- Lower net profit excluding one-off items at SNS Retail Bank of € 124 million, mainly due to higher loan impairments
- Higher net profit excluding one-off items at Insurance activities of € 402 million, driven by realised capital gains on bonds
- One-off items at core activities of € 602 million negative, consisting mainly of impairments of goodwill and VOBA at the Insurance activities
- Net loss core activities of € 159 million, mainly due to one-off impairments of intangible assets
- Loan impairments Property Finance up sharply at € 941 million reflecting weakening real estate markets
- Total commitments reduced by € 1.7 billion to € 7.9 billion (-18%)
- Pro forma core Tier 1 ratio Banking activities improves to 14.9% (from 6.1% at year-end 2012)
- Regulatory solvency Insurance activities of 176% at year-end 2012 not impacted by nationalisation
- Pro forma double leverage decreases to 105% (from 127% at year-end 2012)
- First quarter 2013 net profit at core activities, excluding one-off items, of € 99 million
- Pro forma net exposure of Property Finance reduced to € 5.0 billion after a € 2.0 billion additional provision for real estate finance portfolio
- First quarter 2013 net loss SNS REAAL of € 1,622 million due to additional provision for real estate finance portfolio of Property Finance
- Net inflow of retail savings at SNS Retail Bank following nationalisation
"Looking ahead, we can again focus on our core activities."
Gerard van Olphen, CEO SNS REAAL
"The nationalisation of SNS REAAL on 1 February 2013 marked the end of a turbulent period. By taking a number of measures, the Dutch State has reinforced the capital base of SNS REAAL. Moreover, the real estate finance portfolio of Property Finance will be transferred to a separate asset management organisation. The European Commission has temporarily approved the State aid (with the exception of the Property Finance measures) and will take a final decision on the basis of a restructuring plan, to be presented before 22 August 2013. Looking ahead, we can again focus on our core activities. We are very thankful to our customers for their continued loyalty, despite all the uncertainty and media attention in recent months." said Gerard van Olphen, Chairman of the Executive Board.
For more information please contact
Chantal van den Berg
+31 (0)6 - 51 41 49 69
corporatecommunicatie@snsreaal.nl
Roland Kroes
+31 (0)6 - 83 24 50 14
corporatecommunicatie@snsreaal.nl
Jacob Bosscha
+31 (0)30 291 42 46
jacob.bosscha@snsreaal.nl
Kagan Köktas
+31 (0)30 291 42 47
kagan.koktas@snsreaal.nl
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