Geschäftsbericht 2015, englisch

münchener Hypothekenbank eg | annual report 2015 management report 26 Paid-up capital grew by € 38.0 million to € 705.3 million. Total regulatory equity capital of € 1,372.0 million was slightly below the previous year’s figure of € 1,377.5 million due to the step- by-step reduction of eligible equity capital elements subject to a transitional provision per the terms of the Capital Requirements Regulation (CRR). Our common equity Tier 1 capital was € 979.6 million compared to € 942.1 million in the previous year. On 31 December 2015 the common equity Tier 1 capital ratio was 17.3 percent (previous year 12.5 percent), the Tier 1 capital ratio was 19.5 percent (previous year 14.2 percent) and the total capital ratio was 24.2 percent (pre- vious year 18.3 percent). Development of earnings Net interest income1 improved by € 50.9 million, or 29.8 percent, to € 221.5 million and rose in line with our forecast. This rise was due, in particular, to the successful and growing new business seen in the previous years. This figure also contains income derived from the early termination of interest rate swaps at last year’s level. Commissions paid amounted to € 75.7 million and were 6.1 percent higher than the previous year’s figure as the volume of disburse- ments in the residential property financing business grew again. The item “Other liabilities to customers” is structured as follows: Commission income fell to € 8.9 million. The net commission bal- ance2 amounted to a minus € 66.8 million following a minus € 60.1 million in the previous year. This resulted in net interest income and net commission income3 of € 154.7 million, an increase of € 44.2 million, or 40 percent. “We were able to increase our earnings power. This was reflected by the almost 30 percent increase in net interest income, which rose to € 221.5 million.” General administrative expenses rose by € 7.8 million to € 82.4 mil- lion. Personnel expenses increased by € 3.3 million or 8.4 percent. This increase was primarily due to the higher number of persons employed because of stronger new business performance in recent years as well as the unchanged high level of regulatory require- ments, and also because of moderate pay raises. The other administrative expenses rose by € 4.5 million or 12.6 per- cent. The reason behind this increase was the substantially higher 1) Net sum of Income Statement items 1, 2, 3 and 4 2) Net sum of Income Statement items 5 and 6 3) Net sum of net commission income and net commission balance Remaining term < one year Remaining term > one year Total in € 000 in € 000 in € 000 Other liabilities to customers as of 31.12.2015 1,023,200 2,143,851 3,167,051 Registered bonds 10,020 1,145,622 1,155,642 of which institutional investors 10,020 1,144,613 1,154,633 Promissory note loans on the liabilities side 685,573 998,229 1,683,802 of which institutional investors 486,044 984,920 1,470,964 Other 327,607 0 327,607 of which institutional investors 320,000 0 320,000 Other liabilities to customers as of 31.12.20151,023,2002,143,8513,167,051 Registered bonds 10,0201,145,6221,155,642 of which institutional investors 10,0201,144,6131,154,633 Promissory note loans on the liabilities side 685,573998,2291,683,802 of which institutional investors 486,044984,9201,470,964 Other 327,6070327,607 of which institutional investors 320,0000320,000

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