Financial results of real estate
Contents Introduction Management report Appendices Corporate governance Consolidated Financial Statements Company Financial Statements
Netherlands (mainly the most densely populated conurbation,
has just begun.
Results
in millions of euros
31-12-2017
31-12-2016
Change
BPD continues to conduct high number of transactions
Net interest income
57
143
-60%
In 2017, BPD again achieved a high number in transactions of
Net fee and commission income
59
16
269%
Other results
479
379
26%
new residential units, in line with last year's performance. In
Income
595
538
11%
the Netherlands, the number of residential unit transactions
Staff costs
180
200
-10%
at BPD increased by 5% to 5,657 (2016: 5,363). The French
Other administrative expenses
154
135
14%
housing market is responding to the economic upturn with
Depreciation
7
4
75%
more transactions: the number rose to 3,688 (2016:2,978). In
Operating expenses
341
339
1%
Germany, the number of transactions remained stable at 1,546
Gross result
254
199
28%
(2016:1,546). Including 6 transactions in Belgium, total number
Loan impairment charges
(116)
(75)
55%
Regulatory levies
4
4
0%
of transactions realised by BPD in 2017 increased to 10,897
Operating profit before tax
366
270
36%
(2016: 9,905).
Taxation
73
70
4%
Net profit
293
200
47%
Assets under management decreased strongly
BPD
151
106
42%
In line with the strategy to reduce non-strategic activities,
Rabo Real Estate Group
71
27
163%
Bouwfonds IM has successfully sold and transferred a number
FGH Bank
135
165
-18%
of significant portfolios. To adapt to these developments, the
Other (includes changes in segment reporting*)
(64)
(98)
-35%
Bouwfonds IM organisation was adjusted accordingly.Total
Loan impairment charges (in basis points)
(521)
(141)
assets under management fell to EUR 4.0 (2016: 5.9) billion.
Bouwfonds IM will continue to exploit market opportunities in
Ratios
their remaining portfolio.
Cost/income ratio exclusive regulatory levies
57.3%
63.0%
Cost/income ratio inclusive regulatory levies
58.0%
63.8%
Loan portfolio decreased by 33%
The loan portfolio of the real estate segment, especially that of
Balance sheet (in EUR billion)
Loan portfolio
1.8
2.7
-33%
FGH Bank, decreased by EUR 0.9 to EUR 1.8 (2016: 2.7) billion. In
4.0
5.9
-32%
Assets under management
2017, a large part of the FGH Bank clients were transferred from
Number of houses sold
10,897
9,905
10%
the real estate segment to the domestic retail banking segment
and wholesale (part of the WRR segment).The comparative
Number of internal employees (in FTEs)
1,091
1,065
2%
31 December 2016 figure has been adjusted for these transfers.
Number of external employees (in FTEs)
88
300
-71%
Total number of employees (in FTEs)
1,197
1,365
-14%
Due to changes in segment reporting part of the result of FGH Bank
was transferred to the segments domestic retail banking and WRR.
Residential property transactions
by country
at year-end 2017
Assets under management
Bouwfonds IM
in billions of euros
The Netherlands
France
Germany
52%
34%
14%
31-12
31-12
2015
Loan portfolio segment real estate
in billions of euros
31-12
2016
31-12
2017
31-12
31-12
2015
2014
31-12
2016
31-12
2017
Rabobank Annual Report 2017 - Appendices
139
