The private banking arm of ABN AMRO has posted an underlying profit of EUR50m for the third quarter of 2014, a surge of 45% compared with EUR34m a year ago.
The increase was due to improved operating result and decreased loan impairments, the Dutch bank said in its statement.
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Net interest income amounted to EUR149m, up by 9% compared with the third quarter of 2013. This increase was largely driven by higher volume and improved margins on deposits in the Netherlands. Margins in the international activities improved as well.
The unit’s net fee and commission income grew by 5% to EUR138m. Net fees for the international activities increased due to higher assets under management, while net fees in the Netherlands were fairly stable.
Assets under Management grew by EUR11.1bn in the third quarter of 2014 to EUR187.5bn, of which EUR8.2 billion was related to the acquisition of the private banking activities from Credit Suisse in Germany.
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