Financial results of Rabobank Group
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Notes to the financial results of Rabobank Group
Results
in millions of euros
2014
2013
Change
Interest
9,118
9,095
Commission
1,879
2,001
-6%
Other results
1,860
1,934
-4%
Total income
12,857
13,030
-1%
Staff costs
5,086
5,322
-4%
Other administrative expenses
2,532
3,910
-35%
Depreciation
437
528
-17%
Operating expenses
8,055
9,760
-17%
Gross result
4,802
3,270
47%
Bad debt costs
2,633
2,643
Bank tax expense and resolution levy
488
197
Operating profit before taxation
1,681
430
Taxation
-161
88
Net profit from continued operations
1,842
342
Net profit from discontinued operations
1,665
Net profit
1,842
2,007
-8%
Bad debt costs (in basis points)
60
59
2%
Ratios
Efficiency ratio
62.7%
74.9%
Return on equity
5.2%
5.2%
RAROC
7.8%
8.4%
Balance sheet (in billions of euros)
31-Dec-14
31-Dec-13
Total assets
681.1
669.1
2%
Private sector loan portfolio
430.4
434.7
-1%
Amounts due to customers
326.5
326.2
Capital requirements (in billions of euros)
Regulatory capital
16.9
16.9
Economic capital
23.4
23.2
1%
Qualifying capital
45.1
41.7
8%
Capital ratios
Total capital ratio
21.3%
19.8%
Tier 1 ratio
16.0%
16.6%
Common equity tier 1 ratio
13.6%
13.5%
Common equity tier 1 ratio local Rabobank Group
16.2%
Number of employees (in FTEs)
48,254
56,870
-15%
Net profit of EUR 1,842 million
The net profit of Rabobank Group declined 8% in 2014 to EUR 1,842 (2,007) million. The result in
2014 was negatively affected by EUR 321 million as a result of the resolution levy, a non-recurring
levy by the government on the Dutch banking sector in connection with the nationalisation of
SNS Reaal.There were also positive effects on the result in 2013, notably including the sale of
Robeco. Without these non-recurring items, there was a strong improvement in the result.
The net profit from continued operations - in other words, taking the 2013 result without the
book profit and regular result of Robeco - was up by EUR 1,500 million.
51 Rock-solid bank: performance
