Financial results of Rabobank Group Results (in millions of euros) Income up 2% 2010 2009 Change Interest 8,614 8,075 7% Commission 2,831 2,575 10% Other results 1,271 1,784 -29% Total income 12,716 12,434 2% Staff costs 4,919 4,603 7% Other administrative expenses 2,706 2,908 -7% Depreciation and amortisation 571 527 8% Operating expenses 8,196 8,038 2% Gross result 4,520 4,396 3% Value adjustments 1,234 1,959 -37% Operating profit before taxation 3,286 2,437 35% Taxation 514 229 Net profit 2,772 2,208 26% Bad debt costs (in basis points) 29 48 -40% Ratios Efficiency ratio 64.5% 64.6% Return on equity 8.6% 7.3% RAROC 12.5% 10.3% Balance sheet (in billions of euros) 31-Dec-10 31-Dec-09 Total assets 652.5 607.5 7% Private sector loan portfolio 436.3 415.2 5% Amounts due to customers 298.8 286.3 4% Capital requirements (in billions of euros) Capital requirement 17.6 18.7 -6% Economic capital 22.3 22.0 1% Capital ratios BIS ratio 16.3% 14.1% Tier 1 ratio 15.7% 13.8% Equity capital ratio 14.2% 12.4% Number of employees (in FTEs) 58,714 59,311 -1% In 2010,61% (59%) of Rabobank Group's total income was generated in the Netherlands. Total income was up 2% in 2010, rising to EUR 12,716 (12,434) million, thanks in particular to recovered margins on savings deposits and an increase in lending. Interest income was up 7% to EUR 8,614 (8,075) million. Commission saw a 10% increase to EUR 2,831 (2,575) million. Asset management fees rose because more assets were managed for clients. Other income fell sharply to EUR 1,271 (1,784) million. Other results had been relatively high in 2009 due mainly to the amortisation of actuarial gains and the repurchase of debt securities. Operating expenses up 2% Rabobank Group's operating expenses rose by 2% in 2010 to EUR 8,196 (8,038) million. Staff costs increased by 7% to EUR 4,919 (4,603) million. Staff costs were up particularly at Rabobank International and - to a lesser extent - at De Lage Landen because of the devaluation of the euro. Higher pension costs also contributed to the rise in staff costs. Other administrative 22 Annual Report 2010 Rabobank Group

Rabobank Bronnenarchief

Annual Reports Rabobank | 2010 | | pagina 23