particularly for China and India. The activities of
Trade Commodity Finance in the food agri
sector will be intensified and will be expanded
to include metals and energy in order to
leverage the specific knowledge gained.
Despite increased competition, Global
Financial Markets expects to achieve further
growth in 2007.
As for the international retail banking business,
2007 will be characterised by further integration
of the activities. Mid-State Bank Trust will be
consolidated with existing activities. Offering
new products and attracting new clients will
result in further growth of the retail banking
network. Moreover, further expansion in both
the number of clients and the product range,
due in part to one or more new country
entries, should result in continued growth of
the Direct Banking activities this coming year.
It is expected that significant efforts will also
be required in 2007 to comply with new regu
lations.
www.raboparticipaties.nl
www.rabospecialproducts.com
For more information
www.rabobank.com
Results (in EUR millions)
2006
2005
change
Interest
1,649
1,477
12%
Fees and commission
372
354
5%
Other income
601
395
52%
Total income
2,622
2,226
18%
Staff costs
867
760
14%
Other administrative expenses
668
477
40%
Depreciation
51
40
27%
Operating expenses
1,586
1,277
24%
Gross profit
1,036
949
9%
Value adjustments
234
259
-10%
Operating profit before taxation
802
690
16%
Taxation
115
117
-2%
Net profit
687
573
20%
Risk-related costs (in basis points)
40
56
-29%
Efficiency ratio
60.5%
57.4%
Balance sheet (in EUR billions)
31-Dec-06
31-Dec-05
Total assets
404.0
368.4
10%
Private sector lending
74.7
54.2
38%
Risk-weighted assets
64.3
53.1
21%
FTEs
6,684
5,960
12%
Wholesale banking and international retail banking 45
