ABN Amro underlying profit rises as re-privatization nears

Staff Writer
Columbus CEO

THE HAGUE, Netherlands (AP) — Nationalized Dutch bank ABN AMro, which is preparing for re-privatization, says its underlying net profit rose 13 percent in the third quarter from the same period a year ago to 509 million euros ($547 million).

Operating income rose 5 percent to 2.1 billion euros ($2.25 billion).

The bank made its so-called "intention to float" announcement on Oct. 27, saying the first tranche of the initial public offering would likely be in the last quarter of 2015. Financial details of the offering have not yet been set.

The chairman of the bank's managing board, Gerrit Zalm, said Monday "our performance, the outlook for the Dutch economy and the fact that preparations for the bank's intended IPO are on track give us confidence in the future."