ABN Amro reports 2006 results

8 February 2007

ABN Amro has reported a 7.6 per cent increase in annual profits for 2006, during what was described by the bank as "a year of profitable transition".

According to the Amsterdam-based bank, revenues for the year increased by 19.6 per cent, with the acquisition of Italy's Antonveneta bank cited as a chief cause.

However, the integration of the new business also saw operating expenses increase by 21.9 per cent.

Looking ahead to the rest of 2007, ABN's chairman Rijkman Groenink said that "profitable transition" was expected to turn into "delivery".

"We are confident that 2007 will be a year of delivery," he said in an official statement.

"For the group, delivery means earnings per share of at least €2.30 ($2.99), to be achieved mainly by improving our operating performance."

Mr Groenink also announced that the bank's good capital management enabled them to initiate a share buy-back program of €1 billion.

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