Interest income

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Amounts in thousands of EUR

2022

2021

Loans and advances to customers

191,296

169,624

Loans and advances to banks

9,628

50

Debt securities at amortised cost

7,850

8,241

Negative interest expense on TLTRO III

10,055

13,703

Negative interest expense deposits from customers

5,683

6,441

Other interest income

634

2,707

Total interest income

225,146

200,766

The interest income includes income derived from loans and related transactions, as well as related commissions, which by their nature are similar to interest payments. The interest-bearing securities item does not include sales result (2021: nil).

The interest income includes income derived from loans provided to consolidated participating interest in the amount of EUR 109.0 thousand (2021: EUR 129 thousand).

Interest expense

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Amounts in thousands of EUR

2022

2021

Deposits from customers

-2,601

-2,719

Deposits from banks

-1,026

-656

Subordinated liabilities

-6,030

-928

Negative interest income loans and advances to banks

-8,175

-13,598

Negative interest income debt securities

-1,463

-1,009

Other interest expense

-5,719

-2,680

Total interest expense

-25,014

-21,590

Income from participating interests

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Amounts in thousands of EUR

2022

2021

Dividend from investment securities

616

310

Result on group companies after taxation

19,182

15,382

Total investment income

19,798

15,692

Fee and commission income

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Amounts in thousands of EUR

2022

2021

Guarantee commission

633

849

Transaction fee securities

1,249

1,319

Payment transactions1

31,174

29,395

Lending

13,492

11,308

Asset Management1

15,227

15,577

Management fees

8,161

5,017

Other commission income

2,938

4,349

Total fee and commission income

72,874

67,814

1

Service fees on investment accounts are reclassified from payment transactions to asset management. The comparative figures in the amount of EUR 6.5 million are adjusted accordingly.

Fee and commission expense

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Amounts in thousands of EUR

2022

2021

Commission to agents

39

295

Asset Management

1,934

916

Other commission expense

5,833

4,360

Total fee and commission expense

7,806

5,571

Net result from other financial instruments at FVTPL

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Amounts in thousands of EUR

2022

2021

Hedge accounting ineffectiveness

1,245

34

Fair value movement of derivatives not yet in a hedge relationship

-1,461

1,017

Fair value movement of participating debt at fair value through profit or loss

116

986

Net result from other financial instruments at FVTPL

-100

2,037

Other income

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Amounts in thousands of EUR

2022

2021

Exchange results for foreign currency transactions

-3

2

Transaction results on currency forward contracts

17

23

Realised results assets not in use1

219

1,225

Income assets not in use1

70

183

Modification result

268

94

Other income

379

464

Total other income

950

1,991

1

Assets not in use relates to acquired collateral on written off loans.

For further information on the hedge accounting ineffectiveness, refer to Non-trading derivatives and hedge accounting .

The other income relates to fees for other services performed and results from asset disposals.

Personnel and other administrative expenses

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Amounts in thousands of EUR

2022

2021

Personnel expenses

 

 

  • salary expenses

78,286

71,026

  • pension expenses1

10,022

9,446

  • social security expenses

14,842

13,185

  • temporary co-workers

23,311

21,532

  • other staff costs

8,236

5,974

  • capitalised co-worker costs

-11,261

-9,670

Total personnel expenses

123,436

111,493

 

 

 

Other administrative expenses

 

 

  • IT costs

16,807

17,392

  • external administration costs

11,804

10,635

  • advertising charges

6,173

6,325

  • office costs

3,600

3,521

  • accommodation expenses

4,276

4,473

  • fees for independent auditor1

18,482

13,278

  • travel and lodging expenses

994

710

  • other expenses2

10,847

6,966

Total other administrative expenses

72,983

63,300

 

 

 

Total personnel and other administrative expenses

196,419

174,793

 

 

 

Average number FTE's during the year3

1,181.4

1,097.7

1

The details of the pension scheme and of the auditor fees are included in note 27 Personnel and other administrative expenses of the financial statements.

2

The other expenses has increased due to the creation of a reorganisation provision in the amount of EUR 4.3 million.

3

Of which 501.7 FTE (2021: 491.2 FTE) works outside of the Netherlands.

Depreciation, amortisation and value adjustments of property and equipment, and intangible assets

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Amounts in thousands of EUR

2022

2021

Amortisation of intangible fixed assets

13,452

11,218

Impairment of intangible fixed assets

-

333

Amortisation & impairment charge for the year

13,452

11,551

 

 

 

Depreciation of property and equipment

10,469

11,139

Impairment of tangible fixed assets

92

2,319

Amortisation & impairment charge for the year

10,561

13,458

Depreciation has been reduced by the part that is charged on to related parties.

Impairment result on financial instruments

This item consists of expenses associated with write-downs on loans and other receivables.

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Amounts in thousands of EUR

2022

2021

Allowance for expected credit loss

2,414

-2,969

Other impairments on financial instruments

102

78

Total impairment result on financial instruments for the year

2,516

-2,891

Taxation on operating result

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Amounts in thousands of EUR

2022

2021

Taxation to be paid

11,621

12,827

Deferred taxation

1,339

642

Total taxation on operating result

12,960

13,469

Reconciliation of effective tax rate

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Amounts in thousands of EUR

2022

2021

Result before taxation

62,900

64,228

Result on group companies after taxation

19,182

15,382

Statutory result before taxation

43,718

48,846

Statutory tax rate

25.8%

25.0%

 

 

 

Statutory tax amount

11,279

12,211

 

 

 

Income Non Taxable

2

-222

Tax Deduction Not Expensed

-

-

Expenses Non Deductible

1,927

1,266

Impact tax rate differences - statutory rate foreign jurisdictions

389

268

Restatement of deferred taxation items as the result of amended tax rates

-

194

Incentives for gifts, community investment and innovation

-329

-326

Other reconciling items

-308

78

Effective tax amount

12,960

13,469

 

 

 

Effective tax rate

20.6%

21.0%

Subsequent events

There are no subsequent events that are of material nature for the annual accounts.

Driebergen-Rijsenburg, 15 March 2023

Supervisory Board,

Executive board,

 

 

Mike Nawas, Chair

Jeroen Rijpkema, CEO, Chair

Danielle Melis, Vice-Chair

Kees van Kalveen, CFO

Sébastien D’Hondt

Marjolein Landheer, CRO a.i.1

Kristina Flügel

Jacco Minnaar, CCO

Susanne Hannestad

Nico Kronemeijer, COO

1

Marjolein Landheer temporarily replaces the current CRO, Carla van der Weerdt, who is recovering from the health impact of long COVID-19.