22% to €2,641M, while its operating expenses remained stable at €1,405M, compared with €1,409M a year earlier.
The cost-to-income ratio thus fell by 11.7 points to 53.2%, and net profit reached €940M, compared with €617M. Earnings per share came to €1.09, while analysts had expected an average of €0.92, above the top of their range (€1.05).
The Dutch bank also raised once again its commercial net interest income forecast for 2026, to more than €6.9bn, and maintained its cost target.
Revenue up 22% against stable costs
Net interest income is the primary driver: it rose 15% to €1,822M, and the net interest margin went from 149 to 157 basis points.
Chief Executive Officer Marguerite Bérard attributes this movement to the rate environment, the ECB having raised its deposit rate by 25 basis points in September, to 2.50%.
Net fee and commission income gained 7% to €601M, and other operating income rose from €28M to €218M. On the expense side, a 3% increase in staff costs, to €812M, was offset by a 4% decline in other expenses, to €593M.
Operating profit therefore rose 62% to €1,235M. The cost of risk does not explain this increase: the net release of provisions reached €11M, compared with €49M in the third quarter of 2025. The annualised return on equity rose from 9.5% to 14.5%.
NIBC, wealth management and corporate lending as support
The quarter includes NIBC, consolidated since 1 August, which contributes €15bn of mortgage loans and €13bn of savings. The Personal & Business Banking division thus increased its net profit by 25% compared with the second quarter, partly thanks to this consolidation.
In wealth management, net core asset inflows reached nearly €4.1bn over nine months, against an annual ambition of €5 to 7bn. Client assets amounted to €434.8bn at the end of September, compared with €389.8bn a year earlier. Corporate Banking increased its loan outstandings and benefited from net provision releases.
Compared with the second quarter, the picture is more mixed: fees fell 3% and expenses rose 8%, an increase expected by management. Headcount rose to 25,157 full-time equivalents, compared with 24,561 at the end of June, due to NIBC, but remains below the 25,920 recorded at the end of September 2025.
Interest income forecast raised, cost target maintained
Over nine months, net profit rose 31% to €2,413M, for a return on equity of 12.5%.
Expenses fell 1% over this period, to €3,983M, which keeps the bank in line with its target of €5.5bn in costs for 2026. Around 46% of the headcount reduction target for 2028 has already been achieved.
The CET1 capital ratio stands at 15.3%, reflecting the acquisition of NIBC and the optimisation of capital allocation. The ECB indicated on 28 October 2026 that it would maintain the bank's CET1 requirement at 11.4% for 2027. In addition, the Dutch State announced on 7 October a programme aimed at reducing its stake to 10.5%.
Management finally indicated that it would revisit its roadmap: “With the interest rate environment as a tailwind, we will update our targets next quarter.” The rise in interest income, combined with costs kept under control since the start of the year, forms the foundation on which this revision will be based.
