(16 March 2004 – Australia) Agricultural lender Rabobank has posted a pre-tax operating profit of A$180 million for the full year to December 2003, a 12 percent increase on 2002’s result.The bank’s revenue grew 14 percent to $322 million and its assets increased 22 percent to $14 billion.
Rabobank said it was Australia’s second biggest lender to the rural sector, owning some 20 percent of overall farm debt. The bank tipped further growth over the coming 12 months.
Chief executive Bruce Dick said the bank continued to expand its branch network, allowing it to deliver personal client service to rural customers. The bank currently operates 67 branches in Australia and New Zealand.
He said the drivers for FY2004 would be the food, agribusiness and agricultural sectors.