REG - NIBC Bank N.V. - Final Results

BlackstoneAnnouncement

07/03/2025 08:15

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RNS Number : 8011Z  NIBC Bank N.V.  07 March 2025

 

The Hague, 7 March 2025

 

NIBC reports solid performance with net profit of EUR 199 million over
2024

 

§ Solid performance with a net profit of EUR 199 million (2023: EUR 204
million);

§ Continued core business growth: +2% in mortgage lending, +11% in asset
based financing and +7% in retail savings;

§ Strong execution in streamlining activities with the sale of Beequip,
yesqar and the Shipping portfolio;

§ Strong capital and liquidity position with a CET 1 ratio of 23.3% (Basel
III) and successful issuance of AT1 and Tier 2 debt in the second half of
2024;

§ Realised a Green Asset ratio of 11.6% and a 62% reduction in emissions in
2024, mainly on the back of the exit of our Shipping activities; and

§ New leadership established with CEO Nick Jue and CRO Sven de Veij.

 

Statement of the CEO, Nick Jue:

"In a world with many political and macro-economic challenges and
uncertainties and financial markets dealing with a tightening monetary policy,
NIBC has continued to focus on supporting its clients in realising their
ambitions by providing asset financing solutions. This dedication is reflected
in the continued growth of our core business lines, with on-balance mortgage
exposure growing by approximately EUR 600 million, savings volume increasing
by EUR 800 million and asset based finance exposure growing by more than EUR
400 million. In the retail business, we have welcomed approximately 29,000 new
clients.

Our commitment to client service is highlighted by our strong client
satisfaction scores and the recognition we have received, including being
named 'Best medium-sized mortgage lender 2024' for NIBC and for Lot
Hypotheken, the latter in the category 'Source Data', illustrating our
commitment to continuous improvement of the client journey.

We have further streamlined our business proposition and de-risked our balance
sheet, notably through the sale of our Shipping franchise in the first half of
2024 and the successful transfer of ownership for both platform activities,
Beequip and yesqar, at the end of the year. Additionally, we have continued to
significantly reduce our non-core portfolios.

On the wholesale funding side, we successfully issued both new AT1 and Tier 2
debt. Supported by these developments, NIBC continues to report strong capital
and liquidity ratios.

In recognition of various of these developments, NIBC's senior debt ratings
improved in 2024, as both Fitch (to A-)  and Moody's (to A2) upgraded their
ratings in the first half of 2024.

For 2024, NIBC reports a solid financial performance, realising a net profit
of EUR 199 million, including a non-recurring gain of EUR 23 million net of
tax relating to the sale of Shipping, Beequip and yesqar and the merger
between NIBC Holding and NIBC Bank. Net interest income declined, especially
because of the sale of the Shipping portfolio and further reduction of the
non-core portfolio. This is partly compensated by reduced operating expenses,
despite the continued inflationary pressure. Reported credit losses remain
moderate and impaired exposure has been further reduced. Our capital position
has improved strongly due to the sale of the various portfolios, reducing risk
weighted assets. This enables us to pay out a final dividend of EUR 441
million, based on both the 2024 net profit as well as the capital release from
the sale of the platform companies. All-in-all, we expect our post-merger,
post-dividend Basel IV CET1 ratio to be between 16% and 17%.

NIBC continues to expand its efforts in the field of sustainability, as we are
committed to contributing to a more sustainable, resilient and inclusive
future. This year, we achieved a Green Asset ratio of 11.6% and a 62%
reduction in emissions in 2024, mainly on the back of the exit of our Shipping
activities.

On a personal note, I am excited to have joined this entrepreneurial bank,
which repeatedly demonstrates its ability to execute on its plans and
ambitions and to adapt to changing circumstances, and I look forward to
realising further growth together with both NIBC's clients  and staff.

I would like to thank Paulus de Wilt for his leadership during the past
decade. Having led the bank during the past ten years, he has changed the bank
into the focused asset financier that it is today, and I look forward to
continue the development of the bank from this point forward. Additionally, I
want to thank Reinout van Riel, who is stepping down as CRO of NIBC. Over the
past eight years, he has played a pivotal role in the improvement of the
bank's risk profile and in further strengthening our risk function. We are
excited and proud to welcome Sven de Veij as his successor, which illustrates
the depth of talent within our organisation.

I am grateful for the commitment and dedication of our people towards their
work and our clients. The past year has, in different and unexpected ways,
been demanding for our people as well as our clients. Guided by our 'Think
Yes' mentality, the entrepreneurial spirit of our people and today's results,
we are moving into 2025 with confidence and an eye on new horizons and growth.
We will continue to be there for our clients, now and in the future."

 

1.         Reported ratings are based on NIBC's senior preferred debt
ratings.

2.         The rating of Moody's is unsolicited.

 

We refer to our Annual Report 2024 NIBC Holding N.V. published on our website
(https://nibc.com/investor-relations/annual-reports) for full details.

 

 

Press and debt investor contacts NIBC

   Eveline van Wesemael

   Press Relations

   T: +31 70 342 5412

   E: eveline.van.wesemael@nibc.com (mailto:eveline.van.wesemael@nibc.com)

   Toine Teulings

   Debt Investor Relations

   T: +31 70 342 9836

   E: toine.teulings@nibc.com (mailto:toine.teulings@nibc.com)

 

 

About NIBC
NIBC is the entrepreneurial asset financier for companies and individuals. We
finance assets from private housing to rental property, commercial real estate
and infrastructure. As a professional and reliable partner, we build long-term
relationships based on knowledge and expertise.

Renowned for our entrepreneurial spirit, we are committed to always making a
difference, for our clients and for society around us. Shaped by almost 80
years of experience, we support our clients in realising their ambitions and
actively helping to build a sustainable, resilient and inclusive society for
future generations.

NIBC employs around 600 people and is headquartered in The Hague, the
Netherlands. We serve clients internationally with a focus on Europe.

You can read more about NIBC on www.nibc.com.

 

 

Forward-looking Statements

This press release may include forward-looking statements. All statements
other than statements of historical facts may be forward-looking statements.
These forward-looking statements may be identified by the use of
forward-looking terminology, including but not limited to terms such as
guidance, expected, step up, announced, continued, incremental, on track,
accelerating, ongoing, innovation, drives, growth, optimising, new, to
develop, further, strengthening, implementing, well positioned, roll-out,
expanding, improvements, promising, to offer, more, to be or, in each case,
their negative or other variations or comparable terminology, or by
discussions of strategy, plans, objectives, goals, future events or
intentions. The forward-looking statements included in this press release with
respect to the business, results of operation and financial condition of NIBC
Holding N.V. are subject to a number of risks and uncertainties that could
cause actual results to differ materially from such forward-looking
statements, including but not limited to the following: changes in economic
conditions in Western Europe, changes in credit spreads or interest rates, the
results of our strategy and investment policies and objectives. NIBC Holding
N.V. undertakes no obligation to update or revise any forward-looking
statement to reflect events or circumstances that may arise after the date of
this release.

 

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