34 Changes in liabilities arising from
financing activities
36 Net fee and commission income
35 Net interest income
37 Net income from other
operating activities
Contents Introduction Management report Appendices Corporate governance Consolidated Financial Statements Company Financial Statements
in millions of euros
Year ended 31 December 2017
Opening balance
Changes from financing cash flows
Effect of changes in foreign
exchange rates
Other non-cash changes
Closing balance
Debt securities Subordinated
in issue liabilities
Total
159,342
(16,723)
(7,750)
(446)
134,423
16,861 176,203
409 (16,314)
(1,119) (8,869)
19 (427)
16,170 150,593
in millions of euros
2017
2016
Interest income
Cash and cash equivalents
275
190
Loans and advances to banks
319
293
Financial assets held for trading
39
45
Financial assets designated at fair value
26
25
Loans and advances to customers
15,343
16,299
Available-for-sale financial assets
752
861
Derivatives held as economic hedges
(615)
(642)
Derivatives used for fair value hedge accounting
(414)
(703)
Interest income on financial liabilities with
a negative interest rate
149
74
Other
82
88
Total interest income
15,956
16,530
Interest expense
Due to banks
382
422
Financial liabilities held for trading
21
10
Due to customers
2,158
2,445
Debt securities in issue
3,053
3,467
Other liabilities
741
727
Financial liabilities designated at fair value
461
362
Interest expense on financial assets with a
negative interest rate
289
249
Other
8
13
Total interest expense
7,113
7,695
Net interest income
8,843
8,835
Capitalised interest attributable to qualifying assets amounted
to 19 (2016: 20). The average interest rate applied in
determining interest charges to be capitalised ranges between
1% and 5% (2016: between 1.0% and 5.5%). The interest income
on impaired financial assets accrued is 168 (2016: 201).
in millions of euros
2017
2016
Fee and commission income
Investment management
21
25
Insurance commissions
270
259
Lending
543
542
Purchase and sale of other financial assets and
handling fees
328
283
Payment services
699
734
Custodial fees and securities services
6
3
Other commission income
234
239
Total fee and commission income
2,101
2,085
Fee and commission expense
Purchase and sale of other financial assets
6
16
Payment services
63
23
Custodial fees and securities services
10
10
Handling fees
35
50
Other commission expense
72
160
Total fee and commission expense
186
259
Net fee and commission income
1,915
1,826
in millions of euros
2017
2076
Income from real estate activities
1,645
1,653
Expenses from real estate activities
1,279
1,319
Net income real estate activities
366
334
Income from operational lease activities
684
1,371
Expenses from operational lease activities
534
980
Net income from operational lease activities
150
391
Income from investment property
18
10
Expenses from investment property
12
(6)
Net income from investment property
6
16
Net income from other operating activities
522
741
All expenses from investment properties relate to properties
that are leased.
1 Prior-year figures adjusted due to changes in presentation
(see note 2.1).
Rabobank Annual Report 2017 - Consolidated financial statements
231
