Dutch bank Rabobank reported a 17 percent drop in profits for 2009 on Tuesday. The recession has lead to severe competition on the Dutch savings market, causing the bank’s profits to drop from 2.8 to 2.3 million euros.
Despite a difficult market, the bank’s credit portfolio has increased by two percent. The company expects the demand for credit will decrease next year due to a slow economic recovery and stricter regulations.
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