TIDM49WP
RNS Number : 6662D
NIBC Bank N.V.
04 March 2022
NIBC PRESS RELEASE
The Hague, 4 March 2022
NIBC reports strong performance with net profit of EUR 182
million over 2021 (2020: EUR 47 million)
n Strategic choice made to further grow and focus on 1)
Mortgages, 2) Corporate asset-backed financing and specialty
finance, and 3) Platforms
o growth of 18% in mortgage loan portfolio to EUR 11.7 billion,
mainly fueled by acquisition of Finqus mortgage portfolio of EUR
1.4 billion
o significant growth in the originate-to-manage (OTM) mortgage
portfolio to EUR 10.5 billion, an increase of 39% with ample growth
potential to a total mandate of more than EUR 12.7 billion
o positive developments in recurring Corporate portfolios and
successful platform strategy with double-digit growth e.g. Beequip
to a portfolio of around EUR 0.8 billion (+29%)
n Strong net profit of EUR 182 million (+287%), driven by high
investment income, a resilient net interest income of EUR 390
million with a net interest margin of 1.87%
o adjusted for non-recurring, the profit amounts to EUR 193
million, our cost/income is at 45% and our ROE is 10.8%
o steadily increasing fee income, reflecting further expansion
of our OTM franchise
o cost/income ratio improved to 48%, towards the medium-term
objective
o solid capital position with a CET 1 ratio of 16.9% (as from 1
January 2022, after application of the prudential DNB mortgage
floor) and ROE of 10.2%
n Proposed final dividend of EUR 82 million, leading to a
dividend pay-out ratio of 70% of net profit.
Statement of the CEO
"2021 was a year full of challenges and opportunities. COVID-19
continued to impact daily life and the way of working. The world
economy has recovered on the back of government support actions,
showing a return to growth and rising inflation. We continue to
address the many challenges of today's banking landscape in an
operating environment characterised by continued low interest
rates, excess liquidity, regulatory demand and the short-term and
long-term impact of continued government support measures. At the
same time we provide our clients with the best possible service and
support and ensure the well-being of our staff and
stakeholders.
I am proud that we could close the acquisition of the Finqus
portfolio in November 2021. This acquisition of a EUR 1.4 billion
mortgage loan portfolio is at the sweet spot of our focus and is a
transaction of unprecedented size for NIBC. With the transaction,
we have welcomed over 17,000 new clients.
During the year we have made several strategic choices to
further sharpen NIBC's business model. As announced on 23 November
2021, we have decided to seek growth in asset classes that fit with
the profile of asset-backed financing and that are driven by
sustainable development and technological innovation.
The basis of this strategy will be a focus on three
core-activities, 1) Mortgages, in the Netherlands and through
international expansion, 2) Asset-backed transaction financing in
the areas of Commercial Real Estate, Digital Infrastructure,
Shipping and Specialty finance such as Collateralised Loan
Obligations (CLOs) and providing minority equity investments, and
3) Platform financing through Fintechs such as Beequip and yesqar.
This being said, we also had to make difficult decisions that
affected both our customers and colleagues. Following our new
growth strategy, we decided to discontinue certain activities and
to close our corporate banking activities in Frankfurt allowing us
to focus and to deploy capital and resources to grow our business.
I am very grateful to our colleagues who contributed professionally
to this phase out.
We continue to deliver upon our promise of being a dynamic,
entrepreneurial financing partner to our clients, resulting in a
strong performance, both in net result and development of the
portfolios in which we aim to grow. We saw growth in the various
businesses and in the number of clients we served. We realised a
strong net profit of EUR 182 million, benefitting from elevated
investment income, of which more than half relates to realised
gains, and lower credit losses. Over 2021, we saw a resilient net
interest income of EUR 390 million, and steadily increasing fee
income due to the further growth of our Originate-to-Manage (OTM)
offering.
We further strengthened our mortgages client base and the Finqus
transaction has helped to grow this franchise considerably, as we
are currently servicing over 175,000 clients. During the year, we
organically grew our owner-occupied mortgage loan portfolio to EUR
9.3 billion (+4%) and our Buy-to-Let (BtL) portfolio to EUR 1.1
billion (+28%). Lot Hypotheken has celebrated its one-year
anniversary with a steadily growing number of clients and total
loans outstanding (own book and Originate-to-Manage) approaching
EUR 1.6 billion. Lot Hypotheken is well-positioned for further
growth in the mortgage market with a sustainability angle.
Also this year we deployed our solid capital and liquidity
position to service our clients in support of their business
ambitions and to continue strengthening our franchise. We further
invested in our defined asset classes that underline our
entrepreneurial culture. We have further expanded our fee
generating OTM activities. Our OTM portfolio of mortgage loans grew
to a total of EUR 10.5 billion (+39%) with ample growth potential
of a total mandate of more than EUR 12.7 billion. The corporate OTM
portfolio grew to EUR 1.5 billion (+46%). As our identified growth
areas realised healthy growth, we started to further reduce our
non-core activities, resulting in a managed decrease of the
corporate loan exposure. Our OIMIO label expanded its business to a
total exposure of EUR 144 million in smaller ticket real estate
financing.
Beequip, the largest alternative financier of equipment leasing
in the Netherlands, hit a record by providing approximately EUR 500
million to SMEs, resulting in a portfolio of around EUR 0.8 billion
and positively contributed to the net result of NIBC. yesqar, which
offers smart finance solutions to the automotive businesses, has
had a successful first full year of operation, growing its
portfolio to EUR 82 million. In combination with our existing
experience from traditional asset-backed financing activities,
these new initiatives complement our corporate client offering and
help us address our client needs through various channels and
propositions.
Our operating expenses are well under control, despite the fact
that we have continued to invest in our IT environment to ensure
our people were able to work from home, have invested in healthy
growth in our chosen asset classes, and again have had to fully
absorb the increased regulatory costs. All in all, the increase in
income has more than compensated for the increase in expenses. This
resulted in an improved cost/income ratio of 48% (2020: 54%). Due
to improved market conditions, and the impact of our long-term
strategy of de-risking our portfolios our credit loss expenses were
significantly lower at EUR 37 million.
Serving our clients in the best possible way is and remains at
the center of our organisation. NIBC has a robust and fully
integrated sustainability strategy that guides our business
decisions. We see the demand for sustainable transactions in our
corporate asset classes increasing, as clients focus on making
their businesses sustainable and linking this to their financing
solutions. This was also an important consideration in our
strategic decision to withdraw from the offshore energy asset
class. Through our Lot mortgages label, NIBC offers sustainable
mortgages at competitive rates for retail clients, whilst Beequip
and yesqar also provide platforms for green equipment and fleet
electrification. The appreciation of our client focus is reflected
in the positive client feedback, with a net promoter score of +59%
for corporate lending and a 8.1 out of 10 score following the
mortgage customer survey.
With our firm ESG profile, we are well positioned to contribute
to a more sustainable, resilient and inclusive future for the
communities we serve. As we look back on 2021, more than half of
our commercial and retail real estate exposures have already
achieved an energy label C or better, our inaugural green senior
preferred issuance attracted new responsible investors to NIBC, and
our award-winning ESG CLO program continues to lead in its asset
class.
To further develop and implement NIBC's focused strategy, we
have strengthened our Corporate Development team and welcomed Jurre
Alberts as head of the department and new member of our Executive
Committee. As a consequence of the strategic direction of the bank,
we have parted ways with Caroline Oosterbaan as a member of the
Executive Committee in January 2022. I am grateful for Caroline's
dedication and contribution to the development of NIBC's corporate
client franchise and to the team over the past years. The EGM in
March has appointed Joop Wijn and the EGM in September has
appointed Leni Boeren as new members of the Supervisory Board.
At the heart of our business are our talented and motivated
people. As a bank built for entrepreneurs, we are committed to
foster our 'Think YES' mentality by being professional,
entrepreneurial and inventive and by matching our clients' can-do
attitude. I would particularly like to thank our employees for
their continued trust, flexibility and hard work to support our
clients in these challenging times.
Although we see improvements, the economic climate for the year
ahead remains uncertain, especially due to the recent geo-political
environment. Yet, there are also positive macroeconomic signs which
further motivate us to help our clients to realise new growth
opportunities. Our solid capital position, reflected in a Common
Equity Tier 1 ratio of 16.9% (as from 1 January 2022), allows us to
support our clients in their growth ambitions and to simultaneously
further build our franchises (inorganically and organically) in the
asset classes we have chosen to focus on. We will also further
invest to align our organisation with the chosen strategy. I am
confident that NIBC has a sound basis for future growth, with our
firm ESG profile, strong capital position, a solid risk profile, an
entrepreneurial spirit, all realised by our talented and motivated
colleagues."
NIBC Holding N.V. - Key Figures
Key Figures & Indicators
in EUR millions 2021 2020
----------------------------------------------- --------------- -----------------
Operating income 525 431
Operating expenses 251 232
----------------------------------------------- --------------- -----------------
Net operating income 274 199
Credit loss expense / (recovery) 37 141
Tax 40 -2
----------------------------------------------- --------------- -----------------
Profit after tax 194 59
Profit attributable to non-controlling
shareholders (AT-1) 12 12
----------------------------------------------- --------------- -----------------
Profit after tax attributable to shareholders 182 47
----------------------------------------------- --------------- -----------------
Return on equity 10,2% 2,6%
CET 1 ratio 18,4% 19,9%
Pro forma CET 1 ratio 1 January 2022 16,9%
Cost/income ratio 48% 54%
Credit rating - Fitch BBB Stable BBB Negative
Credit rating - S&P BBB+ Stable BBB+ Negative
----------------------------------------------- --------------- -----------------
We refer to our Annual Report 2021 NIBC Holding N.V. published on our website or full details.
Press and debt investor
contact NIBC
Martin Groot Wesseldijk Eveline van Wesemael Toine Teulings
Press Relations Press Relations Debt Investor Relations
T: +31 70 342 5418 T: +31 70 342 5412 T: +31 70 342 9836
E: martin.groot.wesseldijk@nibc.com E: eveline.van.wesemael@nibc.com E: toine.teulings@nibc.com
About NIBC
NIBC is best suited to help consumers and entrepreneurs at their
most decisive moments. Now and in the future. As an entrepreneurial
bank, we are committed to cultivating our 'THINK YES' mentality by
being flexible and agile and by matching our clients' can-do
attitude. We operate from our offices in the Netherlands, UK,
Germany and Belgium. For our retail clients we offer mortgages,
online savings and brokerage products that are accessible, easy to
understand and fairly priced. We support our corporate clients in
building their businesses by offering financing solutions to
entrepreneurs across selected sectors in which we have strong
expertise and market positions. The market in which we operate is
dynamic by nature and requires a bank that can respond quickly and
in a highly flexible way.
You can read more about NIBC on www.nibc.com.
Forward-looking Statements
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discussions of strategy, plans, objectives, goals, future events or
intentions. The forward-looking statements included in this press
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
may arise after the date of this release.
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