- Release Date: 27/02/15 08:31
- Summary: GENERAL: RCS: Rabobank: 2014 a positive turning point
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RCS 27/02/2015 08:31 GENERAL PRICE SENSITIVE REL: 0831 HRS Rabo Capital Securities Limited GENERAL: RCS: Rabobank: 2014 a positive turning point - Rabobank Group realised net profit of EUR 1,842 million in 2014 (2013: EUR 2,007 million). The underlying result rose strongly in 2014 compared to 2013, when there was a net positive effect on the result from non-recurring items. - Significant cost reduction contributed to an improvement in the efficiency ratio to 62.7%. - Solvency, expressed as the common equity tier 1 ratio, improved by 0.1 of a percentage point and came to 13.6%, despite more onerous capital requirements. The capital ratio rose 1.5 percentage points to 21.3%. - The liquidity position remained strong, with a total liquidity buffer of EUR 80 billion (2013: EUR 84 billion). - Amounts due to customers were unchanged at EUR 326.5 billion. Customer savings deposits declined by 6% to EUR 142.6 billion. - Rabobank customers made extra repayments on their mortgages amounting to EUR 4 billion, a record amount. Loans to private customers accordingly fell slightly by EUR 4.3 billion to EUR 430.4 billion. - Bad debt costs were stable but still high at EUR 2.6 billion, and include the non-recurring effect of the AQR. - 2014 was a positive turning point for the bank in many ways: - Confidence started to return. - Serious efforts to streamline customer service (Vision 2016 programme on schedule). - Improvement programmes in compliance, risk management, audit and culture on schedule. - Review of governance initiated, to be completed in 2015. - We foresee a mixed picture for 2015. A positive economic outlook on the one hand, and on the other the realisation that it will still be a difficult year for some of our customers. End CA:00261225 For:RCS Type:GENERAL Time:2015-02-27 08:31:33
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