TIDM49WP
RNS Number : 6244J
NIBC Bank N.V.
17 August 2023
PRESS RELEASE
The Hague, 3 March 2023
The Hague, 17 August 2023
NIBC posts strong performance in H1 2023 with EUR 103 million
net profit and shows continued growth
-- Strong performance over the first half year with a net profit
of EUR 103 million, and a return on equity of 10.9%;
-- Dedicated to strategy execution, leading to continued growth
across all core segments; Mortgages (+3%), Assed-Backed finance
(+1%), and Platforms (+12%);
-- Lower cost of funding resulting in a further increased net
interest margin of 1.96%;
-- Further enhanced efficiency, reflected by a cost/income ratio
of 44%, supported by both higher revenues (+16%) and lower costs
(-9%);
-- Credit losses relatively stable at EUR 12 million, with
reduced impairments in core portfolios; and
-- Strong capital position with an increased CET 1 ratio of
18.6%, even after absorbing additional regulatory requirements.
Statement of the CEO, Paulus de Wilt
" D uring the first half of 2023, we have finalised our
transition into an entrepreneurial asset-based financier, fully
focusing on mortgages, asset-based finance in CRE, Infrastructure
and Shipping and platform financing with Beequip and yesqar.
Supported by our new brand positioning, we are looking forward to
new opportunities to enable our clients to realise their ambitions
through providing financing solutions for their assets.
In an economic environment that is still characterised by
uncertainty, we are proud to report a strong performance. All core
segments report continued growth of the portfolio, and we
successfully reached agreement to sell both our CLO platform and
our equity investment activities, further reducing non-core
exposures and de-risking the balance sheet. This allows us to focus
on our core activities and further explore the growth potential for
these activities.
Against this backdrop, NIBC reports a strong first half year
result. Driven by both an increase in operating income and lower
operating expenses, net profit increased to EUR 103 million
(including a non-recurring gain of EUR 7 million net of tax).
Operating income benefitted from the continued improvement of our
net interest margin, supported by improved margins on liabilities
and increased volumes in core portfolios. Despite continuing
inflation, we have been able to effectively reduce operating
expenses, leading to a cost/income ratio of 44%, within the
targeted range. Cost of risk remained relatively stable.
I am also pleased to report that these developments have led to
positive rating actions, as Moody's recently published its decision
to upgrade NIBC's long-term deposit and senior unsecured debt
ratings to A3 and Fitch has improved its outlook for NIBC's debt
rating to positive, with affirmation of the BBB+ rating.
We continue to invest in improving the bank's ability to work
together with its clients to address ESG opportunities and
challenges, whether it is via product development to help finance
the energy transition or via efficient information sharing to meet
increasing reporting requirements.
Being able to both complete the transformation into a focused
asset-based financier and report strong results in the current
challenging macro-economic environment makes me proud of our
organisation and grateful for the commitment and dedication of our
people to translate our entrepreneurial spirit into daily action,
ensuring that we continue to support our clients to realise their
ambitions."
NIBC Holding N.V. - Key Figures
1. Reported ratings are based on NIBC's senior preferred debt ratings.
2. NIBC Bank received a Positive Outlook on 18 July 2023.
3. NIBC Bank received a rating upgrade to A3 on 27 July 2023.
The rating of Moody's is unsolicited.
We refer to our Interim Report 2023 NIBC Holding N.V. published
on our website for full details.
Press and debt investor contacts NIBC
Eveline van Wesemael
Press Relations
T: +31 70 342 5412
E: eveline.van.wesemael@nibc.com
Toine Teulings
Debt Investor Relations
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 sustainable, resilient and inclusive society for future
generations.
NIBC employs around 700 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.nl/nibc.com .
Forward-looking Statements
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statements other than statements of historical facts may be
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improvements, promising, to offer, more, to be or, in each case,
their negative or other variations or comparable terminology, or by
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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