BUZZ-ABN Amro falls on disappointing buyback postponement despite Q3 profit beat

Reuters11-13
BUZZ-ABN Amro falls on disappointing buyback postponement despite Q3 profit beat

** Shares in ABN Amro ABNd.AS fall 1.5%, paring losses after falling as much as 3.6%, after the Dutch bank postponed its share buyback from Q4 2024 to Q2 2025, despite reporting Q3 profit beating expectations

** Co cites unfinished work on preparation for BASEL IV package introduction as the main reason for the delay

** Brokers RBC, KBC, J.P.Morgan deem the postponement disappointing, the latter stating that the "lack of visibility and delay will continue to weigh on share performance"

** ING says the decision "may fuel continuing concerns on capital"

** Quarterly net income came 21% above consensus at 690 million euros ($731.68 million)

** Today's losses wiped off 157.7 million euros from company's market cap

($1 = 0.9430 euros)

(Reporting by Olivier Cherfan)

((olivier.cherfan@thomsonreuters.com))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment