Loans portfolio
Operating result improves yet again
Key Figures - Leasing
48 Rabobank Group Annual Report 2003
2004, the activities of the Dutch and European divisions have been
combined.This integration enables De Lage Landen to respond faster
and more effectively to market changes and to generate efficiency gains.
De Lage Landen's loans portfolio grew by 11% in 2003 to EUR 12.3 (11.0)
billion. Growth was depressed by the decline of the dollar against the
euro. Excluding this effect, growth would have been 25%. Of the total
portfolio, EUR 5.3 (4.9) billion related to the America division and EUR 7.0
(6.1) billion to the Europe division, of which EUR 3.3 (2.6) billion related
to the Netherlands.
Operating profit from leasing activities rose by 11% to EUR 264 (238)
million. Income increased by 8% and operating expenses by 6%.The
result is largely attributable to activities in the United States. Due to
currency risk hedging, however, the decline of the dollar had a negligible
effect on profit.
2003 2002 change
Results (in EUR millions)
Total income
569
525
8%
Total operating expenses
305
287
6%
Operating profit 264 238 11%
Loans portfolio (in EUR billions) 12.3 11.0 11%
- The Netherlands
3.3
2.6
27%
- Europe
3.7
3.5
6%
- America
5.3
4.9
7%
FTEs
2,424 2,225 9%
