Welcome!

News Feed Item

Net Profit BNG Bank EUR 153 Million

THE HAGUE, The Netherlands, August 25, 2014 /PRNewswire/ --


BNG Bank INTERIM REPORT 2014

BNG Bank's net profit rose by EUR 30 million to EUR 153 million compared with the same period in 2013. The increase was mainly due to an improved result on financial transactions, almost entirely due to unrealized market value adjustments. 

At EUR 4.7 billion the volume of new long-term lending in the reporting period was almost EUR 1.0 billion lower than in the first half year of 2013. The bank's persistently high share in the total demand for financing in its main client sectors in conjunction with the lower volume reflects a decline in client demand. This demand largely relates to the refinancing of existing loans. The unfavorable economic conditions coupled with spending cuts or tax and rate increases offer the bank's clients little room for new investments. Moreover, clients have adopted a reticent approach due to continuously changing regulations.

In the reporting period BNG Bank raised EUR 9.6 billion (2013: EUR 7.7 billion) long-term funding for refinancing and lending purposes. The international capital markets' growing confidence in the euro and the European banking sector has further improved the availability of funding at attractive rates.

BNG Bank will most probably fall under the direct supervision of the European Central Bank effective November 2014. In the build-up to this transition, the bank is taking part in the Comprehensive Assessment, which includes the Asset Quality Review and the Stress Test. The results will be announced in October.

The 2014 interest result is expected to turn out lower than that for 2013. The result on financial transactions will remain sensitive to the level of economic recovery in the Eurozone. In view of the prolonged uncertainties, the bank does not consider it wise to make a statement regarding the expected 2014 net profit.

BNG Bank has today published its Interim Report on http://www.bngbank.com. For further details, please refer to this publication. 

This is an unofficial translation of the Dutch press release 'BNG Bank Halfjaarbericht 2014'. This translation is provided for convenience only. In the event of any ambiguity, the Dutch text will prevail. 

For further information:

BNG Bank

Aart Rietveld, BNG Bank spokesman

PO Box 30305

2500 GH THE HAGUE

BNG Bank is the bank of and for local authorities and public sector institutions. The bank makes a sustainable contribution to minimizing the costs of social provisions for the public. 

Consolidated balance sheet 

Amounts in millions of euros 


                                                                     30-06-2014 31-12-2013
    ASSETS
    Cash and balances with the central banks                              1,375      1,467
    Amounts due from banks                                               10,973      8,509
    Financial assets at fair value through the income statement           3,938      3,530
    Other financial assets                                               21,304     15,874
    Financial assets available-for-sale                                  11,750      9,607
    Loans and advances                                                   90,740     92,074
    Investments in associates and joint ventures                             53         53
    Property and equipment                                                   17         17
    Other assets                                                             81         52

    TOTAL ASSETS                                                        140,231    131,183

    LIABILITIES
    Amounts due from banks                                                3,565      3,939
    Financial liabilities at fair value through the income statement      3,715      3,553
    Other financial liabilities                                          19,136     15,086
    Debt securities                                                      98,545     94,828
    Funds entrusted                                                      11,218     10,033
    Subordinated debts                                                       32         32
    Other liabilities                                                       411        282
    Total liabilities                                                   136,622    127,753

    Share capital                                                           139        139
    Share premium reserve                                                     6          6
    Revaluation reserve                                                     243        180
    Cash flow hedge reserve                                                 366        332
    Other reserves                                                        2,702      2,490
    Net profit                                                              153        283
    Equity                                                                3,609      3,430

    TOTAL LIABILITIES                                                   140,231    131,183


Consolidated income statement 

Amounts in millions of euros 


                                      First half of 2014  First half of 2013

    - Interest income                      711                 725
    - Interest expenses                    476                 471
    Interest result                                  235                 254

    Results from associates and
    joint ventures                                     1                   0

    - Commission income                     18                  16
    - Commission expenses                    4                   3
    Commission result                                 14                  13

    Result on financial transactions                  -7                 -49

    Other results                                      1                   2
    TOTAL INCOME                                     244                 220

    Staff costs                                       18                  18
    Other administrative expenses                     13                  12
    Depreciation                                       1                   1
    TOTAL OPERATING EXPENSES                          32                  31

    Impairments                                        8                  18

    PROFIT BEFORE TAX                                204                 171

    Taxation                                         -51                 -48

    NET PROFIT                                       153                 123

PRN NLD

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 21st Int\ernational Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to focus on the core of their ...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
"Tintri focuses on the Ops side of the DevOps, which basically is pushing more and more of the accessibility of the infrastructure to the developers and trying to get behind the scenes," explained Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Both SaaS vendors and SaaS buyers are going “all-in” to hyperscale IaaS platforms such as AWS, which is disrupting the SaaS value proposition. Why should the enterprise SaaS consumer pay for the SaaS service if their data is resident in adjacent AWS S3 buckets? If both SaaS sellers and buyers are using the same cloud tools, automation and pay-per-transaction model offered by IaaS platforms, then why not host the “shrink-wrapped” software in the customers’ cloud? Further, serverless computing, cl...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, paneli...
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), provided an overview of various initiatives to certify the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldwide re...
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, discussed some of the security challenges of the IoT infrastructure and related how these aspects impact Smart Living. The material was delivered interac...
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...
It is ironic, but perhaps not unexpected, that many organizations who want the benefits of using an Agile approach to deliver software use a waterfall approach to adopting Agile practices: they form plans, they set milestones, and they measure progress by how many teams they have engaged. Old habits die hard, but like most waterfall software projects, most waterfall-style Agile adoption efforts fail to produce the results desired. The problem is that to get the results they want, they have to ch...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, Doug Vanderweide, an instructor at Linux Academy, discussed why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers wit...