ABN AMRO UAE 2004 net profit up 25.51 per cent at AED 67.4 million

The bank's net interest income in the UAE for 2004 recorded impressive growth of 62.76 % to AED 178 million. Assets grew to AED 6.9 billion, recording a healthy increase of 36.9 %. Total income grew from AED 238.3 million last year to AED 372.1 million, an increase of 56.1 %. Commission and other income increased by 50.5 % from AED 128.9 million to AED 194 million, which represents 52.13 % of the total operating income.

Jan Willem van den Bosch, ABN AMRO Country Representative, UAE said: "The impressive results reflect ABN AMRO's steady growth in the UAE and growing acceptance among its fast growing client base. Overall, ABN AMRO in the UAE has been able to post very healthy growth in revenues, has expanded its operating margins and has definitely improved all operating parameters."

Commenting on the robust growth achieved by ABN AMRO's UAE consumer banking operations, he said: "We have always been at the forefront of bringing out innovative and customized financial solutions and with increasing emphasis on integrating technology into our service delivery systems, we will continue to extend coverage across the UAE to fully meet the needs and aspirations of our customers".

Referring to the UAE's growing importance in the region's investment banking business Jan Willem van den Bosch said: "ABN AMRO is currently in the process of expanding the bank's Wholesale Clients corporate and Investment banking activities in the Middle East & Africa through its headquarters in Dubai. The bank's renewed focus in the UAE will see ABN AMRO it expand and integrate in the region its client coverage, corporate finance advisory and capital raising activities for debt and equity, in order to provide clients with a powerful single platform for their overall corporate and investment banking needs."

With Dubai increasingly becoming the major financial hub of the region, ABN AMRO's Private Banking also enhanced its services in the region with strategic appointments as part of its long term strategy to further enhance its private banking services in Middle East and Indian subcontinent. The Bank's Private Banking business has found growing acceptance among its high net worth clients. ABN AMRO was ranked number 2 in the private banking sector in the UAE by EuroMoney magazine, Best Private Bank for Ultra High Net Worth.

Jan Willem van den Bosch added: "With the emerging opportunities in the region's market and ABN AMRO's unique business model, the future outlook for the bank is extremely promising. We look forward to having a great year ahead with many new initiatives including Asset Management and Islamic Finance. ABN AMRO would like to place on record its gratitude and commitment to its clients and personnel for having helped the Bank to achieve such impressive results for 2004."