Rabo Real Estate Group booked a net profit of EUR 68 mln in the first six months, a decline of 27% compared to the same period last year. FGH Bank saw the level of its lending portfolio virtually unchanged at EUR 17 bn at end-June. Despite the recession, margins on new loans have improved and value changes of the existing lending portfolio remained low, the group said in a press release.
Rabo Real Estate Group booked a net profit of EUR 68 mln in the first six months, a decline of 27% compared to the same period last year. FGH Bank saw the level of its lending portfolio virtually unchanged at EUR 17 bn at end-June. Despite the recession, margins on new loans have improved and value changes of the existing lending portfolio remained low, the group said in a press release.
Rabo Real Estate Group was formed following the takeover of Bouwfonds MAB in 2006. The group attributed the weaker performance to 'sustained unfavourable developments in the real estate market and hesitant consumer spending.'
Rabo Real Estate/FGH is ranked 17th in this year's PropertyEU Ranking of Top 30 Financiers which will be issued on 2 September. Click here to subscribe to PropertyEU Magazine:
