Dutch lender Rabobank said today its first half net profit jumped 13% and it remained optimistic for the rest of the year should economic conditions not deteriorate.
Net profit stood at €1.85 billion, up from €1.64 billion in first half 2010, while overall revenue rose 13.5% to €7.3 billion.
'Rabobank is optimistic about the level of its profits for the full year 2011, assuming no further worsening of current economic conditions,' it said in a statement.
The group said bad debt charges rose to €618m from €569m a year earlier. It said the charge at its international division was rose by almost 20% to €301, and the bank said 'around two-thirds' of this was linked to ACCBank in Ireland.
Loans to the private sector rose by 1% to €441 billion, while assets under management remained steady at €269 billion in the first half.
Rabobank said it ensured that its exposure to struggling euro zone nations Spain and Italy - plus bailed out Greece, Ireland and Portugal - was limited at €690m. Greece accounted for €104m, it said.
A new Greek rescue plan, agreed at an emergency euro zone summit in Brussels on July 21, provides comprehensive support of nearly €160 billion to Athens and includes a limited contribution from the private sector.
'At Rabobank, we too will be making our contribution which, given our limited exposure in Greece, is actually relatively limited,' it said.
The Dutch banking group has around 10 million customers in 48 countries and employs 59,400 people.
