Edgar Filing: ABN AMRO HOLDING N V

Filed by ABN AMRO Holding N.V.
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
of the Securities Exchange Act of 1934

Subject Company:
ABN AMRO Holding N.V.
Commission File Number: 001-14624

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

For April 16, 2007

Commission File Number: 001-14624

ABN AMRO HOLDING N.V.

Gustav Mahlerlaan 10
1082 PP Amsterdam
The Netherlands

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F X

Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes

No X

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): _____

Further information can be obtained from:
Press Relations: +31 20 628 8900
Investor Relations: +31 20 628 7835

This press release is also available on the
internet: www.abnamro.com

IR/Press Release

Amsterdam, 16 April 2007

ABN AMRO reports summary of the first quarter 2007 results:
Strong improvement in operating result leads to a 30% increase in EPS from continuing operations to 65 euro cents

		In light of recent developments and in order to be fully transparent, ABN AMRO has decided to provide an update of its first-quarter results ahead of the scheduled publication on 26 April 2007. We will report a full analysis of the first quarter results on 26 April 2007.

		Net operating profit first quarter of 2007 up 25.5% compared with the first quarter of 2006
		o	Operating income increased 10.5% driven by strong revenue increases across all regions, supported by a very good performance of Global Markets
		o	Operating result up 20.8% on the back of strong revenue growth and good cost control
		o	Efficiency ratio improvement of 2.8 percentage points to 66.6%
		o	Profit for the period up 29.0%, including a EUR 97 mln gain on the sale of the US mortgage business and EUR 17 mln of results from the operations of the US mortgage business, booked in results from discontinued operations
		o	BU Europe’s profit for the period increased from EUR 18 mln to EUR 131 mln due to a strong improvement in the operating result
		o	EPS from continuing operations improved 30% to 65 euro cents

		Net operating profit first quarter of 2007 up 24.6% compared with fourth quarter of 2006
		o	Operating income increased 1.6%
		o	Operating expenses down 4.0%, showing the results of cost control measures taken in second half of 2006
		o	Efficiency ratio improved with 3.9 percentage points to 66.6%
		o	Effective tax rate of continuing operations was 22.6% compared with 20.0% in the previous quarter

Chairman’s statement

“Our focus on growth, efficiency and acceleration has led to a significantly improved operating performance of EUR 2 bln. The increase in operating result reflects a strong contribution to revenues from our growth engines in Brazil, Italy and Asia, combined with the acceleration of our cost control initiatives. The resulting EPS of 65 euro cents from continuing operations means that we are well on our way to beating the 2007 EPS target of EUR 2.30 (excluding major disposals and restructuring charges).”

(in millions of euros)	quarterly

	Q1 2007		Q1 2006		% change	Q4 2006		% change

Total operating income	5,989		5,420		10.5	5,893		1.6
Total operating expenses	3,989		3,764		6.0	4,156		(4.0	)

Operating result	2,000		1,656		20.8	1,737		15.1
Loan impairment	417		328		27.1	509		(18.1	)

Operating profit before tax	1,583		1,328		19.2	1,228		28.9
Income tax expense	358		352		1.7	245		46.1

Net operating profit	1,225		976		25.5	983		24.6
Discontinued operations (net)	114		62			403

Profit for the period	1,339		1,038		29.0	1,386		(3.4	)
Net profit attributable to shareholders	1,310		1,003		30.6	1,359		(3.6	)
Earnings per share (euros)	0.71		0.53		34.0	0.72		(1.4	)
Eps from continuing operations (euros)	0.65		0.50		30.0	0.51		27.5

Efficiency ratio	66.6	%	69.4	%		70.5	%

Note: All figures exclude the consolidation effect of controlled non-financial investments

The first quarter results of the business units compared to the first and fourth quarter 2006 results

Breakdown income statement first quarter 2007
(in millions of euros)

	Nether- lands		Europe (ex ANTV)		Anton- veneta		North America		Latin America		Asia		Private Equity		Private Clients		Asset Mgt		GF/GS		Group

Total operating income	1,360		760		510		995		1,050		580		113		327		231		63		5,989
Total operating expenses	871		630		335		662		584		396		24		224		151		112		3,989

Operating result	489		130		175		333		466		184		89		103		80		(49	)	2,000
Loan impairment	105		(7	)	78		(1	)	190		53		0		(3	)	0		2		417

Operating profit before tax	384		137		97		334		276		131		89		106		80		(51	)	1,583
Income tax expense	85		6		40		96		99		24		(10	)	30		22		(34	)	358

Net operating profit	299		131		57		238		177		107		99		76		58		(17	)	1,225
Discontinued operations (net)	0		0		0		114		0		0		0		0		0		0		114

Profit for the period	299		131		57		352		177		107		99		76		58		(17	)	1,339


Efficiency ratio	64.0	%	82.9	%	65.7	%	66.5	%	55.6	%	68.3	%			68.5	%	65.4	%			66.6	%

Breakdown income statement first quarter 2006
(in millions of euros)

	Nether- lands		Europe (ex ANTV)		Anton- veneta		North America		Latin America		Asia		Private Equity		Private Clients		Asset Mgt		GF/GS	Group

Total operating income	1,283		587		451		896		965		435		128		320		210		145	5,420
Total operating expenses	850		550		315		640		570		332		35		229		132		111	3,764

Operating result	433		37		136		256		395		103		93		91		78		34	1,656
Loan impairment	85		0		32		(15	)	173		36		15		1		0		1	328

Operating profit before tax	348		37		104		271		222		67		78		90		78		33	1,328
Income tax expense	84		19		51		53		90		23		(14	)	25		16		5	352

Net operating profit	264		18		53		218		132		44		92		65		62		28	976
Discontinued operations (net)	50		0		0		12		0		0		0		0		0		0	62

Profit for the period	314		18		53		230		132		44		92		65		62		28	1,038


Efficiency ratio	66.3	%	93.7	%	69.8	%	71.4	%	59.1	%	76.3	%			71.6	%	62.9	%		69.4	%

Breakdown income statement fourth quarter 2006
(in millions of euros)

	Nether- lands		Europe (ex ANTV)		Anton- veneta		North America		Latin America		Asia		Private Equity		Private Clients		Asset Mgt		GF/GS		Group

Total operating income	1,320		631		583		1,129		1,018		566		94		326		277		(51	)	5,893
Total operating expenses	914		677		354		714		607		407		26		201		163		93		4,156

Operating result	406		(46	)	229		415		411		159		68		125		114		(144	)	1,737
Loan impairment	112		17		113		8		159		78		5		0		0		17		509

Operating profit before tax	294		(63	)	116		407		252		81		63		125		114		(161	)	1,228
Income tax expense	72		(2	)	29		111		52		35		(24	)	38		22		(88	)	245

Net operating profit	222		(61	)	87		296		200		46		87		87		92		(73	)	983
Discontinued operations (net)	371		0		0		32		0		0		0		0		0		0		403

Profit for the period	593		(61	)	87		328		200		46		87		87		92		(73	)	1,386


Efficiency ratio	69.2	%	107.3	%	60.7	%	63.2	%	59.6	%	71.9	%			61.7	%	58.8	%			70.5	%

Note:	1) All figures exclude the consolidation effect of controlled non-financial investments.
	2) For comparison reasons the figures by BU have been adjusted to reflect the following (earlier announced) changes: BU Global Clients is reported in the regions; the International Diamonds & Jewellery Group is included in Group Functions (previously BU Private Clients) and BU Asset Management includes Asset Management France (previously in BU Private Clients).
	3) The discontinued operations include Bouwfonds non-mortgage and the US mortgage business.

Recent developments

Regarding the ongoing criminal investigations relating to our dollar clearing activities, OFAC compliance procedures and other Bank Secrecy Act compliance matters, the Bank is actively exploring all possible options to resolve these issues. The ultimate resolution of these compliance issues and related investigations and the nature and severity of possible additional sanctions can not be predicted at this point in time.

Additional information

The BU Netherlands fourth quarter 2006 result included a gain on the sale of Bouwfonds non-mortgage activities of EUR 338 mln and EUR 33 mln results from Bouwfonds non-mortgage operations in results from discontinued operations.
Due to the strong performance of BU Global Markets, BU Europe’s operating performance in the first quarter of 2007 significantly increased, which resulted in a profit for the period of EUR 131 mln. The BU Europe also benefited from a tax credit in the first quarter of 2007.
Antonveneta on a standalone basis (excluding purchase accounting impact) generated a profit for the period of EUR 95 mln in the first quarter of 2007. The profit for the period after the impact of purchase accounting amounted to EUR 57 mln and included a EUR 15 mln net gain on the sale of a part of our stake in Italease. In the fourth quarter of 2006 a EUR 59 mln net gain was booked on the sale of a part of our stake in Italease.
BU North America’s first quarter 2007 net profit included a net gain on the sale of the US mortgage business of EUR 97 mln, as well as two months of results from the operations of the US mortgage business of EUR 17 mln, booked in results from discontinued operations. The fourth quarter 2006 result was impacted by the favorable Talman judgement of net EUR 75 mln. In addition a restructuring charge of net EUR 39 mln was taken in the fourth quarter of 2006.
BU Asia’s first quarter 2007 results were positively impacted by fair value changes on equity investments of EUR 52 mln, compared with a EUR 15 mln positive impact in the fourth quarter of 2006 and a negative EUR 24 mln impact in the first quarter of 2006.
BU Private Client’s fourth quarter 2006 results were positively impacted by a EUR 21 mln restructuring provision release.
BU Asset Management fourth quarter 2006 results benefited from the EUR 38 mln gain on the sale of the domestic Asset Management activities in Taiwan as well as a EUR 17 mln gain on the sale of the US Mutual Funds business. The first quarter 2006 results benefited from a EUR 28 mln gain on the sale of the Asset Management operations in Curacao.

Cautionary statement regarding forward-looking statements

This announcement contains forward-looking statements. Forward-looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Any statement in this announcement that expresses or implies our intentions, beliefs, expectations or predictions (and the assumptions underlying them) is a forward-looking statement. These statements are based on plans, estimates and projections, as they are currently available to the management of ABN AMRO. Forward looking statements therefore speak only as of the date they are made, and we take no obligation to update publicly any of them in light of new information or future events.

Forward-looking statements involve inherent risks and uncertainties. A number of important factors could therefore cause actual future results to differ materially from those expressed or implied in any forward looking statement. Such factors include, without limitation, the conditions in the financial markets in Europe, the United States, Brazil and elsewhere from which we derive a substantial portion of our trading revenues; potential defaults of borrowers or trading counterparties; the implementation of our restructuring including the envisaged reduction in headcount; the reliability of our risk management policies, procedures and methods; the outcome of ongoing criminal investigations and other regulatory initiatives related to compliance matters in the United States and the nature and severity of any sanctions imposed; and other risks referenced in our filings with the US Securities and Exchange Commission. For more information on these and other factors, please refer to Part I: Item 3.D “Risk Factors” in our Annual Report on Form 20-F filed with the US Securities and Exchange Commission and to any subsequent reports furnished or filed by us with the US Securities and Exchange Commission. The forward-looking statements contained in this announcement are made as of the date hereof, and the companies assume no obligation to update any of the forward-looking statements contained in this announcement.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	ABN AMRO HOLDING N.V.


	By:	/s/ Richard Bruens

		Name:	Richard Bruens
		Title:	Head of Investor Relations

Date: April 16, 2007
	By:	/s/ Willem Nagtglas Versteeg

		Name:	Willem Nagtglas Versteeg
		Title:	Secretary to the Managing Board