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NIBC Bank increases net profit to EUR 20 million in Q3 2010
Continued strong performance
NIBC Bank performed strongly in Q3 2010, reporting a net profit of EUR 20 million over the quarter, up 54% compared to Q3 2009. In the first nine months of 2010, net profit increased to EUR 62 million, up from EUR 28 million in the first nine months of 2009. Over the same period, impairments are lower compared to 2009 and as expected net interest income increased. Operating expenses remained tightly controlled.
NIBC Bank maintained a strong capital position with a Tier-1 ratio of 14.9% and a core Tier-1 ratio of 13.1% (well above Basel III requirements) and diversified funding. In September 2010, NIBC Bank successfully placed EUR 1 billion of RMBS notes. Retail savings via NIBC Direct increased to around EUR 4 billion at the end of Q3 2010.
Jeroen Drost, Chief Executive Officer of NIBC Bank
"We are pleased with the continued upward trend we have seen in 2010. Economic activity is increasing. Our close client relationships have translated into successful transactions focusing on our core strengths as outlined in the new strategy we launched in 2008. We see further business coming through the pipeline in all lines of expertise. The positive developments over the last three quarters make us confident about the future."