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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.

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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'

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