Dutch-based Rabobank Group reported net profit of EUR 1,842 million in 2014 with underlying results rising strongly compared to 2013, when there was a net positive effect on the result from non-recurring items.
The bank said that the Dutch economy recovered cautiously in 2014 and that, in line with the development of interest rates in the financial markets, it had reduced both its mortgage and savings rates.
‘Customers experienced difficulties in many of the sectors in which we traditionally have a strong presence, said the company in a statement. ‘This applied for instance to business owners in greenhouse horticulture, commercial real estate, inland shipping and non-food retail. The bank’s result was affected by this.’
In December the bank warned that it would ‘only be possible for the Dutch greenhouse vegetable sector to emerge from the current downturn if growers and producer organisations significantly improve the marketing for vegetables such as tomatoes, cucumbers and sweet peppers.’