Financial results of wholesale banking and international retail banking Direct banking: sharp increase in savings deposits Results (in millions of euros) The international retail banking divisions of Bank BGZ and the retail banks in California, among others, issued more loans. Lending increased by 16% to EUR 33.9 (29.3) billion. Retail lending in Australia and New Zealand was up 27% to EUR 13.8 (10.9) billion.This increase was virtually entirely attributable to the appreciation in value of the Australian and New Zealand dollars. The volume of retail loans in the US increased by 24% to EUR 10.3 (8.3) billion. Currency effects accounted for about a quarter of this increase. Retail lending at Bank BGZ was up 12%, rising to EUR 5.0 (4.5) billion. At ACCBank in Ireland, the retail portfolio stood at EUR 4.2 (5.1billion. Savings deposits raised by the direct banking activities in Belgium, Ireland, New Zealand and Australia were used in part to cover loans issued by the international retail banking division. Rabobank International launched its direct banking activities in Belgium in 2002. In the years that followed it opened online banks in Ireland, New Zealand and Australia.Total savings deposits at the foreign online banks increased by 60% in 2010 to EUR 11.6 (7.3) billion. This inflow was realised mainly in Australia and New Zealand, where many customers opened a new account. The appreciation of the Australian and New Zealand dollars was also a factor in the rise. The total number of direct banking customers was up 11% in 2010, rising to 362,000. 2010 2009 Change Interest 2,813 2,955 -5% Commission 460 488 -6% Other results 306 -63 Total income 3,579 3,380 6% Staff costs 1,020 998 2% Other administrative expenses 811 691 17% Depreciation and amortisation 108 94 15% Operating expenses 1,939 1,783 9% Gross result 1,640 1,597 3% Value adjustments 597 940 -36% Operating profit before taxation 1,043 657 59% Taxation 269 91 Net profit 774 566 37% Bad debt costs (in basis points) 64 105 -39% Ratios Efficiency ratio 54.2% 52.8% RAROC 10.1% 8.8% Balance sheet (in billions of euros) 31-Dec-10 31-Dec-09 Total assets 440.1 406.9 8% Private sector loan portfolio 99.1 93.4 6% Capital requirements (in billions of euros) Capital requirement 6.5 7.3 -11% Economic capital 7.4 7.6 -3% Number of employees (in FTEs) 15,197 14,534 5% 39 Wholesale banking and international retail banking

Rabobank Bronnenarchief

Annual Reports Rabobank | 2010 | | pagina 40