AAVMY - ABN AMRO: Position For Buybacks In H2 2022
- Net profit of 343M EUR in Q3 (RoE of 6.5%), impacted by a 217M EUR consumer credit provision and a negative cost of risk (-2 bps).
- Latest lockdown in the Netherlands to delay, not derail, capital return plans. Government remains a major shareholder and is likely to participate in any future buybacks.
- Relative to management's 13% CET 1 target, the bank is sitting on a capital buffer of around 3.7B EUR, or 3.94 EUR/share.
- Investors can expect substantial (around 30% of the current share price) capital distributions above the standard 50% payout ratio over the medium to long term.
- Sale and leaseback of headquarters should provide a boost in Q4.
For further details see:
ABN AMRO: Position For Buybacks In H2 2022