A strong performance in corporate finance, financial markets and private equity helped propel full-year net investment banking profits at ABN Amro to €387m ($485m) compared with a loss of €294m a year earlier.

At group level, ABN Amro's operating result increased by 14% to €6.2bn in 2003 from €5.5bn a year earlier. Net profits at the Dutch group increased by 43% to a record €3.2bn for the year compared with €2.2bn in 2002, while provisions for bad and doubtful loans fell by 25% to €1.3bn from €1.7bn in 2002 on the back of lower provisions in the US. Investment banking provisions for Parmalat, the bankrupt Italian foods group, pushed provisions in the fourth quarter up to €323m.