ABN AMRO: All Eyes On November

  • ABN AMRO derived 72% of its Q1 2025 operating income from net interest income, a key concern amid ongoing ECB rate cuts. Q1 2025 segment performance was weak across the board, with the impact on profitability mitigated by a benign credit environment. Even so, the bank's current valuation remains undemanding, at only 8x 2025-2026 earnings.