ABN’s Q1 revenues up 48% in India

ABN’s Q1 revenues up 48% in India
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First Published: Thu, Apr 26 2007. 10 06 PM IST
Updated: Thu, Apr 26 2007. 10 06 PM IST
PTI
New Delhi: Dutch banking giant ABN Amro, currently a target of rival bids from British giant Barclays and a consortium led by Royal Bank of Scotland, said on 26 April that India is a major focus of growth efforts for the company.
The Amsterdam-based banking group reported a 48% jump in its first quarter India revenues on the back of robust growth across all its businesses, particularly its credit card and personal loan operations.
“Consumer revenues grew by 60% (in India), primarily due to continued growth in credit card and personal loan portfolios, as well as in commissions on third-party insurance products,” the company said.
The company, however, did not give exact revenue or profit figures for India. Its worldwide first quarter profit rose 29% to 1.34 billion euro in the quarter ended 31March compared to the year-ago period.
The bank, which accepted a $ 91 billion takeover offer from Barclays earlier this week, said it was allowing due diligence of its books by an RBS-led consortium for a rival bid of $ 98 billion (Rs3,97,488 crore).
ABN Amro’s India credit card base rose by 19%, taking its total customer base to over 1.5 million. The company’s worldwide credit card base increased by 14% in a year to 2.9 million at the end of the first quarter.
“India and China are two of our key countries in Asia and are a major focus of our growth efforts,” it said.
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First Published: Thu, Apr 26 2007. 10 06 PM IST