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SNS REAAL POSTS 2011 NET PROFIT OF € 87 MILLION
Thursday, February 16, 2012
NET PROFIT CORE ACTIVITIES OF € 335 MILLION
Strong increase in net profit at SNS Bank to € 262 million, supported by higher net interest income and gain on the buy back of own debt
Strong increase in net profit at REAAL to € 257 million, positively impacted by gains on derivatives; underlying profit markedly up to € 203 million
Net loss at Zwitserleven of € 91 million due to a goodwill impairment of € 107 million net; underlying profit slightly up to € 55 million
Overall improvement in customer satisfaction levels; more than 100,000 new customers at SNS Bank
On track with cost reduction and integration programmes; 80% of targeted € 200 million annualised cost reduction realised
NARROWING NET LOSS PROPERTY FINANCE OF € 248 MILLION
Sharp decline in impairment charges to € 251 million (-68%)
Total commitments reduced by € 1.4 billion to € 5.5 billion (-20%) compared to year-end 2010
Reduction of international commitments by € 0.9 billion to € 2.2 billion (-30%)
INCREASED SOLVENCY, CAPITAL RELEASE PROGRAMME ON TRACK
Core Tier 1 ratio Banking activities increased to 9.2% (year-end 2010: 8.1%)
EBA capital shortfall SNS Bank reduced from € 159 million to € 32 million at year-end 2011
Regulatory solvency Insurance activities increased to 203% (year-end 2010: 195%); solvency based on average yield curve in the fourth quarter of 2011: 229%
Commitments of SNS SME reduced by € 1.6 billion (-22%) to € 5.8 billion compared to year-end 2010
At year-end 2011, 85% of the € 700 million capital release programme for mid-2012 has been realised
“I am pleased with the performance we have delivered for 2011 despite significant economic and financial markets headwinds. We posted a net profit of € 87 million. Our core activities put in a resilient performance and we expanded our customer base and improved customer satisfaction, while reducing our costs further. Solvency ratios at both our Banking and Insurance activities improved. The net loss at Property Finance, although still substantial, narrowed sharply. The run-off of our former Property Finance business by almost € 3 billion in commitments was ahead of our € 2 billion guidance. Against a background of great uncertainty on financial and real estate markets, we will continue to focus on executing our strategic priorities”, said Ronald Latenstein, Chairman of the Executive Board.
visto ad alzarsi presto?
..il mattino ha l'oro in bocca...
SNS REAAL POSTS 2011 NET PROFIT OF € 87 MILLION
Thursday, February 16, 2012
NET PROFIT CORE ACTIVITIES OF € 335 MILLION
Strong increase in net profit at SNS Bank to € 262 million, supported by higher net interest income and gain on the buy back of own debt
Strong increase in net profit at REAAL to € 257 million, positively impacted by gains on derivatives; underlying profit markedly up to € 203 million
Net loss at Zwitserleven of € 91 million due to a goodwill impairment of € 107 million net; underlying profit slightly up to € 55 million
Overall improvement in customer satisfaction levels; more than 100,000 new customers at SNS Bank
On track with cost reduction and integration programmes; 80% of targeted € 200 million annualised cost reduction realised
NARROWING NET LOSS PROPERTY FINANCE OF € 248 MILLION
Sharp decline in impairment charges to € 251 million (-68%)
Total commitments reduced by € 1.4 billion to € 5.5 billion (-20%) compared to year-end 2010
Reduction of international commitments by € 0.9 billion to € 2.2 billion (-30%)
INCREASED SOLVENCY, CAPITAL RELEASE PROGRAMME ON TRACK
Core Tier 1 ratio Banking activities increased to 9.2% (year-end 2010: 8.1%)
EBA capital shortfall SNS Bank reduced from € 159 million to € 32 million at year-end 2011
Regulatory solvency Insurance activities increased to 203% (year-end 2010: 195%); solvency based on average yield curve in the fourth quarter of 2011: 229%
Commitments of SNS SME reduced by € 1.6 billion (-22%) to € 5.8 billion compared to year-end 2010
At year-end 2011, 85% of the € 700 million capital release programme for mid-2012 has been realised
“I am pleased with the performance we have delivered for 2011 despite significant economic and financial markets headwinds. We posted a net profit of € 87 million. Our core activities put in a resilient performance and we expanded our customer base and improved customer satisfaction, while reducing our costs further. Solvency ratios at both our Banking and Insurance activities improved. The net loss at Property Finance, although still substantial, narrowed sharply. The run-off of our former Property Finance business by almost € 3 billion in commitments was ahead of our € 2 billion guidance. Against a background of great uncertainty on financial and real estate markets, we will continue to focus on executing our strategic priorities”, said Ronald Latenstein, Chairman of the Executive Board.
