ABN Amro has reported a first half pre-tax profit for its private banking division of EUR 228 million, a year on year decrease of 29 percent.
For the second quarter alone, the division’s pre-tax profit was EUR 139 million, down by 45 percent compared with the same period the previous year.
Operating income also fell. For the first half this reached EUR 709 million and for the second quarter EUR 276 million. This represents decreases of 20 percent and 33 percent respectively.
The bank highlights the sale of its Asian private banking activites, noting that the 2017 results included “four months of fee contributions from the divested PB Asia activities” as well as a book gain from the sale.
It also expects to complete the sale of its Luxembourg private banking business to BNP Paribas during the the third quarter of 2018.
However it also has made an acquisition in the period covered by its latest results statement. It says the deal will double its assets under management (AUM) in Belgium.
Client assets totalled EUR 200.9 billion at the end of the second quarter, up from EUR 200.1 billion at the start of the quarter. The Netherlands accounted for 56 percent of the assets and the rest of Europe for the remaining 44 percent.