ABN Amro: shares rise after 'strong' results
(CercleFinance.com) - Shares in ABN Amro are up almost 4% in early trading on Wednesday after the Dutch banking group reported "strong" quarterly earnings according to investors.
"The Dutch economy continues to flourish and this is reflected in the financial results for the second quarter," CEO Kees van Dijkhuizen said.
In a press release, ABN reported a second quarter net profit of 688 million euros, down 28% from a year earlier, although above the consensus.
ABN Amro shares were up 3.8% at 24.2 euros after the group reported the numbers.
ABN also said that it intended to restructure its Corporate & Institutional Banking (CIB) unit to improve its profitability by allocating capital mainly to trade and commodity finance, while reducing highly cyclical sectors that have high earnings volatility.
The group has set an interim dividend at 0.65 euro per share, in line with what was paid for the first-half of 2017.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
"The Dutch economy continues to flourish and this is reflected in the financial results for the second quarter," CEO Kees van Dijkhuizen said.
In a press release, ABN reported a second quarter net profit of 688 million euros, down 28% from a year earlier, although above the consensus.
ABN Amro shares were up 3.8% at 24.2 euros after the group reported the numbers.
ABN also said that it intended to restructure its Corporate & Institutional Banking (CIB) unit to improve its profitability by allocating capital mainly to trade and commodity finance, while reducing highly cyclical sectors that have high earnings volatility.
The group has set an interim dividend at 0.65 euro per share, in line with what was paid for the first-half of 2017.
Copyright (c) 2018 CercleFinance.com. All rights reserved.