BNG Interim Report 2012: Net Profit EUR 159 Million

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• Publié par: bng-bank-nederlandse-gemeenten
• Nombre de lectures: 41
• Langue: English

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BNG Interim Report 2012: Net Profit EUR 159 Million

PR Newswire THE HAGUE, The Netherlands, August 29, 2012

THE HAGUE, The Netherlands,August 29, 2012/PRNewswire/ --

With a net profit ofEUR 159 million(+EUR 5 million), BNG looks back on a good first half of 2012. The interest result - the structural part of the result - increased byEUR 14 million(6%) due to the growth of the loan portfolio.

The bank's goal is to be able at all times to provide credit to its main client groups, local authorities and housing and healthcare institutions, even in the current economic uncertain times. This goal was once again achieved in the first half of 2012. AtEUR 5.7 billion, new long-term lending nearly equaled the figure for first half of 2011, while the bank held on to its large market shares. This emphasizes the bank's importance to its core client sectors. The bank expects the 2012 interest result to be slightly higher than that for 2011, owing to the growth of the various portfolios and the persistently steep interest-rate curve. The 2012 result financial transactions is expected to remain negative if no structural solution is found for the European debt crisis. BNG expects new regulations to affect its profitability, such as a bank levy that will be implemented in 2012. The bank expects its contribution to be aroundEUR 30 millionon an annual basis. In view of all the uncertainties and, for the moment, the absence of economic recovery, the bank does not consider it wise to make a statement regarding its expected 2012 net profit. Today, BNG will publish on bng.com its interim report on the first half of 2012. We refer to this publication for a detailed explanation. This is an unofficial translation of the press release 'BNG Bank Halfjaarbericht 2012' which is provided for convenience only. In the event of any ambiguity, the Dutch text will prevail.

BNG is the bank of and for local authorities and public sector institutions. The bank makes a sustainable contribution to minimizing the costs of social provisions for the public.

Consolidated balance sheet as at30 June 2012 Amounts in millions of euros

 30June 31December  20122011  Assets  Cashand balances with the central bank6,795 5,149  Amountsdue from banks8,323 8,448  Financialassets at fair value through the income statement3,037 3,322  Otherfinancial assets25,986 21,519  Financialassets available-for-sale8,178 6,919  Loansand advances90,723 90,775  Investmentsin associates and joint ventures110 108

 Propertyand equipment19 19  Otherassets 135201  Totalassets 143,306136,460  Liabilities  Amountsdue to banks7,812 7,469  Financialliabilities at fair value through the income statement770 628  Otherfinancial liabilities16,699 14,367  Debtsecurities 102,509100,907  Fundsentrusted 13,00310,944  Subordinatedloans 9493  Otherliabilities 223155  Totalliabilities 141,110134,563  Sharecapital 139139  Sharepremium reserve6 6  Revaluationreserve (192)(271)  Cashflow hedge reserve(157) (282)  Otherreserves 2,2412,049  Unappropriatedprofit 159256  Totalequity 2,1961,897  Totalliabilities and equity143,306 136,460

Consolidated income statement Amounts in millions of euros

 Firsthalf of 2012First half of 2011  -Interest income1,172 1,076  -Interest expenses931 849  Interestresult 241227  Incomefrom associates and joint ventures0 0  -Commission income16 18  -Commission expenses3 3  Commissionresult 1315  Resultfinancial transactions(9) (11)  Otherresults 34  Totalincome 248235  -Staff costs18 17  -Other administrative expenses11 11  Staffcosts and other administrative expenses29 28  Depreciation1 1  Totaloperating expenses30 29  Additionto the incurred loss provision6 -  Profitbefore tax212 206  Taxes(53) (52)  Netprofit 159154