ABN Amro said its second-quarter 2026 cost-to-income ratio fell to 53.7%, already below its target of less than 55% by 2028, but management cautioned that investors should not expect an immediate target revision. The Dutch bank said second-half expenses could still be pressured by labour negotiations, seasonal fourth-quarter effects and banking levies. Chief Financial Officer Ferdinand Vaandrager said the ratio would be around 56% on a pro forma basis (adjusted to reflect additional items) including levies. CEO Marguerite Bérard said structural cost reductions were progressing, but inflation, wage negotiations and continued investment in data centres, cybersecurity and IT development could add to future costs. Second-quarter costs fell to 1.3 billion euros, beating market forecasts, while the bank still has more than halfway to go on its labour reduction goal by 2028. Bérard said ABN Amro views artificial intelligence primarily as a tool for innovation and transformation rather than a balance sheet cost-cutting exercise, invoking Amara's law on the tendency to overstate short-term technological impact and understate long-term effects.