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	2016 EUR in millions	2015 EUR in millions	2014 EUR in millions
Net interest income (before promotional activity)	2,802	2,904	2,768
Net commission income (before promotional activity)	280	286	313
Administrative expense (before promotional activity)	1,185	1,125	1,059
Operating result before valuation (before promotional activity)	1,898	2,066	2,023
Risk provisions for lending business	-150	-48	-143
Net gains/losses from hedge accounting and other financial instruments at fair value through profit or loss	349	478	69
Net gains/losses from securities and investments and from investments accounted for using the equity method	11	43	4
Operating result after valuation (before promotional activity)	2,108	2,539	1,953
Net other operating income	102	107	20
Profit/loss from operating activities (before promotional activity)	2,210	2,647	1,973
Promotional activity	230	345	364
Taxes on income	-21	130	95
Consolidated profit	2,002	2,171	1,514
Consolidated profit before IFRS effects	1,769	1,900	1,467
Cost/income ratio before promotional activity1)	38.4%	35.2%	34.4%

¹⁾ Administrative expense (before promotional activitiy) in relation to adjusted income. Adjusted income is calculated from Net interest income and Net commission income (in each case before promotional activity).

	31 Dec. 2016 EUR in billions	31 Dec. 2015 EUR in billions	31 Dec. 2014 EUR in billions
Risk position	116.1	131.8	144.1
Tier 1 capital	25.9	24.1	20.3
Regulatory capital	25.9	24.2	21.7
Tier 1 capital ratio 1)	22.3%	18.3%	14.1%
Total capital ratio 1)	22.3%	18.4%	15.1%

¹⁾ The table shows the analogous IRBA ratios which KfW calculates voluntarily for internal purposes on the basis of the relevant legal provisions and taking the annual results into consideration. Since January 2016 KfW has been subject to the regulatory reporting requirements for capital ratios. In 2016 capital ratios as per the credit risk standardised approach (CRSA) were reported to banking regulatory authorities. KfW no longer has any tier 2 capital in its equity, so that the tier 1 capital ratio and the total capital ratio as of 31 December 2016 are the same.

	2016	2015	2014
Employees 1)	5,944	5,807	5,518

¹⁾ The average number of employees including temporary staff but without members of the Executive Board and trainees