Behind the scenes
Dear colleagues,
With the recent release of our interim figures, we can be satisfied that excellent
growth is being achieved in all business units. Wholesale banking and
international retail banking operations achieved an operating profit before
taxation of €374 million, up 11% on the same period in 2004. This increase can be
attributed mainly to the impressive 13% growth in income, thanks to higher
income from Country Banking activities.
Lending is up 7%, and half of this increase is attributable to the international retail
banking operations. Certainly our international retail expansion is something of
which we can be proud. Particular highlights during the first half of theyear have
included our (approximate) 35% participation in BGZ Bank (Poland), the expansion
in Brazil of 25 branches, and the launch of an Internet bank in Ireland. By the end of
theyear, we hope to add a 51% participation in Turkish Sekerbankto our list of
achievements. You can find a discussion of the perceived opportunities in Turkey
on page 17.
Often, it's the dealmakers that receive most credit for our success. However,
without the hard work of our many colleagues in Administration and Support, we
would be unable to reap the rewards of our deals or sustain this growth. This issue
of The Word' pays special attention to those in our backoffices. I'd like to extend
my personal thanks to these colleagues working behind the scenes to ensure our
bank runs smoothly.
Rik van Slingelandt
Chairman, Rl Managing Board
The Word 3
