Report of the Supervisory Board

Business activity began to revive during the year as the global financial crisis ebbed. In that context, NIBC achieved four consecutive profitable quarters to end 2009 with a full-year net profit of EUR 44 million.

 

 

NIBC maintained its excellent capital position, concluding the year with a Tier-1 ratio of 16.2%. The bank’s funding was further diversified in 2009, with the successful launch in Germany of online retail savings programme NIBC Direct and the raising of EUR 5 billion of funding under the Dutch State’s Credit Guarantee Scheme.

 

NIBC retained its focus on efficiency and managing operating expenses during 2009, with continued cost reductions and lower variable compensation. It is gratifying to note that business activities grew in the second half of 2009. NIBC also recruited new talented employees.

 

With a strong capital position, diversified funding and a healthy geographical and sector mix of activities, NIBC is well positioned for the future. Much credit for this must go to the Managing Board, whose leadership and abilities were repeatedly demonstrated throughout the year.

 

The Managing Board was strengthened last year by an additional member, Rob ten Heggeler, who joined NIBC in May. Vice-Chairman Jan van Nieuwenhuizen stepped down in August 2009 and was replaced by Jeroen van Hessen as member of the Managing Board in September.

 

The Supervisory Board greatly values the work done by the Managing Board and all staff and wishes to thank them for their valuable efforts during 2009.

 

 

Financial statements and dividend proposal

 

The financial statements were drawn up by the Managing Board and audited by PricewaterhouseCoopers Accountants N.V., who issued an unqualified opinion dated 8 March 2010. The Supervisory Board advises and proposes that shareholders adopt the 2009 Financial Statements at the Annual General Meeting of Shareholders on 18 May 2010. In 2009 the Supervisory Board agreed with the advice of the Managing Board not to pay dividend to NIBC Holding. The Supervisory Board recommends that the Annual General Meeting of Shareholders discharge the Managing Board and Supervisory Board for their respective management and supervision during the financial year 2009.