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Interim Results 2020
De Volksbank shows robust progress on its shared value ambition during the Covid-19 pandemic; growing appreciation for our mission of ‘banking with a human touch’.

Developments in shared value scores:
- Customers: customer-weighted Net Promoter Score to record high at +5 (year-end 2019: 0)
- Society: 48% climate-neutral balance sheet (year-end 2019: 44%); Financial Confidence Barometer slightly higher at 51% (year-end 2019: 48%)
- Employees: ‘Genuine attention’ KPI of 7.9 (year-end 2019: 7.7)
- Shareholder: return on equity of 6.2% (2019: 7.7%), on the basis of a strong capital position
Growth in current account customers, mortgage portfolio and savings deposits
- Net growth in the number of current account customers by 38,000 to 1.6 million; market share of new current accounts of approximately 20%
- Increase in new mortgage production to € 3.0 billion (first half of 2019: € 2.8 billion); market share of new mortgage loans lower at 5.6% (2019: 6.1%)
- Increase in retail savings by € 2.1 billion to € 40.5 billion; market share retail savings stable at 10.4%
Drop in net profit to € 106 million, driven by higher impairment charges related to the Covid-19 crisis
- Net profit of € 106 million, 31% lower compared with the first half of 2019 (€ 154 million)
- Slight increase in total income to € 480 million (first half of 2019: € 471 million), due to higher commissions and treasury results; decline in interest margin to 1.35% (first half of 2019: 1.40%)
- Increase in operating expenses excluding regulatory levies to € 268 million (first half of 2019: € 255 million), attributable to higher consultancy costs and a € 7 million positive revaluation in the first half of 2019
- Impairment charges of financial assets of € 45 million (first half of 2019: a reversal of € 13 million), as a result of more pessimistic economic scenarios for the future due to the Covid-19 crisis
Capital position as strong as ever
- Common Equity Tier 1 capital ratio up to 33.8% (year-end 2019: 32.6%; leverage ratio of 5.0% (year-end 2019: 5.1%)
- Successful issuance of € 500 million in green Tier 2 bonds on 15 July 2020
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