ABN Amro reports strong growth in underlying profit

ABN Amro booked a loss of over €400m in 2010, but that was due to one-off costs, the financial services group said on Friday.

Excluding integration costs and other one-offs, the nationalised bank would have made a profit of €1bn last year, the bank said.
Operating profit rose sevenfold in 2010, thanks largely to lower losses on loans.
‘The integration costs will diminish sharply in the two years ahead of us,’ CEO Gerrit Zalm said in a statement. ‘We are now well under way to improving the profitability and efficiency of the bank.’
The Dutch state nationalised ABN Amro and Fortis in 2008 and the two banks are currently being merged into a single entity which the state plans to sell through an IPO in 2014 at the earliest.

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