Rabobank is making progress on its strategic objectives despite challenging market conditions. According to the Chairman of the Managing Board, Wiebe Draijer 2019 was a dynamic year. We had to deal with international political and economic instability and persistent low interest rates. The consequences are apparent in our results. Yet even in this challenging environment we can report a net profit of EUR 2.2 billion and that we made good progress on our strategic objectives. Interest income was down slightly. We managed to further reduce costs. Our capital position has improved and remains solid. We completed the sale of non-core activities and invested in future-proofing the bank.
We have made good progress on contributing to major societal themes. We have invested in more sustainable housing and in the energy transition. Together with our subsidiary and residential area developer BPD, we are developing new build properties to tackle bottlenecks in the rental market. Our efforts to make the international food chain more sustainable are taking shape, partly through the AGRI3 Fund which Rabobank initiated and the work of Rabo Foundation in Africa. We help our private customers in the Netherlands achieve greater financial self-reliance and reduce debt problems. These initiatives are fine examples of how the cooperative Rabobank expresses its mission to Grow A Better World Together.
We are proud of the transition our bank has made in the past few years. This is starting to show in our daily operations. Customer satisfaction and our employee engagement are rising, the balance sheet has been optimized, our cost levels are lower, and we are working more efficiently. We have significantly expanded and improved our digital service offer to both private and commercial customers. This was all made possible thanks to the efforts and active commitment of our employees and many of our members he concluded.
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