NIBC Bank posts net profit of EUR 22 million in 2013

NIBC Bank posts net profit of EUR 22 million in 2013
Capital and liquidity position remain strong

• Net profit NIBC Bank EUR 22 million vs EUR 73 million in 2012
• Foundations strengthened further:
  • Core Tier-1 ratio NIBC Bank 18.1% (2012: 15.3%)
  • NIBC Holding’s Liquidity Coverage Ratio 150%, Net Stable Funding Ratio 107%
  • Leverage ratio NIBC Holding 6.3% (2012: 5.5%)
• Interest income up 16.5%, operating expenses down 8% in 2013
• Impairments up to EUR 62 million in line with markets
• Significant rise in new deal flow in H2 2013
• Acquisition of Gallinat-Bank AG in Germany (see separate press release issued today)

Jeroen Drost, Chief Executive Officer of NIBC:
“Amid a persistently adverse economic environment, we further strengthened the foundations of NIBC in 2013, reducing our costs further and improving our already strong capital and liquidity position. The bank’s core Tier-1 ratio increased to an impressive 18.1%, while our Liquidity Coverage Ratio was 150%. All ratios comfortably meet Basel III requirements. The bank’s full year net profit declined to EUR 22 million, mainly due to the continued weak economic climate, especially in our core market, the Netherlands.

Our annual employee survey showed that NIBC’s staff remained highly engaged in 2013, while Net Promotor Score research reaffirmed that our clients highly value the bank for its services.

Although businesses remain vulnerable in the wake of the crisis, our solid foundations, prudent financial policy, client-focused business model, dedicated employees and satisfied customers enable us to benefit from continued economic recovery and improve our profitability in the medium term. It is therefore with full confidence that I will leave NIBC after the AGM in April as announced last November.”