ABN Amro has reported its first half 2005 results which show that total assets under administration have increased to €125 billion ($152.1 b...

ABN Amro has reported its first half 2005 results which show that total assets under administration have increased to €125 billion ($152.1 billion), reflecting, according to the bank, an increase in net new assets. Total operating profit for the bank’s private client division rose by 6.6 per cent to €581 million. The bank said this was mainly due to a very strong performance in the Netherlands. Total operating expenses rose by 4.1 per cent to €410 million, which was blamed on higher staff costs. The acquisition of Bank Corluy in Belgium was completed at the end of April 2005. ABN said in a statement: “The acquisition of Bank Corluy marks a step forward in ABN AMRO's efforts to strengthen its private banking position in Belgium. In addition to a solid operating platform, Bank Corluy provides complementary local product capabilities and an attractive client franchise.” In contrast, the bank said it had completed the sale of Nachenius, Tjeenk & Co on 1 July. “The decision to sell Nachenius, Tjeenk & Co. is in accordance with ABN AMRO Private Banking's strategy to focus on core activities,” the bank added.