Dit prospectus is gemaakt voor de uitgifte van dit product en ... - Iex

Results of operationsThe following table sets forth certain summarised financial information for Rabobank Group for the yearsindicated:Year ended 31 December20082007(restated) 2007 2006(in millions of euro)Interest ............................................. 8,517 6,771 6,771 6,472Fees and commission....................... 2,889 2,857 2,857 2,296Other income ................................... 246 1,394 1,871 1,281Total income ................................... 11,652 11,022 11,499 10,049Staff costs ........................................ 4,290 4,400 4,445 4,117Other administrative expenses......... 2,796 2,779 2,846 2,429Depreciation .................................... 525 484 418 341Operating expenses........................ 7,611 7,663 7,709 6,887Gross profit .................................... 4,041 3,359 3,790 3,162Value adjustments............................ 1,189 266 742 450Operating profit before taxation .. 2,852 3,093 3,048 2,712Taxation ........................................... 98 397 386 367Net profit ........................................ 2,754 2,696 2,662 2,345Year ended December 31, 2008 compared to year ended 31 December 2007Total income. Total income grew by 6 per cent. in 2008 to € 11,652 million compared to € 11,022 million in2007, with a particularly strong contribution from interest income. Interest income accounted for 73 per cent.of total income in 2008.Interest. Interest income was 26 per cent. higher in 2008, at € 8,517 million compared to € 6,771 million in2007. This increase was mainly due to Rabobank International’s interest income being higher as a result ofgrowth in lending and higher spreads.Fees and commission. Fees and commission were 1 per cent. higher, at € 2,889 million compared to € 2,857million in 2007.Other income. Other income was 82 per cent. lower, at € 246 million compared to € 1,394 million in 2007.The continuing adverse conditions in the financial markets depressed Rabobank International’s results. On anet basis, the fair value changes of assets and liabilities had a limited impact on earnings. Rabo Real EstateGroup’s project results were also lower. Income from the Eureko participation was negative. The sale of Alexand the consolidation of Bank BGZ made positive contributions to earnings. In 2007, other income benefitedfrom revenues from the sale of activities at Sarasin.256