The Evening Standard reports that ABN Amro posted a 24% rise in profits for the quarter ended 30th September. This is the bank's first profit rise for two years.
Net profit rose to £376m after lower provisions and further cost cutting. And there is likely to be more cost cutting on the way. Tom de Swaan, the bank's chief financial officer, told the Financial Times that ABN was 'looking at all operations to see where we can continue to leverage (savings) by joining forces. There are a number of programmes on the way'.
As expected, the wholesale bank posted losses, which rose 52% to around £28m after a fall off in equity revenues and write-downs on private equity deals. De Swaan cautioned that the markets remained 'uncertain, difficult and especially very volatile'.