Rabo keeps a steady pace
(11 March 2009 – Global) Dutch bank, Rabobank, has released global profits results up two percent for the year, supporting ongoing growth in the Australian unit.
Despite global financial turmoil, the Rabobank Group reported a net profit rise of 2 percent to EUR 2.8 billion ($A5.5 billion).
Rabobank, which has positioned itself as a strong and sturdy bank through the tough economic crisis, managed a sturdy profit rise in a generally falling industry.
Globally, tier one capital ratio was 12.7 percent, above the targeted 12.5 percent. Rabobank is independently rated as one of the top five safest banks in the world.
Despite the secure status, Rabobank has still been affected by the credit crisis. The continuing turbulence in the financial markets had a negative effect of EUR 1.2 billion on net profit.
Profit in the wholesale and international retail banking unit was well down with net profit down 92 percent to EUR 27 million, and now represents just 1 percent of company profit.
Rabobank Australia & New Zealand CEO Bruce Dick said that the strong global result reinforced the strength of the bank and that the bank remains fully committed to growing its operations in the region.
Rabobank currently finds 3 percent of its private sector loan portfolio in Australia and New Zealand.
Mr Dick also said that he is confident in the fundamental strength and positive outlook of the agricultural sectors in both Australia and New Zealand and equally believes their product offering and global strength will enable the RaboPlus businesses to thrive.
Rabobank, which has positioned itself as a strong and sturdy bank through the tough economic crisis, managed a sturdy profit rise in a generally falling industry.
Globally, tier one capital ratio was 12.7 percent, above the targeted 12.5 percent. Rabobank is independently rated as one of the top five safest banks in the world.
Despite the secure status, Rabobank has still been affected by the credit crisis. The continuing turbulence in the financial markets had a negative effect of EUR 1.2 billion on net profit.
Profit in the wholesale and international retail banking unit was well down with net profit down 92 percent to EUR 27 million, and now represents just 1 percent of company profit.
Rabobank Australia & New Zealand CEO Bruce Dick said that the strong global result reinforced the strength of the bank and that the bank remains fully committed to growing its operations in the region.
Rabobank currently finds 3 percent of its private sector loan portfolio in Australia and New Zealand.
Mr Dick also said that he is confident in the fundamental strength and positive outlook of the agricultural sectors in both Australia and New Zealand and equally believes their product offering and global strength will enable the RaboPlus businesses to thrive.
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