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Dutch Rabobank books 41 pct rise of profit in H1

Xinhua, August 21, 2015 Adjust font size:

Rabobank booked a 41 percent rise of profit in the first half of 2015, compared to the first half of 2014, the Dutch bank stated on Thursday.

The net profit of the Rabobank Group was 1.522 billion euros (1.699 billion U.S. dollars) in H1 of 2015, while the first half net profit last year was 1.080 billion euros. According to the bank the increase is mainly caused by the recovery of the Dutch economy.

The economic recovery contributed to a sharp fall in loan impairment charges, from 1.188 billion euros in H1 last year to 356 million euros (-70 percent) in the first half of this year. In addition, the decrease in the number of employees, from 48,254 in H1 2014 to 46,728 FTE's in H1 2015, contributed to lower staff expenses.

"Our financial results increased substantially in the first half of 2015," Rabobank's Executive Board Chairman Wiebe Draijer stated in a press release. "It is vital that we continue to reduce costs and improve income further, given the intensive competition and stricter capital requirements."

"The Dutch economy is steadily recovering," Draaijer added. "Our customers are feeling this and we can observe this in the sharp decline in loan impairment charges. Low interest rate levels have prompted Dutch customers to make additional mortgage repayments. Private consumption continues to grow, due to higher disposable incomes and improved consumer confidence." Enditem