ABN Amro profit skyrockets to €600 million in 2Q

In the second quarter of this year ABN Amro achieved its best results since the banks nationalization in 2008. The bank made a profit of 600 million euros in the second quarter - with non-recurring items excluded, that is almost double compared to the same quarter last year, NRC reports. Like Rabobank, ABN Amro is also profiting from the recovering Dutch economy. The bank had to put less money aside for possible loan losses. At 34 million euros, the addition to the contingency fund was "exceptionally low". The operating profit grew by 16 percent to 879 million euros. Interest yield increased due to growth in the commercial loan portfolio and mortgage refinancing. The Dutch State, the bank's sole shareholder, received a dividend of 350 million euros. According to CEO Gerrit Zalm, ABN Amro is on track to meet its targets for 2017.