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