Rabobank booked a 20% rise in net profit last year, reaching €2.2bn over 2015 as a whole. The cost of bad debts fell to just over €1bn and the group’s credit portfolio fell by €3.5bn to €426bn.

‘The economic recovery in the Netherlands has not yet produced any noticeable increase in the number of credit applications from businesses,’ the bank said in a statement.

Rabobank announced in December some 9,000 workers will lose their jobs in a major reorganisation, which will cut the bank’s workforce by 25%.

‘The uncertain economy and low interest rates are forcing us to be efficient, to compete,’ chief executive Wiebe Draijer said in the AD. ‘Part of that involves bringing our costs into line with that of our competitors. The job losses are unavoidable.’

On Wednesday, ABN Amro announced a 24% rise in net profit at €1.9bn. ING’s net profit rose 23% to €4.2bn.