global food problem. The presentation of the annual figures last week showed that the bank is making a profit. The net profit rose to a tight 2.7 billion Euro. An increase of 32%. Both the Dutch and international activities showed a higher turnover.
"We fulfil our mission 'Growing a better world together' with passion and it is fruitful," says Wiebe Draijer, president of the Group directors in the press report. "We accelerated towards the goals in our Strategic Framework 2016-2020 in 2017. Our position in Food & Agri in the Netherlands and internationally has been strengthened further."
The increase of the net profit is due to the economic development in the Netherlands, the favourable international F&A markets and the lower business costs of the bank, among other factors. The costs of credit losses declined by 500 million Euro to -190 million Euro, -5 base points from the average loan portfolio (the long term average is 36 base points).
"As the leading Food & Agri bank, with around 98 billion Euro worth of outstanding loans to companies in the Food & Agri sector, we find ourselves in the unique position of being able to help our customers produce more and better quality food with less resources," according to Wiebe Draijer. "As in previous years, we contribute to the financial self sufficiency of around five million small farmers in developing countries through the activities of Rabo Development and the Rabobank Foundation."Read the full press report with the results in other segments here