Chairman's foreword The credit crisis and the recession that followed had a major impact on the financial sector. 2009 was a difficult year for banks and Rabobank did not escape the consequences either. On a positive note, the local Rabobanks did manage to strengthen their position in the Dutch corporate and mort gage markets. They also attracted more savings deposits from retail clients. Rabobank International and De Lage Landen granted more loans to food and agri clients. The poor economic situation caused growth in lending to level off, thereby repressing income growth. 2009 was a challenging year for the Dutch corporate sector. Bad debt costs at Rabobank Group were higher as a result of the economic situation and net profit was down 17% to EUR 2.3 billion. Our liquidity position remained robust and our capital position continued to improve. Our tier 1 ratio increased by 1.1 percentage point to 13.8%. In order to sustain our profitability and capital position in 2010 as well, we will focus on excellent client services, sound margins and ongoing cost cuts. Investing in trust Rabobank Group delivered a solid performance in 2009 and managed to maintain its robust capital position despite the economic headwinds. At Rabobank, clients and members are our primary focus. This means that we invest in earning and maintaining the trust of our clients. We did not shy away from our responsibility and continued to grant loans to Dutch SMEs and our agri clients. Rabobank kept fulfilling its social role, pursuing a prudent risk policy and an appropriate remuneration policy. Rabobank Group attaches particularly great importance to its duty of care; clients can depend on us to offer high-quality, transparent products, provide appropriate expert advice and handle complaints properly. Clients in turn need to carefully consider their financial requirements and the risks they are prepared to accept. Continued growth in lending The poor economic situation led to falling demand for loans, particularly in the second half of 2009, causing growth in lending to level off. In the Netherlands, Rabobank bolstered its leading position in the mortgage market, as well as increasing its share in the corporate market. The local Rabobanks and Obvion experienced growth in lending.The lease portfolio saw an increase as well. Lending was down at Rabobank International. Private sector lending was up 2% on balance at group level, rising to EUR 416 billion in 2009. Clients save more and benefit from recovery The local Rabobanks received more savings deposits from retail clients. Total savings deposits were up 6% to EUR 121 billion. Robeco saw a drop in savings deposits, which was the main reason for the slight decline in Rabobank Group's share of the Dutch market. Amounts due to customers were down 6% to EUR 286 billion, due to a drop in corporate time deposits at Rabobank International. Clients'equity investments benefited from the recovery in the stock markets after the disastrous investment year 2008. Assets under management at Robeco and Sarasin were up thanks to an inflow of assets and positive returns on equity investments. Assets under 6 Report 2009 Rabobank Group

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Annual Reports Rabobank | 2009 | | pagina 7