ABN realized a mixed Q1 with a beat on revenue but a negative surprise on costs due to additional AML-related expenses with the remediation programme now expected to continue into 2023. CoR increased due to the constitution of a management overlay regarding the poorer macroeconomic outlook. ABN’s excess capital situation persisted but management delayed any further buybacks until the end of the year when the FY view should become clearer. The financial targets were maintained.
18 May 2022
Mixed Q1 marked by additional AML costs persisting into 2023
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Mixed Q1 marked by additional AML costs persisting into 2023
- Published:
18 May 2022 -
Author:
Sylvain Perret -
Pages:
4
ABN realized a mixed Q1 with a beat on revenue but a negative surprise on costs due to additional AML-related expenses with the remediation programme now expected to continue into 2023. CoR increased due to the constitution of a management overlay regarding the poorer macroeconomic outlook. ABN’s excess capital situation persisted but management delayed any further buybacks until the end of the year when the FY view should become clearer. The financial targets were maintained.