Improving performance
Our output and impact
Leasing
Continued strong results and growth in activities
Within Rabobank, DLL is the specialist in the field of leasing. After announcing in July 2016 its intention
to sell its mobility solutions entity, Athlon Car Lease International B.V. (including all subsidiaries), DLL
confirmed the sale to Daimler Financial Services, a division of Daimler AG, on 1 December 2016.
DLL will continue to fulfil an important role in Rabobank's product portfolio, focusing resources,
investments and innovation on the core business of vendor finance and creating greater synergies with
parent company Rabobank.
DLL's net interest income was stable in 2016, and net fee and commission income grew in line with the
growth of activities. Other income was positively influenced by the sale of Athlon. The sale of Athlon
contributed to a decrease in FTEs of 20%. Staff costs increased slightly.
DLL and its clients benefited from worldwide economic growth in 2016. Although loan impairment
charges were higher than in 2015, they remained at a low level. At EUR 101 million or 30 basis points of
the average portfolio, loan impairment charges continued to trend significantly below the long-term
average of 66 basis points.
DLL can look back on a very satisfying financial performance in 2016. The leasing segment booked
a net profit of EUR 740 million, an increase of EUR 242 million compared to 2015. Due to the sale of
Athlon, car lease has been excluded from the lease portfolio, which fell by 2% to EUR 34.9 billion.
The common equity tier 1 ratio of Rabobank improved by around 40 basis points as a result of the sale.
The share of F&A in the lease portfolio amounted to 34%.
Contents Foreword Management report Corporate governance Consolidated Financial Statements Company Financial Statements Pillar 3
DLL
DLL, active in more than 30 countries, is a global provider
of asset-based financial solutions in the Agriculture, Food,
Healthcare, Clean technology, Transportation, Construction,
Industrial and Office technology industries. Next to vendor
finance as its core business, DLL also provides leasing, factoring
and consumer finance in the Netherlands. DLL is committed
to delivering integrated financial solutions that support
the complete asset life cycle. Its mobility solutions entity,
Athlon (active in 11 European countries), was sold to Daimler
Financial Services on 1 December 2016. More information about
this transaction can be found here. As of 31 December 2016,
DLL employed 4,675 FTEs (including external staff).
As implied by their brand promise (See What Counts) DLL
believes in establishing genuine customer partnerships built
on personal trust, not just on numbers. By combining customer
focus with deep industry knowledge, DLL looks beyond quick
fixes to deliver sustainable solutions. DLL seeks to become
an integral part of the overall business strategy and financial
plans of their partners. It is about managing a multi-year
relationship and developing a strategy that will help partners
grow their market share and profitability over the long term
efficiently and sustainably.
42 Rabobank Annual Report 2016
