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SNS Bank posts 2015 net profit of € 348 million

SNS Bank passes 3 million customer milestone

The 2015 full-year results of SNS Bank have been published on Thursday 3 March 2016. SNS Bank posts 2015 net profit of € 348 million and passes 3 million customer milestone.

Banking with a human touch

  • People-oriented: overall improvement in customer and employee satisfaction levels
  • Social: introduction of 'mortgage term monitoring service'
  • Sustainable: SNS Bank targets carbon neutral balance sheet in 2030

Commercial developments

  • SNS Bank welcomed 254,000 new customers: net growth of 119,000
  • Market share new current accounts at 25% (2014: 21%)
  • Market share new retail mortgages slightly higher at 4.1%; sharp increase in new mortgage production to € 2.1 billion (+35%)
  • Decline retail mortgage portfolio to € 45.0 billion due to higher
    redemptions; market share on a portfolio basis slightly lower at 6.9%
  • Retail savings balances increased to € 36.9 billion (+3%); market share up slightly to 10.9%

Financial performance

  • Higher net profit excluding one-off items of € 335 million (2014: € 294 million), mainly driven by lower loan impairment charges
  • Increase in net profit to € 348 million (2014: € 151 million),
    impacted by swing in one-off items (one-off items in 2014 included a
    resolution levy on Dutch banks and a goodwill impairment)
  • Higher adjusted efficiency ratio of 53.4% (2014: 44.7%), mainly due
    to higher costs related to increased mortgage activities, compliance
    with the new regulatory and supervisory environment and the
    disentanglement from SNS REAAL
  • Improved credit quality retail mortgage portfolio: strong decline in loans in arrears
  • Adjusted return on equity of 10.7%, in line with 2014
  • SNS Bank resumes dividend and proposes payment to NLFI of € 100 million

Capital ratios

  • Strong Common Equity Tier 1 ratio of 25.3% (year-end 2014 on a stand-alone basis: 18.3%)
  • Increase in leverage ratio to 4.7% (year-end 2014 on a stand-alone basis: 3.8%)
  • SNS Bank successfully re-accessed capital markets with the issue of
    € 500 million Tier 2 notes in October 2015, to strengthen and diversify
    its capital base

Disentanglement SNS REAAL and transfer SNS Bank to Dutch State

  • Disentanglement of SNS Bank from SNS REAAL and transfer to the Dutch State completed on 30 September 2015
  • Loan to VIVAT repaid before year-end 2015; credit facility to SNS REAAL terminated in February 2016
  • NLFI advice on the privatisation of SNS Bank to the Minister of Finance no sooner than mid-2016

“In 2015, we continued to focus on putting SNS Bank's core values into practice. We posted positive commercial results and at the end of the year passed the milestone of 3 million customers. Overall, customer satisfaction levels improved, our market share in new current accounts improved to 25% and new mortgage production was up. Our net profit rose and our strong capital position allows us to resume paying dividend to our shareholder. With the final disentanglement from SNS REAAL, the foundation for a stand-alone future has been laid”, says Maurice Oostendorp, Chairman of the Board of Directors of SNS Bank.

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