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

Year ended 31 December20082007(restated) 2007 2006(in millions of euro)Operating expenses........................ 4,044 3,835 3,835 3,877Gross profit .................................... 2,357 2,073 1,960 1,674Value adjustments............................ 199 145 145 139Operating profit before taxation .. 2,158 1,928 1,815 1,535Taxation ........................................... 541 495 466 444Net profit ........................................ 1,617 1,433 1,349 1,091Year ended 31 December 2008 compared to year ended 31 December 2007Total income. Total income was 8 per cent. higher, at € 6,401 million compared to € 5,908 million in 2007,mainly due to growth in interest income.Interest. The rise in lending and funding through the amounts due to customers resulted in an 11 per cent.increase in interest income, to € 5,005 million compared to € 4,504 million in 2007. The spreads on lendingwere higher because of higher risk costs and higher funding costs, whereas the spreads on amounts due tocustomers were depressed by stronger competition in the savings market.Fees and commission. Securities commission income was slightly lower reflecting continued adverse stockmarket conditions. Insurance commission income was likewise lower than in 2007. Commission income fromtreasury services and payment services was higher. Total commission income for 2008 showed a net decreaseof 2 per cent., to € 1,354 million compared to € 1,379 million in 2007.Other income. Other income increased by € 17 million to € 42 million compared to € 25 million in 2007.Operating expenses. Total operating expenses were 5 per cent. higher in 2008, at € 4,044 million compared to€ 3,835 million in 2007.Staff costs. Staff costs were 9 per cent. higher in 2008, at € 2,264 million compared to € 2,072 million in 2007,as a result of higher cost of contractors, salary increases and higher social insurance contributions. Staffinglevel in the domestic retail banking business declined by 1 per cent. to 28,953 (2007: 29,304) full-timeemployees.Other administrative expenses. Other administrative expenses were 1 per cent. higher, at € 1,639 millioncompared to € 1,618 million in 2007.Depreciation. Depreciation decreased by € 4 million to € 141 million compared to € 145 million in 2007,mainly due to lower depreciation on property and equipment.Value adjustments. The item “value adjustments” increased by 37 per cent. in 2008 to € 199 million comparedto € 145 million in 2007. Due to the deteriorating economic conditions, loan losses were higher, particularly inthe corporate loan portfolio. As a result, the bad debt costs were 8 (2007: 6) basis points of average lending,against the 10-year average of 11 basis points.Taxation. Taxation increased in 2008 by € 46 million to € 541 million compared to € 495 million in 2007.259