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SNS Bank posts first half 2016 net profit of € 181 million
The 2016 half-year results of SNS Bank have been published on Thursday 25 August 2016. SNS Bank posts a net profit of € 181 million.
Banking with a human touch
- People-oriented: several banking industry-specific awards contributing to overall increased customer satisfaction scores
- Social: successful start of ‘Mortgage term monitoring service’
- Sustainable: balance sheet 23% climate neutral at the end of June (year-end 2015: 22%)
Commercial developments
- SNS Bank welcomed 101,000 new customers: net growth of 30,000
- Sharp increase in new mortgage production to € 1.5 billion (+67%);
market share new retail mortgages higher at 4.8% (2015: 4.1%); - Retail mortgage portfolio virtually stable at € 45.0 billion compared to year-end 2015
- Slight increase in retail savings balances to € 37.7 billion (+2%); stable market share of 10.8%
Financial performance
- Net profit of € 181 million (first half of 2015: € 244 million),
negatively impacted by a swing of € 59 million net in unrealised results
on mortgages and related derivatives - Slightly lower net profit excluding one-off items of € 193 million
(first half of 2015: € 197 million), mainly driven by lower net interest
income and higher operating expenses, largely offset by a release from
loan provisions - Improved credit quality retail mortgage portfolio; strong decline in loans in arrears
- Adjusted Return on Equity of 11.5% (first half of 2015: 12.9%)
- Strong Common Equity Tier 1 ratio of 26.6% (year-end 2015: 25.3%); Leverage ratio: 4.8% (year-end 2015: 4.7%)
Update on strategy
- SNS Bank’s strategy aimed at creating value for all stakeholders
- Focus on implementation of strategic plan in coming years:
strengthening of social identity, enhancing business operations by
focusing on simplicity and efficiency and tightening our innovation
policy as a 'smart adopter'