Page 50 - Annual Report 2016 EN

| 50

7. Net interest margin Net interest margin (NIM) trended down over the year to 1.2%,
excluding the impacts of changes to intra-group transfer pricing
that caused the aberration in December 2016. The contraction was
a result of both lower yields and higher cost of funds.

Net Interest Income ratios

3.5 %

3.0 %

2.5 %

2.0 %
Percent Percent 1.5 %

1.0 %

0.5 %

0.0 % July July
December January February March April May June August September October November December January February March April May June August September October November December

2014 2015 2016
NII% NIM Interest yield Interest cost