UTRECHT, The Netherlands, March 9, 2005 (PRIMEZONE) -- Rabobank Group:
* Net profit 2004 up 12%
* Income up 11%
* Expenses up 8%
* Savings up 9%
* Private sector lending up 7%
* Tier I ratio 11.4
Rabobank Group is highly satisfied with the financial results achieved in the past year. "Despite the uncertain economic recovery, we achieved a successful result," said Bert Heemskerk during this morning's presentation of the 2004 annual results. The net profit of Rabobank Group rose by 12% to EUR 1,536 million, which is in line with the long-term target. The Group performed well in all sectors.
According to Heemskerk, "This handsome result was mainly achieved by a strong growth of total income. Although the interest income was under pressure, total income increased by 11%. Virtually all Group entities reported growth in income."
Heemskerk is positive about 2005. "Barring unforeseen circumstances, I expect we will be able to sustain the upward trend in the long-term development of our results." Rabobank is optimistic about the economic recovery. "I expect the economy to grow further, albeit slightly, with export growth levelling off and a further recovery of domestic spending. Rabobank Group can benefit from this," said Heemskerk.
In 2005, Rabobank will report under International Financial Reporting Standards for the first time.
*** Please open the following link to view the key figures:*** http://hugin.info/133178/R/983903/146514.pdf
*** Please open the following link to view the balance sheet:*** http://hugin.info/133178/R/983898/146512.pdf
*** Click the link below to view the complete press release including tables:*** http://hugin.info/133178/R/983932/146527.pdf