Financial Results

Highlights

 

• Sharper focus on clients and efficiency deliver full-year 2009 net profit of EUR 44 million;
• In the second half of 2009 net profit attributable to parent shareholders was twice that of the first half, which was already a sharp improvement of the loss of EUR 17 million in second-half 2008;
• On a yearly basis profit decreased from EUR 92 million to EUR 44 million, whereby profit of 2008 was more than fully realised in the first half of 2008 (EUR 109 million);
• The composition of operating income improved in the second half of 2009 with increasing net interest income and decreasing net trading income;
• Following a 14% decline in operating expenses in 2008 operating expenses decreased by a further 15% in 2009 due to tight cost management and lower flexible rewards;
• The level of impairments of corporate loans in the second half of 2009 was significantly lower than in the first half; and
• The capital position remained strong with a Tier-1 ratio of 16.2%.

 

Income statement

 

in EUR millions		Full year				H2		H1		H2
		2009		2008		2009		2009		2008
Net interest income		72		213		44		28		115
Net fee and commission income		32		43		12		19		16
Dividend income		30		50		8		22		21
Net trading income		207		84		72		136		26
Gains less losses from financial assets		(26)		(62)		10		(36)		(90)
Share in result of associates		5		8		2		3		1
Other operating income		1		2		-		1		-
Operating income		321		337		147		173		91
Personnel expenses		(81)		(108)		(44)		(38)		(45)
Other operating expenses		(65)		(66)		(34)		(30)		(36)
Depreciation and amortisation		(8)		(8)		(4)		(4)		(4)
Operating expenses		(154)		(181)		(82)		(72)		(85)
Impairment of corporate loans		(59)		(42)		(18)		(41)		(18)
Impairment of other interest bearing assets		(65)		(20)		(15)		(51)		(20)
Total expenses		(278)		(242)		(115)		(163)		(123)
result before tax		42		95		33		10		(32)
Tax		1		(1)		(3)		4		16
result after tax		43		93		30		14		(17)
Result attributable to minority interest		1		(1)		(1)		2		-
Net result attributable to parent shareholders		44		92		29		15		(17)
Small differences are possible in the table due to rounding.

 

The income statement differs from that presented in the consolidated financial statements due to the treatment of non-financial companies controlled by NIBC. This only affects the presentation of the income statement and not the bottom-line profit figures. See note 1 to the consolidated financial statements for more information and a full reconciliation between the two presentations of the income statement.