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.