The Rabobank booked a profit rise of 14% last year at €2.7bn despite a financial setback of €568m as a result of the US mortgage crisis.

Announcing its figures on Wednesday, the bank said it had also booked a loss of €284m on investments in residential mortgage-backed securities and other investments whose risks have recently become more exposed.
‘I have never in my 38 year career experienced a year in which there were as many issues as 2007,’ Rabobank CEO Bert Heemskerk told ANP news service.
The bank repeated that it does not have direct investments in the controversial US mortgages market but said it was hit by the general unrest in the financial markets.