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February 21, 2014updated 04 Apr 2017 2:29pm

ABN AMRO’s private banking business reports massive surge in 2013 profit

The private banking business of ABN AMRO has reported a net profit of €136 million for the full year 2013, a whopping 166% jump from €51 million a year ago.

By Verdict Staff

The private banking business of ABN AMRO has reported a net profit of €136 million for the full year 2013, a whopping 166% jump from €51 million a year ago.

The bank’s assets under management within private banking grew by €5.2 billion to €168.3 billion as a result of market performance. Net new assets in the Netherlands were more than offset by a decrease in Jersey, the Dutch bank said in a statement.

The division’s cost/income ratio declined from 80% to 75%.

The division’s operating income rose 6% to €1.18 billion from €1.11 billion in 2012.

Overall, the ABN AMRO group reported profit after tax of €1.16 billion for 2013, an increase of 1% from 2012.

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