ABN Amro reported a 13.5 per cent increase in operating income for its private client group in 2005 to €1.2 billion ($1.4 billion). Net oper...

ABN Amro reported a 13.5 per cent increase in operating income for its private client group in 2005 to €1.2 billion ($1.4 billion). Net operating profit increased by 24.4 per cent to €255 million.

Assets under administration rose 13.9 per cent in 2005 to €131 billion. The bank said the rise reflecting an increase in net new assets and higher net asset values due to improved financial markets.

The bank said the gain was partly due to the gain on the sale of private client group Nachenius, Tjeenk & Co in the third quarter of 2005. The profit figure adjusted for this would show a rise of 10 per cent, the bank said.

ABN said growth was particularly strong in the Netherlands, although it gave no further details on why.

Net interest income rose sharply by 15.4 per cent in the year to €480 million. Commission income rose by 9.2 per cent to €594 million. Operating expenses increased by 13.1 per cent to €891 million and included the one-off charge due to the merger of private banking subsidiaries Banque Neuflize and OBC in France.

Adjusted for this charge, expenses increased by 7.4 per cent, partly due to higher costs in
the Netherlands, the bank said. The expenses in Germany showed a decline, reflecting the cost savings from the successful integration of Delbrück Bethmann Maffei.