Consolidated statement of income
For the year ended 31 December
In millions of euros
2011
2010
Interest income
22,211
19,928
Interest expense
12,982
11,314
Interest
9,229
8,614
Commission income
3,646
3,469
Commission expense
665
638
Commission
2,981
2,831
Income from associates
(17)
292
Net income from financial assets and liabilities at fair value through profit or loss
640
231
Gains on available-for-sale financial assets
(169)
105
Other income
714
643
Income
13,378
12,716
Staff costs
5,141
4,919
Other administrative expenses
3,001
2,706
Depreciation and amortisation
578
571
Operating expenses
8,720
8,196
Value adjustments
1,606
1,234
Operating profit before taxation
3,052
3,286
Income tax expense
425
514
Net profit
2,627
2,772
Of which attributable to Rabobank Nederland and local Rabobanks
1,549
1,846
Of which attributable to holders of Rabobank Member Certificates
315
303
Of which attributable to Capital Securities
612
460
Of which attributable to Trust Preferred Securities III to VI
73
73
Of which attributable to non-controlling interests
78
90
Net profit for the year
2,627
2,772
110
Annual Report 2011 Rabobank Group
