ABN Amro results better its gloomy forecasts

Dutch bank ABN Amro, which operates in Ireland, has said its 1998 net profit edged 4.5 per cent higher to 4.03 billion guilders (€1.83 billion ) from 3.85 billion in 1997, despite earlier warning of flat results due to the crisis in financial markets.

It said the crisis in Brazil had yet to bottom out and it was possible the bank would increase provisions in 1999 from the 250 million guilders set aside in 1998. "The level (of Brazil provisions) this year will probably be higher," ABN Amro chairman Mr Jan Kalff told a news conference in Amsterdam.