Financial results of Rabobank Group
Resuls
Notes to the financial results of Rabobank Group
The figures for 2012 have been adjusted.
See the financial statements, section
2.1.1Changes in accounting policies
and presentation.
in millions of euros
2013
2012
Change
Interest
9,093
9,171
-1%
Commission
2,000
2,228
-10%
Other results
1,927
2,217
-13%
Total income
13,020
13,616
-4%
Staff costs
5,325
5,494
-3%
Other administrative expenses
3,912
2,983
31%
Depreciation
528
526
Operating expenses
9,765
9,003
8%
Gross result
3,255
4,613
-29%
Value adjustments
2,643
2,350
12%
Bank tax expense
197
196
1%
Operating profit before taxation
415
2,067
-80%
Taxation
68
158
-57%
Net profit from continued operations
347
1,909
-82%
Net profit form discontinued operations
1,665
149
Net profit
2,012
2,058
-2%
Bad debt costs (in basis points)
59
52
13%
Ratios
Efficiency ratio
75.0%
66.1%
Return on equity
5.2%
5.4%
RAROC
8.4%
8.8%
Balance sheet (in billions of euros)
31-Dec-13
31-Dec-12
Total assets
674.2
750.7
-10%
Private sector loan portfolio
439.0
458.1
-4%
Amounts due to customers
329.4
334.3
-1%
Capital requirements (in billions of euros)
Regulatory capital
16.9
17.8
-5%
Economic capital
23.2
24.3
-5%
Qualifying capital
41.7
42.3
-1%
Capital ratios
Total capital ratio
19.8%
19.0%
Tier 1 ratio
16.6%
17.2%
Core tier 1 ratio
13.5%
13.1%
Number of employees (in FTEs)
56,870
59,628
-5%
Net profit of EUR 2,012 million
Rabobank Group realised a net profit of EUR 2,012 (2,058) million in 2013. The sale of Robeco
and the transition to the new pension scheme as part of the Collective Labour Agreement
concluded in the Netherlands in May 2013 positively affected the result.The settlements
following the Libor investigations pressured the result. The net effect of these three
15 Financial developments
