The private banking arm of ABN AMRO has posted an underlying profit of EUR15m for the fourth quarter of 2014, a decline of 44% compared with EUR27m a year ago driven by higher operating expenses.
Net interest income amounted to EUR156m, an increase of 12% compared with EUR139m in the year ago quarter driven by higher volume and improved margins on deposits in the Netherlands.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The unit’s net fee and commission income grew by 3% to EUR140m.
Net fees for the international activities increased due to the acquired German activities and higher AuM, while net fees in the Netherlands declined due to higher lead fees paid to retail and corporate banking.
Assets under management were up by EUR3.1bn to EUR190.6bn from EUR187.5bn a year ago due to improved market performance.
Overall, ABN AMRO Group reported an underlying profit of EUR400m for the fourth quarter of 2014, an increase of EUR447m versus the fourth quarter of 2013.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataABN AMRO Group chairman of the managing board Gerrit Zalm said: "We finished the year 2014 with a strong quarter and made good progress in meeting the financial targets set for 2017. The underlying net profit increased from a loss of EUR 47 million in Q4 2013 to a profit of EUR 400 million, largely due to lower loan impairments and higher.
"The cost/income ratio improved to 60%, at the upper end of the targeted range for 2017 of 56-60%," he added.
