Dutch banking group ABN Amro today posted a better than expected 35% increase in first quarter net profit and said it was on track to make an improvement this year compared with 2003.
The bank reported a first-quarter net profit of €934m compared with €690m for the first three months of 2003. Net banking income rose 5% over the period to €4.75m and operating profit increased 11% to €1.59 billion.
'The group's first quarter results were strong. Higher revenues from wholesale clients as well as new growth markets, private clients and asset management offset lower mortgage revenues as compared to the first quarter of last year,' chief executive Rijkman Groenink said in a statement.
'We therefore confirm our outlook that 2004 will be better than 2003, with a continuing improvement in our operating performance and net profit,' he said. Last year the group posted a net profit of €3.16 billion.
