ABN AMRO’ private banking division has reported a profit of 85 million for the first half of 2013, a 33% increase compared to 64 million in year ago period.
Operating income within the segment grew by 2% to 581 million, compared to 567 million for the same period of 2012.
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Net interest income within the segment increased to 282 million and net fee and commission income rose to 267 million.
Operating expenses were flat at 438 million and higher pension costs were offset by lower project costs.
The company said assets under management within private banking increased to 164.5 billion in H1 mainly due to market performance and, to a lesser extent, to net new assets.
Overall, the group has reported a 3% decline in its overall profit to 817 million for the first half of 2013, compared to 840 million for the same period in 2012.
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By GlobalDataABN AMRO chairman, Gerrit Zalm, said retail, private and commercial banking recorded significantly higher operating results.
"Despite the economic downturn, our core Tier 1 capital ratio has continued to improve and now stands at 13.3%, placing us in a solid position ahead of the introduction of Basel III," Zalm said.
