SNS in chiaroscuro
SNS REAAL REPORTS FIRST HALF 2011 NET PROFIT OF €44 MILLION
Thursday, August 25, 2011
NET PROFIT CORE ACTIVITIES OF €162 MILLION
Higher net profit at SNS Bank of €121 million, supported by higher net interest income
Lower net profit at REAAL of €56 million, due to volatility in value of interest rate derivatives: significant increase in underlying profit to €105 million
Higher net profit at Zwitserleven of €19 million: virtually stable underlying profit
On track with cost reduction and integration programmes; 75% of €200 million annualised targeted cost reduction realised
NARROWING NET LOSS PROPERTY FINANCE OF €118 MILLION
Strong decline in impairment charges (–41%)
Total commitments reduced by €0.8 billion to €6.0 billion (– 12%) compared to year-end 2010
Reduction of international commitments by €0.6 billion to €2.5 billion (– 20%)
Further substantial reduction in commitments expected for the second half of 2011
PROGRESS WITH CAPITAL RELEASE PROGRAMME
Core Tier 1 ratio at the Banking activities increased to 8.4% (year-end 2010: 8.1%)
Regulatory solvency at the Insurance activities increased to 226% (year-end 2010: 195%)
Commitments of SNS SME reduced by €1.0 billion (–13%) to €6.4 billion compared to year-end 2010
Since November 2010 €445 million of capital of the €700 million target has been released
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