In Amsterdam on February 11, Dutch cooperative bank Rabobank (RIC: RABO.UL) announced a record net profit of €5.16 billion ($5.34 billion) for 2024, which is an 18% increase from €4.38 billion in 2023. The bank attributed this growth to higher interest rates in the U.S. and Europe, increased fees and commissions, and reduced impairments on bad loans.
Rabobank, renowned internationally for its agricultural lending, noted a 3% growth in its commercial loan book to €447 billion. Compared to competitors ING and ABN Amro in the Netherlands, Rabobank highlighted the positives of "higher volumes across all commercial segments, boosted net interest income from interest rates, minimal loan impairments, and reduced regulatory levies."
Additionally, the bank's mortgage-focused Dutch domestic operations saw benefits from the housing market recovery.