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SNS REAAL : posts first quarter net profit of € 23 million

05/15/2012 | 04:44am US/Eastern
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Key points for the first quarter:
  • Net profit at core activities of € 87 million; growth in savings, bank savings and pensions
  • Net loss at Property Finance of € 64 million; loan impairments in line with quarterly average in 2011
  • Lower net profit at SNS Bank due to a loss on the exchange of Greek sovereign bonds, lower commission income and higher loan impairments
  • Higher net profit at Insurance activities, positively impacted by higher investment income, lower operating expenses and interest rate derivatives
  • Core Tier 1 ratio SNS Bank NV strengthened to 9.4%
  • Regulatory solvency of Insurance activities robust but lower at 194%, due to decline in long term interest rates
  • Commitments at SNS SME and Property Finance reduced further by € 0.5 billion

"Taking into account the ongoing challenging economic environment and volatile capital and funding markets, SNS REAAL put in a satisfactory first quarter performance. During this quarter, interest rates remained low, equity markets were volatile and real estate markets came under further pressure. Nevertheless, our core activities posted a net profit of € 87 million, underpinned by lower operating expenses. Net profit at SNS Bank was lower but this was more than compensated by an improved net profit of the Insurance activities. In line with earlier guidance, Property Finance remained loss-making, as we continue to run down the loan portfolio. Overall, solvency of the Group remained solid.

While macro-economic trends and financial markets are expected to remain very challenging, we are committed to executing our strategic priorities", said Ronald Latenstein, Chairman of the Executive Board.

Appendix

SNS REAAL posts first quarter net profit of € 23 million

For more information please contact

SNS REAAL Investor Relations:
Jacob Bosscha
Jacob.bosscha@snsreaal.nl
Tel: +31 (0) 30 291 42 46

Victor Zijlema
Victor.zijlema@snsreaal.nl
Tel: +31 (0) 30 291 42 47

SNS REAAL Corporate Communications:
Roelina Bolding
Corporatecommunicatie@snsreaal.nl
Tel: +31 (6) 22 607187

Jeroen de Graaf
Corporatecommunicatie@snsreaal.nl
Tel: +31 (0) 30 291 48 18

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