Dutch bank ABN AMRO raised quarterly net profit by 35.4 per cent today, helped by a fall in risk provisions and a profit from its previously loss-making corporate and investment banking unit.
The Netherlands' biggest bank, which is reaping the fruits of a billion-euro restructuring that began about three years ago, also reiterated its vague earnings guidance that 2004 would be better than 2003, though some analysts said they were hoping for something more concrete.
The bank said it made a net profit of €934 million in the first quarter, significantly beating analysts' expectations. But market commentators said they had hoped for a more substantial increase in key revenues to prove the group was capable of growing its earnings streams.
Shares in the bank, which has branches in more than 60 countries and total assets of about €640 billion, slipped 1.8 per cent to euro18.33 this morning.