Rabobank pre-tax profits rise 15.3 per cent

Rabobank Ireland has posted pre-tax profits €40.7 million, an increase of €15.3 per cent on last year.

The bank also reported balance sheet growth of 12.5 per cent to €18.7 billion, up €2 billion on last year.

It is a subsidiary of the Dutch-owned Rabobank Group and bought ACC Bank in December 2001.

All Irish operating divisions - financial markets, structured finance, corporate banking and management services expanded their business base and contributed to the bank’s revenue growth.

The corporate banking division delivered an increase in mandates and business and the company says it has good prospects for the year ahead.