Consolidated profit and loss account
For the year ended 31 December
In millions of euros 2008 2007
Interest income 27,245 29,356
Interest expense 18,728 22,585
Interest 8,517 6,771
Fee and commission income 3,400 3,394
Fee and commission expense 511 537
Fees and commission 2,889 2,857
Income from associates (26) 753
Net income from financial assets and liabilities at fair value through profit and loss (1,155) (515)
Gains on available-for-sale financial assets (51) 64
Other 1,478 1,092
Income 11,652 11,022
Staff costs 4,290 4,400
Other administrative expenses 2,796 2,779
Depreciation and amortisation 525 484
Operating expenses 7,611 7,663
Value adjustments 1,189 266
Operating profit before taxation 2,852 3,093
Taxation 98 397
Net profit 2,754 2,696
Of which attributable to Rabobank Nederland and local Rabobanks 2,089 1,971
Of which attributable to holders of Rabobank Member Certificates 316 299
Of which attributable to Capital Securities 94 17
Of which attributable to Trust Preferred Securities III to VI 100 106
Of which attributable to minority interests 155 303
Net profit for the year 2,754 2,696
90
Rabobank Group Annual Report 2008
