A net profit of EUR 125 million, a 95% increase from last year, has been recorded by the private banking arm of ABN AMRO.
The bank states that this jump in the third quarter was driven mainly by less impairment in the international market. They also described higher management fees, from increased assets under management, to have played a crucial role in this increase in profit.
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Furthermore, the assets under management grew by EUR 4 billion within the first nine months to a total of EUR 167 billion. ABN AMRO believes this correlates with strong market performance.
Gerrit Zalm, Chairman of ABN AMRO Group, said: "Overall, this is a satisfactory result considering the difficulties the Dutch economy is facing. A number of economic indicators seem to point to a bottoming out of the downturn. We are, however, still very cautious."
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