Announcement • May 08
ABN AMRO Bank N.V. Announces Special Dividend ABN AMRO Bank N.V. announced that there has been a special dividend for ABN AMRO BANK NV of EUR 0.3048 per share. The effective date of this Corporate Action was 24 April 2026. The effective date of this Corporate Action was 24 April 2026. Announcement • Jan 30
ABN AMRO Bank N.V., Annual General Meeting, Apr 22, 2026 ABN AMRO Bank N.V., Annual General Meeting, Apr 22, 2026. Announcement • Jan 29
ABN AMRO Bank N.V. Announces Board Changes, Effective April 22, 2026 ABN AMRO announced that its Supervisory Board will appoint Michiel Lap as Chair of the Supervisory Board of ABN AMRO Bank N.V. with effect from the closure of the Annual General Meeting on 22 April 2026. Michiel Lap will succeed Tom de Swaan, who will retire as Chair after almost eight years. As current Vice-Chair and a Supervisory Board member since 2019, Michiel Lap has developed extensive knowledge of ABN AMRO and of what is needed from the ABN AMRO Supervisory Board to successfully fulfil its role as a strong and constructive counterpart to the ABN AMRO Executive Board. His appointment will provide continuity and stability within the Supervisory Board, ensuring effective governance as it move forward in this crucial phase of ABN AMRO’s new strategic direction. Michiel Lap’s appointment as Chair will be effective from the closure of the Annual General Meeting of Shareholders (AGM) on 22 April 2026. Announcement • Nov 28
ABN AMRO Bank N.V. Provides Dividend Guidance for the Year 2026, 2027 and 2028 ABN AMRO Bank N.V. announced that for the years 2026, '27 and '28, the company intend to distribute up to 100% of net profit with at least 50% in the form of a cash dividend. Announcement • Nov 25
Rabo Direct Financiering B.V. reached an agreement to acquire ALFAM Holding N.V. from ABN AMRO Bank N.V. (ENXTAM:ABN). Rabo Direct Financiering B.V. reached an agreement to acquire ALFAM Holding N.V. from ABN AMRO Bank N.V. (ENXTAM:ABN) on November 25, 2025. Rabobank’s own consumer credit provider, Freo, will continue together with Alfam as a single provider.
The transaction is subject to regulatory approvals and works council consultation. Closing is currently expected in Q3 2026. Announcement • Nov 12
ABN AMRO Bank N.V. (ENXTAM:ABN) reached agreement to acquire NIBC Bank N.V. from Blackstone Inc. (NYSE:BX) for approximately €960 million. ABN AMRO Bank N.V. (ENXTAM:ABN) reached agreement to acquire NIBC Bank N.V. from Blackstone Inc. (NYSE:BX) for approximately €960 million on November 12, 2025. The consideration is subject to final adjustments. The consideration is 0.85 times book value based on NIBC’s shareholders equity as of the closing date. The acquisition of NIBC also increases the scale of ABN AMRO’s position in the Dutch, German and Belgian savings markets. Additionally, ABN AMRO is exploring potential synergies through a combination with its investment offering at BUX. The transaction represents significant synergy potential with low execution risk. The overall impact of the acquisition on ABN AMRO’s CET1 ratio is expected to be around 70 basis points at closing. Until completion, NIBC and ABN AMRO will continue to operate as separate entities. In relation to the acquisition of NIBC, ABN AMRO has reassessed its mortgage brand strategy and has decided to continue to focus on its core mortgage labels, ABN AMRO and Florius and to discontinue the Moneyou brand. The transaction is subject to regulatory approvals and works councils consultation processes within ABN AMRO and NIBC, and is expected in the second half of 2026. Announcement • Jul 03
ABN AMRO Germany Announces Executive Appointments The ABN AMRO Germany expanded by HAL will in future be led by an experienced seven-member management team, which will start after integration under company law: Country Executive of ABN AMRO Germany remains Hans Hanegraaf, who also assumes responsibility for Corporate Banking as spokesman of the Executive Board. As before, Stefan Meine and additionally HAL Executive Board member Oliver Plaack will jointly assume the role of Chief Commercial Officer of Wealth Management (CCO). HAL Executive Board member Madeleine Sander takes on the new position of Chief Financial Officer (CFO) of ABN AMRO Germany’s Executive Board. Agnes Brelik will continue to act as Head of Wealth Products. Michael Pleske remains responsible for risk management (CRO). Eric van der Deijl, as Chief Operating Officer (COO), will continue to be responsible for all processes and production workflows within ABN AMRO Germany. Reported Earnings • Nov 14
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €2.29b (up 2.2% from 3Q 2023). Net income: €690.0m (down 3.2% from 3Q 2023). Profit margin: 30% (down from 32% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 2.9% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Declared Dividend • Aug 12
First half dividend reduced to €0.60 Dividend of €0.60 is 3.2% lower than last year. Ex-date: 14th August 2024 Payment date: 11th September 2024 Dividend yield will be 9.7%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (51% payout ratio) and is expected to be covered in 3 years' time (47% forecast payout ratio). The dividend has increased by an average of 7.0% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to decline by 11% over the next 3 years. However, it would need to fall by 44% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: €0.77 (vs €0.96 in 2Q 2023) Second quarter 2024 results: EPS: €0.77 (down from €0.96 in 2Q 2023). Revenue: €2.18b (down 5.1% from 2Q 2023). Net income: €642.0m (down 26% from 2Q 2023). Profit margin: 30% (down from 38% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 3.0% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Aug 08
ABN AMRO Bank N.V. Intends to Appoint Serena Fioravanti as Chief Risk Officer and Member of the Executive Board ABN AMRO Bank N.V. intends to appoint Serena Fioravanti (1973) as Chief Risk Officer (CRO) and member of the Executive Board (ExBo) as from the first of October for a period of four years, ending at the close of the Annual General Meeting in 2029. The appointment is subject to formal approval by the European Central Bank (ECB). Prior to the appointment, ABN AMRO will convene an extraordinary general meeting to introduce Serena Fioravanti to the shareholders. As ABN AMRO's CRO, Serena will be responsible for risk management and compliance. She brings almost 25 years of experience in the banking sector, with a focus on risk management, treasury, liquidity management, corporate finance, project management and audit. Over the past seventeen years, she has worked in various finance and risk management positions at Credit Suisse Group, and has served on the executive board of Credit Suisse Switzerland AG as its Chief Risk Officer for almost four years. Announcement • Aug 07
ABN AMRO Bank N.V. Announces Interim Dividend ABN AMRO Bank N.V. announced that in line with its dividend policy, the interim dividend has been set at EUR 0.60 per share, amounting to EUR 500 million. Announcement • Aug 02
Robert Swaak to Step Down as CEO of ABN AMRO Bank N.V. in the First Half of 2025 ABN AMRO Bank N.V. announced that CEO Robert Swaak will not complete his term of office at the bank. In consultation with the Supervisory Board, it has been decided that he will step down in the first half of 2025. Robert Swaak was appointed as the CEO of ABN AMRO in April 2020 and was reappointed in April 2024. The process of finding a successor has been initiated. Announcement • Jul 05
ABN AMRO Bank N.V. (ENXTAM:ABN) acquired BUX B.V. ABN AMRO Bank N.V. (ENXTAM:ABN) signed an agreement to acquire BUX B.V. on December 13, 2023. The transaction is subject to approval by the regulator and is expected to be finalized in 2024. ABN AMRO Bank N.V. (ENXTAM:ABN) completed the acquisition of BUX B.V. on July 3, 2024. BUX will work as a wholly owned subsidiary of ABN AMRO and will continue operating as a separate entity. All regulatory approvals have been obtained. Announcement • Jun 22
ABN AMRO Reportedly Nears Deal to Buy HSBC's German Private Bank ABN AMRO Bank N.V. (ENXTAM:ABN) is nearing deal to buy HSBC Holdings plc (LSE:HSBA),s German private bank as per reports. The takeover of the business, formerly known as HSBC Trinkaus & Burkhardt GmbH, could be announced over the next two to three weeks, the paper said. A transaction would extend ABN Amro's foray into Germany, Europe's largest wealth management market, after it last month signed a deal to buy Fosun's private bank Hauck Aufhaeuser Lampe for EUR 672 million ($730 million). The addition of HSBC's German private bank would boost ABN Amro's assets under management by EUR 26 billion from about EUR 70 billion, Boersenzeitung reported. ABN said it is fully focused on the addition of Hauck Aufhaeuser Lampe and on seeking regulatory approval for it, declining to comment further. HSBC also would not comment on the report. HSBC is seeking to further overhaul its German operations as three sources familiar with the matter told Reuters on June 21, 2024 that is has attracted State Street Corporation (NYSE:STT), BNP Paribas SA (ENXTPA:BNP) and CACEIS S.A. as potential bidders for its fund administration unit INKA and custody business. Reported Earnings • May 16
First quarter 2024 earnings released First quarter 2024 results: Revenue: €2.19b (up 3.1% from 1Q 2023). Net income: €674.0m (up 29% from 1Q 2023). Profit margin: 31% (up from 25% in 1Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 3.2% growth forecast for the Banks industry in Europe. Upcoming Dividend • Apr 19
Upcoming dividend of €0.89 per share Eligible shareholders must have bought the stock before 26 April 2024. Payment date: 27 May 2024. Payout ratio is a comfortable 51% but the company is not cash flow positive. Trailing yield: 9.7%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (6.5%). Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: €2.99 (vs €1.96 in FY 2022) Full year 2023 results: EPS: €2.99 (up from €1.96 in FY 2022). Revenue: €8.78b (up 13% from FY 2022). Net income: €2.61b (up 47% from FY 2022). Profit margin: 30% (up from 23% in FY 2022). The increase in margin was driven by higher revenue. Net interest margin (NIM): 1.57% (up from 1.29% in FY 2022). Cost-to-income ratio: 60.7% (down from 69.2% in FY 2022). Non-performing loans: 1.83% (down from 2.00% in FY 2022). Revenue is forecast to stay flat during the next 3 years compared to a 3.2% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Declared Dividend • Feb 23
Final dividend of €0.89 announced Shareholders will receive a dividend of €0.89. Ex-date: 26th April 2024 Payment date: 27th May 2024 Dividend yield will be 10%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by earnings (49% payout ratio) and is expected to be covered in 3 years' time (50% forecast payout ratio). The dividend has increased by an average of 7.0% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to decline by 20% over the next 3 years. However, it would need to fall by 46% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: €3.10 (vs €1.96 in FY 2022) Full year 2023 results: EPS: €3.10 (up from €1.96 in FY 2022). Revenue: €8.78b (up 13% from FY 2022). Net income: €2.70b (up 52% from FY 2022). Profit margin: 31% (up from 23% in FY 2022). Net interest margin (NIM): 1.57% (up from 1.29% in FY 2022). Cost-to-income ratio: 60.7% (down from 69.2% in FY 2022). Non-performing loans: 1.71% (down from 2.00% in FY 2022). Revenue is forecast to stay flat during the next 3 years compared to a 2.3% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Feb 05
ABN AMRO Bank N.V. Announces Wouter Devriendt to Step Down as Member of the Supervisory Board ABN AMRO Bank N.V. announced that Wouter Devriendt has decided to step down as a member of the Supervisory Board of ABN AMRO Bank N.V. with immediate effect, as he will become CEO of another company. Wouter Devriendt was the Chair of the Risk & Capital Committee and member of the Audit Committee of ABN AMRO’s Supervisory Board. Announcement • Dec 15
ABN AMRO Bank N.V. (ENXTAM:ABN) signed an agreement to acquire BUX B.V. ABN AMRO Bank N.V. (ENXTAM:ABN) signed an agreement to acquire BUX B.V. on December 14, 2023. The transaction is subject to approval by the regulator and is expected to be finalized in 2024. Announcement • Nov 30
ABN AMRO Announces Appointment of John Heijning as Head of Investor Relations , Effective from 1 January 2024 ABN AMRO announced appointment of John Heijning as Head of Investor Relations, Effective from 1 January 2024. John is currently Head of Mobility Manufacturing and a member of ABN AMRO's Corporate Institutional Clients management team. He is a seasoned banker who began his career as a management trainee at Fortis in 2007 (later ASR Nederland), before joining ABN AMRO in 2014. At ABN AMRO, he was part of, and ultimately headed, the Capital Structuring Advisory team for Corporate Institutional Clients, advising corporate clients and other stakeholders on large transactions, strategic events, credit ratings, financings, restructurings, capital planning and many other topics. As Head of Investor Relations, John will report directly to ABN AMRO's CFO Ferdinand Vaandrager. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: €0.88 (vs €0.80 in 3Q 2022) Third quarter 2023 results: EPS: €0.88 (up from €0.80 in 3Q 2022). Revenue: €2.23b (up 3.5% from 3Q 2022). Net income: €759.0m (up 8.9% from 3Q 2022). Profit margin: 34% (up from 32% in 3Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 2.4% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Sep 26
ABN AMRO Appoints Ton Van Nimwegen as Chief Operating Officer and Member of the Executive Board for A Period of Four Years ABN AMRO appointed Ton van Nimwegen as chief operating officer (COO) and member of the executive board for a period of four years, with effect from the extraordinary general meeting of shareholders (EGM) to be held on a date yet to be scheduled. The appointment is subject to the formal approval of the European Central Bank. As the COO, Nimwegen will be responsible for strengthening the strategy execution and for heading the administrative and operational processes across the bank, including the Detecting Financial Crime and Customer Care and Operations departments. He will work in close cooperation with the other members of the executive board. Nimwegen, who has almost 30 years of experience in the banking industry, has spent the last 13 years in various national and international management positions at Rabobank, most recently as its chief operating officer. He previously spent 13 years at ABN AMRO, in countries including South Africa, Brazil and Hong Kong. Announcement • Aug 31
Tanja Cuppen Not to Available for Re-Appointment as Chief Risk Officer of ABN AMRO Bank N.V ABN AMRO Bank N.V. announced that Tanja Cuppen will not be available for a third term. Tanja has informed the Supervisory Board that after having served two terms as Chief Risk Officer (CRO) at ABN AMRO, she is not available for another term. She will complete her current term. Tanja Cuppen joined ABN AMRO as CRO in October 2017 and was reappointed in April 2021 for a period of three years. Her current term ends at the Annual General Meeting in April 2024. New Risk • Aug 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 4.2% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: €1.00 (vs €0.56 in 2Q 2022) Second quarter 2023 results: EPS: €1.00 (up from €0.56 in 2Q 2022). Revenue: €2.29b (up 18% from 2Q 2022). Net income: €870.0m (up 67% from 2Q 2022). Profit margin: 38% (up from 27% in 2Q 2022). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 12
First quarter 2023 earnings released: EPS: €0.58 (vs €0.32 in 1Q 2022) First quarter 2023 results: EPS: €0.58 (up from €0.32 in 1Q 2022). Revenue: €2.13b (up 14% from 1Q 2022). Net income: €523.0m (up 77% from 1Q 2022). Profit margin: 25% (up from 16% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 3.0% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 14
Upcoming dividend of €0.67 per share at 8.7% yield Eligible shareholders must have bought the stock before 21 April 2023. Payment date: 17 May 2023. Payout ratio is a comfortable 51% but the company is not cash flow positive. Trailing yield: 8.7%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (6.1%). Reported Earnings • Mar 16
Full year 2022 earnings released: EPS: €1.96 (vs €1.21 in FY 2021) Full year 2022 results: EPS: €1.96 (up from €1.21 in FY 2021). Revenue: €7.80b (up 2.1% from FY 2021). Net income: €1.78b (up 56% from FY 2021). Profit margin: 23% (up from 15% in FY 2021). The increase in margin was primarily driven by lower expenses. Net interest margin (NIM): 1.29% (up from 1.27% in FY 2021). Cost-to-income ratio: 69.2% (down from 76.4% in FY 2021). Non-performing loans: 2.00% (down from 2.56% in FY 2021). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 13
Full year 2022 earnings released: EPS: €2.08 (vs €1.21 in FY 2021) Full year 2022 results: EPS: €2.08 (up from €1.21 in FY 2021). Revenue: €7.80b (up 2.1% from FY 2021). Net income: €1.87b (up 64% from FY 2021). Profit margin: 24% (up from 15% in FY 2021). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Feb 09
ABN AMRO Bank N.V. (ENXTAM:ABN) announces an Equity Buyback for €500 million worth of its shares. ABN AMRO Bank N.V. (ENXTAM:ABN) announces a share repurchase program. Under the program, the company will repurchase up to €500 million worth of its shares. The purpose of the program is to to reduce the share capital of the company. The program will expire no later than June 2023. Announcement • Feb 08
ABN AMRO Bank N.V. Proposes Final Cash Dividend for the Year 2022 ABN AMRO Bank N.V. proposed final cash dividend equivalent to EUR 0.67 per share for the year 2022. Announcement • Jan 11
ABN AMRO Bank N.V. Announces Resignation of Lars Kramer as Chief Financial Officer, Effective 30 April 2023 ABN AMRO Bank N.V. announced that its Chief Financial Officer, Lars Kramer, has decided to step down from his position and leave ABN AMRO on 30 April 2023 to pursue another opportunity outside ABN AMRO. The succession process of finding a new Chief Financial Officer has been initiated. Recent Insider Transactions • Nov 16
Insider recently bought €112k worth of stock On the 11th of November, Annerie Vreugdenhil bought around 10k shares on-market at roughly €11.21 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Nov 10
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: €2.16b (up 23% from 3Q 2021). Net income: €743.0m (up 150% from 3Q 2021). Profit margin: 35% (up from 17% in 3Q 2021). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Banks industry in Europe. Reported Earnings • Aug 11
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €1.94b (up 7.3% from 2Q 2021). Net income: €475.0m (up 8.9% from 2Q 2021). Profit margin: 24% (in line with 2Q 2021). Over the next year, revenue is expected to shrink by 4.0% compared to a 16% growth forecast for the industry in Germany. Announcement • Jul 08
ABN AMRO Bank N.V., Annual General Meeting, Apr 19, 2023 ABN AMRO Bank N.V., Annual General Meeting, Apr 19, 2023. Reported Earnings • May 20
First quarter 2022 earnings released: EPS: €0.32 (vs €0.08 loss in 1Q 2021) First quarter 2022 results: EPS: €0.32 (up from €0.08 loss in 1Q 2021). Revenue: €1.87b (down 2.7% from 1Q 2021). Net income: €295.0m (up €349.0m from 1Q 2021). Profit margin: 16% (up from net loss in 1Q 2021). The move to profitability was driven by lower expenses. Over the next year, revenue is expected to shrink by 4.5% compared to a 13% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 15
Upcoming dividend of €0.61 per share Eligible shareholders must have bought the stock before 22 April 2022. Payment date: 18 May 2022. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 5.2%. Within top quartile of German dividend payers (3.9%). Lower than average of industry peers (6.3%). Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €9.90, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Banks industry in Europe. Total loss to shareholders of 43% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €16.63 per share. Buying Opportunity • Feb 11
Now 23% undervalued Over the last 90 days, the stock is up 3.6%. The fair value is estimated to be €17.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.6% per annum over the last 3 years. The company has become profitable over the last year. Reported Earnings • Feb 10
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €1.21 (up from €0.17 loss in FY 2020). Revenue: €7.64b (up 36% from FY 2020). Net income: €1.23b (up €1.39b from FY 2020). Profit margin: 16% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Net interest margin (NIM): 1.27% (down from 1.43% in FY 2020). Cost-to-income ratio: 76.4% (up from 66.4% in FY 2020). Non-performing loans: 2.44% (down from 3.33% in FY 2020). Revenue exceeded analyst estimates by 3.2%. Over the next year, revenue is expected to shrink by 6.1% compared to a 12% growth forecast for the banks industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 15
Third quarter 2021 earnings released The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: €1.75b (down 9.8% from 3Q 2020). Net income: €343.0m (up 14% from 3Q 2020). Profit margin: 20% (up from 16% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 14
Second quarter 2021 earnings released: EPS €0.42 (vs €0.005 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €1.81b (up 41% from 2Q 2020). Net income: €393.0m (up €398.0m from 2Q 2020). Profit margin: 22% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment improved over the past week After last week's 16% share price gain to €11.58, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 11x in the Banks industry in Europe. Total loss to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €12.02 per share. Reported Earnings • May 16
First quarter 2021 earnings released The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: €1.92b (up 137% from 1Q 2020). Net loss: €54.0m (loss narrowed 86% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 13
Full year 2020 earnings released: €0.17 loss per share (vs €2.07 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €5.61b (down 29% from FY 2019). Net loss: €158.0m (down 108% from profit in FY 2019). Net interest margin (NIM): 1.43% (down from 1.64% in FY 2019). Cost-to-income ratio: 66.4% (up from 61.2% in FY 2019). Non-performing loans: 3.34% (up from 2.51% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 25
New 90-day high: €9.70 The company is up 1.0% from its price of €9.64 on 27 November 2020. The German market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.95 per share. Reported Earnings • Feb 13
Full year 2020 earnings released: €0.048 loss per share (vs €2.07 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €5.61b (down 29% from FY 2019). Net loss: €45.0m (down 102% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 16
New 90-day high: €8.85 The company is up 11% from its price of €8.00 on 18 August 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.87 per share. Analyst Estimate Surprise Post Earnings • Nov 13
Revenue beats expectations Revenue exceeded analyst estimates by 9.4%. Over the next year, revenue is forecast to grow 32%, compared to a 20% growth forecast for the Banks industry in Germany. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS €0.28 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €1.94b (down 2.6% from 3Q 2019). Net income: €301.0m (down 46% from 3Q 2019). Profit margin: 16% (down from 28% in 3Q 2019). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 15% share price gain to €8.59, the stock is trading at a trailing P/E ratio of 19.3x, up from the previous P/E ratio of 16.7x. This compares to an average P/E of 10x in the Banks industry in Europe. Total return to shareholders over the past three years is a loss of 60%. Is New 90 Day High Low • Oct 31
New 90-day low: €6.79 The company is down 5.0% from its price of €7.14 on 31 July 2020. The German market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.40 per share. Is New 90 Day High Low • Sep 24
New 90-day low: €7.00 The company is down 10.0% from its price of €7.79 on 26 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.76 per share. 