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Net Profit BNG Bank EUR 153 Million

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


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


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
    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

    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


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