Ambitions and outlook for 2006
43 Rabobank Group Annual Report 2005
Core activities: leasing
De Lage Landen expects the pressure on margins to increase further in
2006. Despite this, its aim is to grow the portfolio by at least 10% and to
improve its result by 10 to 15%. In the Netherlands, De Lage Landen
intends to move into consumer credit. In collaboration with the local
Rabobanks, a new marketing operation will be introduced. In addition,
consumer products under new brand labels will be offered in other
channels (direct and point-of-sale).
Internationally, De Lage Landen intends to launch activities in China,
which will require substantial investment, and it is studying possibilities
to launch activities in Eastern Europe.
For more information
www.delagelanden.com
Results (in EUR millions)
2005
2004
change
Interest
514
458
12%
Fees and commission
47
36
31%
Other income
158
147
7%
Total income
719
641
12%
Staff costs
244
218
12%
Other operating expenses
148
145
2%
Total expenses
392
363
8%
Gross profit
327
278
18%
Value adjustments
92
86
7%
Operating profit before taxation
235
192
22%
Net profit
178
154
16%
Risk-related costs (in basis points)
65
68
-5%
31-Dec-05
31-Dec-04
Lease portfolio (in EUR billions)
15.4
12.9
19%
Europe
7.5
7.0
7%
America
7.6
5.8
31%
Rest of the world
0.3
0.1
68%
FTEs
3,045
2,749
11%
