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ABN Amro Hoare Govett, the London investment banking arm of the Dutch bank, increased revenue in the first half by 65 per cent over the period a year ago, Hoare Govett chief executive Nick Bannister said. Its parent bank expects net profit in the second half of 1996 to be ahead of a year earlier but below the 36 per cent achieved in the first half of 1996.

ABN Amro reported a first-half net profit of 1.70bn guilders ($1.02bn), up from 1.24bn guilders a year earlier. Mr Bannister said the first-half performance of Hoare Govett was "substantially ahead of budget" but declined to give specific figures. However, he also said he expected this year's second half would be more difficult than the first.