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ABN Amro ups NII target after profit beats quarterly expectations

By Reuters News

Nov 11 (Reuters) - Dutch lender ABN Amro ABNd.AS on Wednesday raised its annual commercial net interest income guidance to €6.9 billion ($7.7 billion) after third-quarter profit beat market expectations.

In August the bank had raised its annual NII target to €6.8 billion on expectations of higher interest rates.

  • Quarterly profit grew 52% to €940 million, exceeding the average forecast of €782 million by analysts polled by the bank, as the bank benefited from a one-off gain related to the acquisition of lender NIBC

  • Its commercial net interest income (NII) rose 15% to €1.82 billion as the return of higher interest rates supported profitability

  • "The housing market continues to be supported by sound fundamentals, although higher interest rates are expected to temper activity", CEO Marguerite Bérard said in a statement

  • Operational costs remained largely unchanged as lower staff costs helped offset inflationary pressures

($1 = 0.8957 euros)

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