The Rabobank on Thursday announced half year profits of €1.5bn, 41% more than in the year earlier period.

The bank profited from the economic recovery, losing less in credits for clients who were in trouble because of the crisis. The bank lost €356m on these, 70% less than a year ago and well under the long-term average.

The credit portfolio grew 1% to €434.4bn, much of it due to the drop in the value of the euro.

Chief executive Wiebe Draijer said in a statement that it is necessary to improve results further because of the intensive competition and the increased capital demands.

In May, the Rabobank heard it will not be prosecuted for the Libor interest rate manipulation scandal.

In July, the bank was ordered to pay back a business customer  €1m after saddling his company with a ‘useless’ and extremely risky interest-based derivative.