Reports

Sharp Rise In Net Profit At Private Banking Arm Of ABN AMRO

Tom Burroughes Group Editor London 15 November 2013

Sharp Rise In Net Profit At Private Banking Arm Of ABN AMRO

ABN AMRO’s private banking arm reported today a net profit of €125 million ($168 million) in the first nine months of 2013, about doubling from last year at €64 million.

ABN AMRO’s private banking arm reported today a net profit of €125 million ($168 million) in the first nine months of 2013, about doubling from last year at €64 million.

The increase was driven mainly by lower impairments in the international business, as well as higher management fees from increased assets under management, the Netherlands-headquartered firm said in a statement.

Assets under management within private banking rose by €4 billion in the first nine months of 2013 to €167 billion, mainly as the result of market performance, ABN AMRO said.

At the overall group level, the bank said net profit, excluding special items, amounted to €289 million and increased by 31 per cent compared with Q2 due to lower impairments in commercial and merchant banking. Net profit over the first nine months increased marginally to €1.207 billion, helped by a number of large releases on loan impairments.

The core Tier 1 ratio improved to 13.7 per cent.

 

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