Notes to the statement of income
21 Net interest income
23 Income from equity interests
24 Staff costs
22 Net fee and commission income
25 Regulatory levies
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Contents
Foreword
Management report
Corporate governance
Consolidated Financial Statements
Company Financial Statements
Pillar 3
in millions of euros
2016
2015
Interest income
Cash and balances at central banks
183
94
Loans and advances to banks
573
2,292
Financial assets held for trading
45
71
Financial assets designated at fair value
25
52
Loans and advances to customers
11,340
2,221
Available-for-sale financial assets
1,040
1,230
Derivatives held as economic hedges
1,607
2,835
Interest income on financial liabilities with a
negative interest rate
77
16
Other
41
1
Total interest income
14,931
8,812
Interest expense
Due to banks
421
494
Other trade liabilities
10
17
Due to customers
4,409
3,095
Debt securities in issue
3,250
3,532
Other liabilities
720
597
Financial liabilities designated at fair value
362
466
Interest expense on financial assets with a
negative interest rate
258
71
Other
4
8
Total interest expense
9,434
8,280
Net interest income
5,497
532
in millions of euros
2016
2015
Dividend income from shares
23
14
Results from interests in group companies
2,025
646
Results from other equity investments
(94)
118
Results from disposed interests
63
18
Total income from equity interests
2,017
796
in millions of euros
2016
2015
Wages and salaries
2,283
1,131
Social security contributions and insurance costs
243
99
Pension costs
429
182
Other staff costs
352
146
Total staff costs
3,307
1,558
The average number of internal and external employees
was 26,838 (2015: 15,758), of which 3,110 outside
the Netherlands (2015: 3,155). Expressed in FTEs, the number of
internal and external employees was 25,121 (2015: 15,224).
The regulatory levies consist of bank tax, contributions to the
single resolution fund and the deposit guarantee scheme.
Banks operating in the Netherlands on 1 October of the
current year are required to pay bank tax. There are two rates
of bank tax: A rate of 0.044% for current liabilities and a rate
of 0.022% for long-term liabilities, based on the balance on
December 2015. In 2016, Rabobank Group was charged a total
of 138 (2015: 68). In 2016, the bank levy in Ireland amounted to
4 (2015: 4).
On 1 January 2016 the European Single Resolution Fund (SRF)
was set up. This fund will for a large part replace the National
Resolution Funds, including the Dutch National Resolution
Fund (NRF) that was set up on the 27 November 2015.
Both funds have been established to improve the effectiveness
of resolution instruments. Banks and investment firms that are
in the scope of the SRM-regulation are obliged to contribute
to the SRF. The NRF is build up exclusively by lump-sum
contributions. In 2016, the contribution to the Single Resolution
in millions of euros
2016
2015
Fee and commission income
Insurance commisions
257
Lending
559
231
Purchase and sale of other financial assets and
handling fees
320
108
Payment services
704
107
Other commission income - group companies
42
19
Other commission income
45
51
Total fee and commission income
1,927
516
Fee and commission expense
Purchase and sale of other financial assets
1
2
Payment services
20
30
Custodial fees and securities services
10
11
Handling fees
33
15
Other commission expense - group companies
23
114
Other commission expense
125
46
Total fee and commission expense
212
218
Net fee and commission income
1,715
298
285
Notes to the statement of income
