Dutch bank ABN Amro, which owns the London stockbroker Hoare Govett, announced a 20 per cent increase in first-half net profits, although the figure of G2.04bn was at the lower end of analysts expectations. Profits were held back by operating expenses which soared 50.6 per cent. ABN said features of the interim results were the increase in the strength of the dollar against the guilder, the disposal of the merchant bank MeesPierson, and the acuqisition of the Standard Federal Bancorp and the Chicago Corporation of the US.
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ABN Amro first-half profits up