10
In 2006, total revenues rose (despite the sale of consolidated subsidiaries) by € 496 m or 12 % to € 4,762 m. The improvement is reflected across all income components except dividends, which declined for structural reasons. This was one of the reasons why net interest income grew at a disproportionately low rate (+5 %), while the upward trend in net fee and commission income (+14 %) continued. Long-standing efforts to promote services, brokerage business and capital-market instead of on-balance sheet products are gradually having an effect. Our business is thus becoming less dependent on current economic conditions and the financial market environment. Net trading income (€ 348 m) in 2006 was 32 % higher than in the previous year and again proved to be a stable source of revenue.
In absolute terms, growth in total revenues in 2006 was about five times the increase of € 101 m in costs. Operating expenses rose by just under 4 % to € 2,757 m, leading to a further improvement in the cost/income ratio (operating expenses / total revenues) as in previous years (most recently 57.9 % after 62.3 %).