Dutch lender has reported a net profit of EUR2.21bn in 2015, a jump of 20% compared to EUR1.84bn in 2014.

Net interest income increased 0.2% to EUR9.14bn from EUR9.12bn a year earlier. Operating expenses were EUR8.14bn, a 1.1% increase from EUR8.05bn in 2014.

The yearly net profit of the bank’s domestic retail banking unit stood at EUR1.32bn, a rise of EUR788m from a year ago.

The loan portfolio at the unit reduced by 3% to EUR282bn, while loan impairment charges dropped by EUR1.08bn to EUR343m.

The bank’s wholesale banking and international rural and retail banking posted a loss of EUR333m.

The division’s loan portfolio soared by EUR3.6bn to EUR98.8bn, while loan impairment charges increased by EUR106m to EUR526m.

Rabobank chairman of the executive board Wiebe Draijer said: "The financial results for 2015 provide us with a good foundation from which to make a great success of the chosen approach. Our new business model will produce a better bank and a better cooperative. There are three priorities for the strategic course between now and 2020: excellent customer service, a flexible and even stronger balance sheet and improved financial results.

"The results for 2015 illustrate our financial strength and solidity. The bank’s returns, solvency ratio and liquidity have all improved. Our credit ratings remained high."

Draijer also said that the bank would press ahead with its plans to slash 9,000 jobs, and offload EUR150bn of assets by 2020 to withstand financial shocks more effectively.

"In the period 2016-2018, the number of jobs will decrease by 9,000, mainly in the back office and the supporting services of the bank. This reduction will take place in addition to the ongoing programmes under which 3,000 jobs will be lost in 2016," Draijer said.