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Operating expenses. Total operating expenses decreased by 1 per cent. in 2008 to € 7,611 million compared to€ 7,663 million in 2007. Staff costs accounted for 56 per cent. of total operating expenses.Staff costs. Partly as a result of a reduction of the bonuses, staff costs were 3 per cent. lower, at € 4,290 millioncompared to € 4,400 million in 2007. From 2008, Bank BGZ employees are included in Rabobank Group’sstaff count. As a result, staff numbers at Rabobank Group increased by 11 per cent. to 60,568 (2007: 54,737)full-time employees. Staff numbers at the local Rabobanks and Robeco declined.Other administrative expenses. Other administrative expenses were 1 per cent. higher, at € 2,796 millioncompared to € 2,779 million in 2007.Depreciation. Depreciation charges were 8 per cent. higher, at € 525 million compared to € 484 million in2007, partly because of higher depreciations of proprietary software and increased amortisation of intangibleassets.Value adjustments. Mainly as a result of the increase in the item “value adjustments” at RabobankInternational, this item rose to € 1,189 million compared to € 266 million in 2007. This corresponds to 31basis points of average lending and is higher than the 10-year average of 21 basis points (based on the period1998 to 2007).Taxation. Income tax recognised in 2008 amounted to € 98 million compared to € 397 million in 2007, whichis equivalent to an effective tax rate of 3.4 per cent. (2007: 12.8 per cent.). The results from equity investmentssuch as those in the Gilde funds and the equity investments in Rabo Private Equity, which are exempt fromtaxation, contributed to the lower effective tax rate.Net profit. Rabobank Group’s net profit grew by 2 per cent. in 2008 to € 2,754 million compared to € 2,696million in 2007. After deduction for minority interests and payments on Rabobank Member Certificates,Capital Securities and Trust Preferred Securities III to VI, the amount remaining was € 2,089 millioncompared to € 1,971 million in 2007.Year ended 31 December 2007 compared to year ended 31 December 2006Total income. Total income grew by 14 per cent. in 2007 to € 11,499 million compared to € 10,049 million in2006, with a particularly strong contribution from commission and other income. Interest accounted for 59 percent. of total income in 2007.Interest. Interest income was 5 per cent. higher, at € 6,771 million compared to € 6,472 million in 2006. Dueto higher interest rates, fewer clients settled their mortgage loans prematurely. Income from penalty interestdeclined. The margin in domestic retail banking declined as a result of the continued competition in themortgages market. The margin in the leasing activities declined likewise. The growth in lending offset theeffects of the lower penalty interest income and the lower interest margin.Fees and commission. Total fees and commission were 24 per cent. higher, at € 2,857 million compared to€ 2,296 million in 2006. The increase in asset management commission was largely due to the fact thatSarasin was consolidated as of the end of 2006. Further, the investment performance of the TranstrendDiversified Trend Programme and the expansion of the interest in Transtrend contributed to the highercommission income.Other income. Other income was 46 per cent. higher, at € 1,871 million compared to € 1,281 million in 2006,with a strong contribution from the parts of Bouwfonds which had been acquired in December 2006. Theacquisition of Athlon in the second half of 2006 and the sale of activities at Sarasin contributed to the increasein other income. Income from the Eureko participation, which is included in other income, was lower.257