Rabobank travel activities acquired by Globe
Reisburogroep
Results
Key figures - retail banking
Increase in operating profit
34 Rabobank Group Annual Report 2003
outside the Netherlands. Its competitive rates, simple products and user-
friendly site distinguish it from other Belgian banks.The Bank's ambition
is to be seen as the 'best buy in the market'. At year-end, funds entrusted
were EUR 299 million, comfortably exceeding the target, but the number
of clients lagged behind expectations, at 13,700.
In 2003, Globe Reisburogroep, a subsidiary of the Oad Group, and
Rabobank Nederland agreed on the acquisition of 75 Rabobank travel
agencies by Globe. The travel activities no longer formed part of
Rabobank's strategy. The Oad Group is an organisation with a great deal
of expertise and experience in the travel sector and has an excellent
reputation.
Operating profit of the retail banking business for 2003 was EUR 1,643
2003
2002
change
million, up 18% on 2002. Income rose by 8% on 2002, while operating
expenses increased by 4%.The rise in income was largely due to growth
Results (in EUR millions)
in both lending and savings.The increase in commission was due in part
Total income
5,090
4,705
8%
to higher results on funds transfers.
Total operating
3,447
3,318
4%
Operating profit
1,643
1,387
18%
www.rabobank.com,www.obvion.nl and www.rabobank.be
Balance sheet (in EUR billions)
Total assets
177.7
163.7
9%
Lending
164.4
150.4
9%
Savings
65.8
60.6
9%
Total risk-weighted assets
115.4
107.3
8%
FTEs in local banks
29,749
31,670
-6%
Market share
Mortgage
26%
26%
Agricultural
85%
83%
Trade, industry and services
39%
39%
Savings 38% 40%
