Rabobank Ireland reports after tax profits of €41.7m for 2012
Rabobank Ireland is "pleased" with its year end financial results despite the"challenging" environment.
A wholly owned subsidiary of the Rabobank Nederland Group, the bank’s profit on ordinary activities after taxation last year amounted to €41.7m, up from a loss of €21.6m in 2011.
Operating income also proved positive with a year on year increase of 10pc, excluding a one off €9.9m loss due to the unwinding of some hedging derivatives.
As a result of lending reductions to other Rabobank Group entities and investment bond repayments, total assets decreased by €2.2bn to €13.5bn.
Meanwhile, customer lending in the Irish market has increased significantly, by a whopping €96m, reflecting a continued strong growth in the Bank's focus in the food and agribusiness sector.
Commenting on the 2012 results, Kevin Knightly, Chief Executive, Rabobank Ireland said: “The environment continues to be challenging in Ireland and in the wider euro zone, but overall we are pleased with our progress and in particular with our strengthening position in the food and agribusiness sector, which forms such an important part of the Irish economy. We will continue to concentrate on our core strengths in this sector, in line with Rabobank’s unique expertise and its position as the leading food and agribusiness bank globally.”