General Meeting a great event Rabo band The Annual General Meeting of the Rabobank Group in the Utrecht Trade Fair Halls is an event that attracts special atten- tion in the Netherlands. That attention comes not oniy from the local Rabobanks, but also from the radio, television and press. With some 3,000 participants it is probably the largest meeting annually held in the Netherlands. Issue 2/September 23, 1988 quently took a turn for the better. Since short-term funds grew strongly, aggregate borrowed funds were in accordance with our projections. Total funds entrusted were up to DFL. 114,100,000,000. The Rabobank Group's total assets amounted to DFL. 155,200,000,000 as at June 30, 1988. This increase is partly attributable to the higher US dollar exchange rate. Compared to the first half of 1987, the period under review saw a pro- nounced increase in net interest income. Partly due to the steady growth in lend- ing, the volume of our interest-earning op- erations considerably increased. Interest margins were still under pressure, but less so than in the same period of the preceding year. Commission income grew especially strongly. Commission from insurance and travel operations, in particular, saw sub- stantial gains which more than compensat- ed for the relatively static developments in income from stock broking operations. Commission from payment transactions also improved. As a result of good price gains in secu- rities and foreign exchange arbitrage oper ations, other income, also rose apprecia- bly. Total income increased by 7.5%. Operating expenses were up by 3.6% in the period under review. Limited expansion Key figures 30-6-1988 131-12-1987 Member banks 912 922 - branches 2,266 2,293 - agencies 1,060 1,071 Employees 32,720 32,646 Members 795,000 805,000 Savings accounts 8,560,000 8,745,000 Payment accounts 3,725,000 3,670,000 Current accounts 505,000 500,000 Loans 1,155,000 1,135,000 in personnel played an important role in this, a stringent control being kept over such developments. The numbers em- ployed by the Group went up by 74 to 32,720 as at June 30, 1988. Profit before provisions and taxes for the first six months of 1988 was 16% higher and amounted to DFL. 814 million. Bad debts continued to decrease. Nevertheless, in line with the expanded loan portfolio, the addition to the provi- sion for general contingencies has been increased. The tax burden has risen fur- ther. Net profit was up by 15% to reach DFL. 374 million. Based on current prospects, we are expecting greater pres sure on interest margins in the latter half of 1988 than was the case in the first half. The second half-year result will con- sequently show a smaller increase than in the first six months. For the year as a whole, the increase in net income will be approximately equal to the growth in total assets. Local Rabobanks The local Rabobanks are cooperative as. sociations with both companies and pri vate individuals as members. Every year, these local Rabobanks organise a General Meeting to which all the mem bers are invited. There, the Supervisory Board, the Board of Directors and the Management account for the conduct of policy and give information about the de velopments to be expected in the near fu ture. By participating in the discussion at this meeting the members can influence the policy of the bank and they also elect the members of the Supervisory Board and the Board of Directors. Rabobank Nederland is a coopera tive association formed by the 910 affiliated local Rabobanks. The General Meeting of the cooperative Rabobank Nederland is attended by the general managers and delegates from the management boards of the local Ra bobanks. Preliminary advice on all the items to be dealt with at the meeting is re- quested from the Central Delegate Assembly, the most important advisory Every year, there is a special surprise gift from a different region of the Netherlands for everyone attending the General Meeting. This year it was an or- ange-glazed cake from Friesland which was presented by ladies in traditional costume. body of the Rabobank Group. During the meeting, the Chairman of the Board of Directors, Otto Baron van Ver- schuer, and the Chair man of the Executive Board, Herman Wijf- fels, accounted for the conduct of policy in 1987 and gave an in- sight into the develop ments to be expected for 1988 and subse- quent years. In particu lar, the economie unifi- cation of the European market is engaging the attention of busi- nessmen, and certainly of the banks as well. The Rabobank Group has therefore taken steps to increase the pace of the in- ternationalization process still further. The employees of the Rabobank Group were also mentioned. The quality of our people and of the resources with which they work are all decisive for the achievement of our business objectives in the present competitive and turbulent market conditions,' said Mr. Wijffels in his speech. 'Continuity and renewal are only possible if we have or can get the right people with the right skills at the right place to do this. Our employees are The General Managers of the foreign branches attended the General Meeting more strategically important than ever and deserve corresponding attention from management'. Delegate Assemblies In the Netherlands there are 43 policy groups, each consisting of about 20 Rabobanks, which are called Regional Delegate Assemblies. Consultation on policy matters takes place in these Assemblies, delegates from which meet at the Central Delegate Assembly four times a year. The items discussed there are dealt with at the Annual General Meeting.

Rabobank Bronnenarchief

blad 'Raboband International' (EN) | 1988 | | pagina 8