ABN AMRO quarterly profit rises more than 50% as interest income grows

ABN AMRO’s quarterly profit rose by more than 50 per cent to €940 million, as higher interest income and the release of provisions for potential loan losses boosted the Dutch bank’s results.

The bank’s profit in the same period last year was €617 million. Its chief executive, Marguerite Bérard, said the Dutch economy had remained “resilient”.

ABN AMRO has also raised its forecast for interest income for the full year. The European Central Bank has raised interest rates twice this year to curb inflation, the bank said.

A year ago, falling interest income and rising staff costs weighed on results. ABN AMRO announced plans then to cut more than 5,000 jobs to improve profitability; the reductions are still under way.