The Dutch bank ABN Amro announced earnings for the first quarter that exceeded estimates but the costs were higher than expected, including the new provisions for the fight against money laundering, with the company’s share falling by 10%.
The bank reported a net profit of 295 million euros in the first quarter, exceeding estimates for 259 million euros, compared to a loss of 54 million euros a year ago, after a high fine for money laundering.
The management stressed that the costs were higher than expected, partly due to the additional provision for money laundering of 50 million Euros, but also due to regulatory levies and investments in the IT sector.
However, it redefined the goal of keeping costs below 4.7 billion euros in 2024.
Net interest income in the quarter was equivalent to estimates at 1.31 billion euros and the bank expects to achieve the results for the year, at 5-5.1 billion euros.
Source: Capital
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