ABN AMRO’s private banking unit has reported underlying profit of EUR44 million for second quarter of 2014, down 11% compared to EUR5o million a year earlier.
The unit’s net fee and commission income remained virtually unchanged at EUR133 million. Net fees for the international activities increased, while net fees in the Netherlands were slightly lower due to the switch to an all-in fee model as well as fewer investment transactions.
Net interest income amounted to EUR160 million, an increase of 9% compared with the year ago quarter. This increase was largely driven by both improved margins and higher volumes on savings.
Assets under Management rose by EUR5.8 billion to EUR176.4 billion compared with 31 March 2014, mainly due to new inflow of assets in both the Netherlands and internationally and, to a lesser extent, to improved market performance.
Private Banking operates under the brand name ABN AMRO MeesPierson in the Netherlands and internationally under ABN AMRO Private Banking and local brands such as Banque Neuflize OBC in France and Bethmann Bank in Germany.