Rabobank booked net profit of €5.16 billion last year, an increase of 18% compared to 2023, the cooperative bank said on Tuesday.

The growth was seen across all sectors, with higher interest rates “supporting strong net interest income,” low loan impairment charges, and significantly lower regulatory levies, the bank said.

Rabobank booked a net profit of €4.38 billion in 2023.

The bank’s mortgage portfolio rose by 1% to €196 billion, partly due to higher fee income from consumers. Rabobank is the Dutch consumer mortgage market leader.

The bank also said an investigation by the public prosecution department into its approach to anti-money laundering measures is still ongoing, two years after it started. The results of this, the bank said, remain uncertain, but potential fines are likely to be “significant.”

Rabobank is the second of the big Dutch banks to report its annual figures. Last week, ING said it had booked a net profit of €6.39 billion last year, down 12% compared to 2023.

An increase in the number of credit accounts, loans, and savings contributed to a full-year turnover of €22.6 billion, up marginally on 2023’s figure.