ABN AMRO Bank (ABN) 29th Annual Financials CEO Conference summary

Budget and regulatory environment

• Recent budget was business-friendly, with the share buyback tax and expat tax relief proposals retracted, supporting a stable investment climate.

• No new significant regulatory surprises were introduced.

Net interest income and treasury results

• 2024 NII guidance was upgraded to above €6.4 billion, with treasury results expected to remain supportive due to favorable swap repricing.

• Deposit margins are expected to normalize in H2 2024, with a more pronounced impact in 2025, making it unrealistic to expect the same NII level next year.

• Loan growth, especially in mortgages, remains supportive, but further significant migration is not expected.

Mortgage and loan market dynamics

• Dutch mortgage market volumes rebounded in H1 2024, up 23% year-on-year, with a shift to shorter fixed-rate maturities.

• Banks increased their market share in mortgages from 42% to 60%, with dynamic pricing and improved client experience contributing to gains.

• The market remains highly competitive, and maintaining a 20% share is not guaranteed.