Performance Wholesale banking and international retail banking Results decreased by impairment of goodwill The net result of the wholesale banking and international rural and retail banking division came out at a loss of EUR 333 million in 2015.This is a decrease of EUR 1,091 million compared to 2014.The main cause for the decrease was the impairment of goodwill regarding Rabobank National Association (RNA) in the United States of EUR 604 million. In addition, loan impairment charges rose by EUR 106 million to EUR 526 million or 53 basis points of the average loan portfolio. The contribution to the national resolution fund reduced the operating profit before taxation by a further EUR 66 million. Just as with the local Rabobanks, the number of employees in the wholesale banking and international rural and retail division decreased in 2015.This will contribute to the necessary improvement of returns in the coming years.The loan portfolio increased by EUR 3.6 billion to EUR 98.8 billion, mainly due to currency effects. The food and agri share of the total loan portfolio came out at 61%. This is an increase of 3 percentage points compared to the end of 2014. Amounts due to customers rose by 7% to EUR 124.4 billion. The total savings balance of the Internet savings bank in Belgium, Germany, Ireland, Australia and New Zealand was almost stable at EUR 30.5 billion. Rabobank reduced its interest in the Agricultural Bank of China by 93% in 2015. The amount of illiquid assets was further decreased in the reporting year. Contents Management report Corporate governance Consolidated financial statements Financial statements Pillar 3 Strategy The Dutch wholesale banking and international rural and retail banking business forms the international axle in our Banking for Food strategy, which concerns our contributions to feeding the world more sustainably and to the individual economic objectives of ourfood and agricultural clients. In addition, we show leadership with events such as the Food 20 Summit and with Rabobank Foundation and Rabo Development. The wholesale banking division in the Netherlands is a significant contributor to our Banking for the Netherlands strategy. In this way, we make a sustainable investment in welfare and prosperity in the Netherlands. You can find more about this in the section Strategy. Banking for Food Our vision is that we see a role for Rabobank in the area of global food security.The world population is growing fast and worldwide food production cannot lag behind in this. At the same time, only limited land and natural resources are available. As an international leading bank in food and agriculture, Rabobank would like to contribute to the challenge to produce more and more sustainably with fewer raw materials. Together with clients, partners and colleagues worldwide, we will start with the four dimensions of food security: improving the availability of food; improving access to food; stimulating balanced, healthy nutrition, and enhancing the stability of food production. Now and in the future, Rabobank wants to support entrepreneurs in the food and agri chain by granting access to finance, knowledge and networks. With its presence in North America, South America, Europe, Asia, Africa, Australia and New Zealand, Wholesale, Rural Retail is positioned perfectly to play a unique role worldwide in the area of food and agri. The Annual Review further elaborates on Banking for Food, the vision of Rabobank on food security and the bank's role in this respect. Customer focus With the help of its knowledge and network, Wholesale, Rural Retail maps key moments at which it can excel in customer focus. At such moments we must proactively start the conversation with clients and exceed their expectations. Together with our clients, we create solutions that go beyond financing, for instance regarding business succession and sustainability. Where possible our client service is close to clients in the region and is centralised where necessary. In this 35 Performance

Rabobank Bronnenarchief

Annual Reports Rabobank | 2015 | | pagina 36