Despite unfavourable market conditions, Rabobank Group nevertheless succeeded in realising a net profit of 4%. An acceptable result, despite falling short of the long-term target of annual growth in net profit of 12%.The Tier I ratio was 10.3 and the return on equity was 9.6%. Financial targets Outlook for 2003 Financial developments 47 Financial developments Rabobank Group aims at realising customer value, with financial stability and employee value as preconditions. As a financial co operative, the client's interest comes first in Rabobank Group's policies and targets. We wish to create customer value by: - offering the best possible financial services to our clients; - providing continuity in our services; - demonstrating our commitment to our clients and their circum stances. Rabobank Group will continue to aim for long-term annual growth in net profit of 12%, an annual return on equity of 10% and a Tier I ratio of 10.0. On account of the economic situation and the stock exchange climate, combined with scant prospects for concrete improvement, these targets cannot be maintained for the near future. We will therefore use the following targets for the near future: growth in net profit of 8%, return on equity of 8% and a Tier I ratio of 10.0. In the light of the focus on customer value and an appropriately conservative risk profile the Rabobank Group considers maintaining a Tier I ratio of 10.0 as its chief financial target. Due in part to the issue of Rabobank Membership Certificates, the Tier I ratio for 2002 was 10.3. Return on equity was 9.6%. Net profit rose by 4%. The outlook for the economy and the stock exchange climate in the near future continues to be highly uncertain. It is therefore diffi cult to make any definite statements on the profit expected for 2003.The focus remains on leveraging commercial opportunities and on the continuation of programmes to enhance efficiency and effectiveness. If income shows only a limited increase, stringent cost control would obviously be crucial for achieving the financial targets. Barring unforeseen circumstances, Rabobank Group expects a slight increase of the operational result in 2003.

Rabobank Bronnenarchief

Annual Reports Rabobank | 2002 | | pagina 49