ABN Amro booked underlying net profit of €378m in the first three months of this year, excluding one-off costs.

Reported profit was €311m. This is down 25% on the year earlier period, the nationalised bank said on Friday. The drop in profit was caused by a €67m levy following the nationalisation of SNS Reaal over a year ago.

‘All in all, the first quarter was a good start to the year but this result should not be extrapolated [across the rest of the year] as Q1 is traditionally the best quarter of the year and also because the bank tax is due in Q4,’ ABN Amro chairman Gerrit Zalm said in a statement.