Click here to close now.

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
Containers are revolutionizing the way we deploy and maintain our infrastructures, but monitoring and troubleshooting in a containerized environment can still be painful and impractical. Understanding even basic resource usage is difficult – let alone tracking network connections or malicious activity. In his session at DevOps Summit, Gianluca Borello, Sr. Software Engineer at Sysdig, will cover the current state of the art for container monitoring and visibility, including pros / cons and liv...
In his session at 16th Cloud Expo, Simone Brunozzi, VP and Chief Technologist of Cloud Services at VMware, reviewed the changes that the cloud computing industry has gone through over the last five years and shared insights into what the next five will bring. He also chronicled the challenges enterprise companies are facing as they move to the public cloud. He delved into the "Hybrid Cloud" space and explained why every CIO should consider ‘hybrid cloud' as part of their future strategy to achie...
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
"A lot of the enterprises that have been using our systems for many years are reaching out to the cloud - the public cloud, the private cloud and hybrid," stated Reuven Harrison, CTO and Co-Founder of Tufin, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at Cloud Expo, Alex Gorbachev, President of Intelligent Systems Services Inc., shared foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN storage co...
The last decade was about virtual machines, but the next one is about containers. Containers enable a service to run on any host at any time. Traditional tools are starting to show cracks because they were not designed for this level of application portability. Now is the time to look at new ways to deploy and manage applications at scale. In his session at @DevOpsSummit, Brian “Redbeard” Harrington, a principal architect at CoreOS, will examine how CoreOS helps teams run in production. Attende...
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, discussed how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at th...
In the midst of the widespread popularity and adoption of cloud computing, it seems like everything is being offered “as a Service” these days: Infrastructure? Check. Platform? You bet. Software? Absolutely. Toaster? It’s only a matter of time. With service providers positioning vastly differing offerings under a generic “cloud” umbrella, it’s all too easy to get confused about what’s actually being offered. In his session at 16th Cloud Expo, Kevin Hazard, Director of Digital Content for SoftL...
SYS-CON Events announced today that Harbinger Systems will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product companies ranging from hi-tech start-ups in Silicon Valley to leading product companies in the US a...
Live Webinar with 451 Research Analyst Peter Christy. Join us on Wednesday July 22, 2015, at 10 am PT / 1 pm ET In a world where users are on the Internet and the applications are in the cloud, how do you maintain your historic SLA with your users? Peter Christy, Research Director, Networks at 451 Research, will discuss this new network paradigm, one in which there is no LAN and no WAN, and discuss what users and network administrators gain and give up when migrating to the agile world of clo...
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...
Agile, which started in the development organization, has gradually expanded into other areas downstream - namely IT and Operations. Teams – then teams of teams – have streamlined processes, improved feedback loops and driven a much faster pace into IT departments which have had profound effects on the entire organization. In his session at DevOps Summit, Anders Wallgren, Chief Technology Officer of Electric Cloud, will discuss how DevOps and Continuous Delivery have emerged to help connect dev...
"We help to transform an organization and their operations and make them more efficient, more agile, and more nimble to move into the cloud or to move between cloud providers and create an agnostic tool set," noted Jeremy Steinert, DevOps Services Practice Lead at WSM International, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and hig...
"AgilData is the next generation of dbShards. It just adds a whole bunch more functionality to improve the developer experience," noted Dan Lynn, CEO of AgilData, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.