ACC to remain part of Rabobank despite €175m funds injection

ACC BANK will remain a valued part of Dutch financial services group, Rabobank, even after it injected additional funds of €175 million into ACC in December.

ACC to remain part of Rabobank despite €175m funds injection

Yesterday, as part of Rabobank’s annual results for 2008, ACC reported an after-tax loss of e244m — down from a post-tax profit of e39.9m for the previous year. Income jumped by 4.7% to e167.2m, while operating costs were reduced slightly by e1m to e104.8m. There was also a slight decline — to e6.5bn — in the value of loans to customers during the year. As much as 67% of ACCs loan book is represented by commercial lending.

The bank’s impairment charge — the amount it has set aside to cover bad debts or loans which are unlikely to be paid back — reached e306.5m for the year. This figure compared to e79.5m of impairment charges in 2007.

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