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Year ended 31 December20082007(restated) 2007 2006(in millions of euro)Fees and commission....................... 304 332 394 372Other income ................................... (1,463) (175) 320 601Total income ................................... 1,997 1,989 2,546 2,622Staff costs ........................................ 909 890 890 867Other administrative expenses......... 715 772 772 668Depreciation .................................... 84 53 53 51Operating expenses........................ 1,708 1,715 1,715 1,586Gross profit .................................... 289 274 831 1,036Value adjustments............................ 786 16 493 234Operating profit before taxation .. (497) 258 338 802Taxation ........................................... (524) (76) (56) 115Net profit ........................................ 27 334 394 687Year ended 31 December 2008 compared to year ended 31 December 2007Total income. Total income was stable in 2008, at € 1,997 million compared to € 1,989 million in 2007. Theitem “other income”, which largely includes income from Global Financial Markets, fell by € 1,288 million tonegative € 1,463 million compared to negative € 175 million in 2007. Structured Finance saw a 37 per cent.rise in income. Commission income was 8 per cent. lower, at € 304 million compared to € 332 million in2007, partly as a result of lower commission income from securities brokerage. The increase in spreads, thegrowth in lending in the international retail banking business, and the increased activities in CorporateBanking all contributed to the 72 per cent. rise in interest income, to € 3,156 million compared to € 1,832million in 2007.Income from Corporate Banking was 15 per cent. higher. Of total income, 43 per cent. (2007: 32 per cent.) isfrom international retail banking. Income from international retail banking increased by 34 per cent. to € 864million compared to € 646 million in 2007, partly as a result of the consolidation of Bank BGZ. As a result ofworsened economic conditions in Ireland, ACCBank’s income was lower.Interest. Interest increased by 72 per cent. to € 3,156 million compared to € 1,832 million in 2007 mainly dueto the growth in lending in the international retail banking business and Corporate Banking activities and theincreased spreads.Fees and commission. Fees and commission income decreased by 8 per cent. to € 304 million compared to€ 332 million in 2007 due to lower commission with respect to securities transactions.Other income. Other income fell by € 1,288 million to negative € 1,463 million compared to negative € 175million in 2007. The main reason for the decrease is the adverse conditions in the financial market. As aconsequence of this, trading income was lower at Global Financial Markets.261