The retail banking unit of Dutch bank ABN Amro has reported an underlying profit of EUR342m for the second quarter of 2015, a 23% increase compared to EUR278m for the same quarter last year.

The division’s operating income decreased 3% to EUR946m from EUR972m in the year ago period.

The quarterly net interest income stood at EUR809m, a fall of 3% from EUR829m in the corresponding quarter of 2014.

The retail banking arm’s operating expenses were EUR487m in the second quarter, a 3% rise compared to EUR475m a year earlier.

Overall, the group’s underlying profit for the quarter surged 86% to EUR600m from EUR322m a year ago.

ABN AMRO Group chairman of the managing board Gerrit Zalm said: "ABN AMRO continued to perform well in Q2 of 2015 following a good start in Q1. With net profit coming to EUR 600 million, Q2 was the most profitable quarter since the new bank was created in 2010.

"The 86% increase in the underlying net profit for Q2 2015 year-on-year was achieved on the back of an increase in the operating result and significantly lower impairments."