Rabo returns stable in 2010
Rabobank Australia and New Zealand says it recorded an increase in net profit of 13 per cent, to A$183 million, in the year to December 2010. Assets increased 11 per cent, to $32 billion.Rabo prepared some consolidated data, which is not otherwise published, following requests from Banking Day and the Australian Financial Review.The Dutch-owned bank puts its return on risk-adjusted capital for 2010 at 32.6 per cent, up marginally for the year.Rabo said it raised $2.74 billion of new retail deposits last year, mainly through RaboDirect.Financial statements filed with ASIC for Rabobank Australia (which omit the foreign branch business) show a decline in net profit to $77 million, from $94 million, in 2010.Impaired assets of the subsidiary increased to 2.35 per cent at the end of 2010, from 1.52 per cent a year earlier.