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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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