Netherlands' Rabobank reports 5.16 billion euro profit for 2024

AMSTERDAM - Dutch cooperative bank Rabobank on Tuesday reported a record net profit of 5.16 billion euros ($5.34 billion) for 2024, up 18% from 4.38 billion euros in 2023, helped by higher interest rates in the U.S. and Europe, higher fees and commissions and fewer impairments on bad loans.

The bank, best known internationally as an agricultural lender, said its commercial loan book grew by 3% to 447 billion euros.

Rabobank, which competes in the Netherlands with ING and ABN Amro, said it had benefited from "higher volumes at all our commercial segments, interest rates supporting strong net interest income, low loan impairment charges and significantly lower regulatory levies."

Its mortgage-focused Dutch domestic business benefited from a recovery in the housing market.

(Reporting by Toby Sterling; Editing by Andrea Ricci)