People Raöo hand Rabobank Group 1988 results satisfactory Ka» band Rabobank all over the world Issue 3/April 5, 1989 International Dlvision Rik van Slingelandt joined Rabobank Nederland as of February 1, 1989. He has been appointed Deputy General Manager of the International Division. Before joining Rabobank, Rik was Rnancial Manager with Rodamco (part of Robeco Group), a major Dutch Real Estate Investment Fund. Frans van Bijsterveld became part of the Management Team of the International Division Hans Hannaart went to New York in March. He has been appointed Deputy General Manager of the New York Branch. Bernard Wentrup joined the Foreign Of fices Department as a Senior Liaison Offi- cer. Before joining the FOD, Bernard was Manager of the International Division's Credit Department. The new Manager of the Credit Depart ment is Piejo Bruijn. Rabobank Asia Ltd Frederik Hoek has been appointed Man- The level of activities, volume of busi ness and result of the Rabobank Group grew substantially more in 1988 than they did in 1987. Net profit went up by more than 12 (1987: 1)% to DFL 778 (692) million. Profit before provi- sion and taxes grew more than 12 (7)% to DFL 1,670 (DFL 1,487) million. This was the result of an increase in income (+7%) considerably higher than in previous years and of a restricted rise in expenses (+4%). In line with the growth in lending the addi- tion to the provision for general contingen- cies rose from DFL 477 to DFL 525 mil lion. Taxes increased from DFL 316 to DFL 367 million. Total outstanding loans to the private sector were up by more than 7% (6%) to DFL 106.5 (DFL 99.3) billion. Lending conditions were buoyant both at home and at the 22 offices abroad. Aggregate funds entrusted and borrow- ings went up in 1988 by 8 (5)% to DFL 117.0 (108.2) billion. Consolidated total assets rose to DFL 161.6 (145.5) billion, 11% more than at the end of 1987. Includ- ing interbanking business, investment in assets abroad grew to 24 (21)% of the Bank's total assets. The increase in the level of activities and the moderate rise in expenses are cause for satisfaction. Prospects Loans and advances, the core business of the Rabobank Group, are expected to grow in 1989 at nearly the same high level as in the past year. At the same time Rabobank is banking on a more convincing recovery in savings than in 1988. It is also counting on further expan- sion in service activities, and moderately higher expenses. Barring unforeseen de- velopments in the rates of interest, these circumstances appear to make it possible for results further to improve in 1989. Income Total income increased to aging Director of Rabobank Asia Ltd. in Singapore. Freek worked for the NMB-Bank from 1986, but before that he had already worked seven years for Rabobank. New York Robert W. Mitchell will be the Manager of the Loan Production Office in San Fran- cisco. ADCA-BANK AG Ton van Acken joined ADCA-BANK as Ac count Manager with the Stuttgart Branch. In Hamburg Hans Winkelmolen joined ADCA-BANK as Junior Account Manager. Anno Galema joined ADCA-BANK in Han- nover as Junior Account Manager. Curagao Tat La Porte has been appointed Man- aging Director of Rabobank Curagao NV. Jan van Dommelen and Jan van Hunen will return to Utrecht to take up positions there. Milan/ltaly Jan Scherphof, former General Manager of the Rabobank in Gorssel, the Nether- lands, is going to be our Representative in Milan. He expects to open the office early June. DFL 4.8 (4.5) billion. The relentless pres- sure on interest margins could be more than compensated by volume growth in in- terest-earning operations. Net interest was accordingly higher by 4% to reach DFL 3.9 (3.8) billion. Commission income rose by nearly 12% to DFL 710 (635) million. Ow- ing to fair price gains in securities and for eign exchange dealings in particular, other income went up substantially to DFL 202 (130) million. Expenses Total expenses amounted to DFL 3.2 (3.0) billion. This rise could be checked, among other things, by a further slow-down in growth of the total workforce. The total number of people employed by Rabobank went up by 554 (679) to 33,200 (32,646). More than 600 of these are employed at the offices abroad. Loans and advances The more than 7% growth in loans and advances to the private sector came about through increas- es in the sectors trade, industry and ser vices by 8%, agriculture by 6% and private individuals by 7%. The total amount of new loans and advances to the agricultural sec tor reached new records. Funds entrusted Funds entrusted to the Rabobank Group were affected by the after-effects of the duty, imposed on banks, to report interest paid to cus- tomers to the tax authorities on the one hand, and by high corporate liquidity on the other. While growth in aggregate funds en trusted was at the expected level, the same could certainly not be said of its constituent parts. Growth in savings, whose expecta- tions had not been set excessively high as it was, lagged behind. And within the total volume of aggregate funds amounting to DFL 117.0 (108.2) billion there was a fur ther shift away from long-term in favour of short-term funds. INTERNATIONAL Editorlal staff Stan Polman and Thea Mutsaers-Fibbe (Editorial Department) Anton Nillesen and Cees van Rest (International Division) Editorlal address Rabobank Nederland P.O. Box 17100 3500 HG Utrecht The Netherlands Tel (030) 902811/902835 Fax (030) 902845 Correspondents Henk Adams (Indonesia), Ellen Boon (London), Otmar Heinz (Germany) Jan van Hunen (Curacao), Raymond Koh (Singapore), André Bar (Paris), Sjouke Postma (Hong Kong), Karl Stoops (Antwerp), Mia van de Ven (New York), Teun de Boon (Brazil), Jan Scher phof (Italy), Ad van Hienen (Luxembourg), Hoyte Sillevis Smitt (Switzerland) and Frans van het Schip (De Lage Landen). Designed and prlnted by Hoonte Holland, Utrecht Translation Rabobank Nederland Translation Department Branches: Antwerp/Belgium London/Great Britain New York/USA Singapore/Republic of Singapore Representative Offices: Dallas/USA Hong Kong Jakarta/lndonesia Paris/France Sao Paulo/Brazil Subsidiaries: Rabobank Curagao NV Willemstad/Curagao, Netherlands Antilles Rabobank Luxembourg SA Luxembourg Rabolnvest Management AG Zurich/Switzerland Rabobank Asia Ltd. Singapore Nederlandse Scheepshypotheekbank NV Piraeus/Greece, New York/USA, Curaga- o/Netherlands Antilles ADCA-BANK AG/Federal Republic of Germany Head Office: Frankfurt am Main. Branches in: Berlin, Dusseldorf, Frankfurt am Main, Ham burg, Hannover, Munich and Stuttgart. In the near future offices will be opened in Sydney/Australia, Madrid/Spain, Milan/ltaly and San Francisco/US. Hong Kong will be up- graded to a branch.

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blad 'Raboband International' (EN) | 1989 | | pagina 8