NIBC releases Half Year Results 2011
Net profit of EUR 43 million on the back of strong client business
Net interest income rose 38% in H1 2011 compared to H1 2010
- Net profit in H1 2011 of EUR 43 million, 2% higher than in H1 2010 and 26% higher than H2 2010.
- Growth in corporate loan portfolio of 6% in H1 2011.
- In line with our strategy, recurrent income ? net interest and net fee and commission income ? increased; operating income decreased due to lower net trading income.
- Impairments significantly decreased in H1 2011.
- Diversification of funding continued, with successful issuance of EUR 500 million inaugural public covered bonds and EUR 750 million RMBS; retail savings via NIBC Direct increased to EUR 5.5 billion.
- NIBC Holding has declared an interim dividend of 52% (EUR 29 million).
- No debt exposure to sovereign entities in Greece, Ireland, Italy, Portugal and Spain.
Jeroen Drost, Chief Executive Officer of NIBC:
'NIBC delivered a strong performance in the first half of 2011. We closed a large number of attractive deals across all sectors and disciplines in the first half of 2011 leading to a growth of 6% in our corporate loan book. These commercial successes played a pivotal role in the growth of our net profit to EUR 43 million and especially in the increase of interest income in 2011, generating a stable income base on which we can continue to build. We diversified our funding base further through several funding initiatives, including our first public covered bond issue. We are also very pleased with the developments around NIBC Direct; retail savings grew to EUR 5.5 billion and in Germany we introduced brokerage services for NIBC Direct clients. NIBC comfortably met the European stress test last month, reflecting our strong Tier-1 ratio of 15.8% at the end of June 2011. NIBC has no debt exposure to sovereign entities in Greece, Ireland, Italy, Portugal and Spain. We note the political and economic developments in the past few months. Our continued focus on client activities in our key markets ensured that we were able to post strong results and allows us to look comfortably to the future.'