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ABN Amro considers share buyback as Q3 profit thumps expectations -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: ABN AMRO emblem is seen on the headquarters in Amsterdam, Netherlands Might 14, 2019. REUTERS/Piroschka van de Wouw

AMSTERDAM (Reuters) – ABN Amro stated on Wednesday it was trying to purchase again its shares, because the Dutch financial institution reported an surprising 14% enhance in third-quarter web revenue helped by financial restoration and the easing of COVID-19 lockdowns.

ABN’s web revenue of 343 million euros ($396.3 million) for the July-September interval was a lot better than anticipated. Analysts in a company-compiled ballot had predicted revenue to fall on common to 147 million euros, from 301 million a yr in the past.

“Developments within the third quarter have been encouraging,” Chief Government Robert Swaak stated.

“Demand for lending confirmed indicators of restoration and each our mortgage ebook and company mortgage ebook grew.”

The largely state-owned lender resumed dividend funds final month and stated it was now in a “constructive dialogue” with the Dutch central financial institution in regards to the chance to start out shopping for again shares after the primary quarter of subsequent yr.

ABN, one among three dominant banks within the Netherlands, was re-privatised six years in the past after its bailout within the 2008 monetary disaster, however the Dutch state nonetheless owns 56% of the shares and hasn’t offered any since September 2017.

($1=0.8655 euros)

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