13 May 2026
Key messages
Net profit rose by 12% year-on-year to € 693 million; return on equity was 10.7%
Continued momentum in mortgages, with a net growth of € 2.0 billion
Very strong fee income, driven by Clearing results
Costs declined further; cost guidance for FY2026 lowered to around € 5.5 billion
Credit quality remained solid; cost of risk stood at 9 basis points
CET1 ratio improved to 15.5%, driven by profitable growth and continued progress on RWA optimisation
Marguerite Bérard, CEO:
‘ABN AMRO continued the disciplined execution of its strategic priorities and reported a significant increase in profitability in the first quarter of 2026. The bank provided more mortgages to clients, lowered expenses and grew fees.
The Dutch economy has remained resilient so far, although the war in the Middle East has increased uncertainty. Higher energy costs are pushing up inflation, leading our economists to lower their growth forecast for the Netherlands and to anticipate interest rate increases by the European Central Bank in the coming months. We maintain a conservative outlook for Dutch house price growth and expect fewer transactions this year. In this rapidly changing environment, it is essential that we support our clients as they navigate economic uncertainty.
Operating income amounted to € 2,287 million. This performance was supported by strong fees and commissions totaling € 608 million. Net interest income totaled € 1,637 million. Credit quality remained solid, with limited impairments despite the volatile market developments, translating into a cost of risk of 9 basis points.
The first-quarter results underscore our confidence in delivering our 2028 targets. The results also reflect the disciplined execution of our strategic priorities: profitable growth, right-sizing our cost base and optimising capital allocation.
Right-sizing costs
As part of this effort, the number of full-time equivalents (FTEs) decreased by 528 in the first quarter, with a moderation in the pace of reductions expected for the remainder of the year. The total FTE decrease since end-2024 now stands at approximately 40% of our target for 2028. As a result, expenses, excluding incidentals, fell to just below the level of the same period last year, when Hauck Aufhäuser Lampe (HAL) was not yet included in our figures. Based on this progress, we lowered our cost guidance for the full year to around € 5.5 billion.
Alongside disciplined cost management, we continue to embed artificial intelligence (AI) into how we work. In the first quarter, we expanded our AI-powered Advisor Assist to new adviser groups and to our primary communication channel, video banking. The tool's summarisation capability helps client advisers reduce the time spent after each call by up to 50%. Across the bank, AI adoption continues to rise, with 85% of employees using AI in the first quarter. We support this progress with bank-wide training, complemented by targeted learning for specific use cases and AI specialists.
Profitable growth
Personal & Business Banking realised a 20% market share of new Dutch residential mortgages, with net mortgage growth of € 2.0 billion. We continuously invest in our retail banking products and services and are now making it more attractive for mortgage clients to improve the energy efficiency of their homes. In addition, we further optimised onboarding processes for new clients, who can now make online and contactless payments immediately, without having to wait for a physical debit card. We expect to complete the NIBC acquisition in the third quarter, subject to regulatory approval, and the sale of our personal loan business Alfam during the fourth quarter of 2026. Our neobank BUUT is making a real difference for younger generations. According to our latest survey of its users, 86% of parents report that their children handle money more consciously and responsibly using BUUT.
Wealth Management client assets were negatively impacted by market volatility, a topic we discussed extensively with our clients. The decline was partly seasonal, similar to last year, and mainly caused by annual tax payments, but was less strong due to commercial actions. Following the successful targeted deposit offerings campaign at the end of last year, the conversion of cash into mandate and advisory products continued. Recently, we expanded our investment offering with Crypto Exchange Traded Products and Capital Protected Notes. These products give clients regulated and transparent indirect exposure to cryptocurrencies. We are on track with the integration of HAL and therefore recorded the restructuring provision ...
