|By PR Newswire||
|August 25, 2014 02:00 AM EDT||
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:
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
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
Feb. 27, 2017 03:00 AM EST Reads: 2,191
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Feb. 27, 2017 03:00 AM EST Reads: 2,429
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Feb. 27, 2017 02:00 AM EST Reads: 7,507
Zerto exhibited at SYS-CON's 18th International Cloud Expo®, which took place at the Javits Center in New York City, NY, in June 2016. Zerto is committed to keeping enterprise and cloud IT running 24/7 by providing innovative, simple, reliable and scalable business continuity software solutions. Through the Zerto Cloud Continuity Platform™, organizations can seamlessly move and protect virtualized workloads between public, private and hybrid clouds. The company’s flagship product, Zerto Virtual...
Feb. 27, 2017 01:30 AM EST Reads: 1,907
Some people worry that OpenStack is more flash then substance; however, for many customers this could not be farther from the truth. No other technology equalizes the playing field between vendors while giving your internal teams better access than ever to infrastructure when they need it. In his session at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will talk through some real-world OpenStack deployments and look into the ways this can benefit customers of all sizes....
Feb. 27, 2017 01:15 AM EST Reads: 1,675
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
Feb. 27, 2017 01:15 AM EST Reads: 1,644
As businesses adopt functionalities in cloud computing, it’s imperative that IT operations consistently ensure cloud systems work correctly – all of the time, and to their best capabilities. In his session at @BigDataExpo, Bernd Harzog, CEO and founder of OpsDataStore, will present an industry answer to the common question, “Are you running IT operations as efficiently and as cost effectively as you need to?” He will expound on the industry issues he frequently came up against as an analyst, and...
Feb. 27, 2017 01:00 AM EST Reads: 2,077
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Feb. 27, 2017 01:00 AM EST Reads: 1,312
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
Feb. 27, 2017 12:30 AM EST Reads: 8,814
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Feb. 26, 2017 11:45 PM EST Reads: 2,131
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...
Feb. 26, 2017 11:45 PM EST Reads: 6,243
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Feb. 26, 2017 10:00 PM EST Reads: 13,743
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
Feb. 26, 2017 09:15 PM EST Reads: 2,507
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Feb. 26, 2017 09:00 PM EST Reads: 9,030
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Feb. 26, 2017 08:45 PM EST Reads: 2,063