Rl shows a strong
interim result
4J
Rabobank present at Sibos 2011
Global
Global
NEWS EVEN7
Rabobank International (Rl) has
posted a strong interim net result
for 2011 of EUR 543 million, twice
the budgeted net result. This is
considered encouraging, given
the challenging economie climate
and the regulatory implications.
Total income from Wholesale
banking for the first half of 2011
was EUR 1.4 billion, a five percent
rise on the equivalent 2010
figure driven largely by GFM
(EUR 667 million) and Professional Products (EUR 353 million).
The contribution of Wholesale income to the strategie pillars is well
diversified, with increased income on our Dutch and Global F&A
franchise as well as increased leverage on RI's specialisations (e.g.
GFM, TCF). Rural Retail total income rose eight percent above
the 2010 figure to EUR 514 million, fuelled by lending growth, a
continued focus on improvement of margins and the acquisitions
of Butte and Pacific in California.
RI's interim net result is 21 percent down on the figure for the same
period last year, largely because of the strong performance of GFM
in the first half of 2010 and the sale of RI's stake in YES Bank, which
produced a one-off gain of
EUR 150 million. Total costs of
EUR 906 million are 23 percent
higher than for the first half of
2010, driven by exceptional items
in 2011such as retail acquisitions
and one-off pension costs.
The cross-sell ratio rose from 28
percent in the first half of 2010 to
30 percent for the same period
in 2011This reflects the product
drive and closer relationships Rl is
forging with its customers.
Although RI's financial result is encouraging and creates a stable
foundation for the remainder of the year, the challenging economie
climate calls for an ongoing focus on safeguarding the business's
profitability.
Rabobank recently participated in the 2011
Swift International Banking Operations
Seminar (Sibos), which took place in
Toronto, Canada. During the conference,
the business was represented by a number
of Rabobank International departments -
GFM Relationship Management Financial
Institutions, Network Management, TCF
Financial Institutions Emerging Markets,
Loro Banking - as well as the Payment
Savings department of Rabobank
Nederland.
Sibos brings together influential leaders
from financial institutions, market infra-
structures, multinationals and techno-
Impression of
Rabobank's stand
at Sibos 2011.
logy partners to do business and shape
the financial industry's future. This year,
the conference covered four prominent
themes: regulation, geographic shifts,
the changing landscape of the financial
industry and how emerging technologies
will affect the financial services industry.
Rabobank's presence at this premier annual
financial services conference included
staging a special event for over 180 clients
at the majestic Casa Lorna castle during
the first evening of the conference. The
event was attended by selected guests
from the Rabobank Toronto office and
senior representatives from relationship
banks and clearing houses from around
the world and was very well received. Ineke
Bussemaker, Head of Payment Savings
Rabobank Nederland concluded the
meeting by wishing everyone a very fruitful
and enjoyable conference.
Rabobank
6 ISSUE 29 OCTOBER 20! I Rl WORLD