SNS Bank rapporteert over eerst halfjaar 2015 nettowinst exclusief incidentele posten van € 197 miljoen


The 2015 half-year results of SNS Bank have been published on Thursday 27 August 2015. SNS Bank posts first half 2015 net profit excluding one-off items of € 197 million.

Commercial developments first half of 2015

  • SNS Bank welcomed 131,000 new customers
  • Overall improvement of customer satisfaction levels
  • New mortgage production increased to € 0.9 billion (+34%); market share new retail mortgages slightly higher at 3.8%
  • Market share retail mortgages based on total portfolio slightly lower at 7.1%, due to higher redemptions
  • Retail savings balances increased to € 37.3 billion (+5%); market share retail savings balances stable at 10.7%

Financial performance first half 2015

  • Higher net profit excluding one-off items of € 197 million (first
    half of 2014: € 154 million), supported by higher net interest income
    and lower loan impairment charges
  • Adjusted return on equity of 12.9% (first half of 2014: 11.4%)
  • Sharply higher net profit of € 244 million (first half of 2014: €
    111 million), impacted by substantial one-off gains due to positive fair
    value movements of mortgages and related derivatives
  • Slightly higher adjusted efficiency ratio of 46.6% due to increase in operating expenses
  • Improved credit quality retail mortgage portfolio: marked decline in loans in arrears and lower new inflow of loans in default

Capital ratios 30 June 2015

  • Stand-alone Common Equity Tier 1 ratio of 20.4%, up compared to year-end 2014 (18.3%)
  • Increase in stand-alone leverage ratio to 4.3% (year-end 2014: 3.8%)
  • Common Equity Tier 1 ratio on a prudential consolidated basis lower
    at 14.1% (year-end 2014: 15.6%), due to inclusion of book loss at SNS
    REAAL on sale of VIVAT Verzekeringen

Disentanglement SNS REAAL and transfer SNS Bank to Dutch State

  • Disentanglement process SNS Bank, VIVAT Verzekeringen and SNS REAAL in final phase
  • SNS Bank expected to be transferred from SNS REAAL to the Dutch State
In the first half of 2015, SNS Bank continued to focus on improving customer services and increasing new mortgage production. Against this background, we posted positive commercial results. Overall, customer satisfaction levels, as measured by net promoter scores, improved and new mortgage production was up. Net profit increased sharply and the solvency of SNS Bank remained strong. The upcoming transfer of SNS Bank from holding company SNS REAAL to the Dutch State will mark the end of the disentanglement process, thereby laying the foundation for our stand-alone future.
Maurice Oostendorp, Chairman of the Board of de Volksbank


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