2019 Interim Results

Banking with a human touch put further into practice, continued increase in customer satisfaction

  • Various initiatives taken in response to the growing need for a bank with a strong social identity
  • Developments in shared value scores:
    • Customers: customer-weighted Net Promoter Score positive for the first time: +1 (year-end 2018: -1)
    • Society: 41% climate-neutral balance sheet (year-end 2018: 37%); Financial Confidence Barometer stable at 49
    • Employees: introduction of a KPI for 'genuine attention' that is more in line with our mission; initial score for June 2019: 7.6 on a scale of 1 to 10
    • Shareholder: a Return on Equity of 8.6% (first half of 2018: 8.5%), based on a strong capital position

Growth in current account customers, mortgage portfolio and savings deposits

  • Net growth in the number of current account customers by 43,000 to 1.53 million; market share of new current accounts of 21%
  • Increase in mortgage portfolio by € 1.2 billion to € 48.5 billion
  • Market share of new mortgages lower at 6.6% (full year 2018: 7.2%); limited decrease in new mortgage production to € 2.8 billion (first half of 2018: € 2.9 billion)
  • Increase in retail savings by €1.1 billion to € 38.5 billion; market share of savings decreased slightly to 10.4% (2018: 10.6%)


Increase in net profit to € 154 million, mainly driven by lower operating expenses

  • Net profit of € 154 million, an increase compared to both the first half of 2018 (€ 149 million) and the second half of 2018 (€ 119 million)
  • Total income of € 471 million, lower compared to the first half of 2018 (€ 480 million) and the second half of 2018 (€ 478 million), as a result of a decline in net interest income; decline in net interest margin to 1.40% (2018: 1.47%)
  • A decrease in operating expenses excluding regulatory levies to € 255 million (first half of 2018: € 272 million, second half of 2018: € 290 million), mainly driven by lower staff and marketing costs and a positive revaluation of € 7 million related a previous contribution made under the Deposit Guarantee Scheme
  • Improvement in cost/income ratio (excluding regulatory levies) to 54.3% (first half of 2018: 56.7%, second half of 2018: 60.8%), driven by lower operating expenses
  • A release of loan loss provisions of € 13 million (first half of 2018: a release of € 16 million, second half of 2018: a charge of € 4 million)


Unvaryingly strong capital position

  • An increase in Common Equity Tier 1 capital ratio to 37.1% (year-end 2018: 35.5%); leverage ratio 5.3% (year-end 2018: 5.5%)
  • The total capital ratio rose to 42.7% (year-end 2018: 37.1%), notably as a result of the merger between de Volksbank N.V. and de Volksholding B.V.




Press release 2019 interim results

Analyst presentation

Press presentation (Dutch)

Factsheet 1H19

Analyst webcast

Press webcast (Dutch)

Press releases