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Net profit. Net profit increased by 13 per cent. to € 1,617 million compared to € 1,433 million in 2007.Year ended 31 December 2007 compared to year ended 31 December 2006Total income. Total income was 4 per cent. higher, at € 5,795 million compared to € 5,551 million in 2006,mainly due to growth in interest income.Interest. Despite competition in the mortgages market and lower income from penalty interest, interest incomein 2007 was 4 per cent. higher, at € 4,391 million compared to € 4,226 million in 2006. The increases in bothlending and savings offset the effects of lower mortgage margins and lower penalty interest income.Fees and commission. Commission income from payment transactions and other financial services were majorfactors in the 10 per cent. rise in fees and commission income to € 1,379 million, compared to € 1,259 millionin 2006. Commission income from insurance activities was 1 per cent. lower, at € 376 million compared to€ 379 million in 2006.Other income. Other income decreased by € 41 million to € 25 million compared to € 66 million in 2006. Thedecrease was mainly due to lower income from associates.Operating expenses. Total operating expenses were 1 per cent. lower in 2007, at € 3,835 million compared to€ 3,877 million in 2006.Staff costs. The staffing level declined by 71 full-time employees to 29,304 full-time employees. Accordingly,staff costs were 2 per cent. lower, at € 2,072 million compared to € 2,118 million in 2006.Other administrative expenses. Other administrative expenses were 1 per cent. higher, at € 1,618 millioncompared to € 1,607 million in 2006, partly as a result of higher training costs and higher marketing expenses.Depreciation. Depreciation decreased by € 7 million to € 145 million compared to € 152 million in 2006,mainly due to lower depreciation on property and equipment.Value adjustments. The increase in the item value adjustments was broadly in line with the growth in lending.Value adjustments rose by 4 per cent. to € 145 million in 2007 compared to € 139 million in 2006. Thiscorresponds to 6 basis points of average lending and is lower than the five-year average of 12 basis points.Taxation. Taxation increased in 2007 by € 22 million to € 466 million compared to € 444 million in 2006. Thelower effective tax rate is the result of the reduction in the Dutch corporate tax rate from 29.6 per cent. to 25.5per cent.Net profit. Net profit increased by 24 per cent. to € 1,349 million compared to € 1,091 million in 2006.Wholesale and international retail bankingThe following table sets forth certain summarised financial information for Rabobank Group’s wholesale andinternational retail banking business for the years indicated:Year ended 31 December20082007(restated) 2007 2006(in millions of euro)Interest ............................................. 3,156 1,832 1,832 1,649260