Rabobank New Zealand's profit rebounded in the March 2010 quarter thanks to a miniscule amount of provisions for impairment losses. The bank reported profit after tax of NZ$20.9 million, which compared with NZ$8.5 million for the full 2009 financial year. In the quarter ended March 2009, net profit came at NZ$19.3 million.The bank made provision of just NZ$500,000 compared with a huge impairment charge of NZ$80.9 million in the full 2009 year.While fresh provisions were minimal, this was not reflected in asset quality at the bank, which was little changed. Deposits at the bank were also little changed compared with the end-December level, but fell sharply over the year-ago period to NZ$1.96 billion from NZ$2.55 billion.The bank increased its borrowings from related parties to NZ$4.81 billion from NZ$3.41 billion last year.It appears that Rabobank isn't subject to the same conditions of registration as most other banks, namely the new norms on liquidity and funding ratios. This is probably because the bank's obligations are guaranteed via a deed of guarantee with ultimate parent Rabobank Nederland.