Dutch banking group ABN AMRO has reported a full-year 2012 underlying net profit of €1.285 billion ($1.673 billion), up from €960 million in 2011, excluding costs related to the integration of Fortis Bank Nederland.

Private banking posted an underlying net profit of €46 million, down from €255 million in 2011. The figure was driven by high impairment charges - up €187 million year-on-year, largely arising in the International Diamond & Jewelry Group -  and a chunky book gain on the sale of Swiss private banking activities in 2011.

Assets under management within private banking hit €163.1 billion at end-2012, rising €16.5 billion over the year. Around 80 per cent of the AuM increase was derived from market performance, with the remainder attributable to an increase in net new assets, the bank said in a statement.

Although group impairments were lower overall as 2012 included only €125 million pre-tax release of Greek impairments compared with a €880 million pre-tax charge in 2011, other impairments were significantly higher compared to 2011, the bank said.

Underlying net profit for Q4 2012 decreased to €84 million from €374 million for Q3 2012) as impairment charges more than doubled and the Dutch bank tax (€112 million) was charged.