Cooperative bank Rabobank booked net profit of €2.77bn last year, up 26 % on 2009, following the ‘limited recovery’ in the economy.

The bank said the improvement was largely due to the economic recovery and an improvement in the position of business clients. This also meant the bank had to put aside less money to cover bad loans.
‘Lending in 2011 is expected to show moderate growth,’ the bank said in a statement. ‘We want our liquidity position to remain resolutely robust, and for this reason the emphasis will be on attracting client funds both in the Netherlands and in other countries.’