Rabo Ireland profits fell last year
Regulatory costs rise but impairment charges fall
Rabo Ireland DAC, the Irish subsidiary of Dutch bank Rabobank, has reported an after-tax profit of €35.9m for last year, down from €49.8m in 2014.
Operating income for the year was down around 16 per cent to €60.2m. Net interest income for the period was €54.8m, a reduction of €10m, reflecting changes in liquidity costs and a reduction in the level of assets held by the bank.
While the bank said its costs were "tightly controlled", there was a €1m increase in costs to €19.4m, attributed to an increase in banking licence and regulatory compliance costs. Impairment charges were reduced from €2.1m in 2014 to €100,000 in 2015.
Since the end of 2015, Rabobank Ireland plc has been re-named Rabo Ireland DAC, with its corporate banking business transferred to the Irish branch of the group, Rabobank Dublin, and its local banking licence returned to the Central Bank of Ireland. These changes are part of a drive by the parent company to cut costs worldwide.
