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Ann: GENERAL: RCS: Rabobank: 2014 a positive turning point

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    • Release Date: 27/02/15 08:31
    • Summary: GENERAL: RCS: Rabobank: 2014 a positive turning point
    • Price Sensitive: No
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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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