Chairman's foreword
In 2015, Rabobank, as a cooperative bank, took a number of steps that are crucial for a sound future
for the bank and for our members and customers. We simplified our cooperative structure, making
it more effective, and we established the road map to become the most customer-focused bank in
the Netherlands as well as a leading global food and agri bank. A thorough decision-making procedure
had to be completed first, in which all of the parties involved in our cooperative were consulted.
The result was unanimous support for the chosen course. Rabobank is proud of this support. It gives
us the confidence that we will achieve our goals for our members and customers. We are grateful for
the effort and commitment of all of our employees and stakeholders in the past year, and we look
forward to their continuing intensive involvement for the coming year, which will no doubt prove
just as intensive.
Contents Management report Corporate governance Consolidated financial statements Financial statements Pillar 3
The strong financial results of 2015 provide us with an excellent
footing to successfully continue along the chosen path.
The net profit of Rabobank Group for 2015 amounted to
EUR 2,214 million, an increase of 20% compared to 2014.
In the Netherlands, the decrease of loan impairment charges
was a decisive factor for the recovery in earnings at the local
Rabobanks.Thanks to economic growth, our customers fared
better, which reflected positively on Rabobank.The number
of Dutch clients under special asset management decreased
by 11%. The recovery in the housing market and lower
loan impairment charges also led to growth in the results
of FGH Bank and Rabo Real Estate Group. DLL also showed
a strong result with an increased lease portfolio. The Wholesale,
Rural Retail profits fell due to a goodwill impairment for
Rabobank National Association (RNA) in California.
Innovation and customer satisfaction
We were able to further improve our customer service in
2015 by investing heavily in innovation. Customers appreciate
our online services more and more and have an increasingly
positive opinion of our advisors. Customer satisfaction has risen
but has not yet reached the level we are aiming for.
Our digital services became even more personalised in 2015.
Some 6,000 customers use the hugely successful chat function
on a daily basis. In 2015, a total of 1.1 million customers
used the online Rabobank Mortgage File.The Mortgage File
gives us the information we need in advance so that we can
give better customised advice in meetings with customers.
For our investment customers, we have expanded the Rabo
Investment App to give customers even more information about
their portfolio.
For payment we introduced Rabo SmartPin, an innovative app
that makes it possible to pin at the front door. We now also have
the Rabo Wallet, a digital wallet that lets our Dutch customers
use their smartphones to pay in shops. Because most mobile
phones are not yet equipped to pay with the Rabo Wallet, we
also put chips on many of our debit cards in 2015, making
contactless payment possible. 1.8 million customers currently
have one of these debit cards, enabling them to pay for items
up to EUR 25 without needing to enter a PIN number.
New governance model
As from 1 January 2016, Rabobank has a different operating
model.The new model will create a better bank and a better
cooperative. We have restructured our cooperative organisation
so as to enable the local Rabobanks to focus on their customers
with optimum efficiency. We will perform activities that do
not have a direct added value for the customer centrally in
Utrecht. By doing so, we are also anticipating future legislation
and regulations. At the same time our new cooperative
organisational model enhances the influence of members.
The members of all the local Rabobanks are represented in the
General Members Council, the highest decision-making body
within the Rabobank organisation.The 106 local Rabobanks
and Rabobank Nederland have merged into one cooperative
Rabobank, which now operates with one single banking licence
2 Rabobank Annual Report 2015
