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 for full
details.
Press and debt investor contacts NIBC
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.