Dutch co-operative Rabobank has reported an underwhelming set of results for financial 2012. Net profit of 2.1bn ($2.74bn) was down 20% year-on-year.
Net profit from domestic retail banking fell by 30%, dropping to 1,304m.
In wholesale and international retail banking at the Netherlands-headquartered bank, net profit fell by 10% to 704m.
The banks loan to deposit ratio remained flat at 140% while its efficiency ratio rose by 70 basis points to 65.6%.
Total assets at the bank rose to 752bn, up from 731bn in 2011.
Piet Moerland, chairman of the executive board of Rabobank Nederland, said: "For Rabobank, 2012 was a difficult year without any economic recovery. The Dutch economy contracted more in 2012 than foreseen at the beginning of the year. 2013 will be another difficult year with very little economic growth.
"Structural reform will be the adage both in the Netherlands and in the rest of Europe. The measures implemented by the Dutch government, including cuts in government spending and tax increases, will not go unnoticed."
Rabobank has shuttered 286 branches since 2008, bringing its total to 826 while the bank has reported a 165% increase in mobile banking, coming in at just over 1m users.