REG - NIBC Bank N.V. - NIBC reports solid performance first half 2024

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22/08/2024 08:15

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RNS Number : 4030B  NIBC Bank N.V.  22 August 2024

press release

 

 

The Hague, 22 August 2024

 

NIBC reports solid performance with net profit of EUR 99 million in first half
of 2024

 

§  Solid performance with reported net profit of EUR 99 million, supported
by higher net interest income and lower cost of risk, resulting in an
annualised return on equity of 11%;

§  Continued growth in core activities, with 1% growth in mortgages and 2%
growth in key corporate asset classes. In addition, the financing platforms
continued to report strong growth with a 7% increase in exposure;

§  Through effective cost management, the cost/income ratio is maintained at
44% despite continued inflationary pressures;

§  Strong capital position, with CET 1 ratio of 19.7%, following risk
reduction through sale of the Shipping portfolio;

§  Credit rating upgrades from both Fitch and Moody's as business model has
strengthened.

 

Statement of the CEO, Paulus de Wilt:

"During the first half of 2024, NIBC has continued its development as an
entrepreneurial asset financier. Although continued uncertainty regarding
economic and political developments created a challenging environment for our
clients, we have succeeded in finding ways to support their financing needs,
evidenced by further growth of exposure in both mortgages and the asset based
segments (excluding the sold Shipping portfolio). As announced in June, we
successfully sold our Shipping portfolio, allowing us to sharpen our focus,
further de-risk the balance sheet and provide a strong setting for further
growth of the successful Shipping franchise under new ownership. Additionally,
we have continued the controlled reduction of our non-core exposures.
Recognising the steps we have taken to strengthen our business model, NIBC's
credit rating was upgraded by both Fitch (to BBB+ with a stable outlook) and
Moody's (to A2 with stable outlook).

 

I am also proud to share that NIBC has once again won a Golden Lotus award for
its mortgage offering in recognition of our flexible and solution-driven
approach to servicing our clients.

 

On the back of these developments, NIBC reports a solid financial performance,
with a net profit of EUR 99 million (including a non-recurring gain of EUR 9
million net of tax). This was achieved through a stable net interest margin
and operating expenses, despite inflationary pressures, and lower credit
expenses.

 

As we continuously develop our product offering and investigate development
opportunities across various business lines, this also means that, at times,
specific product offerings may benefit from a new setting. In this context,
NIBC is actively investigating strategic alternatives for both of its Platform
activities. After a successful launch and continued growth of these
alternative financing propositions, both offerings are now classified as held
for sale, reflecting these strategic considerations.

 

On a personal note, this is my final press release on NIBC's financial
figures, as I will be leaving the bank at the end of 2024. It has been a
privilege and a pleasure to steer this entrepreneurial bank in its journey
from a bank with a wide array of products and activities to the sustainable,
focused asset financier it is today. I would like to express my heartfelt
thanks to all my colleagues for their unwavering commitment and dedication.
They are the foundation of NIBC's execution power and 'Think Yes' mentality,
with which we deliver value to our stakeholders."

NIBC Holding N.V. - Key Figures

 

We refer to our Condensed Interim Report 2024 NIBC Holding N.V. published on
our website (https://nibc.com/investor-relations/financial-releases) 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, infrastructure, equipment and cars. 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 more than 75
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 700 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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