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Rabobank Group net profit up 13% in first half year
All group units reported an increase in net profit Bert Heemskerk, Chairman of the Executive Board, is pleased with the results for the first half year: "The 13% increase in net profit means we not only achieved a fine first-half-year result, but also exceeded the target we had set ourselves. All group units reported an increase in net profit. All the same, we will have to keep a careful eye on the ratio of the mortgage business margin to total expenses. Projects relating to Basel II, Sarbanes Oxley, the Identification (Financial Services) Act and the Disclosure of Unusual Transactions Act required the deployment of additional staff. Strategically, Rabobank's domestic and foreign operations are holding fast.In the meantime, we have successfully integrated the Community Bank of Central California with our Country Banking activities in America. We own part of URCB Hangzhou, a cooperative bank in China, and have acquired two banks in Indonesia. We also succeeded in reinforcing our leasing and real estate operations by acquiring Athlon and part of Bouwfonds. Outside the Netherlands, Rabobank intends to grow autonomously and through selective acquisitions." The Chairman is also very positive about the course of events in the year 2006, despite of unforeseen circumstances.
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