Nationalised bank ABN Amro booked net profit of €1.1bn last year, including the negative effect of several one-offs.

Underlying net profit doubled compared with 2013 to €1.55bn but €417m of that has been earmarked for the bank’s new pension system and to pay towards the SNS Reaal bail-out.

Chief executive Gerrit Zalm said the figures are due to the bank taking fewer provisions for bad loans as well as an increase in income. ‘The recovery of the Dutch economy and housing market are reflected in these numbers,’ he said in a statement.

‘Looking ahead, we expect economic growth in the Netherlands to gain further momentum, and this should lead to lower loan impairments and an increase in business activity,’ Zalm said.

‘On the other hand, the financial industry is subject to increasingly detailed rules and regulations which come at a cost. The various mandatory charges are expected to go up significantly in 2015 and pension costs will be higher as a result of the current low interest rate environment.’

The government aims to float ABN Amro in Amsterdam this year. The bank was nationalised in 2008 for almost €22bn in total.