Strong first half for Rabobank as Dutch economy rebounds
AMSTERDAM – Dutch lender Rabobank RABO.UL booked 41 percent higher net profit in the first half of 2015, lifted by a rebounding Dutch economy and a steep fall in provisions for bad loans, it said on Thursday.
Net profit in the six-month period was 1.52 billion euros, helped by strong retail banking profit in the Netherlands, where an economic recovery is taking hold after two years of recession.
Provisions for bad loans at the largest Dutch mortgage lender fell 70 percent to 356 million euros, below the long-term average for the bank.
Rabobank’s tier 1 solvency ratio was steady at 13.2 percent, while its capital ratio improved to 21.5 percent from 20.8 percent in January.
Rabobank, one of highest rated banks in the world, said it “will give higher priority to improving profitability and strict control of the volume of our risk-weighted assets”.
The unlisted bank did not provide forecasts. -Reuters