Financial results of wholesale banking and
international retail banking
Results
Notes to financial results of wholesale banking and
international retail banking
The results of Rabo Development are
not included in the results of wholesale
banking and international retail banking.
in millions of euros
2013
2012
Change
Interest
2,617
2,775
-6%
Commission
637
618
3%
Other results
793
612
30%
Total income
4,047
4,005
1%
Staff costs
1,270
1,320
-4%
Other administrative expenses
1,737
976
78%
Depreciation
127
120
6%
Operating expenses
3,134
2,416
30%
Gross result
913
1,589
-43%
Value adjustments
568
621
-9%
Bank tax expense
75
60
25%
Operating profit before taxation
270
908
-70%
Taxation
218
204
7%
Net profit
52
704
-93%
Bad debt costs (in basis points)
57
59
-3%
Ratios
Efficiency ratio
77.4%
60.3%
RAROC
0.7%
8.4%
Balance sheet (in billions of euros)
31-Dec-13
31-Dec-12
Total assets
487.4
530.4
-8%
Private sector loan portfolio
92.1
107.5
-14%
Amounts due to customers
111.6
117.9
-5%
Capital requirements (in billions of euros)
Regulatory capital
6.2
6.5
-5%
Economic capital
7.0
7.9
-11%
Number of employees (in FTEs)
15,941
15,805
1%
Income up 1%
Total income from wholesale banking and international rural and retail banking was up 1 in
2013, rising to EUR 4,047 (4,005) million. Positive results from Corporate Lending, Capital Markets,
Acquisition Finance and Global Client Solutions and the phasing out of the illiquid asset portfolio
contributed to the 30% increase in other income to EUR 793 (612) million. Due in part to the
decrease in the loan portfolio and interest expenses relating to RaboDirect, interest income fell
6% to EUR 2,617 (2,775) million. Commissions rose 3% in 2013 to EUR 637 (618) million, driven
by higher commission income at Capital Markets.
58 Annual Report 2013 Rabobank Group
