Net income at Netherlands-based ABN AMRO’s
retail and private banking unit soared by 79% in the twelve months
to 31 December to €1.2bn ($1.7bn).
The unit’s net interest income increased by
10% year on year to €3.4bn, while non-interest income rose by 9% to
€1.3bn.
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Loan impairments at ABN AMRO’s retail and
private banking unit fell 37% from the prior fiscal to €342m.
The cost-income ratio at the unit improved
from 66% at year-end 2009 to 59% at end-2010.
At group level, ABN AMRO recorded a net loss
of €414m for fiscal 2010, compared with a net profit of €274m in
the previous year.
The bank said that the net loss was a result
of the forced sale of the bank’s commercial banking business EC
Remedy, as well as the integration costs arising
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By GlobalDatafrom its acquisition of Fortis Bank
Nederlands.
ABN AMRO’s total assets as of 31 December
amounted to €379.6bn, a 2.1% decline from the year-end 2009.
The chairman of ABN AMRO, Gerrit Zalm
said:
”Looking back on 2010, we can conclude that we
have reached and in some occasions even surpassed the goals we had
set for 2010: we realised separation, concluded the first major
integration projects successfully and on time, rebuilt
capabilities, boosted client satisfaction and delivered a strongly
improved financial performance.”
ABN AMRO merged with First Bank Nederlands
(FBN) on 1 July 2010 and closed 150 branches by 6 July 2010,
integrating FBN’s 1.6m customers into ABN AMRO.
