ABN AMRO recorded EUR 378 million underlying net profit in the first quarter of 2014, EUR 88 million higher than the same period last year.
Moreover, reported profit totalled EUR 311 million and operating income advanced 11% year-on-year.
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The private banking arm saw a 60% rise in net profit year-on-year, from EUR 35 million to EUR 56 million. This rise was attributed mainly to improved operating results and low impairments. Assets under management rose slightly, hitting EUR 170.6 billion compared to the EUR 168.4 billion in the previous quarter.
Gerrit Zalm, chairman of the managing board, said: "The Dutch economy is showing signs of improvement. Even though GDP showed negative growth in the first quarter, heavily impacted by lower energy production, other indicators have made a turn for the better. We continue to focus on our five strategic priorities set for 2017 and are making progress in this area. All in all, the first quarter was a good start to the year but we caution not to extrapolate this result as Q1 is traditionally the best quarter of the year and also because the bank tax is due in Q4."
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