Dutch economy drives Rabobank profit rise, aims to help farmers

AMSTERDAM: Rabobank, the Dutch-based cooperative lender, on Thursday reported a 12 per cent rise in first-half net profit to €1.7 billion ($1.94 billion, Dh7.11 billion), helped by cost-cutting and strong economic growth in the Netherlands. Improving business conditions also allowed for a €37 million release in earlier provisions for bad loans, Rabobank said, while its overall loan portfolio grew 2 per cent to €415.7 billion, following years of decline.

Rabobank, a major agricultural lender, said it mainly increased lending to customers in its international Wholesale, Rural and Retail division, with 60 per cent invested in agricultural and food businesses.