Dutch bank ABN Amro has reported a 12.8% increase in profits for the first quarter, bolstered by strong growth in Latin America and Asia.
Operating results grew by 28.9% due to solid organic growth and inclusion of recently acquired Banca Antonveneta.
The bank made a profit of $1.24 billion in the first quarter and saw its Latin America operating results double on the back of strong retail loan growth. It was a similar story in Asia, which doubled its profits due to the growth of its consumer banking activities.
The bank said it was pleased with the results, highlighting the organic growth in its regional Client Business Units and the first-time inclusion of Banca Antonveneta, which is now part of ABN Amro.
Aside from its financial results the bank has also announced that it is planning to cut around 2,400 jobs worldwide in order to trim costs. The bank said that it expects the cuts, which will run over the next two years, to save it around $186 million.
ABN Amro said it would be working on further synergies across its operations, principally by aligning its IT areas. The charge in the second quarter is expected to be around $180 million.