State-owned banks ABN Amro and Fortis Bank Nederland published strong first quarter figures on Thursday, ahead of third quarter merger.

ABN Amro booked first quarter net profit of €178m, compared with €87m a year ago. At Fortis net profit reached €73m, compared with a €6m loss a year earlier.
‘Preliminary signs of a recovery of the Dutch economy are reflected in the first quarter results of both banks, resulting in a significantly improved performance year-on-year,’ said CEO Gerrit Zalm in a statement.
‘This progress was achieved despite higher funding costs and additional separation and integration costs.’
Nevertheless, the second quarter will be hit by EU provisions and restructuring costs, Zalm said.
ABN Amro and Fortis Netherlands were nationalised in 2008 at the height of the credit crunch, when Fortis Holding collapsed after buying a large part of the former ABN Amro Holding as part of a consortium.