Contents Management report Corporate governance Consolidated financial statements Financial statements Pillar 3 the goodwill impairment, the total income from the wholesale, rural retail businesses in 2016 will be almost in line with 2015. We expect margin pressure to continue. Only at rural banking do we expect to see income growth. Measures to save costs are expected to be fully compensated by additional regulatory expenses. We expect that on balance the costs will be more or less in line with those of 2015.The loan portfolio will be further aligned with the food and agri strategy, and portfolio growth is expected for rural banking. In 2016, Rabobank foresees lower loan impairment charges for the wholesale, rural retail businesses. In the Netherlands, we expect that the loan impairment charges will move towards the long-term average, after a number of years at relatively high levels. In 2015, the result was under pressure from the impairment on the goodwill of RNA. We expect that the net profit of the wholesale banking and international rural and retail banking business in 2016 will be higher than in 2015. 40 Rabobank Annual Report 2015

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Annual Reports Rabobank | 2015 | | pagina 41