Summary

• ABN AMRO Bank N.V. is upgraded to Buy with a €33 target, reflecting improved execution on 2028 profitability and cost targets.
• Cost reduction is ahead of schedule, with €100 million lower guidance for 2026.
• Capital returns are better supported by a 15.5% CET1 ratio, regulatory relief, and guidance for up to 100% net profit distributions over 2026–2028.
• Stable net interest income, potential upside from elevated rates, and a robust Dutch mortgage franchise underpin the investment case, though wage and economic risks remain.

The recent Q1 report shows that ABN AMRO Bank N.V. (AAVMY) (ABMRF) is moving in the right direction. The Dutch bank is executing well on its 2028 targets, set during last year’s Capital Markets Day.

The main goals are a

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