AMSTERDAM: Dutch bank ABN Amro beat second-quarter net profit expectations with growth of 83% on Wednesday, but said it no longer expects to reach its 2024 cost saving target due to rising inflation and anti-money laundering measures.

Full-year costs for 2023 improved and are now expected around 5.2 billion euros, the group said, from 5.3 billion euros previously. However, it indicated its 4.7 billion euro ($5.16 billion) cost saving target for 2024 would not be met.

“What we have indicated for our cost levels for 2023 is that we expect to come in at about 5.2 billion, but unfortunately, some of our investments have to be pushed out into 2024 and that automatically means that we then cannot reach our 4.7 billion target”, CEO Robert Swaak said in a statement, adding that the company would update its financial targets in the fourth quarter.