Last week, Rabobank had a look back on the year 2016. The net profit of 2.024 million shows the solidity of the Co-operative Banks business model.
'Rabobank’s transition got off to a good start in 2016. The bank’s strategy focuses on excellent customer service, improvement in the financial results, and a flexible and stronger balance sheet. Progress was made in all these areas. Customer satisfaction rose in all segments thanks to investments in digitalisation, organisational changes, and improvements in service provision. In 2016, as a cooperative bank, Rabobank reinforced its leading position in the Netherlands and successfully expanded its role in food & agri worldwide. The capital base was further strengthened, in line with the objectives. Thanks to a good operating result, the net profit amounted to EUR 2,024 million (-9%). The result came under substantial downward pressure from non-recurring items such as restructuring costs, an extra provision for compensating commercial customers with an interest rate derivatives contract, and an impairment on the stake in Achmea. The underlying operating profit before tax was EUR 4,090 million, (+14%). This is largely attributable to lower loan impairment charges and cost savings, while income levels were stable despite a low interest rate environment'
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