i
Interest income
Commission
Securities brokerage
Asset management fees
Results on financial transactions
Staff costs
His problem is our problem'
Financial developments 15
growth was still substantial.The increase in expenses, however, was
sizeable as well, although the underlying trend in expenses was distorted
by non-recurring charges such as additions to provisions. Excluding the
effect of such charges and that of acquisitions, expenses grew only
moderately, which was the result of the cost saving measures taken over
the past few years.
Interest income increased by EUR 619 million, or 11%, to EUR 6,010
million in 2003.The increase was due to growth in both lending and
savings and a higher interest margin. Moreover, the low interest rate in
the capital markets caused many private individuals to redeem their
mortgages prematurely, generating additional income.
Total commission for 2003 was EUR 1,852 (1,795) million, a rise of 3%
(see diagram on page 16).
Thanks to the recovery of the stock exchanges, securities brokerage
again increased, rising 11% to EUR 298 (269) million.This increase is
almost entirely attributable to the acquisition of Alex.The rest of
brokerage income was mainly generated by the local banks.The number
of securities orders processed for clients rose by 3% to 1.8 million.
Asset management fees consist for the greater part of management fees
received from the investment funds.The management fees received in
2003 were more or less the same as in 2002, at EUR 385 (386) million.
Results on financial transactions fell by 40% to EUR 170 (285) million in
2003. Results on financial transactions are realised mainly by the whole
sale banking business.
Staff costs rose by 2% in 2003 to EUR 3,770 (3,682) million, mainly due to
salary increases. Rabobank Group's workforce decreased in 2003 by
1,018 FTEs to 50,849 FTEs.The number of jobs decreased especially at
the local Rabobanks, where the number of FTEs fell by 1,921. Elsewhere,
the number of FTEs increased slightly as a result of acquisitions.
claim quickly and correctly.The client must really feel
that his problem is also our problem.We listen to him
and suggest a solution that meets his particular
needs. It is therefore gratifying to be given the
highest score by clients in two independent surveys.
We ourselves perform a survey every quarter among
clients who have suffered damage, and consistently
receive a high rating. These surveys also highlight
areas where we can further improve the settlement
of claims and our service provision. In that respect,
clients have identified possible improvements that
we can make to the post-claims process.'
Jan Soetens, departmental head of Claims Service at Interpolis.
