Financial results of real estate
Notes to financial results of real estate
Contents Management report Corporate governance Consolidated financial statements Financial statements Pillar 3
Results
in millions of euros
Net interest income
Net fee and commission income
Other results
Total income
Staff expenses
Other administrative expenses
Depreciation
Operating expenses
Gross result
Impairment losses on goodwill
Loan impairment charges
Bank tax and levy
Contribution to resolution fund
Operating profit before taxation
Taxation
Net result
2015
348
29
302
679
196
124
7
327
352
1
90
7
8
246
65
181
2014
313
36
267
616
198
104
9
311
305
6
656
(365)
(102)
(263)
Movement
11%
-19%
13%
10%
-1%
19%
-22%
5%
15%
167%
164%
169%
Loan impairment charges (in basis points)
56
364
Number of houses sold
Cost/income ratio exclusive regulatory levies
Cost/income ratio inclusive regulatory levies
8,386
48.2%
50.4%
7,064
50.5%
51.8%
Balance sheet data (in billions of euros)
Loan portfolio
Assets under management
31-12-2015
15.3
6.3
31-12-2014
16.7
6.4
Capital requirements (in EUR billion)
Regulatory capital
Economic capital
1.1
1.4
1.3
1.5
Number of internal employees (in FTEs)
Number of external employees (in FTEs)
1,358
229
1,519
134
-11%
71%
Income rose by 10%
In 2015, the total income of the real estate segment rose by EUR 63 million to
EUR 679 (616) million. Higher receivables from penalty interest at FGH Bank caused
net interest income to rise with 11% to EUR 348 (313) million. Net fee and commission
income fell by EUR 7 million to EUR 29 (36) million. In 2014, net fee and commission
income was relatively high as a result of some non-recurring income.The increase of
the number of home sales resulted in an increase in other income by EUR 35 million to
EUR 302 (267) million.
Operating expenses rose by 5%
In 2015, total operating expenses in the real estate segment rose by 5% to
EUR 327 (31 1) million. A decline in the number of employees resulted in a fall in staff
expenses of 1% to EUR 196 (198) million. The demerger of Fondsenbeheer Nederland
and SVn in the first half of 2015 led to non-recurring expenses that are incorporated
49 Performance
