ABN Amro today said profits growth in the first quarter was wiped out as a result of a US criminal investigation into its clearing business as the bank prepares to face an intense debate over its future at its annual meeting this afternoon.

The bank, which is the target of a tense takeover struggle between UK bank Barclays and a rival group led by Royal Bank of Scotland, said profits rose 29% to €1.3bn from just over €1bn a year ago, as revenues rose more than a tenth to €6bn and helped by €114m in gains from the sale of a US mortgage business to Citigroup during the first quarter.