Ambitions and outlook for 2006
40 Rabobank Group Annual Report 2005
Core activities: asset management and investment
Total expenses turned out at EUR 468 (466) million. The staff costs were
EUR 2 million higher at EUR 278 million. Higher pension expenses and
regular salary increases were largely offset by the sale of Effectenbank
Stroeve in mid-year, which reduced the number of FTEs by 5% to 1,798.
Discounting this disposal, the number of FTEs showed little change in
2005. Other operating expenses were stable in 2005, at EUR 190 million.
Operating profit before taxation was 34% higher at EUR 250 (186) million.
While the economic outlook is relatively favourable, significant share price
increases similar to those in 2005 are not to be expected for Europe and
Japan. In 2006, the focus abroad will be on the expansion of third-party
distribution. Targets for the Netherlands include retaining the position as
the best private bank and realising another outperformance for the
investment funds. Alex aims at further strengthening its leadership in
the market for private individuals in 2006.
For more information
www.robeco.com
Results (in EUR millions)
2005
2004
change
Interest
61
72
-15%
Fees and commission
600
512
17%
Other income
57
69
-17%
Total income
718
653
10%
Staff costs
278
276
1%
Other operating expenses
190
190
0%
Total expenses
468
466
0%
Gross profit
250
187
34%
Value adjustments - 1
Operating profit before taxation
250
186
34%
Net profit
174
138
26%
Number of orders in the Netherlands
6.1
5.6
9%
(in millions)
31-Dec-05
31-Dec-04
Assets managed and held in custody
(in EUR billions)
224
223
0%
For clients
156
140
11%
Investment portfolio
68
83
-18%
FTEs
1,798 1,886 -5%
