De Lage Landen continues to be solid earner for its Dutch parent
Rabobank despite the lessor having decided this year to focus on
developing margins rather than its portfolio.

Compared with some parts of the bank De lage Landen has
performed reasonably with year-on-year profits for the first half
of 2008 up 3 percent, a total of €112 million.

In contrast net profits Rabobank’s real estate arm declined 16
percent during this period, and 88 percent in its wholesale and
international retail banking arm.

Its lease portfolio has grown 4 per cent since June 2007 to
reach €21.6 billion, down on the 10 per cent upturn it saw during
H1 2006 and H1 2007.

De Lage Landen attributed this slowdown to the fact “growth was
restricted by the decline in value of the US dollar”.