BNG Annual Figures 2012

Mon Mar 4, 2013 1:01am EST

* Reuters is not responsible for the content in this press release.

THE HAGUE, The Netherlands, March 4, 2013 /PRNewswire/ --

    Net profit EUR 332 million  

    BNG realized a net profit of EUR 332 million for 2012, which is an increase of EUR
76 million compared with 2011. With this figure, the bank has well exceeded its
profitability objective. Despite challenging market conditions, the bank's market
position remained strong. Moody's, Fitch and Standard & Poor's have reconfirmed the
bank's triple-A ratings. Investors regard BNG as one of the safest banks in the world.
Like last year, it is proposed to the shareholders that 25% of the net profit be
distributed as dividend.  

    The bank's high market shares confirm the importance of the bank's role. BNG met
more than 70% of the long-term credit demand from its main client sectors. Total new
long-term lending in 2012 fell by EUR 1.2 billion to EUR 11.1 billion. The difficult
economic conditions have a knock-on effect on the willingness to invest among the bank's
clients.  

    In 2012, EUR 15.2 billion (2011: EUR 16.4 billion) was attracted in long-term
funding. The uncertainties about the European debt crisis continued. The bank had to pay
relatively high credit and liquidity risk spreads, particularly in the first half of
2012. However, BNG was able at all times to attract funding on favourable terms and thus
keep its liquidity profile at an adequate level.  

    The interest result rose slightly to EUR 473 million, which was in accordance with
expectations. The result financial transactions turned from EUR 87 million negative in
2011 to EUR 88 million positive. This accounts almost entirely for the change in total
income and is the result of decreasing concerns about the European debt crisis in the
second half of the year. The 2012 result was negatively affected by the introduction of
the bank levy and by impairments.  

    The financial sector is characterized by major developments in laws and regulations.
Nearly all legislative proposals will directly or indirectly result in additional
burdens. Apart from the implementation costs, this involves amongst others the costs
associated with the central clearing of swap transactions and the significant increase
in disclosure requirements pursuant to the new regulations.  

    The outlook for 2013 is once again clouded by more than usual uncertainties. The
bank expects the volume of new long-term lending to be comparable with that of 2012.
Clients are expected to be reluctant to make new investments. The bank foresees a small
increase in the interest result. The result financial transactions remains highly
sensitive to the development of the European debt crisis. In addition, an adjustment of
the valuation of derivatives is expected to result in increasing unrealized result
volatility.  

    In view of the continuing uncertainties, the bank does not consider it wise to make
a statement regarding the 2013 net profit.  

    On 24 April 2013, BNG will publish its 2012 Annual Report on bng.com.  

    This is an unofficial translation of the Dutch press release 'BNG Jaarcijfers 2012'
which is provided for convenience only. In the event of any ambiguity, the Dutch text
will prevail.  

    Consolidated balance sheet as at 31 December 2012  

    In millions of euros  

        
                                                                        31-12-2012 
31-12-2011
        Assets
        Cash and balances with the central bank                              2,834      
5,149
        Amounts due from banks                                              10,171      
8,448
        Financial assets at fair value through the income statement          3,476      
3,322
        Other financial assets                                              25,824     
21,519
        Financial assets available-for-sale                                  9,018      
6,919
        Loans and advances                                                  90,725     
90,775
        Investments in associates and joint ventures                            89      
  108
        Property and equipment                                                  18      
   19
        Other assets                                                            73      
  201
        Total assets                                                       142,228    
136,460
        Liabilities
        Amounts due to banks                                                 6,223      
7,469
        Financial liabilities at fair value through the income statement     2,730      
  628
        Other financial liabilities                                         18,692     
14,367
        Debt securities                                                     99,424    
100,907
        Funds entrusted                                                     12,139     
10,944
        Subordinated debts                                                      33      
   93
        Other liabilities                                                      235      
  155
        Total liabilities                                                  139,476    
134,563
        Equity                                                               2,752      
1,897
        Total liabilities and equity                                       142,228    
136,460


    Consolidated income statement for 2012  

    In millions of euros  

        
                                                           2012          2011
        - Interest income                               2,115         2,327
        - Interest expenses                             1,642         1,865
        Interest result                                         473          462
        Results from associates and joint ventures               (2)           0
        - Commission income                                31            33
        - Commission expenses                               6             6
        Commission result                                        25           27
        Result financial transactions                            88          (87)
        Other results                                             4            4
        Total operating income                                  588          406
        - Staff costs                                      38            35
        - Other administrative expenses                    25            23
        Staff costs and other administrative expenses            63           58
        Depreciation                                              1            2
        Total operating expenses                                 64           60
        Impairments                                              32            7
        Bank levy                                                32            -
        Profit before taxes                                     460          339
        Taxes                                                  (128)         (83)
        Net profit                                              332          256


    PRN NLD   

BNG Bank

CONTACT:  For further information, please contact: BNG - Aart Rietveld,
spokesman, P.O. Box 30305, 2500 GH The Hague, The Netherlands
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