Rabobank posted a net profit of 2,674 million euros (up 32%) in 2017. The bank has further reinforced its position in Food & Agri in the Netherlands and internationally. Client satisfaction levels rose in all segments.
Wiebe Draijer, Chairman of the Managing Board, says the way the bank is shaping its mission of ‘Growing a better world together’ is starting to bear fruit. The bank has reinforced its position in Food & Agri in the Netherlands and around the world. “The future Rabobank is taking shape, with more satisfied clients, ground-breaking innovations, a stronger balance sheet and improved financial results,” he says.
“Our mission confirms our course and guides our actions”- Wiebe Draijer, Chairman Managing Board Rabobank
Recent surveys show a rise in employee satisfaction. Draijer believes that this is also thanks to the new ‘Growing a better world together’ mission. “Our mission confirms the course we are taking and guides our actions as a cooperative bank.”
Numerous digital innovations in 2017
The bank launched a number of digital innovations for clients in 2017, including the Peaks app. This app rounds up small purchase amounts and automatically invests the change. The Tellow app meanwhile takes the strain out of bookkeeping for freelancers.
Draijer describes another major innovation: “We joined the Digital Trade Chain in January as the only Dutch bank. The nine large European banks that are now part of the consortium are building a joint blockchain platform for businesses.
“We were also the first Dutch bank to launch the IBAN name checker. This allows clients to check whether the beneficiary’s name is the same as the name of the account holder. Clients are alerted if the names do not correspond. Dutch clients rate the Rabo banking app as the best on the market.”
Net profit up 32%
The annual results indicate our net profit is up 32% to 2,674 million euros, and that the underlying net profit rose for both the Dutch and the international businesses.
“The rise in net profit was due in part to positive trends in the Dutch economy, to the favorable international F&A markets, and to lower operating expenses,”says Draijer.
In 2017 Rabobank laid a solid foundation for the next step in its transition. “The environment is changing at lightning speed and we will boost our digitalization and innovation efforts so that we can continue to offer optimal services to our clients.”
“Against this backdrop of continuous change, we will continue to invest intensively in our adaptability. We will do so in the context of the ‘Growing a better world together’ mission. The mission acts as a compass for our employees and gives us direction as a cooperative bank, responding to client needs and taking a stand on issues which impact our clients today and tomorrow.”
See the press release for more information on the annual results for 2017.