TIDM49WP
RNS Number : 4465W
NIBC Bank N.V.
18 August 2022
NIBC PRESS RELEASE
The Hague, 18 August 2022
NIBC delivers strong performance in H1 2022 with 10% growth in
core business
Business and financial highlights
n NIBC had a strong half year with an underlying net profit of
EUR 86 million (H1 2021: EUR 91 million) before a non-recurring net
loss of EUR 22 million related to the sale of non-core
portfolios.
n Strong performance of the core portfolios:
- Mortgage portfolio grew 9% to EUR 24 billion, including Originate-to-Manage business
- Asset-Backed & Specialty Finance segment increased by 15%
- Platforms Beequip and yesqar showed 23% growth
n Interest income equals EUR 209 million (+11%), driven by
positive developments of our portfolio volumes and funding
costs.
n The cost/income ratio of 48% includes continued investments in
our IT environment, process improvements and strategic
projects.
n Credit losses amount to EUR 20 million in H1 2022 (from EUR 14
million in H1 2021), including an additional management overlay of
EUR 5 million.
n Strong capital position with a CET 1 ratio of 17.7% (2021:
18.4%), absorbing new regulatory requirements and an ROE of
9.6%.
Statement of the CEO
"Looking back at the first half of 2022, I am pleased to report
a strong performance. Our sharpened business strategy allowed us to
continue to deliver upon our promises, despite the increasing
global political and economic uncertainty. The war in Ukraine has
impacted the global economy in various ways. Delays in the global
supply chain, tight labour markets, shortages in commodities and
spiking energy prices have led to new challenges for governments,
monetary authorities, businesses and households. Based on these
changes in economic outlook, markets have reset long-term interest
rate levels and monetary authorities have changed their policy
stance to curb the rapidly increasing inflation, bringing
short-term interest rates back into positive territory.
In this challenging environment, we continued to be an
entrepreneurial financing partner to our clients, illustrated by
strong growth of our core portfolios. Over the first half of 2022,
we saw our mortgage loan portfolio grow with 9% to EUR 24 billion.
Our continued investment in client service is being recognised:
both NIBC Direct and Lot Hypotheken have been awarded 'best
mortgage lenders of 2022'. At the same time, we saw an increase of
15% in our Asset-Backed & Specialty Finance segment driven by a
strong origination in all asset classes. Our businesses Beequip,
the largest alternative financier of equipment in the Netherlands,
and yesqar, a financier to the automotive businesses, continued
their strong growth with a year-to-date increase of 23% of the
portfolios. With this basis, we delivered a healthy underlying net
profit of EUR 86 million (2021: EUR 91 million), before a
non-recurring net loss of EUR 22 million related to the sale of two
non-core portfolios, a major step in further de-risking the bank's
balance sheet.
All in all, I'm proud to say that these strong results confirm
that our targeted strategy is paying off. We reinforced our
position providing asset financing to both individuals and
companies ranging from private housing to rental property,
commercial real estate, vessels, infrastructure, cars and
equipment. In line with the execution of our strategy, we have sold
our Offshore Energy and Leveraged Finance portfolios. Going
forward, we are carefully reducing our remaining non-core
portfolios, in active dialogue with our clients.
As sustainability is core to our targeted strategy, we continue
to actively manage our ESG profile. We are well positioned to
contribute to a more sustainable, resilient and inclusive future
for the communities we serve. In the first half of 2022, we have
sold our Offshore Energy portfolio, taking an important step
towards our net-zero ambition by putting our promises in the
Climate Action Plan into practice. Our 'green' mortgage label Lot
Hypotheken was nominated for the SEH Sustainability Award, as one
of the most progressive mortgage lenders to actively incorporate
sustainability into its mortgage policy. In April, our North
Westerly CLO VII was awarded ESG Deal of the Year. Through all
these steps, we continue to align our activities and portfolios
with our overall business strategy, which integrates a balanced ESG
approach.
I look forward to working with Anke Schlichting, who was
appointed Chief Technology Officer and member of the NIBC Managing
Board in July this year, as we believe that in today's tech-driven
world, IT and Operations require a separate position at the most
senior level of the bank. Anke has extensive experience in and
in-depth knowledge of IT and Operations.
I am grateful for the commitment and dedication of our people
towards their work and our clients. The past months have been
demanding for our people as well as our clients. Looking ahead,
economic conditions are likely to remain challenging. Nevertheless,
NIBC is well-positioned to face these challenges and continue the
execution of its business strategy as a focused asset-based
financier. Supported by our 'Think Yes' mentality, the
entrepreneurial spirit of our people and today's results, we are
moving into the second half of 2022 with confidence. We will
continue to be there for our clients, now and in the future."
NIBC Holding N.V. - Key Figures
in EUR millions 2021 H1 2021
---------------------------------------- --------------- --------------- --------------- -----------------
Operating income 230 267 525 244
Operating expenses 130 129 251 113
---------------------------------------- --------------- --------------- --------------- -----------------
Net operating income 99 139 274 131
Credit loss expense / (recovery) 10 20 37 14
Tax 19 26 40 21
---------------------------------------- --------------- --------------- --------------- -----------------
Profit after tax 70 92 194 97
Profit attributable to non-controlling
shareholders (AT-1) 6 6 12 6
---------------------------------------- --------------- --------------- --------------- -----------------
Profit after tax attributable
to shareholders 64 86 182 91
---------------------------------------- --------------- --------------- --------------- -----------------
Return on equity 7.1% 9.6% 10.2% 10.2%
Cost/income ratio 57% 48% 48% 46%
CET 1 ratio 17.7% 18.4% 20.0%
Credit rating - Fitch BBB Stable BBB Stable BBB Negative
Credit rating - S&P BBB+ Stable BBB+ Stable BBB+ Stable
---------------------------------------- --------------- --------------- --------------- -----------------
(1) Excluding a non-recurring net loss of EUR 22 million related
to the sale of two non-core portfolios.
We refer to our Interim Report 2022 NIBC Holding N.V. published
on our website for full details.
Press and debt investor contact
NIBC
Martin Groot Wesseldijk Eveline van Wesemael Toine Teulings
Press Relations Press Relations Debt Investor
T: +31 70 342 5418 T: +31 70 342 5412 Relations
E: martin.groot.wesseldijk@nibc.com E: eveline.van.wesemael@nibc.com T: +31 70 342 9836
E: 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,
vessels, infrastructure, cars and equipment. 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 more
sustainable, resilient and inclusive society
for future generations.
NIBC employs around 750 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
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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
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