Financial results of wholesale banking and international retail banking Results - In Ivory Coast the support for cooperatives is mainly linked to customers in the cocoa sector of Rabobank International. Cooperatives in the cocoa sector supplying their cocoa to a major client of Rabobank International, ECOM Agroindustrial, are supported through training and advice. In September 2012, a similar project started for a partnership between three other major international customers in the cocoa processing industry, Delfi, Blommer and Cemoi. In this case Rabo Development supports cooperatives in fermenting cocoa beans, for better quality and a better price in the sale results. Both projects with ECOM and PACTS are sponsored by Rabobank Foundation. New investment WAAD and capital injection for Banco Terra In the first half year of 2012, Rabo Development announced a new investment in West Africa -The West African Agricultural Development Corporation (WAAD), in association with International Finance Corporation (IFC). This entity will extend financial services to small and medium-size companies in West and Central Africa, which participate in the agricultural value chain, ranging from production, processing and logistics to services and technology. Next to that, Rabo Development injected additional capital into the Mozambican bank Banco Terra, the only greenfield operation of Rabo Development. In 2012, banking specialists stationed abroad worked the equivalent of approximately 150 man-months. At year-end 2012, Rabo Development had 20 managers and long-term consultants working abroad. in millions of euros 2012 2011 Change Interest 2,775 2,957 -6% Fees and commission 618 586 5% Other results 612 207 Total income 4,005 3,750 7% Staff costs 1,320 1,116 18% Other administrative expenses 976 847 15% Depreciation 120 109 10% Operating expenses 2,416 2,072 17% Gross result 1,589 1,678 -5% Value adjustments 621 686 -9% Bank tax expense 60 Operating profit before taxation 908 992 -8% Taxation 204 211 -3% Net profit 704 781 -10% Bad debt costs (in basis points) 59 73 -19% Ratios Efficiency ratio 60.3% 55.3% RAROC 8.4% 10.3% Balance sheet (in billions of euros) 31-Dec-12 31-Dec-11 Total assets 530.4 514.6 3% Private sector loan portfolio 107.5 106.6 1% Capital requirements (in billions of euros) Regulatory capital 6.5 7.1 -8% Economic capital 7.9 8.8 -10% Number of employees (in FTEs) 15,805 15,747 49 Leading food and agri bank at international level

Rabobank Bronnenarchief

Annual Reports Rabobank | 2012 | | pagina 50